Crypto Adoption: German Banks To Soon Provide Crypto Services

Digital Entertainment Network (DEN) - Confirmed Hollywood Pedophile Ring?

By 1999, the company was reportedly valued at $58,500,000 USD and included former Walt Disney Television President David Neuman, Garth Ancier, David Geffen, Gary Goddard, and Bryan Singer as investors.[8][9][10]
DEN was slated for a $75 million USD IPO in October 1999 but the IPO was withdrawn[11] in the wake of allegations of sexual assault against Collins-Rector, Shackley, and fellow executive Brock Pierce. All three executives subsequently resigned.
https://en.wikipedia.org/wiki/Digital_Entertainment_Network


“Pedophile ring” DEN was founded by an abuser, his former victim, and a well-known child actor
Brock Pierce, a frequent Villard subject who appeared in “The Mighty Ducks” films, was introduced to Marc Collins-Rector and Chad Shackley by “The Usual Suspects” director Bryan Singer. Collins-Rector and Shackley met in a chatroom, began dating, and moved in together when Shackley was 15 and Collins-Rector was 31. After starting an internet service provider, they recruited Pierce to form the Digital Entertainment Network, a 1998 precursor to modern streaming platforms. DEN provided original content starring child actors. Prior to the company’s planned $75 million IPO, the trio was hit with sexual abuse allegations and a lawsuit filed by a New Jersey who’d worked for Collins-Rector. With an investigation underway, they fled the U.S.; Interpol arrested them in Spain in 2002. Collins-Rector spent 18 months imprisoned prior to extradition, then plead guilty to nine counts of child sexual abuse. He was soon released, and after registering as a convicted sex offender, he ran away to London.
....DEN’s early investors included a blockbuster director and a DreamWorks SKG co-founder
In “An Open Secret,” journalist John Connolly says Singer — who has continued directing for the “X-Men” franchise — and David Geffen were among DEN’s original backers, contributing a respective $50,000 and $250,000.
DEN executives threw drug-fueled sleepovers for young boys at their mansion
At Collins-Rector and Shackley’s palatial Encino estate, a mandatory skinny-dipping was enforced for anyone who wanted go in the hot tub after dusk. Young actors who attended parties remember troves of prescription drugs and alcohol, plus Collins-Rector’s gun collection. One man recalled when, as a minor, Collins-Rector threatened his career if he did not sleep in his bed. Although the actor refused and camped out on the couch, he nonetheless awoke in Collins-Rector’s bed, convinced that a laced drink had led to abuse.
Hollywood’s Underage Sexual Abuse Problem: 5 Shocking Injustices From ‘An Open Secret’


The Encino mansion known as the M&C Estate—owned by a convicted sex offender named in the lawsuit against Bryan Singer—was home to the wild gay sex parties where Hollywood bigwigs allegedly preyed on underage boys. It was also used to film a 1998 pilot for Digital Entertainment Network described as a "gay pedophile version of Silver Spoons," starring an as yet unknown Seann William Scott.
Inside the Hollywood Sex Ring Mansion From the Bryan Singer Lawsuit

Brock Pierce is a controversial figure who has received surprisingly little attention despite connections to the Clinton Foundation, digital currency Bitcoin and involvement in a notorious scandal involving a child abuse ring. Pierce’s involvement with a child abuse ring, Digital Entertainment Network and The Clinton Global initiative were first highlighted in the documentary An Open Secret, Directed by Amy Berg.
As detailed in Berg’s film, Brock was a member of the Clinton Global Initiative, former child actor who appeared in films such as the 1992 classic Mighty Ducks and Disney’s “First Kid,” and Chairman of the Board at the Bitcoin Foundation. Pierce also co-founded the Digital Entertainment Network (DEN), a forerunner of video sharing site Youtube. In 2010, Pierce also was also a participant at the Mindshift Conference, which was hosted by now disgraced billionaire pedophile and child sex trafficker Jeffrey Epstein.
DEN was founded in 1996 amid the rapid growth of the dot-com bubble. It raised $72 million in investment before even opening in 1999, a massive amount of capital considering that, at least on the surface, DEN was not yet providing investors with anything in return. At the time news sources scoffed at the massive salaries top executives were paid when the company was not even creating revenue.
An SEC filing obtained by Hollywood periodical Radar Online reveals that DEN’s investors included a shocking number of big name personalities such as media executives Garth Ancier and David Geffen, former Yahoo CEO Terry Semel, film producers Gary Goddard and Bryan Singer, Wall Street czar Mitchell Blutt, A&M Records head Gilbert Friesen (now deceased), former Disney executive David Neuman, manager and label executive Gary Gersh, investor Jeffrey Sachs, former Congressman Michael Huffington, actors Ben and Fred Savage, and tech companies such as Microsoft and Dell. The lack of apparent revenue raises questions about what investors in DEN were expecting in return.
Tech Figure In Dot-Com Child Sex Scandal Was A Clinton Global Initiative Member

