Bitcoin Mining Explained - How To Start Mining Bitcoins

My Grandpa asked what "mining" was. This is how explained it to him. Now we're building a mining rig together! /r/Bitcoin

My Grandpa asked what submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Could someone explain like I'm 5 how it would be difficult for these increasingly powerful GPU and ASIC bitcoin mining rigs to be used for evil in hacking bitcoin exchanges, passwords and bitcoins themselves?

submitted by martyz to Bitcoin [link] [comments]

Explain Reddit's multi-sub obsession with Bitcoin like IAmA 70 year old woman and you are my grandchild trying to get me to finance your new mining rig.

For sake of argument, let's just assume BTC mining is still viable in this scenario and whatever rig you are trying to build would have an acceptable ROI.
submitted by dak0tah to explainlikeIAmA [link] [comments]

Recap on CoinEx & Avalanche AMA Aug 5, 2020

Recap on CoinEx & Avalanche AMA Aug 5, 2020
Written by SatoshisAngels
Published by read.cash
On August 5th 2020, Satoshi’s Angels hosted an AMA for CoinEx on “How BCH and Avalanche Are Bringing Financial Freedom to 6 Billion People” on a Chinese platform Bihu. During the 100-minute event, Haipo Yang of ViaBTC and CoinEx, and Emin Gun Sirer of AVA Labs shared their in-depth views on such topics as different consensus mechanisms, community governance, IPFS, Defi. And Haipo explained why he wants to fork BCH. This is the full text.
You can check out the full AMA here (mostly in Chinese with some English translation).

