TFTC: A Bitcoin Podcast - RHR Week of 2020.06.01

Episode Date: June 4, 2020

This week Marty and Matt discuss: - Trezor releases firmware update and bug disclosure - Coinkite blog on the vuln disclosure - BTCPay says new trezor firmware breaks support - ShiftCrypto announces they are no longer working on their node product - ShiftCrypto liquidation goes unmentioned - Bitcoin Core v0.20.0 released - Square Crypto's sixth bitcoin development grant - Bitmex parent company provides $100k development grant to Gleb Naumenko - Will Cole's mother in law is running for Senate in Wyoming - Chainalysis Webinar Archive Dump - Unconfirmed Europol Wasabi Wallet Report leaked - Time-Dilation attacks on the Lightning Network - 3M+ bitcoin currently being held on exchanges - OXT Research: Joinmarket Report - Coinsquare private user data stolen due to rogue employee - Tor Browser v9.5 adds human readable addresses - Signal adds photo blur feature - 6102 on SLP - Matt + Alex Gladstein - TFTC Bingo Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app. Unchained Capital. Head over to www.unchained-capital.com/vaults and check out their 2-of-3 multisig vaults.

What's up freaks, it's your boy Marty here to introduce this episode of Rabbit Hole Recap. Matt and I just had a really good rep, you'll learn all about it when you listen to this episode. This episode, while we're on the subject of it, was brought to you by our good friends at Unchained Capital. You freaks already know all about them. They're helping provide Bitcoiners with financial services catered to Bitcoiners. They do this with a security first mindset and so their security product is their vault

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you use the code stacking sats that's one word s-t-a-c-k-i-n-g-s-a-t-s you're going to get ten and $10 is going to go to our good friends at Owl's Lacrosse. That's Owl's Lacrosse. Download the Cash App today and enjoy this rip. You've had a dynamic where money has become freer than free. if you talk about a fed just gone nuts all all the central banks going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean

that's part of the bull case for bitcoin if you're not paying attention you probably should be what is up freaks it's your boy marty bent here for this week's edition of rabbit hole recap sitting down with matt odell and the tables have been turned he's taking a break from drinking i'm drinking some ciders what's up it's a little bit early it's a little bit early for alcohol right now so i'm drinking some uh nitro cold brew instead yeah the island vibes are high right now It felt like it was a good time for a cider, especially considering all the content we have to talk about. A lot of stressful subjects during a stressful time throughout the world. But before we get into any of that, as we always do, let's scroll over to Clark Moody's Bitcoin dashboard.

Check the price. Ooh, it's higher than I realized. It's at $9,790 right now. Just ticked up to $7,993. Looks like it seems to be going up. We're at block 633,050. We had a downward difficulty adjustment this morning. It was, I believe, the eighth largest difficulty adjustment to date in the history of Bitcoin. It was around 10%. Tiny. Tiny.

It was when we first, what was it, last week or the week before? They were predicting like negative 18%, so it seems like more hash rate has joined the network. Too bad we couldn't bet on it. you could have on ftx uh maybe not us users yeah um the uh what else is going on here next retarget scheduled for about june 19th right now it's looking at still negative downward adjustment of about five percent we'll see if that changes especially as the rainy season in china starts to pick up um maybe that's that's something we don't have the list maybe we should touch on is Leo Zhang's piece. Why are we at mempool transaction at 16,600 the

percentage of fees versus the reward for the next block are about ten point six five percent on average am I looking here for the last 2016 blocks has been around 11 percent so fees are going up uh a bit here uh miners are getting more more sats via fees and anything else you want to point out on this dashboard do you have it up matt i do not have it up what is uh the whirlpool stats at whirlpool stats are currently unspent capacity is one thousand one hundred twelve and a half bitcoin unspent value is about 10.9 million dollars unspent count is 17 423 utxos so the tx0 volume in the last 30 days been 583.92 bitcoin awesome and this yeah so there's been 6446 cycles in the last 30 days as

well so people are people are whirlpooling they're pulling their their stuff together are we going to hit all-time highs we hit all-time high in may right yeah we broke may may hit a new all-time high so that's three in a row now yeah let's go three months in a row keep it let's keep it going um we got we got a tight stop today so we got a lot to talk about such a huge fucking list such a huge list lots to talk about first up pretty confusing situation i'm still trying to digest it myself trezor released a firmware update yesterday and they disclosed a bug having to do um with bip 143 i believe 143 yeah and partially signed bitcoin transactions yes um so they announced that they apparently they've known from 90 days

salim who's the hardware wallet hacker extraordinaire is i think the one who identified it but the weird thing about this situation is that it seems like salim and trezor sort of sat on this vulnerability didn't make other hardware wallet providers um sort of aware they told ledger and shift crypto uh they didn't tell anyone else and this also affects software wallet makers wasabi wallet electrum btc pay all affected core hwi uh integration is affected and they all found out about it yesterday with the blog post so there's a lot of confusion right now uh this is obviously not an ideal situation it does kind of feel like a publicity play which pisses me off uh the severity of this attack

is not questionable right yeah you have to be a minor yeah you have to be a minor to actually take the bitcoin it involves a replay attack on the transaction that you're assigning where the first time you try it pops up some kind of generic error message and then it changes it so the fee gets increased with whatever UTXOs you have had selected for the transaction and then if you don't pay attention to that to verify at that point you end up signing a transaction that has a really high fee so to actually take the money you'd have to be a minor as well but there's a situation where it could be used for griefing or you know just screwing people over by making them lose their money uh or ransom where you say if you don't pay me i will

broadcast this transaction and make you lose money uh so all these teams right now are are working to see how severe the issue is and how they want to approach to fix it. Coldcard released a preliminary response, which we've linked to in the show notes. BTC Pay says if you upgrade your Trezor, then you can no longer use BTC Pay's integrated wallet functionality with your Trezor.