submitted by TheTruthHurts420 to conspiracy [link] [comments]

Doug Kass' 15 Surprises For 2019

Authored by Dog Kass via RealInvestmentAdvice.com,
White House Politics:
(When asked what he wanted to give thanks for during a press gaggle Thanksgiving Thursday, Trump responded), “_for having a great family and for having made a tremendous difference in this country. I’ve made a tremendous difference in the country. This country is so much stronger now than it was when I took office that you wouldn’t believe it… And I mean, you see, but so much stronger people can’t even believe it. When I see foreign leaders they say we cannot believe the difference in strength between the United States now and the United States two years ago.” _– President Trump (Comments on Thanksgiving)
Policy:
_“You only think I guessed wrong! … You fool! You fell victim to one of the classic blunders – the most famous of which is “never get involved in a land war in Asia” – but only slightly less well-known is this: Never go in against a Sicilian when death is on the line!” _– Vizzini,The Princess Bride
The Economy:
“The missing step in the standard Keynesian theory (is) the explicit consideration of capitalist finance within a cyclical and speculative context… finance sets the pace for the economy. As recovery approaches full employment… soothsayers will proclaim that the business cycle has been banished (and) debts can be taken on. But in truth neither the boom nor the debt deflation… and certainly not a recovery can go on forever. Each state nurtures forces that lead to its own destruction.” _–_ Hyman Minsky
The Markets:
“Every new beginning comes from some other beginning’s end.” __Seneca the Elder
Contrary to the expectations of many (including myself), the uncertainties following the surprising Trump presidential election victory, which produced a number of possible outcomes (some of them adverse), was enthusiastically embraced by investors in 2017 and in the first month of this year. A market on steroids was not a conclusion or forecast by any mainstream Wall Street forecaster that year. There was no sell side strategist who expected equities would rise anywhere near the 20%+ gains in the major indices recorded in 2017, nor do I know any who predicted that the S&P Index would make more than 70 individual highs a year ago.
As I expected, that enthusiasm continued in and through most of the month of January, 2018. But, after a year of historically low volatility and ever-rising stock prices, the bullish consensus became troubled as the complexion of the market changed throughout most of 2018 .
As I noted in last year’s commentary, I thought that the biggest surprise in 2018 would be that extrapolation of the market uptrend didn’t work after many years of working, and that we will witness the emergence of multiple non-consensus developments, including:
Warren Buffett once observed that a bull market_ “is like sex. It feels best just before it ends.'” _While some of us in the ursine crowd debate whether the investment orgasm has already passed, in the extreme it finally may be Minsky’s Moment and year after nine years of recovery and prosperity following _The Great Recession._This year I have decided to publish my _“Surprise List”_ a bit earlier than usual.
As you all know, my Surprises are what I term to be _Probable Improbables_ – events that have a greater possibility of occurring than are seen by the consensus. I try to make you think apart from that diabolically dangerous_ “Group Stink”_ and, particularly as it relates to politics (but with other subjects as well), I feel that I should offend you at least once, or I am not doing my job. But, any offense is meant in the spirit of the great Romantic poet William Blake who taught us that “_Opposition is true friendship._”
My Surprises are shorter in length than in previous years. _(I want to quickly get to the important points of the Surprise List – available on one or two pages – rather than deliver a more flowery prose and bunch of stories that I have commonly done in the past)._We will start the new investment year about one month from now with a completely different _“feeling”_ of previous years – as I mentioned previously, the complexion of Mr. Market seems to have changed:
The core themes and roadmap for 2019 is that a standard run-of-the-mill Bear Market may run into something bigger in a year enveloped in unprecedented political turmoil (and electorate disgust and anger), an escalating trade (and cold) war with China and continuing global economic disappointments — dragging down a mature, an extended and fully exploited economic growth and market cycle.
Not surprisingly, my Surprise is that a slightly down year of performance for the S&P Index in 2018 may turn out to be something worse in 2019.
But the biggest and most provocative surprise is the decline and fall of President Trump in 2019 – in which an anti-imperial rebalancing is successfully mounted by a more assertive Congress, bringing the country back into constitutional equilibrium.
Without further fuss, here are my outside of consensus 15 Surprises for 2019:
1) A U.S. Recession in 2019 Followed by Stagflation:
We learn, in 2019, the extent to which economic activity was pulled forward by the protracted period of historically low interest rates – as capital spending, retail sales, housing and autos founder further.