https://preview.redd.it/x790bw58axf51.png?width=1920&format=png&auto=webp&s=03c8af942f8f14d98d5dd693adf9e2a50448d61d
Cindy Wang (Satoshi’s Angels): There are news saying that you are to fork BCH. Is it a marketing makeover? Are you serious about it?
Haipo Yang: It’s definitely not a marketing makeover. But the details are not decided yet.
Over the past three years, the BCH community has gone through multiple discussions from reducing block time, changing mining algorithms, adding smart contracts, etc. But none of these disputes have been well settled.
BCH is a big failure in terms of governance. A lack of good governance has made it fall in disorder. It is too decentralized to make progress.
You may know that the first BCH block was mined by ViaBTC. And we gave a lot of support to it indeed. But we didn’t dominate the fork. The Chinese community in particular thought I had a lot of influence, but it was not true.
I think the whole community is very dissatisfied with Bitcoin ABC, but it is difficult to replace them or change the status quo. So I am thinking of creating a new branch of BCH. The idea is still in early stage. I welcome anyone interested to participate and discuss it with me.
Wang: Professor Emin, what’s your attitude to fork? Do you think it’s a good timing to fork BCH?
Emin Gun Sirer: I am a big fan of BCH. It adheres to the original vision of Satoshi Nakamoto. I like the technical roadmap of BCH. But just like what Haipo mentioned, BCH lacks a good governance mechanism. There are always something that can cause BCH community to divide itself.
But I think it’s not enough to just have a good governance mechanism. There are many good proposals in the community but failed to be adopted in the end. I think BCH needs social leadership to encourage discussion when there are new proposals.
Wang: We are all curious to know How Avalanche got its name?
I know that Avalanche doesn’t mean well in Chinese. But in English, it’s a very powerful word. Avalanche represents a series of algorithms piling together like a mountain. When decisions slowly form, the ball (nodes in the network) on top of the mountain starts going down the hill on one side, and it gets bigger and bigger, and like an avalanche and it becomes unstoppable, making the transaction final.
Wang: Prof. Emin, I know that you are a big blocker. Have you ever considered implementing Avalanche based on BCH? Why create another chain?
Sirer: Of course I considered that. Satoshi Nakamoto consensus is wonderful, but the proof-of-work mechanism and Nakamoto consensus base protocols have some shortcomings, such as network latency, and it is hard to scale. Avalanche, instead, is totally different, and is the new biggest breakthrough in the past 45 years. It is flexible, fast, and scalable. I’d love to implement BCH on top of avalanche in the future, to make BCH even better by making 0-conf transactions much more secure.
Wang: As an old miner, why did CoinEx Chain choose to “abandon” POW, and turn to POS mechanism?
Haipo: Both POW and POS consensus algorithms have their own advantages. POW is not just a consensus algorithm, but also a more transparent and open distribution method of digital currency. Anyone can participate in it through mining.
POW is fairer. For a POS-based network, participants must have coins. For example, you need to invest ICO projects to obtain coins. But developers can get a lot of coins almost for free. In addition, POW is more open. Anyone can participate without holding tokens. For example, as long as you have a computer and mining rigs, you can participate in mining. Openness and fairness are two great features of POW. POS is more advanced, safe and efficient.
POS is jointly maintained by the token holders, and there is no problem of 51% attacks. Those who hold tokens are more inclined to protect the network than to destroy the network for their own interests. To disrupt the network, you need to buy at least two-thirds of the token, which is very difficult to achieve. And when you actually hold so many coins, it’s barely possible for you to destroy the network.
POW has the problem of 51% attack. For example, ETC just suffered the 51% attack on August 3. And the cost to do that is very low. It can be reorganized with only tens of thousands of dollars. This is also a defect of POW.
In addition, in terms of TPS and block speed, POS can achieve second-level speed and higher TPS. Therefore, CoinEx Chain chose POS because it can bring a faster transaction experience. This is very important for decentralized exchanges. Both POW and POS have their own advantages. It’s a matter of personal choice. When choosing a consensus mechanism, the choice must be made according to the characteristics of the specific project.
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Wang: Ethereum is switching to ETH 2.0. If they succeed, do you think it will lead the next bull market?
Sirer: If Ethereum 2.0 can be realized, it must be a huge success.
But I doubt it can be launched anytime soon considering that it has been constantly delayed. And even if it comes out, I am not so sure if it will address the core scaling problem. And the main technology in Ethereum 2.0 is sharding. Sharding technology divides the Ethereum networks into small parallel groups, but I think what will happen is everyone wants to be in the same “shard” so the sharding advantages might not be realizable in Ethereum 2.0.
Avalanche supports Ethereum’s virtual machine, and Avalanche can realize 1 second level confirmation, while with sharding finalizing confirmation takes 5–6 seconds at best. Avalanche approach to make Ethereum scale is superior to Ethereum 2.0. There are many big players behind Ethereum 2.0, and I wish them success. But I believe that Avalanche will be the fastest and best Smart Contract platform in the crypto space, and it is compatible with Ethereum.
Wang: Why is Avalanche a real breakthrough?
Sirer: Avalanche is fundamentally different from previous consensus mechanisms. It’s very fast with TPS surpasses 6500, which is three times that of VISA. Six confirmations can be achieved in one second. Compared with the POW mechanism of Bitcoin and Bitcoin Cash, Avalanche’s participation threshold is very low. It allows multiple virtual machines to be built on the Avalanche protocol.
Avalanche is not created to compete with Bitcoin or fiat currencies such as the US dollar and RMB. It’s not made to compete with Ethereum, which is defined as the “world’s computer”. Avalanche is positioned to be an asset issuance platform to tokenize assets in the real world.
Wang: How do you rank the importance of community, development, governance, and technology to a public chain?
Sirer: These four are like the legs of a table. Every foot is very important. The table cannot stand without strong support.
A good community needs to be open to welcome developers and people. Good governance is especially important, to figure out what users need and respect their voices. Development needs to be decentralized. Avalanche has developers all over the world. And it has big companies building on top of Avalanche.
Yang: From a long-term perspective, I think governance is the most important thing, which is the same as running a company.
In the long run, technology is not important. Blockchain technology is developed based on an open source softwares that are free to the community. Community is also not the most important factor.
I think the most important thing is governance. Decentralization is more about technical. For example, Bitcoin, through a decentralized network method, ensures the openness and transparency of data assets, and the data on the chain cannot be tampered with, ensuring that the total amount of coins has a fixed upper limit.
But at the governance level, all coins are centralized at some degree. For example, BCH developers can decide to modify the protocol. In a sense, it is the same as managing a company.
Historically, the reasons for the success and failure of companies all stem from bad governance. For example, Apple succeeded based on Steve Jobs’s charisma, leadership and the pursuit of user experience. When Jobs was kicked out, Apple suffered great losses. After Jobs returned, he made Apple great again.
Issues behind Bitmain is also about governance. Simply put, governance requires leaders who have a longer-term vision and are more capable of coordinating and balancing the resources and interests of all parties to lead the community.
In the blockchain world, many people focus on technology. In fact, technology is not enough to make great products. User experience is most important. Users don’t care about the blockchain technology itself, but more concerned about whether it is easy to use and whether it can solve my problem.
We need to figure out how to deliver a product like Apple. The pursuit of user experience is also governance in nature. And governance itself lies in the soul of key leaders in the community.
Realize tokenization of assets in.
https://preview.redd.it/14jf1bvcaxf51.jpg?width=1082&format=pjpg&auto=webp&s=c312912142c38de986f42912086e205354162190
Wang: Speaking of asset tokenization, I would like to ask Haipo, do you think the market for assets on the chain is big?
Yang: It must be very big. We need to see which assets can be tokenized.
Assets that can be tokenized are standardized assets, sush as currencies and securities.
  1. In terms of currency, Tether has issued over 10 billion U.S. dollars. Many people think that’s too much. But I think this market is underestimated. The market for stablecoins in the future must be hundreds of billions or even trillions, especially after the release of Facebook’s Libra. Even US dollar might be issued based on the blockchain in the future.
At present, the settlement of USD currency is through the SWIFT system. But the SWIFT system itself is only a clearing network, a messaging system, not a settlement network. It takes a long time for clearing and settlement, and it is not reliable. But both USDT and USDC can quickly realize cross-border transfers in seconds and realize asset delivery. Even sovereign currencies are likely to be issued on the blockchain. I believe RMB also has such a plan.
  1. Equity and securities markets are the largest market. But they have strict requirements for market access.
Whether a stock is listed on A-shares or in the American markets, it’s hard to obtain them. I believe that the blockchain can completely release the demand through decentralization. It can allow any tiny company or even a project to issue, circulate and finance a token.
There may be only tens of thousands of stocks currently traded globally. There are also tens of thousands of tokens in the crypto space. I believe that millions or more of assets will be traded and circulated in the future. This can only be realized through decentralized technology and organization.
The market for assets tokenization will be huge. And at present, the entire blockchain technology is still very primitive. Bitcoin and Ethereum only have a few or a dozen TPS, which is far from meeting market demand. This is why CoinEx is committed to building a decentralized Dex public chain.
Wang: Avalanche’s paper was first published on IPFS. What do you think of IPFS?
Sirer: I personally like IPFS very much. It is a decentralized storage solution.
Yang: There is no doubt that IPFS solves the problem of decentralized storage, and can be robust in the blockchain world, and can replace HPPT services. But there are still three problems:
  1. IPFS is not for ordinary users. Everybody needs BCH and BTC, but only developers need IPFS, which is a relatively niche market;
  2. IPFS is more expensive than traditional storage solutions, which further reduces its practicality. In order to achieve decentralization, more copies must be stored, and more hardware devices must be consumed. In the end, these costs will be on to users.
  3. There may be compliance issues. If you use IPFS to store sensitive information, such as info from WikiLeaks, it may end up threatening national security. I doubt that decentralized storage and decentralized public chains can survive under the joint pressure of global governments.
The IPFS project solves certain problems. But from the perspective of application prospects, I am pessimistic.
Wang: What do you think of Defi?
Yang: I want to talk about the concept first.
Broadly speaking, the entire blockchain industry is DeFi in nature. Blockchain is to realize the circulation of currency, equity, and asset value through decentralization.
So in a broad sense, blockchain itself is DeFi. In a narrow sense, DeFi is a financial agreement based on smart contracts. DeFi, through smart contracts, can build applications more flexibly. For example, before we could only use Bitcoin to transfer and pay. Now with smart contracts, flexible functions such as lending, exchange, mortgage , etc. are available. The entire blockchain industry is gradually evolving under the conditions of DeFi. DeFi will definitely get greater development in the future.
Sirer: I think Defi will definitely have a huge impact. DeFi is not only an innovation in the cryptocurrency field, but also an innovation in the financial field. Wall Street companies have stagnated for years with no innovation. Avalanche fits different DeFi needs, including performance and compliance. In the future, not only will Wall Street simply adopt DeFi, but DeFi will grow into a huge market that will eventually replace the traditional financial system.
Questions from the community:
1. How does Avalanche integrate with DeFi?
Sirer: At present, all DeFi applications on Avalanche have surpassed Ethereum. What can be achieved on Ethereum can be achieved on Avalanche with better user experience. We are currently connecting with popular DeFi projects such as Compound and MakerDao to add part of or all of their functions.
At present, Avalanche is working on decentralized exchange (DEX). The current DEXs are limited by speed and performance but when they are built on top of Avalanche it will be real-time and very fast.
2. How many developers does BCH have?
Yang: I think it does not matter how many developers there are. What matters is what should be developed. I watched Jobs’ video the other day, and it inspired me a lot. We are not piecing together technology to see what technology can do. It’s we figure out what we want first and then we use the technology we need.
The entire blockchain community worship developers. Such as they call Vitalik “V God”. It’s not necessary to treat developers as wizards. Developers are programmers, and I myself is also a programmer.
ViaBTC has a development team of over 100 people, including core members from Copernicus (a dev team formerly belonged to Bitmain). Technically we are very confident to build faster, stabler, and better user experience products.
submitted by CoinExcom to btc [link] [comments]