so they're telling people not to upgrade right now uh cold card is still in their preliminary investigation since they just found out about it yesterday they don't want to say anything completely concrete but i've been talking to them and if you use they're pretty sure using the micro sd card for your for shuttling your your partially signed bitcoin transactions mitigates this attack uh pretty well because you you know you have to re-sign the second change transaction so like if you're moving it back and forth uh there's like an extra step in there that something is wrong um and you you know you always want to verify what the details say on the actual device as well you know requires the user

to sign a wrong transaction. Best practice in general with cold card, and it's important to reiterate it here, is when the computer that you create the transaction on and the computer you broadcast the transaction on, let's say you build the transaction in Wasabi and you move it to your cold card to sign it, if you use a different computer to broadcast it,

that should help mitigate this um yeah rodolfo literally just tweeted a minute ago uh here's what he said in my honest opinion it's very hard to pull this off using cold card plus micro sd air gapped infected system builds psbt then it gets a micro sd and then to cold card cold card signs it then broadcasts with a different software computer malware needs to combine the two psb tease it got you to sign the broadcast merged version um as the micro sd card also makes malware not able to replay yeah i have literally been talking to rodolfo about this for like the last two hours trying to get to grips with it before we started recording uh so it is good to see that he released something publicly uh you know we will know more over the next next week

before rhr comes out again um this is just really you know it's just it's every all of this feels very childish like how is core not notified um you know that they say it's it was for responsible disclosure reasons but that's bullshit they've been sitting on this for 90 days uh and they release it as a blog post so i uh it is it is very troubling the attack seems doable but not sure exactly how bad the severity is i know andrew chow is really pissed off uh as well uh because it it does break hwi um the treasure people keep saying just use treasure connect uh which is their their centralized trusted third party option uh and they've never really liked psbt to begin with so this does kind of feel um like there's there's outside

motives there um but i don't want to you know like a lot of this is very much over my head and people are trying to figure out exactly what's going on so i don't want to say anything too concrete here but in general you know maybe if if you don't need to make a transaction right now then you know maybe just wait a little bit before you because as long as pspt particularly right i i mean it affects trezor and trezor doesn't uh trezor doesn't support pspts it's a bit 143 vulnerability and in segwit output so if if if you don't need to send a transaction on your hardware wallet right now it might just be best to just wait a little bit for the dust to settle because as long as your device is offline and not signing any transactions then you can't

lose any money no matter what right so just as an in an abundance of caution uh it's best to just wait that wait for the dust to settle like we'll know a lot more in the next 12 24 hours because all these smart people are fucking scrambling right now because of the way this disclosure was handled um i like you know btc pay is telling you not to update your treasure so um it is definitely a very delicate situation and i i wish it could have been handled better yes i would as an outside observer label this as a irresponsible disclosure i mean just drop this and expect everybody to react to it especially on the day that core version 0.20.0 is released and there's new hwi which emerges yeah uh and this is it's bullshit because

trezor knew the trezor team knew that this affects the software wallet side because at the same time that they released their blog they released pull requests on a bunch of the different software libraries so they're they were well aware and instead they chose to keep it to them to themselves and it's uh you know and then at the same time they're like you know we don't care as much about integrations as we do about securing our users bitcoin well if that's the case then why the fuck are you still selling the trezor one which is a completely unsafe hardware wallet that you can't even enter a passphrase on the device and trezor themselves say you can't securely use the device without a passphrase fucking ridiculous it is absolutely ridiculous and hopefully we'll

have more to talk about it next week and we do have a really big big list so we wanted to front load this disclosure here um but i don't think we have much more to say besides that right no i i mean i'm just a little surprised that trezor would act this uh this sort of blase in this blase fashion um yeah it's pretty shitty timing again with version 0.20.0 coming out and hwi stuff is something that i've been very excited about i read about today in the bent and to see them sort of fuck with that is is a little disheartening but hey maybe who knows maybe the vulnerability is such that hwi as it is um certainly or presently designed may not be compatible with this bit 143 um bug so if you look on twitter right now

like in the last half an hour andrew chow is fucking pissed he is so fucking pissed and if that kid's pissed like you know something's wrong you know he's such a calm such a calm smart kid And if he's but he's look, he seems furious. Right. So so there's there's a lot wrong here with how this all went down. And we should have a lot more to talk about it. But on this topic of hardware wallets, shift crypto, who's notoriously been attacking cold card and coin kite for the last four months, five months, released a blog post yesterday or the day before that they are pivoting their business to get rid of the node. their node project the bitbox base that they've been working on all this time they're not going to do that anymore and they say they're just going to focus on their hardware wallet um the bitbox but at the same time they're being liquidated there's a liquidation report on on the swiss government website that their company is going out of business and their blog has not mentioned it at all and Mr. Hoddle brought it up on Twitter and they complete radio silence they're not

they're not responding to him on Twitter this was I think two days ago and there's still no response there meanwhile if you go to their website it says that the hardware wallet's not currently in stock on their website but the they redirect you to resellers who are still selling it so i want to know what the fuck is going on there and it is completely unethical to be selling a hardware wallet that you know you're not going to be able to support just because you're trying to clean out inventory because they're getting liquidated yeah that's fucking drama in the hardware wallet space that is uh another very disheartening thing to see like just offloading inventory

to make your bankruptcy proceedings less painful. And how long did they know this? How long have they known that they were going out of business and they still kept selling hardware wallets? Didn't we know?

Didn't we find out that they were stopping the production of their hardware wallets at one point? Shouldn't that have been a sign? That they stopped recently in the last three months or something like that? There were a lot of rumors. you know and we were careful about what we reported and what we didn't because they were unconfirmed but now we have confirmation that they are being in fact liquidated so i want to say

what the fuck what the fuck is going on there and let's get some transparency let's you know i i don't no one should be buying these hardware wallets if the company is going out of business it is uh it is just irresponsible and unethical yeah and these hardware wallets should be as open source as possible that's why i like cold card i'm very excited to see what zach herbert and crew um have to produce this summer apparently they they should have something hitting the market at some point this year um so hopefully i mean to be clear here like you can use the bit box with electrum uh even if they go out of business but the issue comes down to firmware updates and whatnot with that right like who's gonna who's

gonna actually update the firmware are they going to continue supporting it are they going to do it unpaid when the company goes out of business that is all right i guess you know it's not ideal but if that's the case let's get some disclosures let's get some transparency let's know what the fuck's going on people are using your hardware they're trusting your hardware what the fuck is going on there yeah so you freaks i would look into foundation devices which is the company that zach herbert uh is a part of i believe he started it um and they're they're based in boston and they're building the open hardware foundation for bitcoin and decentralized internet i think they're going to come out of the gate with a very different uh posture than some of the other