With U.S. Real GDP growth dropping to +1% to +2% in the first half of 2019, inflation remaining stubbornly high (especially of a wage-kind as the labor market remains tight) and with cost pressures unable to be passed on, the threat of recession intensifies.
By the third quarter of 2019 U.S. Real GDP turns negative. Tax collections collapse as government spending continues to rise. The budget deficit forecasts are lifted to over $2 trillion.
The U.S. falls into a recession in the last half of 2019 – followed by a lengthy period of stagnating economic growth and higher inflation (stagflation).
A dysfunctional, non-unified and discombobulated Europe also falls into a recession in 2019 – with significant ramifications for U.S. multinationals that populate the S&P Index.
U.S./Chinese trade tensions push the global economy down the hill as the year progresses and GDP growth in China comes in below +5.0%. The IMF reduces it’s global economic growth forecast three times next year.
S&P per share earnings fall by over -10% in 2019.
2) The Federal Reserve Pauses and Then Cuts as Currencies and Interest Rates Swing Wildly:
It’s a wild year for fixed income and currency volatility.
The Fed cuts rates in 3Q2019 and by year-end announces that QE4 will commence in January, 2020.
The 2018 tantrum in Italian bonds is just a precursor for hissy fits throughout the European bond market as the ECB is no longer expanding its balance sheet and tries to get out of NIRP.
The BoJ throws in the towel on their drive for higher inflation. The Japanese bond market sees sharp selloff.
During 2019 the yield on the ten year U.S. note falls to 2.25% before ending the year at over 3.50% as the selloff in European and Japanese bonds and the announcement of QE4 drive our yields higher. Gold falls to $1050 before ending the year at over $1700.
3) Stocks Sink:
Though the third year of a Presidential cycle is usually bullish – _it’s different this time._Trump confusing _brains with a bull market_ can’t fathom the emerging Bear Market. At first he blames it on Steve Mnuchin, his Secretary of Treasury (who leaves the Administration in the middle of the year). Then he blames a lower stock market on the mid-term election which turned the House. Then he blames the market correction on the Chinese.
The S&P Index hits a yearly low of 2200 in the first half of the year as the market worries about slowing economic and profit growth and a burgeoning deficit/monetization. The announcement of QE4 results in a year end rally in December, 2019. In a continued regime of volatility (and in a market dominated by ETFs and machines/algos), daily swings of 1%-3% become more commonplace. Investor sentiment slumps as redemptions from exchange traded funds grow to record levels. The absence of correlation between ETFs and the underlying component investments causes regulatory concerns throughout the year.
Congress holds hearings on the changing market structure and the weak foundation those changes delivered during the year.
Short sellers provide the best returns in the hedge fund space as the S&P Index records a second consecutive yearly loss (which is much deeper than in 2018).
As the Fed cuts interest rates the US dollar falls and emerging markets outperform the US in 2019.
I, like many, are concerned about corporate credit (See Surprise #8) and though credit is not unscathed, it is equities that bear the brunt of the Bear since they are below credit in the company capitalization structure.
Bottom line, after a steep drop in the first six months of the year, the markets rise off of the lows late in the year in response to this shifting political scene (the decline of Trump) and a reversal to a more expansive Fed policy – ending the year with a -10% loss.
4) Despite the Appearance of the Bear, FANG Stocks Surprisingly Prosper (Both Absolutely and Relatively) as Investors Seek Growth (at any cost) In a Slowing Economy – Facebook’s Shares Rebound Dramatically:
While there is a growing consensus that FANG will lead a Bear Market lower – that is not the case as growth, in a general sense, is dear and cherished by market participants next year. Among FANG, Facebook‘s shares have a reversal of fortune (and is the best performing FANG stock) as the company announces aggressive management changes and moves to remedy the misinformation trap.
As more previously unrevealed information reduces her valuation, Sheryl Sandburg’s special status as a female leader (in a seascape of men at Facebook and in industry) is questioned. In the first half of 2019, Sandberg becomes a sacrificial lamb and is sacked – and is forced to lean out after leaning in.
At the suggestion of Warren Buffett (who has accumulated a sizable stake in the company), former Board Member Donald Graham is named as the new, independent and Non-Executive Board Chairman of Facebook.
This unexpected move encourages FB investors to believe that the company is quickly moving to fix its multiple data and privacy issues.
Fewer (than feared) Facebook members opt out and growth in usage resumes in the back half of 2019.
FB’s stock popularity (and market capitalization) increases as it becomes a more dominant holding in “value investors” portfolios – the shares trade above $200/share late in the year.