Private key mining problem

It's not a secret anymore that people are trying to mine private keys.
Even if chances are astronomically low to find the right key, there is a chance. With a graphic card mining rig, a miner, with an investment of a few hundred $, can produce more than 300MH/s. Now imagine if someone is dedicating even more resources to find a private key.
As I said, chances are low to achieve that. That's the beauty of mathematics. But there is a chance, and right now, people are trying to do so.
There should be a way to prevent such behavior.
I was thinking of a solution to this problem:
A wallet should have a "wallet token/coin". When a user wants to make a transaction, let's say with Bitcoin, at first, it would need to make a transaction using the "wallet token". The "wallet token" has a private key of its own. The private key is a hash generated using a username, password, pin, and timestamp. The transaction would be automatically directed to the connected node if it's not specified differently. This transaction would produce a tx id. Just as now, when the user wants to make the Bitcoin transaction, the user would need to insert his private key. In this case, besides the private key, the wallet would ask for the tx id done with the "wallet token". Those two hashes would produce a unique, more extended, and one-time use, private key. This last private key would enable the wanted transaction.
The private key miner would need to make countless transactions before even being able to find out if he got the right private key. Economically, it would not be profitable, unlike now, when he can effortlessly guess and try if the private key "fits" until it succeds.
The "wallet token" would be created with some of these mechanisms:
  1. Proof of work - mining like BTC
  2. Proof of ownership - every wallet would produce small amounts of tokens over time.
  3. Proof of transaction - Every transaction you do, you generate a new token for future transactions.
This is not a light and user-friendly solution. Its sole purpose is enhanced security.
PS
I'm not a techy guy. I don't know if this would require a completely new blockchain or it could be implemented in already existing wallets, coins, and protocols.
Even if enormous numbers are reliable enough to keep our cryptocurrencies safe, faster and more efficient computers are being built every day. At this rate of progress, it not hard to imagine a super ASIC that could be able to mine a private key if left a few years to do its job. Not to mention the threat that quantum computers represent.
I hope this will open a discussion in the crypto community to find the best solution to this problem. Or at least someone could explain why this is not an option or is a bad idea.
Thank you Satoshi!
submitted by BlueBloodStrawberry to SatoshisPhilosophy [link] [comments]

Building an Ethereum Mining Rig (13 GPU) - 4th part

Third update to the guide "Building a Mining Rig for Ethereum". The absolute first guide to building a RX Vega 64 8gb 13 GPU Mining Rig.
Reading this guide to building a 13 GPU Ethereum mining rig requires adequate knowledge of building and running an Ethereum Mining Rig. We therefore recommend a previous view of our Guide to build a Mining Rig and related updates.

Let's immediately list the hardware used:

- Asus Mining Master X370 mainboard
- Core i5 Coffee Lake CPU
- 480 or 500GB SSD
- 32Gb Ram
- 13 GPU RX Vega 64 8Gb
- 3 x 1000W power supplies
- 1 1200W power supply
- 8Gb USB stick

In this guide we will obviously not explain how to mount the hardware of a Rig. The only notes we wish to underline are the following:

- the 1200W power supply must be the primary one on which to connect 4 GPUs and the video output for the monitor

- all the risers, as well as obviously the GPUs, must be powered through the 8-pole connections of the power supplies. We strongly advise against the use of 6-pole ports. Therefore, have the appropriate number of cables available for all connections. Risers can also be powered in pairs.

- the model of the video card used is the Asus Rog Strixx Gaming RX Vega 64 8Gb


The operating system is Windows 10 updated to the latest version available. The tool for creating installation media is available at the following link https://www.microsoft.com/it-it/software-download/windows10 to be able to use the USB key as a launcher for installing Windows 10 .

With the Asus Mining Master, the GPU risers can be connected directly to the motherboard via the USB cable, thus making one of the small components of the riser kits unusable.

After making all the connections on the motherboard, check that all GPUs are highlighted in green when the PC starts up. If not, move the USB cable on the motherboard one position. It may take at least 2 or 3 attempts.

Ethereum mining with 13 GPUs
Having solved this possible small inconvenience, let's proceed with the installation of the AMD Adrenaline 2020 drivers, always updated to the latest version, relating to the RX Vega Series.

If you want to proceed with more caution, the advice is to disconnect all the GPUs (remembering the locations of the USB cables) except one before installing the drivers.

The mining will be carried out on the Ethermine pool, our favorite, using the Claymore 15 software.


Once the download is complete, you will have to unzip the folder on the desktop and open the start.bat file contained in the Claymore folder using Notepad. The procedure is the usual one: delete the content and copy-paste the following command string:

start config.dll -epool eu1.ethermine.org:14444 -ewal "your ETH wallet address" -epsw x -worker "worker"
EthDcrMiner64.exe

Where EthDcrMiner64.exe is the executable, -epool indicates the pool to mine and its port, -ewal is the wallet address and -epsw is the password that we leave blank (X).

In place of "your wallet address" you will have to put your Ethererum wallet and instead of worker you will enter an identification number in case you plan to build more RIGs (such as RIG1, RIG2, etc ...).