hardware uh providers out there at the moment so if you want to support some something doing it correctly uh i would look into foundation and support them i mean i am also very excited about their project uh they they have self they have self said that they want to be the cold card of america uh because cold card is in in canada so we'll see what they have and you know i'm hopeful for that did you just say decentralized internet what the hell is that about i don't know there's bitcoin a decentralized internet i don't know you're just reading their marketing speak on their website or whatever i was just reading their twitter their twitter uh bio well i don't you know buzzwords we'll get zach on to to explain

himself no yeah i like i like zach and i'm excited to see what he has because especially in in a world where we want to be able to easily use multi-sig across vendors uh we're going to need more than a handful of of good hardware wallets to use with right so uh there's plenty of room for multiple players here so we i'm i'm excited to see what they have in store for us yes um we shall see the hardware flame wars never end there's flame wars and you can point to one vertical within bitcoin one little niche area of bitcoin and there's probably a flame war going on on to more positive updates but there's going to be some negative sprinkled into this now because of the uh the revelations the last couple days on the hardware wild side bitcoin core version 0.20.0

was released yesterday as i mentioned before and like i said i wrote about it in the bent today because it includes a lot of really important things that i've personally been anticipating and writing about for over a year now uh so the big three updates that i highlighted in the bend today uh were number one uh it um merged a change that is going to make the selection of peers in the network uh different and make it so you're not choosing peers from one isp provider this is to help mitigate potential Erebus attacks, which we've talked about here before. An Erebus attack is when you have a bunch of nodes

that are running using the same internet service provider, and that internet service provider may have the potential to realize that these Bitcoin nodes are using it and they could enact a partition attack and start feeding those nodes bad data. so get peer info rpc now includes a mapped underscore as field to indicate the mapped autonomous system used for diversifying peer selection so c dash as map configuration option described below in underscore new settings underscore so that's pretty big makes the

network more robust against these arabus attacks which i believe gleb now manco was one of the first and peter willow were two of the first people to sort of identify this attack and bring it to light in august of last year it's basically an eclipse attack at the at the isp level right yeah yeah yeah exactly um so that's that's incredible to see uh there's new rpc a bunch of new rpcs but one in particular dump tx outset is an rbc outputs a serialized snapshot of the current UTXO set of script is provided in the contrib-devtools directory for generating a snapshot of the UTXO set at a particular block height. Why is this important? This is important because it is the first step in enabling assume UTXO

which is James O'Byrne's little pet project and he created assume UTXO in the hopes that it would help individual users get through IBD quicker so So anybody who wants to use Bitcoin Core and actually validate the transactions they're receiving rather quickly, they want to download Core and actually use it in a timely manner, assume UTXO will let them speed up the initial block download time significantly using quasi-checkpoints. But they'll be signed by many people and verified by many people. And at the same time, you'll do IDBV, assume UTXO, using some assumptions in there, but the full chain state will be verified in the background as you're running that as well. So you will eventually, with assume UTXO, have a fully verified chain state.

So in the beginning, it requires trust, and then while that trust is minimized to a degree, and then over time, you will then end up fully validating. yes after the checkpoint that exists besides assume UTXO that I think the last checkpoint was like 2013 or something like that exactly I think this dump UTXO set uh starts at block 16,899 so pretty pretty early on in Bitcoin's life I guess it's just getting their toes toes a little wet and lastly what I highlighted and we'll talk about a couple other things but this It's just what I highlighted was for watch-only wallets, creating a new transaction in the send screen or fee bumping an existing transaction in the transaction screen will automatically copy a partially signed Bitcoin transaction or a PSBT to the system clipboard. This can then be pasted to an external program such as HWI for signing future versions of Bitcoin Core. should support a GUI option for finalizing broadcasting PSBTs,

but for now, the debug console may be used with the finalized PSBT and sendRAW transaction RPCs. Or you can use Blockstream's transaction broadcaster through any web browser. Yes, and let me make a correction on the assume UTXO thing. It's not block 16,899. I think that's the number of the RPC that they referenced at the end of that. That's sort of the explanation.

So I don't know what block that's going to happen at. But back to the update with HWI. This is big because to date, you've had to do everything in the command line with this. and this is a step towards moving these PSPT processes to the GUI, the Graphical User Interface, so you can do it much easier if you're not technically competent. Note that right now with this update, you can only create a transaction in the GUI.

You have to sign and broadcast it either on the hardware wallet or in the command line of core. So it doesn't get everything. The idea, well, first of all, HWI is hardware wallet interface. It's the protocol that Core or other software interacts with your hardware wallet. The idea is basically your software wallet knows your UTXOs, is constructing your transaction, and then you're signing it on the hardware wallet, and then you're broadcasting it. it's three different steps and one thing to keep in mind here is is the computer that you're that you're constructing the psbt on if it there's an element of trust there you got that psbt can be changed or something by a malicious party that's why it's always really important to verify it on the actual device when you're when you're doing the signing and make sure that the outputs are

where they're you know they're going to the addresses and with the right amounts that they're supposed to be going to yes so be aware of that on top of this these three updates which I highly highlight other sort of big changes in version 0.20 point zero the removal of bit 61 reject messages these were messages that would sort of be sent to your node to tell you why a transaction was rejected core developers think it's sort of unnecessary so they removed it um and then the removal of bit 70 payment protocol fuck yes and open ssl so this was a a payment protocol that was added uh in the hopes of making easily readable addresses and it leveraged open ssl many wall providers most

almost every wall provider didn't implement this for many reasons mainly because open ssl has its own security flaws uh so most people have been using uh bip 21 payment protocol uh to integrate in their wallets with clickable links scannable qr codes um and in other features and so nobody's using bip 70 so they really they removed that code from from the code base which seems like a a beneficial uh an overall benefit for the network the famous one was bit pay had bit 70 required so you could it made paying bit pay invoices like almost impossible for the average user uh fuck bit pay use btc pay server fuck bit pays right so yeah core version 20 0.20.0 is out Let's go back to Clark's dashboard and see if he doesn't have version 20.0 on here yet.