5) “Peak Trump” – the President Bows Out in His Pursuit of a Second Term:
The President’s dismissal of the murder of Washington Post reporter Jamal Khashoggi is seen as delivering tacit support to Saudi Arabia’s MBS – it is a pivotal turning point in Trump’s popularity and ultimate reputational decline in 2019. _“Pay enough and you can get away with murder”_ becomes the mantra of the Progressive Left. Trump acceptance by his Republican party peers quickly diminishes as they are further worried about his motivation to side against the findings of his own intelligence department. After Trump’s personal dealings with authoritarian and autocratic countries are revealed in the Mueller probe (along with possible emoluments violations), Trump’s popularity fades further as Lindsay Graham and other prominent Republicans repeal their support and denounce the President.
An anti-imperial rebalancing is mounted, in which a more assertive Congress brings the country back into constitutional equilibrium.
Though the public and political leaders (even on the right)_ increasingly reject the President, there are no impeachment efforts by the Democrats. Instead (and surprisingly), House Speaker Pelosi (recognizing that constructive steps are the recipe for a Democratic 2020 Presidential win) exacts discretion and stops the Democrats from moving on an impeachment in the House. Democratic leadership turns to reforms and a torrent of new legislation in the areas of improving the environment and climate control (and the halt of growth in fossil fuel by the development of alternative energy programs), the opioid crisis, education, crime, voting rights, healthcare and prescription drug prices, immigration, etc.- showing the electorate that their Party can demonstrate the framework for a positive agenda, a vision and a social contract (and can rule instead of obstruct).But, most importantly… With real GDP turning negative in 2019’s second half, Democrats attempt to replace Republicans’ supply-side economics with a smarter theory of growth. Recognizing just as inflation and other ills opened the door for criticism of Keynesian economics in the 1970s, so have inequality and disinvestment done the same for critiques of supply side today. In 2019, the Democrats turn the table on the supply-siders and give a voice through thoughtful proposed legislation (making the affirmative case for the Democratic theory of growth geared to raising wages and putting more money in the hands in working- and middle-class people’s pocket and investing in their needs). Americans enthusiastically embrace this alternative (of how the economy works and grows and spreads prosperity) and reject and defeat the long standing Republican economic narrative – seeing it as a better way to spur on the economy_ (than giving rich people more tax cuts)._ Asking the question _“has it worked for you?_” and given the fairy tale of added revenue from growth (and the widening hole in the deficit),_ rampant inequality, the fear of being bankrupted by medical catastrophe and massive student debt obligations Democrats provide a practical alternative to cutting taxes for the rich and decreasing regulation which has failed to unleash as much innovation and economic activity that was promised by the Administration. The legislation, which puts more money in middle class pockets, defends and supports the notion that the public sector can make better decisions than the private sector. Referred to as the _“middle – in economic bill,”_ is cosponsored by a leading, conservative and respected Republican member of Congress and begins to gain bipartisan support in Congress, driving a stake through the supply-side’s heart.
Despite his loss of popularity (which plummets to 25%)_ and the push back from the Republican establishment, Trump declares he is still planning to run for President. Nevertheless, a challenge from Senator Mitt Romney (who’s motto is “Make Republicans Great Again”_) gains steam as McConnell, Graham, Kennedy Et al. throw their support for the Senator.
As Trump’s problems multiply, Romney becomes the heavy favorite to defeat Trump in the Republican primary.
Recognizing a sure election defeat, by year-end the President announces that his medical team has disclosed a health issue and he is advised not to run for office. _Reluctantly, _Trump agrees and bows out of the 2020 Presidential race late in the year.
The Trump mantra of “Make America Great Again” i_s replaced by _“Make Economic Uncertainty and Market Volatility Great Again.”#MAGA/#MUVGA
6) The Year of the Woman:
With a Trump withdrawal from 2020 the election is wide open.
The arc of history influences the Democratic Presidential nomination march and the leading candidates that emerge for 2020 are mostly women. The potential contenders include progressive firebrands like Elizabeth Warren, Stacey Abrams, Kristen Gillibrand and Kamala Harris, and moderates like Senator Amy Klobuchar and Rhode Island Governor Gina Raimondo.
Michael Bloomberg, Howard Schultz and Joe Biden bowout from the race by year end 2019 By year-end, Klobucher, Harris and Warren surface as the three leading Democratic Presidential candidates.
It appears that an all women Democratic ticket (President/Vice President) is increasingly likely.