At the following link, many other useful commands for your Rig:
https://github.com/Claymore-Dual/Claymore-Dual-Miner

Try to run mining and check that the system is stable.

In the Payouts section, after a few minutes of mining, you can decide the minimum amount of Ether to be sent to your wallet by simply entering the IP address of the RIG.

We performed the mining directly on the Ethereum address of the Exodus wallet. Coinbase is not supported.

Overclocking with OverdriveNTool
Let's proceed now with the download of OverdrivenTool at the following link: https://forums.guru3d.com/threads/overdriventool-tool-for-amd-gpus.416116/


For those unfamiliar with it, we recommend reading our software guide.

For those who do not intend to experiment or do not completely trust their software experience, at the following link you can view the settings on the parameters of the GPUs and the RAM of the GPUs - and other small tricks - to obtain the best possible performance without forcing the cards too much. video.

On our Youtube channel (subscribe numerous !!!) you will now be able to see the video relating to the start of mining and the one concerning the stabilization phase.

To better cool the Rig we have also installed fans for the extraction of heat as caution is never too much. Moreover, there is also an aesthetic gain.

Conclusions on the guide to build a 13 gpu ethereum mining rig.
Finally, we conclude this guide by reporting what everyone was waiting for (we do not say how long we had to wait before obtaining this result) the video link complhttps: //www.youtube.com/watch? V = k53XZn3zc9I & t = 61seto del Rig e del Mining .

We remain available for any advice, both on pools, on yield and on consumption.

Feel free to contact us in case you run into any problems where our guide to Building a 13 GPU Ethereum Mining Rig has not been completely helpful.

See you soon.


If you liked this article and would like to contribute with a donation:

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By: cryptoall.it
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submitted by Giulo75 to u/Giulo75 [link] [comments]

The Truth about Bitcoin?

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to conspiracy [link] [comments]

Building an Ethereum Mining Rig - Part 2

First update to the guide "Building a 6Gpu Mining Rig for Ethereum" - Let's talk about Claymore.
This update supplements and does not replace the Guide to Build a 6GPU Mining Rig for Ethereum published on our site.

The substantial differences are due to the installation of the latest version of the Windows 10 Operating System, the mining on the Ethermine pool (in our opinion simpler than Dwarfpool) and the use of the XFX RX 580 8gb GPUs.

The first variant is found in Part 4 of the guide: the environment variables are not to be entered as they will be integrated directly into the bat file to start mining.

The second variant is found in Part 7 of the guide and leads us to "mine" on a different pool using the Claymore software.
Download the latest version at the following link: https://github.com/Claymore-Dual/Claymore-Dual-Miner

Once downloaded, unzip everything on a folder on your desktop and open the start.bat file with notepad. Clear the contents and copy the following command:

start config.dll -epool eu1.ethermine.org:14444 -ewal "your ETH wallet address" -epsw x -worker "worker"
EthDcrMiner64.exe

Where instead of "your wallet address" you will have to put your Ethererum wallet - obviously without the quotes - and instead of worker you will put an identification number in case you build more RIGs (such as RIG1, RIG2, etc ...). We opted for the eu1 pool even if some on the discussion forums believe that the us1 is more profitable.

At the following link, many other useful commands for your Rig:
https://github.com/Claymore-Dual/Claymore-Dual-Miner


The Ethermine pool offers a very well crafted and descriptive interface. In the Payouts section, after only 5 minutes of mining, you can decide the minimum amount of Ether to be transferred to your wallet by simply entering the IP address of the RIG.

We have decided to mine directly on the Ethereum address of our Exodus wallet. It is not recommended to mine directly on Coinbase, as reported on the site itself. Sin.

Nothing should be left to chance when you decide to build a mining rig for Ethereum.
The third variant is the most difficult of all. Once you have reached Part 5 of the guide, you can decide whether to continue or follow this update / variant. If you are here it is probably because you have run into some problem that the guide does not allow you to solve.

With the latest version of Windows 10, you may run into a kernel conflict between the operating system and AMD's Radeon Software Crimson ReLive Edition Beta for Blockchain Compute drivers. This conflict will prevent you from using Atiflash after installing the drivers.

Important: Before making any changes to the BIOS, please backup each GPU.

Important: first of all flash the GPUs with the original bios if for any reason you are forced to reinstall the operating system.


Still on Atiflash.
The advice would therefore be to flash the GPUs and then install the AMD drivers. Let's say it would be because you may run into another problem this time related to the GPUs themselves. Since each video card is different from any other, the bios mod of the GPU could crash the operating system showing the classic blue screen and displaying an error related to the Atimkdag.sys file.

This could be due to the fact that some GPUs have significantly higher performance in the calculation phase than others. We could call it a factory overclock but not using them for gaming we cannot say it with absolute certainty.

Having assessed these two drawbacks, the only safe solution is to flash all the GPUs, disconnect them except for the first one, install the Blockchain drivers (plus Atimkdag patch) and launch the mining command verifying that the operating system does not go into crash in the next 5 minutes.

Turn off the rig again and connect the second GPU so on up to the sixth. In the event that one or more video cards should crash the system, disconnect them. After that, it uses DDU from the provisional mode and flashes these GPUs with their original bios. At this point, connect them again, reinstall the Blockcain drivers (plus Atimkdag patch) and start mining definitively.

All the operations related to the use of Atiflash, DDU and driver installation are reported in Part 5 and Part 6 of our guide.
A little bit of Overclocking.
You will certainly find significant differences in performance between the GPUs.

At this point all that remains is to "operate" with an overclocking software. We opt for OverdriveNtool. Our constantly updated guide is available at the following link: https://www.cryptoall.it/2019/10/12/complete-guide-to-overdriventool/

Link to the official YouTube channel for verification: https://www.youtube.com/channel/UCdE9TTHAOtyKxy59rALSprA

GPUs with modified bios will not leave much room for modification. You will have to proceed with the most extreme overclocking on those that mount the original bios; obviously always in small steps by saving the profile for each GPU. Our guide explains in detail how to do it.

Hoping to have been of help, we give everyone an appointment for the second part of the update on how to build an Ethereum mining rig in which we will explain in detail the dual mining on the Ethermine pool.

See you soon.