I believe I saw something like 200 people downloaded it at one point towards the end of the day yesterday. I'd expect that number's a bit higher at this point of us recording. But if you want to go test it out, test out these features, if you're running a full node and using Core a lot and you want to test this stuff out, it's available for you to download we will put a link to those release notes and the software in the show notes holy shit this is a fucking loaded ass list let's just jump to just a really happy one uh our boy will cole who we recorded with last week uh that episode should drop shortly i imagine marty's in charge of that there you go um he didn't tell us when we recorded

uh so we were surprised as well his mother-in-law is running for wyoming senate and uh she's not like a blockchain not bitcoin person she's a fucking bitcoin person and she gets it and it's just fucking awesome it looks like she's going to be running mostly unimposed and it'll just be great to have like you know a true bitcoiner uh and she bought her first bitcoin supposedly in 2013 and it'll be awesome to have a true bitcoiner in the u.s senate yeah shout out to to will call for for helping her name is cynthia loomis um again u.s representative for wyoming and yeah there's a coin desk interview she did with benjamin powers that we're going to link to and in it she sort of shits on stable coins and central bank currencies and says it says they

don't make any sense so fifth pillar or fifth column i forget which one it is i get yelled at every time as opposed there's someone you know there's someone running for like new york house of representatives that i saw come up on my twitter feed that people have been promoting and it's like he's like blockchain everything we're gonna have blockchain voting decentralized internet all this shit like that shit isn't bullish this shit is bullish this is what we that shit just confuses people um that's a positive no these these are pretty positive yeah but just not as i don't know the will call like i just i love that i love that she's running for senate yeah well speaking of wyoming we don't have this on the list and we mentioned james

o'byrne earlier with uh sumu txo but he just took a job at avanti the avanti bank in wyoming uh caitlin long brian bishop are on that team it looks like james is going to be joining them so it'll be very interesting to see what they produce keep uh subscribe to this podcast so that the will call episode gets downloaded immediately for you because we actually talk about avanti specifically and the type of bank that it is and and why it's very beneficial for bitcoiners i was actually torn on avanti when it was first announced i didn't really think it was that big of a deal uh will started to convince me otherwise um maybe it is a big deal and now our boy james is going to work there i mean that's that obviously uh puts in a more

positive light for me so it should be interesting to see what they have that they have brewing for us over there yes um it is uh it'll be dumb dumb it'll be dope to see what they produce so congrats to james for taking that job i was talking to him last night he's excited um excited to see what they produce wyoming becoming a hot spot becoming a big hot spot um looking more appeasing by the day too as this world slips into to madness marty just likes wyoming because kanye's building a citadel out there right i pay kanye you build your citadel out there if you have any natural gas resources oil resources and you want to you want to turn any of those wasted resources into bitcoin we can help you out of great american mining that was my gam shill of the episode

disclosure i work for them um all right positive news grants going out i didn't i didn't see this this gleb one until you put the list but gleb now may go he's been on this podcast before he is um he's going to be discussed later in this episode for another topic but uh bitmex gave him a hundred thousand dollar one-year grant um to focus on developing bitcoin core gleb does incredible work specifically or particularly bingo word uh make sure you make sure you're putting your dots on your bingo board here uh gleb does a lot of great work at the p2p level of bitcoin core and is an incredible uh mind in the space and has has really helped push uh the p2p network further again i believe i'm like 98 confident he had some he had a hand in in the arabis attack stuff and

identifying it and pointing out uh ways that it could be fixed and on top of that he is also part of the team that wrote the early proposal and early would help reduce the amount of bandwidth needed to run bitcoin significantly and gleb was formerly with chain code uh and so we we've met him in new york just great dude smart dude we're lucky to have him and it's good to see bitmex stepping up and funding his his his work and his research yes thank you for doing what you do glob we're extremely appreciative another grant square crypto gave out their sixth grant it goes to i'm gonna i'm gonna they tell us how to pronounce it in the tweet and i think they're fucking with us so it's a talia talia well that's the name of the project

right goes to talia yes based in spain and developed by uh sergio delgado sergi dalgado Oh, excuse me, building the Eye of Satoshi. Lightning Watchtower. So Talia is building a FOSS Lightning Watchtower, which actually is good to be seeing, considering what we're going to discuss in a little bit here. Let's just explain what a Watchtower is. They've been talking about it forever,

but we don't really have an easy implementation yet for users. And the idea is with Lightning, if you're running a Lightning node, You want to be online as much as possible just in case your channel partner, the person you have payment channels with, tries to broadcast an old state to take your money. A watchtower basically allows you to rely on the watchtower to keep an eye. And if you're offline and the watchtower notices that an old state has been broadcast, they will broadcast a penalty transaction. And just the idea that we have watchtowers out there should reduce the likelihood of someone intentionally broadcasting a bad state because the penalty transaction takes their money and they don't want that to happen. Yeah, exactly. Incentives, loose incentives that disincentivize people from acting maliciously on the Lightning Network particularly. so this is great to see Square Crypto gave out that grant very interested to see what Sergi

a team puts out there staying on Watchtowers and staying on Gleb Gleb in conjunction with Antoine Antoine's last name is escaping me let me put up the Antoine Riard they they released a blog this week uh time dilation attacks on the lightning network so they discovered a an attack on the peer-to-peer layer against lightning network to steal funds from payment channels um the way i understand it in short i'm like getting all all these vulnerabilities mixed up in my head right now i've talked about so many um so their takeaways are many lightning users especially those with lightning or bitcoin late clients are currently vulnerable to eclipse attacks those lightning users which run bitcoin core full nodes are most

robust to eclipse attacks but the attacks are still possible as a recent research shows eclipse attacks enable stealing funds via time dilation time dilation attacks can't be mitigated with just observing slow block arrivals so there's no simple solution to the eclipse attacks stealing funds thus time dilation is a practical way to steal funds from eclipsed users neither it requires hash rate nor targeted at merchants only like client users are a good target because they are easy to attack full node users are a good target because they are often used by major hubs and stealing their aggregate liquidity might justify the high attack costs strong anti-eclipse measures is the key solution so watchtowers are cool so in this instance just to try and summarize here