Nationally, several high profile sexual harassment suits are disclosed. Allegations against a number of well known television, other entertainment and political icons/leaders serve to reinforce the candidacy of the above women who aspire to gain the Democratic Presidential nomination. After Congressional hearings, non partisan and strict harassment legislation are introduced forcing several well known male politicians to resign from office.
7) A New (But Old) Shiny Object Appears As A Stock Market Winner in 2019:
Bitcoin trades close to $3,000 in December, 2018 and spends most of 2019 under $5,000 (as numerous trading irregularities, thefts and more frauds are exposed).
England’s Financial Conduct Authority (FCA) takes the lead, in instituting a comprehensive regulatory response to regulating the crypto currency markets. The U.S. follows by imposing broad-based crypto currency regulation in 2019.
A leading business network (who’s bitcoin “bug” has become the new cover of magazine contrary indicator!) faces a class action suit for their seeming encouragement in buying into the asset class in their too frequent broadcasts during 2018. Several crypto currency guests who were prominent on the network’s coverage are indicted for fraud. In an agreement with regulatory authorities, the biz network’s programming is reconstituted.
Marijuana stocks, after a weak final few months in 2018 (are down by over 50% from their highs), explode back to the upside reflecting a quickened pace of alternative health applications. (MJ) is the single best performing exchange traded fund and (TLRY) makes another move to $300/share.
8) Private Equity, High Yield Debt and Leveraged Loan Problems (Which Have Doubled in Size Over the Last Ten Years) Emerge as the Resurgence of Leveraged Finance Comes to An End:
Private equity, in particular, the biggest winner in the decade long cycle since _The Great Decession of 2007-09,_ suffers – and so do the endowments at several prestigious universities. Covenant- lite financings in junk and leveraged loans – often in opaque and complex structures – topple under the weight of loan defaults. (HYG) (last sale: $83.17) trades $75-$80 as redemptions spike.
Publicly-held private equity shops (KKR) and Blackstone (BX) are among the largest percentages losers in 2019, High yield bonds fulfill their characterization as “junk,” and are among the worst performing asset classes. The spread between junk bonds and Treasuries more than doubles – widening dramatically during the summer months.
9) The China/U.S.Rift Intensifies as Trump’s Anger Shifts Towards That Region:
The trade war with China goes into full effect with 25% tariffs. Walmart (WMT) is adversely impacted and its shares fall by -20% from the recent highs. The Chinese retaliate against major American brands like Apple (AAPL) . _(“Peak Apple” actually happens and its shares fall below $125/share)._Peter Navarro resigns.
A major cyber-attack against the U.S. financial system, who’s source is initially not diagnosed, is ultimately reportedly to have been delivered by China. The U.S. enters a cold war with China that resembles the emergence of the cold war with Russia in 1948 – it becomes clear it will be lengthy, nasty and unfriendly to the trajectory of worldwide economic growth.
10) Bank Stocks Are Surprising Winners in 2019:
Despite some pressure in net interest margins (and income), sluggish loan demand and a pickup in loan losses – bank stocks (and EPS) are surprisingly resilient and manage to have a positive return next year as better relative EPS growth is supported by aggressive buybacks and (starting) low valuations. Investors look forward to a recovery in economic growth in 2020-21 and bank stocks (flat for most of the year) have a vigorous move in the last few months of the year and are one of the few sectors to advance in 2019.
Oil stocks, depressed from the late 2018 crude oil price fall also recovery mightily in the later months of 2019 as the price of oil advances coincident with dovish turn in monetary policy.
11) Tesla’s Problems Shift From Production to Demand to Financial:
Tesla (TSLA) loses its tax subsidy in the U.S. and in the Netherlands (a large market for them).
European competition grows.
Europe doesn’t allow the Tesla Model 3 due to safety reasons. The Chinese won’t let an American company have video data over millions of miles of roads and bans Tesla. Lenders balk and access to the public debt market evaporates. The company’s financial position deteriorates and its credit default swaps widen dramatically.
An accounting “issue” surfaces – and it morphs into an accounting fraud. Elon Musk, who has leveraged his TSLA equity holdings, faces margin calls and is forced to sell Tesla shares.
After being rushed to the hospital after an overdose, Musk leaves his CEO post to enter drug rehab.
12) Berkshire Hathaway (BRK.A) (BRK.B) Announces the Largest Takeover in History – The Transformational Acquisition of 3M for $150 billion.
13) Amazon (AMZN) Makes a Bid for Square (SQ) but Alphabet/Google (GOOGL) Eventually Acquires Both Square SQ and Twitter (TWTR)
14) With its Share Price Consistently Trading Under Its Book Value During the First Few Months of 2019, Goldman Sachs’ (GS) Partners Take the Brokerage Private in a Leveraged Buyout at $238/share.
15) Brexit Happens: The world continues and the pound is the best global currency.