If you liked this article and would like to contribute with a donation:

Bitcoin: 1Ld9b165ZYHZcY9eUQmL9UjwzcphRE5S8Z
Ethereum: 0x8D7E456A11f4D9bB9e6683A5ac52e7DB79DBbEE7
Litecoin: LamSRc1jmwgx5xwDgzZNoXYd6ENczUZViK
Stellar: GBLDIRIQWRZCN5IXPIKYFQOE46OG2SI7AFVWFSLAHK52MVYDGVJ6IXGI
Ripple: rUb8v4wbGWYrtXzUpj7TxCFfUWgfvym9xf

By: cryptoall.it Telegram Channel: t.me/giulo75 Netbox Browser: https://netbox.global/PZn5A
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Antminer T19 May Not Affect Bitcoin Hash Rate but Keeps Bitmain Ahead

The Antminer T19 by Bitmain may not have a big impact on the Bitcoin network, and it comes out amid the firm’s internal and post-halving uncertainty.
Earlier this week, Chinese mining-hardware juggernaut Bitmain unveiled its new product, an application-specific integrated circuit called Antminer T19. The Bitcoin (BTC) mining unit is the latest to join the new generation of ASICs — state-of-the-art devices designed to mitigate increased mining difficulty by maximizing the terahashes-per-second output.
The Antminer T19 announcement comes amid the post-halving uncertainty and follows the company’s recent problems with its S17 units. So, can this new machine help Bitmain to reinforce its somewhat hobbled position in the mining sector?
T19: The cheaper S19
According to the official announcement, the Antminer T19 features a mining speed of 84 TH/s and a power efficiency of 37.5 joules per TH. The chips used in the new device are the same as those equipped in the Antminer S19 and S19 Pro, though it uses the new APW12 version of the power supply system that allows the device to start up faster.
Bitmain usually markets its Antminer T devices as the most cost-effective ones, while the S-series models are presented as the top of the line in terms of productivity for their respective generation, Johnson Xu — the head of research and analytics at Tokensight — explained to Cointelegraph. According to data from F2Pool, one of the largest Bitcoin mining pools, Antminer T19s can generate $3.97 of profit each day, while Antminer S19s and Antminer S19 Pros can earn $4.86 and $6.24, respectively, based on an average electricity cost of $0.05 per kilowatt-hour.
Antminer T19s, which consume 3,150 watts, are being sold for $1,749 per unit. Antminer S19 machines, on the other hand, cost $1,785 and consume 3,250 watts. Antminer S19 Pro devices, the most efficient of three, are considerably more expensive and go for $2,407. The reason Bitmain is producing another model for the 19 series is due to what is known as "binning" chips, Marc Fresa — the founder of mining firmware company Asic.to — explained to Cointelegraph:
“When chips are designed they are meant to achieve specific performance levels. Chips that fail to hit their target numbers, such as not achieving the power standards or their thermal output, are often ‘Binned.’ Instead of throwing these chips in the garbage bin, these chips are resold into another unit with a lower performance level. In the case of Bitmain S19 chips that don’t make the cutoff are then sold in the T19 for cheaper since they do not perform as well as the counterpart.” The rollout of a new model “has nothing to do with the fact that machines are not selling well,” Fresa went on to argue, citing the post-halving uncertainty: “The biggest reason machines probably are not selling as well as manufacturers would like is because we are on a bit of a tipping point; The halving just happened, the price can go anyway and the difficulty is continuing to drop.” Product diversification is a common strategy for mining hardware producers, given that customers tend to aim for different specifications, Kristy-Leigh Minehan, a consultant and the former chief technology officer of Genesis Mining, told Cointelegraph:
“ASICs don’t really allow for one model as consumers expect a certain performance level from a machine, and unfortunately silicon is not a perfect process — many times you’ll get a batch that performs better or worse than projected due to the nature of the materials. Thus, you end up with 5–10 different model numbers.” It is not yet clear how efficient the 19-series devices are because they have not shipped at scale, as Leo Zhang, the founder of Anicca Research, summed up in a conversation with Cointelegraph. The first batch of S19 units reportedly shipped out around May 12, while the T19 shipments will start between June 21 and June 30. It is also worth noting that, at this time, Bitmain only sells up to two T19 miners per user “to prevent hoarding.”
Hardware problems and competitors
The latest generation of Bitmain ASICs follows the release of the S17 units, which have received mostly mixed-to-negative reviews in the community. In early May, Arseniy Grusha, the co-founder of crypto consulting and mining firm Wattum, created a Telegram group for consumers unsatisfied with the S17 units they purchased from Bitmain. As Grusha explained to Cointelegraph at the time, out of the 420 Antminer S17+ devices his company bought, roughly 30%, or around 130 machines, turned out to be bad units.
Similarly, Samson Mow, the chief strategy officer of blockchain infrastructure firm Blockstream, tweeted earlier in April that Bitmain customers have a 20%–30% failure rate with Antminer S17 and T17 units. “The Antminer 17 series is generally considered not great,” added Zhang. He additionally noted that Chinese hardware company and competitor Micro BT has been stepping on Bitmain’s toes lately with the release of its highly productive M30 series, which prompted Bitmain to step up its efforts:
“Whatsminer gained significant market share in the past two years. According to their COO, in 2019 MicroBT sold ~35% of the network hashrate. Needless to say Bitmain is under a lot of pressure both from competitors and internal politics. They have been working on the 19 series for a while. The specs and price look very attractive.” Minehan confirmed that MicroBT has been gaining traction on the market, but refrained from saying that Bitmain is losing market share as a result: “I think MicroBT is offering option and bringing in new participants, and giving farms a choice. Most farms will have both Bitmain and MicroBT side by side, rather than exclusively host one manufacturer.”
“I would say that MicroBT has taken up the existing market share that Canaan has left,” she added, referring to another China-based mining player that recently reported a net loss of $5.6 million in the first quarter of 2020 and cut the price of its mining hardware by up to 50%.
Indeed, some large-scale operations seem to be diversifying their equipment with MicroBT units. Earlier this week, United States mining firm Marathon Patent Group announced that it had installed 700 Whatsminer M30S+ ASICs produced by MicroBT. However, it is also reportedly waiting for a delivery of 1,160 Antminer S19 Pro units produced by Bitmain, meaning that it also remains loyal to the current market leader.
Will the hash rate be affected?
Bitcoin’s hash rate plummeted 30% soon after the halving occurred as much of the older generation equipment became unprofitable due to the increased mining difficulty. That spurred miners to reshuffle, upgrading their current rigs and selling older machines to places where electricity is cheaper — meaning that some of them had to temporarily unplug.
The situation has stabilized since, with the hash rate fluctuating around 100 TH/s for the past few days. Some experts attribute that to the start of the wet season in Sichuan, a southwest Chinese province where miners take advantage of low hydroelectricity prices between May and October.
The arrival of the new generation of ASICs is expected to drive the hash rate even higher, at least once upgraded units become widely available. So, will the newly revealed T19 model make any impact on the state of the network?
Experts agree that it won’t affect the hash rate to a major degree, as it’s a lower output model compared with the S19 series and MicroBT’s M30 series. Minehan said she doesn’t expect the T19 model “to have a huge impact that’s an immediate cause of concern,” as “most likely this is a run of <3500 units of a particular bin quality.” Similarly, Mark D’Aria, the CEO of crypto consulting firm Bitpro, told Cointelegraph:
“There isn’t a strong reason to expect the new model to significantly affect the hashrate. It might be a slightly more compelling option to a miner with extraordinarily inexpensive electricity, but otherwise they likely would have just purchased an S19 instead.” Bitmain continues to hold leadership despite internal struggle
At the end of the day, manufacturers are always in an arms race, and mining machines are simply commodity products, Zhang argued in a conversation with Cointelegraph:
“Besides price, performance, and failure rate, there are not many factors that can help a manufacturer differentiate from the others. The relentless competition led to where we are today.” According to Zhang, as the iteration rate naturally slows down in the future, there will be more facilities using “creative thermal design such as immersion cooling,” hoping to maximize the mining efficiency beyond just using most powerful machines.
As for now, Bitmain remains the leader of the mining race, despite having to deal with the largely defunct 17 series and an intensifying power struggle between its two co-founders, Jihan Wu and Micree Zhan, which recently resulted in reports of a street brawl.
“Due to its recent internal issues, Bitmain is facing challenges to keep its strong position in the future thus they started to look at other things to expand its industry influences,” Xu told Cointelegraph. He added that Bitmain “will still dominate the industry position in the near future due to its network effect,” although its current problems might allow competitors such as MicroBT to catch up.
Earlier this week, the power struggle inside Bitmain intensified even further as Micree Zhan, an ousted executive of the mining titan, reportedly led a group of private guards to overtake the company’s office in Beijing.
Meanwhile, Bitmain continues to expand its operations. Last week, the mining company revealed it was extending its “Ant Training Academy” certification program to North America, with the first courses set to launch in the fall. As such, Bitmain seems to be doubling down on the U.S.-based mining sector, which has been growing recently. The Beijing-based company already operates what it classifies as “the world’s largest” mining facility in Rockdale, Texas, which has a planned capacity of 50 megawatts that can later be expanded to 300 megawatts.
submitted by melissaBrian0 to Bitcoin [link] [comments]