the the idea is basically you eclipse attack the lightning node in question in the target one and eclipse attack is the idea is you're surrounding you're surrounding the node with bad information to to make it so that they're not getting the most recent block data so then you can broadcast a bad state and they can't broadcast the penalty transaction in time is that the idea i believe so yes the way i understand it um and so a couple things here eclipse attack again it attempts to get you connected to peers malicious peers that will feed you this bad data so you have to be connected to these peers it has been pointed out in the past by sergi dalgado who is the guy who just got square crypto um grant and it's all blending together that eclipse is as far as an

attack and get without physical access to the node they're considered to be very difficult though so it is certainly possible but again it's difficult we'll see maybe they become more common as Bitcoin becomes more valuable so if you're using a like client specifically out you're probably more vulnerable to this attack so if you're running lightning lightning nodes and using lightning um probably want to be running a full node but the people running the people running a light client probably don't have much on their lightning i would hope not yeah um well anyway lightning is very much still still new territory you know so you need to be uh more more wary when

using it and and and try not to be too reckless okay so this is the way the attack they surround the the eclipse attack the node and they start feeding the node blocks at a slower rate until the victim is m blocks behind the actual tip where n is defined by this particular configuration in the case of bitcoin core the time dilation speed is limited by 20 minutes delay per block due to implemented stale tip detection. For Neutrino, an attacker can simply stop feeding blocks to the victim. That's why it would take longer to attack Bitcoin Core in this description because Core has that limited 20-minute delay per block.

Can't go much, much further than that. They say at the end, their conclusions are that they believe that lightning is really cool and something that is important for Bitcoin and to get more attention on these attacks is important right now to sort of shore up the security model before it gets mass adoption. So, again, thank you, Gleb and Antoine, for doing this work. It seems like Sergi and Yai Satoshi will help mitigate this attack, so it's cool to see that they got funded

and people are highlighting these problems and working to fix them. The idea behind Watchtower's helping here, I guess, is you would have to Eclipse attack both the watchtower and the target node, and you don't necessarily know where the watchtower is as well. And if there's just watchtowers in general, then we do get that kind of herd immunity that we talked about earlier, I think, right? I believe so, yeah.

I believe your counterpart in a Lightning channel doesn't know if you're using a watchtower. No, they don't. That's why you have herd immunity. Yeah, yeah. So you'd have to Eclipse attack both. and you didn't and to do that you'd have to know like matt said who the watchtower is which would be impossible if not very hard to find out but no one's really using watchtowers right now so

exactly so now yeah exactly so thank you square crypto and sergi uh for working on that because it is needed excuse me um yeah shout out to everybody working with gleb antoine sergi thank you guys for doing what you do you're making this stuff better um chain analysis web uh webinar archived up how'd you get this bro so there's been this there's this telegram channel that i've been watching uh for a while now that i've been using also to help me with this list whoever runs it does like a really good job with curation over there um and they got their hands on two pieces of so that's no bullshit bitcoin is the telegram channel uh if you just search that in telegram they they also have a a domain no bullshit bitcoin.com uh that just directs you

to it through the web browser but they got two things uh that they released this this weekend and yesterday i think the europol part uh report was so one is a full chain analysis webinar archive dump uh that is all the video webinars that chain analysis has done which is one of the most uh most used surveillance companies in the space so those are very interesting to watch i've watched some of them they're they're pretty good uh in terms of knowing your enemy one interesting tidbit from the most recent chain analysis webinar is that they say themselves that coin joint isn't inherently illegal which i thought is you know a pretty important thing for for people to hear on the pod because we've been saying this this whole time and and they're a surveillance company uh

who has kind of been insinuating that this should be considered illegal activity but even they say it is not inherently illegal so that's really big and then the other thing they released is this unconfirmed europol wasabi wallet report um which is is very interesting uh because europol uh it actually used wasabi wallet and like worked their way through how the coin joints work which is fucking craziness yeah man i mean go out there with the assumption that these agencies are attempting to understand bitcoin and and attack it as well and some people have said that they don't think the euro poll report is legitimate uh but it looks legit to me i like i don't they

like don't get complacent the euro poll report says that wasabi wallet uh they can't unwind the transactions um we we have learned in the past that specifically the unmixed change if you handle that poorly um and if you don't remix uh it can be linked back to you and can be unwound uh so just be very careful there don't get a false sense of security but it does seem legit yeah um i haven't dove into that report yet all my list of things to do beware freaks shout out to this no bullshit bitcoin i just joined on telegram um it's a it's receive only you can't interact with it it's just putting out dope information all the links i'm seeing so far are are legit that bloomberg june 2020 report is pretty bullish too and we don't have that on the

list right we don't i didn't go through the whole thing but it seems like bloomberg's just doing some pretty intense uh analysis of bitcoin market structure which is interesting to see the Bloomberg LP specifically which is catered towards high net worth individual and institutional investors so it was pretty thorough report and analysis

of Bitcoin's market structure which was really interesting to see that works for me I'm glad they're bullish right they are I think the line that they had Bitcoin 10,000 is gaining support

um and their first bullet point is something needs to go really wrong for bitcoin not to appreciate i mean the stock market's been pumping right so yeah that doesn't really make that much sense the bitcoin price should pump too why not yeah there's some fuckery with the price this week pumped over 10k back to like nine five a lot of people a lot of people are pointing up at mech saying what the fuck's going on over there it's just smart money fucking with the leverage traders and and making money off of it pump it high and then dump it lower get hit on both sides don't use leverage freaks dm dm bitcoin tina if you're thinking about using leverage he'll he'll talk you off the ledge uh staying on exchanges exchanges hold about three million

excuse me yeah 3 million plus Bitcoin are held on exchanges with Coinbase 3.43 so it's almost 3.5 million oh I thought they said 3.08 is that good oh yeah it was 3.43 earlier this

year so that's actually incredible to see it's 3.08 now so about 1 7th a little bit more than 1 7th of all the Bitcoin that will ever exist are on exchanges look how much Coinbase has coinbase has 984 000 300 bitcoin on it at least right now and they're one of the shittiest exchanges out there is that zappo included in that uh it must it must include zappo plus coinbase because zappo is not listed separately uh if you because coinbase bought zappo right earlier