Here Are 5-“Also Eligible” Surprises:

submitted by rotoreuters to zerohedge [link] [comments]

[Brainstorming] "Let's Fork Smarter, Not Harder"? Can we find some natural way(s) of making the scaling problem "embarrassingly parallel", perhaps introducing some hierarchical (tree) structures or some natural "sharding" at the level of the network and/or the mempool and/or the blockchain?

https://en.wikipedia.org/wiki/Embarrassingly_parallel
In parallel computing, an embarrassingly parallel workload or problem is one where little or no effort is required to separate the problem into a number of parallel tasks. This is often the case where there exists no dependency (or communication) between those parallel tasks.
What if the basic, accepted, bedrock components / behaviors of the Bitcoin architecture as we currently understand it:
... actually cannot scale without significantly modifying some of them?
Going by the never-ending unresolved debates of the past year, maybe we need to seriously consider that possibility.
Maybe we're doing it wrong.
Maybe we need to think more "outside the box".
Maybe instead of thinking about "hard forks", we should be thinking about "smart forks".
Maybe we can find a scaling solution which figures out a way to exploit something "embarrassingly parallel" about the above components and behaviors.
Even the supporters of most of the current scaling approaches (XT, LN, etc.), in their less guarded moments, have admitted that all of these approaches do actually involve some tradeoffs (downsides).
We seem to be in a dead-end; all solutions proposed so far involve too many tradeoffs and downsides to one group or another; no one approach is able to gain "rough consensus"; and we're starting to give up on achieving massive, natural, "embarrassingly parallel" scaling...
...despite the fact that we have 700 petahashes of mining power, and hard drive space is dirt cheap, and BitTorrent manages to distribute many gigabytes of files around the world all the time, and Google is somehow able to (appear to) search billions of web pages in seconds (on commodity hardware)...
Is there a "sane" way to open up the debate so that any hard-fork(s) will also be as "smart" as possible?
Specifically:
  • (1) Could we significantly modify some components / behaviors in the above list to provide massive scaling, while still leaving the other components / behaviors untouched?
  • (2) If so, could we prioritize the components / behaviors along various criteria or dimensions, such as:
    • (a) more or less unmodifiable / must remain untouched
    • (b) more or less expensive / bottleneck
For example, we might decide that:
  • "bandwidth" (for relaying transactions in the mempool) is probably the most-constrained bottleneck (it's scarce and hard to get without moving - just ask miners on either side of China's Great Firewall, or Luke-Jr who apparently lives in some backwater in Florida with no bandwidth)
  • "hard disk space" (for storing transactions in the blockchain) is probably the least-constrained bottleneck: hard drive space is generally much cheaper and plentiful compared to bandwidth and processing power
  • Some aspects such as the "blockchain" itself might also be considered "least modifiable" - we do want to find a way to append more transactions onto it (which might take up more space on hard drives), but we could agree that we don't want to modify the basic structure of the blockchain.
Examples:
  • SegWit would refactor the merkle trees in the blockchain to separate out validation data from address and amount data, making various types of pruning more natural, which would save on hard drive space (for SVP clients), but I'm not sure if it would save on bandwidth.
  • IBLT (Inverted Bloom Lookup Filters), Thin Blocks, Weak Blocks are all proposals (if I understand correctly) which involve "compressing" the transactions inside a block (using some clever hashing) - at least for purposes of relaying transactions, although (if I understand correctly) later the full, non-compressed block would still eventually have to be stored in the blockchain.
I keep coming up with crazy buzzwords in my head like "Hierarchical Epochs" or "Mempool Sharding" or "Multiple, Disjoint Czars" (???).
Intuitively all of these approaches might involve somehow locally mining a bunch of low-value or high-kB or in-person transactions and then globally consolidating them into larger hierarchical / sharded structures using some "embarrassingly parallel" algorithm (along the lines of MapReduce?).
But maybe I'm just being seduced by my own buzzwords - because I'm having a hard time articulating what such approaches might concretely look like.
The only aspect of any such approach which I can identify as probably being "key" (to making the problem "embarrassingly parallel") would come from the Wikipedia quote at the start of this post:
there exists no dependency (or communication) between those parallel tasks
Applying this to Bitcoin, we might get the following basic requirement for parallelization:
there exists no outputs in common between those parallel (sets of) transactions
TL;DR: Could there be some natural fairly natural ("embarrassingly parallel") way of:
  • decomposing the massive number of transactions in the mempool / in an epoch / among miners;
  • into hierarchical trees, or non-overlapping (disjoint) "shards";
  • and then recomposing them (and serializing them) as we append them to the blockchain?
submitted by ydtm to btc [link] [comments]

[brainstorming bitcoin scaling] Multiple Czars per Epoch: Is there some way we could better exploit miners' massive petahashes of processing power to find some approaches to massive scaling solutions?