The Truth about Bitcoin?

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to CryptoCurrency [link] [comments]

Top Proof Of Stake Networks and Staking Coin List

Proof of stake consensus algorithm was launched as an alternative to the proof of work algorithm and since its discovery in 2012, it has been used by a number of crypto platforms seeking to become more scalable than the Bitcoin network. With one of the main objectives of the proof of work model, allowing for a decentralized network to confirm transaction instead of a third party, the proof of stake model achieves this in a different manner. Before we dive into some of the top proof of stake cryptocurrency networks right now, it is best that we get an idea of what proof of stake is.
What Is Proof Of Stake?
Proof of Stake otherwise referred to as PoS is a consensus algorithm that makes use of the coin staking format. To explain better, for users on the network to be able to mine, they need to be able to stake a certain amount of coin on the network if they are to start mining. In addition to staking a certain amount, these individuals will only mine the total amount of coins that have been staked on the network. This simply means that if a manages to stake or lock up a huge amount of coins, let’s say about 10% of the total coins on the network, they will be able to validate about 10% of the total transactions that are carried out on the network. So if a network processes about 10,000 transactions each day, these miners will validate and receive rewards for validating 10% of the total blocks. Aside from the rewards they stand to gain, these miners are also paid transaction fees of users on the network each time they validate a transaction.
There are a couple of benefits that come from making use of PoS based blockchain networks and they include;
  1. They are less expensive; unlike the PoW mechanism that requires users to invest their hard-earned funds in the purchase of expensive hardware or mining rigs, these PoS networks do not require you to pay for mining rigs. All you have to do is buy or own a certain amount of coin on the network and you can begin validating transactions and earning rewards.
  2. It is eco-friendly; unlike PoW based networks, PoS networks offer users guaranteed returns. The value of these PoS based coins does not fall like the PoW based coins unless there is a slight change in the market.
  3. On this network, stakers can decide to delegate their responsibilities to third-party agents to help them carry out.
Top Proof Of Stake Networks And Staking Coins
1. Dash (DASH)
Otherwise referred to as “Digital Cash”, DASH happens to be one of the very advanced crypto networks to adopt the PoS algorithm. DASH simply acts like liquid cash or P2P platform that is used to make payments for goods and services that are purchased daily. Currently, in most countries, DASH has been integrated as a means of payment for goods and services bought daily. In the last couple of years, DASH has implemented the InstantSend and PrivateSend features which will facilitate a fast and secure transaction for all on the network. Holders of the DASH coin can run master nodes on the network or receive rewards in DASH coins.
On the DASH network, users will have to stake about 1000 DASH coins when the price of one (1) DASH is equal to $300. While this network was built on Bitcoin’s main core it happens to focus on the privacy and quick transfer of funds aspect.
Early adopters of DASH that have a large number of DASH coins in their possession will do well to become master nodes on the network. Individuals with about $300,000 worth of DASH coins will make approximately 7.5% annual profit from becoming master nodes on the network. Those seeking to stake DASH coins will do well to ensure that they have the DASH staking wallets in their possession.
2. NEO (NEO)
Previously referred to as Antshares, NEO happens to be the first Chinese open-source blockchain project in existence. The developers of this network have referred to it as the distributed network for the smart economy. Being a PoS powered network, users on the NEO blockchain can stake their coins if they want to become miners on the network. Aside from the fact that there is a crypto platform, NEO has a token which is referred to as GAS which can be staked on any of the NEO staking wallets available. Unlike some of the other PoS based crypto networks, NEO does not require users to keep their staking wallets open.
Stakers on the NEO network can expect a 4.5% annual profit when they stake on this network. There are a couple of benefits that are associated with making use of this PoS based network and they include; it is a smart network that affords you the opportunity to send and receive coins in less than no time. The certificates, as well as the identities, are digital. Also, there is a wide range of decentralized applications (DApps).
3. Vechain (VET)
This happens to be another top PoS based network and since its launch has been able to gather attention from members of the crypto community. This network has been said to be similar to the NEO network and it offers users the opportunity to carry out fast transactions at a reduced cost. Unlike some of the other PoS based networks, Vechain focus primarily on the supply chain industry. It has allied with the Amazon web service and Walmart China. When you stake VET on the Vechain network, you are given VTHO for staking VET coins on the network. It is used in transactions and it has a return of investment of about 2% or more. Users on the network get extra with the nodes and it is easy to make use of.
One of the main benefits of this network is that it is incredibly easy to make use of and it has a long-range of partnerships. In addition to this, it has a fair ROI rate as well as other amazing bonuses that users will have to enjoy as well.
As always, the team here at Affil Coin is happy to help where we can. So, if you ever have any questions, stop by the AffilCoin Telegram chat and talk to a member of our team! Furthermore, if you want to learn more about Delegated Proof of Stake, click here and visit the AffilCoin site!
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Bitcoin Reaches New All-Time High Hash Rate Just A Week Before Halving