this year or last year late last year yes if you have if especially with the current macro climate and everything that's going on in the world like you are especially you know idiotic to have your funds on exchanges right now like you should not your keys not your coins in general but like you gotta get you gotta figure it out guys you gotta you gotta get your keys off these exchanges you can't it's just a it's a ticking time bomb i cannot believe how much bitcoin coinbase has right now it's disgusting and coinbase can't even handle they apparently they have something like a if the price moves five hundred dollars in a short amount of time they shut everything down like this has happened earlier this week they they focus so much on

shit coins they can't even get their exchange uh their market engine their matching engine and their their their bitcoin exchange actually usable especially when there's high volatility but we don't know if that's intentional or not right like someone insinuated that that was intentional on twitter right i think so yeah well rusty russell came out i think rusty russell's piece earlier this week sort of stoked those uh those assumptions so rusty came out the piece basically saying exchanges are a huge attack on bitcoin because they really don't care about bitcoin they just care about making fees from trading specifically shit coins makes a good case yeah i mean he put into writing what a lot of us have been saying for a while right

is that they they say i like bitcoin and then buy my shit coin and they come in and they they sell you a bunch of shit coinbase sort of like added like oh my's go a couple weeks ago isn't that like a dead zombie project yeah what the fuck is that i mean nothing you know they just want to they just want to help their vc backers dump on retail right the ace a16z portfolio consolidation company coinbase uh yeah fuck coinbase like ah now we're getting now we're getting now you're getting uncle marty all riled up he's a cider and a half deep and just thinking about how much they fucked up their chances to actually do good so many like and that's one thing rusty said in his piece too

is like you'll send somebody to coinbase or an exchange like it to buy bitcoin they'll come back to you with oh my's go like oh i bought this one it was like 50 cents it's like what the fuck but just to steel man ourselves a little bit like we talk about all the time how they could be in such a better position right now they really fuck themselves but then you look at this bitcoin balances on exchanges and they're more than double the next which is wobi and then wobi is more than binance they're over triple the amount of bitcoin that's held on binance is held on coinbase right so they still are even with all their missteps they're still doing pretty well for themselves and i almost think to myself you know maybe we're looking at this wrong maybe the best thing they

could have ever done for bitcoin was they just fucked their business so much that they only have 980 000 bitcoin instead of having 3 million bitcoin or something like if if they if they had not fucked their business who knows how much bitcoin they would have at this point and and how much control they could try and and wield there and what a ticking time bomb it could be yeah it's uh thank god for their incompetence fuck you brian armstrong you weasel naked mole rat um i'm sorry sorry i don't like to personally attack you called him a naked mole rat while he's not wearing the shirt yeah i'm going full derose today no shirt hopped off the beach to come do this uh canadian exchanges man rough run for them coin square canadian exchange as

private users data was stolen as an employee went rogue so an ex-employee went rogue and has been selling coin square user data on black markets and people have been getting coin square users have been getting sim swapped right and left this story made it to vice vice 5000 email addresses names phone numbers some mailing addresses and uh also their first six months of activity uh which is was there to show like if they were a whale or not if they were a big user. Um, and this was a marketing person stole this data. And this just brings us back to BlockFi, which we talked about either last week or the week before. And it's just absolutely ridiculous. Like these companies are custodians of your private data. They need to treat it with

the respect that it deserves. They need to treat it, you know, like they treat the Bitcoin that they secure. This data is super intimate. It puts their users at risk of theft and extortion, and it shouldn't be just any old employee with access to it. That was one of the things that was really highlighted in the BlockFi thing that a lot of people, I think, missed, right? It wasn't only that BlockFi's employee was using two-factor through SMS, which is absolutely ridiculous the question comes down to why did that employee have access to this intimate information to begin with like respect your users man and if you don't it's it's not just a moral thing like this is it's good for your business you need to secure this information otherwise

no one's going to trust you with securing their private information yeah it's fucked up you really as if you're operating a kyc aml bitcoin service provider whether it be an exchange a lending provider you have to alienate these processes and only give a few very few trusted people uh access to this information and keep as little information as possible and secure that fucking information yeah it's i mean this is amateur the stakes amateur the stakes are too high coin square fucked up fucked up yeah a rogue employee just selling all this shit on the black market fuck that dude like how evil do you have to be to do that bunch of a loser to get to be a bunch of losers man uh should we take a break and do some

shout outs we got a few yeah okay uh we got to answer a question matt marty love the content love the whiskey consumption on the pod get with it marty hey the tables have turned today freak i have a question for you guys i have some sats stashed offline in cold storage on a paper wallet that was never printed only saved on a password protected memory stick via pdf the paper wallet keys were generated offline on the computer has never and will never be connected to the internet with bitcoin technology constantly evolving and improving what would you suggest as more secure method to stash these sats long term greatly appreciated the work you guys are doing our friend mr shah 256 from the internet uh my advice would be if it ain't broke don't fix it if you

plan on holding long term and you're confident in this in uh the key generation that you did when you did it and the security of your memory stick and you don't plan on moving those bitcoin for quite a while bitcoin software even though the software is improving very uh all the time uh the important thing to remember is that it's always backwards compatible so uh just pretend like you're the man in the coma and bitcoin should work for you when you want to move those coins i don't really plan on i don't really like that model uh marty is right uh one of the most important things when you're securing your bitcoin is that you are comfortable with your method uh but paper wallets have a lot of foot gun potential there's a lot of areas where you

can fuck yourself um storing them on a usb drive that could have a high failure rate uh is also an issue you don't know if that usb drive is going to die on you um so i mean and if you haven't gotten rid of the computer the computer itself can be a attack vector if if someone gets physical access to it so i mean i think for most users cold card would be a superior option if you're securing a decent amount of coin um it's well worth whatever a cold card costs like how much does a cold card cost now 70 bucks or something i haven't i haven't checked the prices anyway it's well i think it's well worth it you know consider it and you don't have to you know put all your bitcoin on in the beginning uh and diverse in general what a good a good rule of thumb is

to use multiple methods don't put all your eggs in one basket if you do fuck something up if you do if you do get compromised at least you don't lose everything at once agreed agreed but again if it ain't broke don't fix it maybe you can have multiple backups for this if you want to uh again yeah whatever you're comfortable with another good option is uh if you run tails they have electrum built in tails is a amnesiac linux distro where you you run it from a usb drive if people want paper wallets i tend it's not a traditional paper wallet but i think it's the best method where you basically just you generate the keys in the tails instance and then you write down the seed from electrum obviously it's better if you use your own node with electrum