TL;DR: During each 10-minute period, instead of appending a SINGLE block, append MULTIPLE mutually compatible ie non-overlapping blocks (eg, use IBLT to quickly and cheaply prove that the intersection of the sets of UTXOs being used in all these blocks is EMPTY).
Czar for an Epoch
The Bitcoin protocol involves solving an SHA hashing puzzle at the current mining difficulty to select one "czar" who gets to append their current block to the chain during the current "epoch".[1]
[1] This suggestive terminology of "czar" and "epoch" comes from the Cornell Bitcoin researchers who recently proposed Bitcoin-NG, where instead of electing a czar-cum-block for the current epoch the network would elect a czar-sans-block for the current epoch. This would drastically reduce the amount of network traffic for the election - but would also require "trusting" that czar in various ways (that he won't double-spend in the block he reveals now after his election, or that he won't become the target for a DDoS).
Architecturally, it seems that the most obvious bottlenecks in the existing architecture are this single czar and the single block they append to the chain.
What if we could figure out a way to append more blocks faster to the chain, while maintaining its structure?
What if we tried using something like IBLT to elect multiple czars per epoch?
Here's an approach I've been brainstorming, which I know might be totally crazy.
Hopefully some of the experts out there on stuff like IBLT (Inverted Bloom Lookup Tables) and related stuff could weigh in.
What if we elected multiple czars during an epoch - where each czar is incentivized to locally do whatever work they can in order to attempt to minimize the "overlap" (ie, the intersection) of their block (ie, the UTXOs in their block) with any other other blocks being submitted by other "czars" for this "epoch"?
This might work as follows:
  • Use a Bloom Filter / IBLT to check that the intersection of two sets of UTXOs is empty.
  • This check almost never gives a false-positive, and never gives a false-negative;
  • Every epoch, in addition to the "SHA minimum-length zero-prefix hash lottery" we would also have an "IBLT maximal-non-intersecting-UTXOs hash lottery" (after the normal lottery), to elect multiple czars (each submitting a block) per epoch / 10-minute period - ie, the "multiple czars for this epoch" would be: all miners who submit a block where their block is mutually disjoint from all other blocks (in terms of UTXOs used), so all these non-intersecting blocks would get appended to the current chain (and the append order shouldn't matter, if there's also no intersection among the receiving addresses =).
https://en.wikipedia.org/wiki/Bloom_filter#The_union_and_intersection_of_sets
The current lone winner: the "SHA longest-zero-prefix lottery" block
Basically, the block which currently wins the lottery could still win the lottery (this is what I was calling the "SHA minimum-length zero-prefix" lottery above) - because it has so many zeros at the front of its SHA hash. Such an "SHA longest-zero-prefix lottery block" could indeed contains UTXOs which conflict with other blocks - but it would override all those other blocks, and be the only "SHA longest-zero-prefix lottery block" appended to the chain for the current epoch.
The additional new winners: multiple "IBLT biggest-non-intersecting BLOCKS" (PLURAL)
Now there could also be a bunch of other blocks (which were not the unique block winning the above SHA lottery - indeed, they might not have to do any SHA hashing at all), for which it has been proven that no other miner is submitting blocks using these same UTXOs (using IBLT to quickly and inexpensively - with low bandwidth - prove this property of non-intersection with the other blocks).