Bitcoin Reaches New All-Time High Hash Rate Just A Week Before Halving

Some Crypto Analysts Consider The Increased Hash Rate To Affect Bitcoin’s Price Positively, As “Price Follows Hashrate”
The largest cryptocurrency to date, Bitcoin, is preparing for its third halving, scheduled at block 690,000, or around May 14. Meanwhile, Bitcoin miners are putting even greater push for validating transactions, which is often referred to as a bullish sign.
The amount of computer power needed to validate a transaction on Bitcoin’s blockchain peaked with a new all-time high on May 3. Crypto speculators consider the halving event as a catalyst for Bitcoin’s price to explode in the months after the reward cut.
Crypto analysis company Glassnode posted a chart on Twitter, marking the bullish exponential curve of hashrate activity. Traders and enthusiasts, who believe in the “price follows hashrate” maxima quickly showed their enthusiasm about the peak. Max Keiser, for example, shared a chart from Bitcoin.com, showing his bullish stance on the future price of Bitcoin.
Source: Glassnode
The correlation between Bitcoin’s price and the hashrate is still not confirmed, but there are some historical hints that such correlation may exist. However, if Bitcoin’s price increases, miners get a bigger reward for mining a block. The price increase leads to more miners joining the race, which increases hashrate as well.
For instance, in September 2018, just moments before the crypto winter, Bitcoin’s network had 56 ExHash-per-second (EH/s) with price per one BTC roughly at $6,500. During the following three months, Bitcoin’s network hashrate fell to as low as 31 EH/s, with a price per BTC around the $4,000 mark.
However, the thesis that more miners are entering the computing pool when Bitcoin is approaching its halving may not be entirely accurate. The halving procedure cuts down the reward per mined block in half. Small and mid-sized miners and mining farms may be forced to shut down operations, as they might not clear their costs for operating the rigs. Some experts believe the hashrate push could be a last “attack” towards making a profit before the reward cut.
Meanwhile, other crypto experts consider the spike to be because of the possible price increase anticipation. The CFO of Boston Trading Co. Jeremy Britton explained that with the increasing scarcity for mining precious metals (like Gold, for example), its price increases. The same principle may be applied for Bitcoin, also.
“When Bitcoin’s price crashed in 2019, its price did not drop below $3,000, because miners didn’t want to sell on loss. The expenses for mining a single block on Bitcoin’s network are around $3,000, without considering the costs for equipment and the Internet”, Britton stated.
The next halving, scheduled for May 14, would further increase the costs per mining a BTC block. “The next possible floor for Bitcoin’s price is around $6,000 because miners won’t agree to sell on loss”, Britton concluded.
Pricewise, Bitcoin failed to overcome and settle above $9,000, as the weekend rally broke above the psychological barrier, but was quickly corrected to trade at $8,719.97 currently. The hashrate peak, however, pushed trading volumes up from May 3 with over $8 billion.
submitted by Crypto_Browser to CryptoBrowser_EN [link] [comments]