But if you don't, at least Tails defaults to Tor. So when you do connect to those other Electrum nodes, it'll go through Tor so they won't know your IP address. And just the generation process, you could actually do that all offline. And then you're only doxing your addresses if you specifically go to look them up using Electrum. If you're just generating, it doesn't actually send any information to the servers. bang bang that is our advice mr shot 256 do your own research do your own research take it as you will don't trust us uh next shout out all the aussie freaks are excited to hear you boys that's us matt uh are going to be doing the live tftc from bitblock boom and even more that it's going

to be streamed to help that conversation flow and ease any nervousness after so long apart there's a trusted third party who will be providing you boys with some liquid love peace and love shout out to our aussie freaks thank you guys for listening does that mean australia or austin australia oh i'm pretty sure we love it we love it thank you thank you guys we really appreciate it uh we love all you freaks that's why we do it um marty still has to send me the mictors all right let's we'll meet up and drink it in person damn right i miss you bro i miss you too uh last one proposed citadel code sure there will be revisions number one don't be an asshole number two don't take people's stuff another good rule number three stay humble number

four stack sats and the golden rule is for shifty pete i have no idea who shifty pete is maybe it's his boy maybe it's your boy maybe you got a boy named shifty pete out there Is there a golden rule for Shifty Pete or is just Shifty Pete the golden rule? I think the first rule was for Shifty Pete, which is don't be an asshole. Don't be an asshole, Shifty Pete. Be a little bit less shifty. Yeah. Yeah, Shifty Pete.

That's a weird nickname. We'll see. That has no attribution. Neither did the Aussie shout-out. Those are the shout-outs of the week. Shout-out to you, freaks. we do this because of you anybody else who wants to buy a shout out

to be read on air can do so at tftc.io slash contribute that is not the end of the episode though we've got a few more topics to talk about and I'm getting the wrap it up sign here so we gotta do them quickly important

one signal ads photo blur feature it's good for privacy you can just blur faces in the app with all the protesting going on you don't want to be doxing people's faces in the photos you share and signal also already had the built-in feature that it automatically removes all exif data which is the data that's attached to every picture when you take it that says like which phone or camera you took it with and sometimes includes location data and stuff so it's good to see signal add this this feature directly in so if you want even if you're going to post to

social media uh you can actually just send it through signal first and handle that all on mobile and then you can upload it if you so please yes and this is actually pretty pretty big one i just skipped over tor browser version 9.5 adds human readable addresses um so that seems like a pretty big ux improvement yeah so onion addresses uh the tor native addresses historically have been the exact opposite of human readable uh they're just like long alphanumeric strings uh so this is a pilot project that they're doing in partnership with uh two organizations that use secure drop uh which is aaron schwartz uh before he passed away his project um which rest in peace damn right and uh which which allows which allows sources to give journalists uh data without

easily compromising their identity by using Tor. So this helps them confirm it. Also, they have a feature where if you go to a plain, a regular website through Tor browser, and there's an Onion service that exists, a native address on Onion, which is what you want to do because then it doesn't go through an exit node. And if an exit node is compromised,

which a lot of them are believed to be, that is another attack vector so it's nice it's better to go to the specific onion address and it will tell you it'll tell you up there um in terms of trade-offs one thing that people have been talking about is it adds some fungibility concerns uh i use fungibility as a bitcoiner to tor because people worry that there'll be like two classes of tor there'll be like the approved corporate-ish tour where you have human readable addresses and a broadcast and then you'll have the the non which it'll be just like as tour is currently right now so it'll be interesting to see how that plays out needless to say there's been so much shit going on this week i haven't

been able to properly delve into it but that's i think a pretty solid overview there if you're using tour consider this update and consider these these addresses uh last thing our buddy our boy matt here our buddy i'm sorry for calling you buddy our boy matt here was on the stefan lavera podcast on behalf of our good friend 6102 bitcoin to answer questions about bitcoin privacy and other subjects what was that experience like matt we were supposed to surprise them we were supposed to tell them that it was 6102's uh first podcast experience in the in the both the description and the show notes and stuff we don't mention me at all in the beginning stefan pretends that he's interviewing uh 6102 but yeah i i love 6102 i love all the work he's done

and it was an honor that he asked me to speak his words on stefan's podcast and at the end we discussed his words and and and how we felt about them and and and those topics in general and i just you know 6102 is just he's an admirable big corner like i think he's the type of big corner that people that are want to focus on education like we are uh should should seek to be like you know to try and emulate that uh because it's amazing that you know he's able to do that while protecting his privacy and i just it's super commendable so uh definitely check out that show uh and check out we've shielded a million times but 6102 bitcoin.com and bitcoin only.com uh his two main projects and bitcoin-intro.com just great dude love his projects so

that was a fun one to record i really enjoyed it yeah uh yeah he turned into uh into guy swan there just reading i i said to him i was like maybe guy is better better suited it was the most nervous i've ever been in at least in a while since like our early days uh doing a podcast because both I respect him a lot so I didn't want to let him down and also he gave me like a wall of text that I had to read and I tried to be as passionate about it as possible while I was doing it. Yeah. Thank you for doing that, Matt.

Shout out to you, 6102, for all that you do. Really appreciate your work. Keep crushing. And Stefan, be remiss of us not to shout you out as well. Keep crushing what you're doing at SLP. uh last topic list before we get to our comments on what's going on around united states right now uh our boy at 0.615 on twitter came up with a few tales from the crypt bingo uh boards and it has me feeling like we repeat ourselves a lot matt

there's a lot of nuance here we gotta unpack it i love that bingo board it's great it's fantastic i love all the love He released the second round. Rodolfo made it. Apparently we talk about Rodolfo a lot. Rodolfo made what? The second bingo board. There's another bingo board made.