So theoretically many blocks (from many czars) could be appended during an epoch - vastly scaling the system.
Weird beneficial side-effects?
(1) "Mine your own sales"
If you're Starbucks (or some other retailer who wants to use zero-conf) you could set up a system where your customers could submit their transactions directly to you - and then you mine them yourself.
In other words, your customers wouldn't have to even broadcast the transaction from their smartphone - they could just use some kind of near-field communication to transmit the signed transaction to you the vendor, and you the vendor would then broadcast all these transactions to the network - using your better connectivity, where you would normally be 100% certain that nobody else was broadcasting blocks to the network using the same UTXOs - an assumption that would be strengthened if people's smartphone wallet software generally came from reliable sources such as the Google and Apple app stores - and if we as a community discourage programmers from releasing apps which support double-spending =).
This would have the immense benefit of allowing the Starbucks Mining Pool to guarantee that its batch / block of transactions has zero intersection (is mutually disjoint) with all other blocks being mined for that period.
It would also significantly decentralize mining, and align the interests of miners and vendors (since in many cases, a vendor would also want to be a miner - under the slogan "mine your own sales").
(2) "Mine locally, append globally"
If you're on one side of the Great Firewall of China, you could give more preference mining the transactions that are "closest" to you, and give less preference to mining the transactions that are "farthest" from you (in terms of network latency).
This would impose a kind of natural "geo-sharding" on the network, where miners prefer mining the transactions which are "closest" to them.
(3) "Scale naturally"
The throughput of the overall Bitcoin network could probably "scale" very naturally. It might not even matter if we kept the 1 MB block size limit - the system could simply scale by supporting the appending of more and more of these 1 MB blocks faster and faster per 10-minute epoch - as long as the total set of blocks to be appended during the epoch all have mutually disjoint (non-intersecting) sets of UTXOs.
(4) "No IBLT false-negatives means no accidental IBLT double-spends"
IBLTs are probabilistic - ie, they do not provide a 100% safe or guaranteed algorithm for determining if the intersection of two sets contains an element, or is empty.
However, the imperfections in the probabilistic nature of IBLTs are (fortunately) tilted in our favor when it comes to trying to append multiple blocks during the same epoch while preventing double spends.
This is because:
  • False-positives are almost impossible, but
  • False-negatives are totally impossible.
So:
  • in the worse case, IBLTs might RARELY incorrectly tell us that two blocks are unsafe to both append to the chain (ie, that the intersection of their UTXOs is non-empty)
  • but IBLTSs will NEVER incorrectly tell us that two blocks are both safe to append (ie, that their intersection is empty).
This is exactly the kind of behavior we want.
Bonus if we could figure out a way to harness IBLT hashing the same way we currently harness SHA hashing (eg, have miners increment a "nonce" with each IBLT hash attempt, until all IBLT false positives are eliminated which incorrectly claimed that two blocks had intersecting UTXO sets).
submitted by ydtm to btc [link] [comments]

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