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Topic: I didn't know IP addresses was used to send bitcoin (Read 202 times)

Accardo (OP)

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I didn't know IP addresses was used to send bitcoin

January 31, 2023, 02:08:56 PM

Merited by DdmrDdmr (4), BenCodie (3), pooya87 (1), tbct_mt2 (1)

Recently doing some research about the end of using IP addresses to generate public keys for bitcoin transactions and it seemed that Theymos was not in support of it; from the long argument it resulted to in the forum. Though, others had seen it as an insecure means of transacting BTC, it makes no difference keeping the IP address method. It's my first time of finding such tech about bitcoin, and I don't think the method stood the test of time before it was removed from the network.

Found it from a rare picture of bitcoin org website posted on twitter by Rizzo. And to know that bitcoin was also sent using the forum as a vehicle or wallet intrigued me to say that it was just a small amount of people that started the journey of bitcoin, and bitcoin has seen lots of changes in the technology.

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Re: I didn't know IP addresses was used to send bitcoin

January 31, 2023, 02:22:38 PM

Merited by BenCodie (3)

It is a label for sender and receiver which is used to hide their public addresses. Like you can send to other users on Binance internally without have to know about their receiving addresses and same on other exchanges. Sending internally gives you free transaction fee too.

Like user on forum, they can have display name change but their username is the same.
Like on banks, you can lose your card and request to have another card but your bank account ID is the same, only the card number is different but it is connected with your bank account ID.

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BenCodie

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Re: I didn't know IP addresses was used to send bitcoin

January 31, 2023, 02:33:58 PM

I could see a lot of issues arising from using an IP address to transact coins. A domain name, maybe that would have been cool. If it worked similar to Binance's internal transfers, I guess that would increase privacy however I could only see a lot of work having been done for it to have functioned as intended. It would be kind of like a giant lightning network, which took years to perfect on a per-channel basis (let alone an entire network basis). Very interesting though. I had no idea about this!

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DdmrDdmr

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Re: I didn't know IP addresses was used to send bitcoin

January 31, 2023, 03:06:33 PM

Merited by pooya87 (2)

The screen captures seem to be pulled from this archived snapshot dating back from March 2009 (there is a prior archived version from January 2009, but the images dont show).

The related comments alongside the release (see the above links) are an interesting read, and further clarify how sending to an IP worked:

Quote

<> If the recipient is online, you can enter their IP address and it will connect, get a new public key and send the transaction with comments. <>

Another comment that caught my attention is this one:

Quote

Generated coins must wait 120 blocks to mature before they can be spent.

Ucy

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Re: I didn't know IP addresses was used to send bitcoin

January 31, 2023, 03:29:02 PM

I like how everything ended without much debate even though both 2 masters (satoshi & theymos) were in support of the ip address option.
The main thing that almost persuaded me in Theymos argument is that the ip alternative can help keep data out of the Blockchain( I actually don't want my Blockchain to be filled up quickly esp with heavy data). Unfortunately this broke the most important ideal of Bitcoin, which is Immutablity(satoshi seems to have solution for anonymity/privacy issue this can also create) .
Once an ideal is violated you just have to prepare for the worst.

franky1

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Re: I didn't know IP addresses was used to send bitcoin

January 31, 2023, 03:59:44 PM
Last edit: January 31, 2023, 04:15:04 PM by franky1

no no no
it was not about that at all

it was instead of broadcasting a legacy tx to a wide network, people can broadcast their transactions(using bitcoin legacy p2pk addresses) direct between users

it had NOTHING to do with using an IP address as a fund receiver ID instead of a legacy address

it was not about putting an IP address inside a transaction as the destination 'output'
because if it were, then there is no way to sign/confirm spending that output

it was purely about broadcasting a standard legacy TX to someones node direct instead of via the entire peer network

to allow direct communication between customer and merchant so they can send extra data like receipts or order numbers along with a legacy tx

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Please do your own research & respect what is written here as both researched opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at

pooya87

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Re: I didn't know IP addresses was used to send bitcoin

January 31, 2023, 04:11:45 PM

Merited by DdmrDdmr (4)

Quote from: Accardo on January 31, 2023, 02:08:56 PM

Recently doing some research about the end of using IP addresses to generate public keys for bitcoin transactions

That's not exactly how it worked. As far as I know the IP address (like today) was only used to connect to another node. The address was generated by the other node locally (the same way any wallet generated a new address) and was sent over the network as a response to your request.
Basically:
1. Connect to IP
2. Perform handshake
3. Send request to fetch their address
4. Receive the address
5. Send the amount to that address.

The biggest problem with this method is that bitcoin messages are sent over HTTP (ie. un-encrypted) so anybody can modify them by performing a man in the middle attack.

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