Well, we did mention him a couple times in this podcast already. Yeah, so if you had him on your board, you might have got TFTC bingo. We'll do a live stream one of these days, and we'll do a TFTC bingo with it. I intentionally did not look at the bingo board again before we started today, just in case you're playing bingo at home i wasn't gonna because i knew if i read it i was just gonna start i was just gonna start fucking with you and just say all the things in a row uh so i didn't i didn't want that to happen yeah um shout out to point six or no point six one five on twitter uh for putting for putting that together it's it's flattering to see uh that that type of shit

uh i gotta wrap up here i'm getting the wrap-up call from downstairs but we have to touch on what's going on in the united states chaos has broken out in the aftermath of george floyd's murder at the hand of a cop in minneapolis riots have broken out across the country protests have broken out a lot of anger towards police officers a lot of discussion about systemic racism. Uh, I'll keep it short and brief. What I think, uh, number one, racism is abhorrent. Number two, uh, protesting is extremely good. Peaceful protesting is extremely good and should be encouraged. Number three riots that destroy private property of your fellow citizens is despicable and you're really not helping yourself and you're actually hurting the people

are oppressed with you uh and the fourth point is police brutality and murder uh funded by the state is is not good at all and bitcoin helps fix that by helping defund the state and keeping those security forces in check hopefully we can transition to a world where private security forces rule the day and they have a higher incentive to actually care for the citizens that are paying for their services and top of that i do think the media the political class the corporate class are using this situation to take advantage of a lot of people and are manipulating people that's as far as i'll go i'll try and keep this short because marty needs to go um i guess we'll talk about it more at length next week uh because it is very

important and uh it is something that unfortunately it's like the worst kind of told you so like i've expected this kind of uh civil unrest for a while um i did talk about it more at length with uh alex gladstein our boy gladstein um on the swan live signal so if you want to go check that out uh you might that might be worth it um but just i i want to just highlight a couple things here real quick uh first of all that was fucking murder that they did to george floyd it's good to see that they finally arrested the other three officers that were involved um took them fucking long enough like you'd think they'd at least do the classic police thing where they arrest them and then three months later uh don't actually charge them with anything you know or don't actually

convict uh they didn't even do that until i i believe yesterday uh if you if you watch the video it's like that the dude's waiting for him to die it's very super fucked up fucked up um and i just a couple things is this feels global to me we have seen protests around the world anti-government protests around the world it is just now coming to america uh this is you know years decades of inequality in the making uh you know inequality is inherent in any system But our system, our global system of governance, the way everything interacts, purely benefits the rich and those in power and makes inequality worse. And people have had enough. And it's really good to see, you know, I agree with you that we don't want to see looting.

We don't want to see violence against innocent Americans. uh but you know i it is bullish to see americans wake up and actually go out and protest and let their voices be heard especially after three months of you know forced lockdown and all you know it that aspect um you know that that is definitely a major positive aspect to all of this yeah it's it's almost too perfect though the transition from covid to this it's pretty crazy i mean like again it's again there's nuance here bingo board check mark uh gotta unpack it but we can't because marty's gotta there are that's why like you're being something a lot of people are being manipulated there are people like antifa antifa exists they are real they are organized

they are using this to leverage the the unrest and the the anger right now to push their political agenda and their political agenda is to bring socialism and communism to the united states so be aware of this they are not well intentioned they are stoking violence in these cities so much a lot of the rioting has broke out because people like in groups like antifa have started it but if you want if you want to break up peaceful protests and if you want to get the people of your country to be against peaceful protests the easiest way is to have provocateurs make them violent it's super easy to do you know we we see the the thing here is is the the worst thing for authoritarians the worst thing for authoritarians is to have a united people protest against them and to resist

and and what i'm worried about here and i i just to the freaks like remember like it's it's all right to be angry like people should be angry like a lot of people lost their jobs they watched the bailouts and the stimulus uh directly help the upper classes while the working people were losing their livelihoods and and they were neglected and they were pushed too far and people are angry and people should be angry but like there there are people at work trying to divide us and to make us you know go against each other we see people friends and family fortunately i'm not on all these other social media platforms where i'm surrounded by political views of friends and family but i've heard all these things about how they're dividing us right

people are getting angry at each other when each other isn't the problem each other is you know we're all getting taken advantage of and it's exactly stay focused here that's why i think and probably get may get canceled for saying this but i think the focus on race is is intentional and is a tactic to divide the populace right now i agree and that's why i think it's important to realize this is global uh and and and and we have to be vigilant because there's going to be some major domestic surveillance authoritarianism that comes comes next here and we already see them flexing it we already see them they're flying dea planes to track people's locations and and it's just there's a well like you got fucking cuomo and

in at like 40 or like 51st and 7th with billboards up with fake tweets like don't like the orwellian dystopian future yeah it's to be safe out there peacefully bitcoin fixes this let's end it on this bitcoin fix if you want it two firsts are with these protests the first thing is this is the first city-wide curfew that we've had in new york city ever and then the second thing is uh in new york city it's been illegal to protest in a mask since the 1800s this is the first protest where that's not the case and just keep that in mind when that's one of the reasons why back back in the beginning of this whole covid thing they didn't want people to wear masks because it empowers people and empowers the individual all right i got one more thing to

say that so like covid was that a huge sign off like nobody gives a fuck anymore i mean it was it was a real virus that it was a real virus like took advantage of to to increase their power as an overreaction as is an overreaction all right we're gonna end it on this i'm gonna get castrated here by my wife who's waiting to go to the beach um bitcoin fixes this you want to fix these problems are systemic because the people in power control the money and the means of the flow that money take away the funding for these things they can print money to go to war to and guess what when we go to war and we create all this this military gear for our soldiers it comes back home and it militarizes our police.

If you can defund this and make sure that the state is holding up their end of the bargain and only gets an amount of money that hopefully the state is extremely small in the future and Bitcoin can lead us to that future. That's why we do this podcast.

That's why I do the newsletter. That's why we do what we do. Bitcoin is a tool. Bitcoin doesn't fix this, but we can fix this using Bitcoin. No, Bitcoin fixes this. Peace and love, freaks. Stay humble, Stackstack.