Round up of Cryptocurrency News #3 Week 20/07 - 26/07

Pssst! Hey you. Scroll down for commentary!
Important/Notable/Highlights:
Special Mentions:
You haven't had enough news? Here is some more:
Speculation:
You made it! :)
First up, SORRY! This has been a late post, I have my reasons don't question them (if you must know I'll be posting in the discord - one time only haha). Secondly, I am sure you can agree with me when I say "Wow!" What an incredible week it has been. Last week I thought it was going to take a couple more weeks for more moving price action when it had only taken a few days which has seen Bitcoin reach and pass the $10,000 region. We have also seen the total Market cap for cryptocurrencies increase from about 280B to over 300B (308B at time of writing) within just a few days. A huge injection of liquidity, about 40B, into the market and just to name a few of the best rises in the top 20 (on Coinmarketcap.com), the price of ETH BTC ADA have given good performances/positive responses (With this I will start adding screenshots at the end of each week for timestamp purposes).
This may be a combination from Binance, Mastercard, Paypal, Grayscale investments, VISA AND the DEFI sector. Let me explain... Last week we read about Binance integrating with the company Swipe (SXP) to issue there own debit card expanding the use and reach of cryptocurrency to 31 countries within Europe. Binance's Q2 scheduled token burn of $60.5 Million, this figure correlates with its exchange, margin and futures trading platforms where approximately 20% of profits get burned to increase the price of BNB token (careful as the price has been steady after the burn).
This week we find out Mastercard's expansion into the Cryptosphere as they expand and integrate with the Wirex team to issue a Mastercard-backed Bitcoin debit card, thus further extending the reach of cryptocurrency availability internationally.
"The cryptocurrency market continues to mature and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy " "...Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay"
Mastercard is also reaching out to other emerging cryptocurrency firms to apply to become principal members [Partners] with Mastercard as they have relaxed their digital assets program and look to expand into the Digital Assets and Blockchain environment.
Paypals expression of interest in cryptocurrency facilitiation may bear fruits as it is said Paypal has partnered up with stablecoin operator Paxos (who is already in partnership with Revolut in the US) to facilitate trading through a cryptocurrency brokerage which will enable other firms to integrate cryptocurrency trading functionalities with them. In my opinion this looks much more promising than the Libra association they pulled out from last October as regulations.
Grayscale Investments clears regulatory hurdle as they have been given the green light for its Bitcoin Cash Trust (BCHG) and Litecoin Trust (LTCN) to be quoted in over-the-counter (OTC) markets by US Financial Industry Regulatory Authority (FINRA).
“The Trusts are open-ended trusts sponsored by Grayscale and are intended to enable exposure to the price movement of the Trusts’ underlying assets through a traditional investment vehicle, avoiding the challenges of buying, storing, and safekeeping digital Bitcoin Cash or Litecoin directly.”
More green lights for Cryptocurrency in the US as regulators allow banks to provide cryptocurrency custody services (which may go further than just custody services). A little bit strange as it seems unnecessary and undermines one of the key factors and uses of cryptocurrency which is to be in complete control of your own finances... On another outlook this may be bullish as it allows US banks to provide banking services directly to lawful cryptocurrency businesses and show support for Bitcoin.
Visa shows support stating they have a roadmap for their further expansion into the Crypto sphere. Already working with Crypto platform Coinbase and Fold they have stated they recognise the role of digital assets in the future of money. To be frank, it appears to be focused on stable coins, cost effectiveness and transaction speeds. However they are expanding their support for crypto assets.
AND MOST IMPORTANTLY, DeFI! Our very own growing section in crypto. Just like the 2017 ICO boom we are seeing exorbitant growth and FOMO into the Decentralised Finance sector (WBTC, Stablecoins, Yield farming, DEXs etc). The amount of active addresses on Ethereum has doubled but with the FOMO on their network have sky rocketed their fees! Large use-cases of stable coins such as USDT ($6B in circulation using ERC-20 standard), DAI, TUSD, and PAX. $114M Wrapped Bitcoin (WBTC) on their network acts as a fluid side chain for Bitcoin and DEX trade volume has touched $1.6B this month. With all this action happening on Ethereum I saw the 24HR volume surpass BTC briefly on Worldcoinindex.com
In other news, Bitcoin has been set as a new precedent in a US federal court in a case against Larry Dean Harmon, the operator of an underground trading platform Helix. Bitcoin has now legally been ruled as a form of money.
“After examination of the relevant statutes, case law, and other sources, the Court concludes that bitcoin is money under the MTA and that Helix, as described in the indictment, was an `unlicensed money transmitting business´ under applicable federal law.”
Quick news in China/Asia as floods threaten miners and the most dominant ASIC Bitcoin mining rig manufacturer Bitmain loses 10,000 Antminers worth millions alledgedly goes missing or "illegally transfered" with ongoing leadership dispute between cofounders.
Last but not least, Cardano (ADA) upgrade Shelley is ready to launch! Hardfork is initiated as final countdown clock is switched on. At time of writing the point of no return has been reached, stress tests done and confirmation Hardfork is coming 29/07 The Shelley Mainnet upgrade is a step toward fast, capable and decentralised crypto that can serve billions of people. With the Shelley Mainnet is ADA staking rewards and pools! Here is a chance for us Gravychainers to set up a small pool of our own. Small percentage of profits going into the development of the community, and you keep the rest!
If you read all of my ramblings thanks heaps! I appreciate it! I have added an extra piece of reading called speculation. Most you can speculate on by just reading the headline some others have more depth to them.
Another post next week for a weekly round up! Where do you think the market is going? What is in your portfolio? Let us know in the Gravychain Discord Channel
See you soon!
🍕 Bring some virtual pizza to share 🍕
Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments!
Big thanks to our Telegram and My Crypto HQ for the constant news updates!
P.S.
Dr Seuss collectables on the blockchain HECK YEAH! and Bitcoin enters NASCAR, remember when Doge did this? it was like when Doge was trending on TikTok.
... Oh yeah did I also mention Steve Wozniak is suing Youtube, Google over rampant Bitcoin scams. Wait, what? Sydney based law firm JPB Liberty is suing Google, Facebook and Twitter for up to $300B. Just another day in the Cryptosphere.
submitted by IOTAbesomewhere to Gravychain [link] [comments]

The Truth about Bitcoin?

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to Money [link] [comments]

Epic Cash AMA Recap with CryptoDiffer Community

CryptoDiffer team Hello, everyone! We are glad to meet here: Max Freeman (@maxfreeman4), Project Lead at Epic Cash Yoga Dude (@Yogadude), PR&Marketing at Epic Cash Xenolink (@Xenolink), Advisor at Epic Cash
Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here!
Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here!
Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us!
CryptoDiffer team Let`s start from the first introduction question: Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash?
Yoga Dude PR&Marketing at Epic Cash
Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing.
I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially.
Xenolink Advisor at Epic Cash
Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers!
Max Freeman Project Lead at Epic Cash
I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level.
CryptoDiffer team
Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:)
Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one?
Max Freeman Project Lead at Epic Cash
I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble
We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly.
There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos
that explain why we believe we have created something truly special here.
Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange.
Yoga Dude PR&Marketing at Epic Cash
Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility.
Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved.
Xenolink Advisor at Epic Cash
To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry.
To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone.
CryptoDiffer team
Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months?
Yoga Dude PR&Marketing at Epic Cash
Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content.
We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money.
You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages
Max Freeman Project Lead at Epic Cash
Our future development roadmap will be published soon and includes 4 tracks:
Usability
Mining
Core Protocol
Ecosystem Development
Core Protocol
Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020
Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020
Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a
Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a
Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a
Usability
GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020
Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020
Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a
Mining
RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a
The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin.
Ecosystem Development
Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a
Xenolink Advisor at Epic Cash
From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide.
CryptoDiffer team
Great, thank you for your answers, we now can move to community questions part!
Cryptodiffer Community
You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC?
Max Freeman Project Lead at Epic Cash
The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part.
Cryptodiffer Community
To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from?
Xenolink Advisor at Epic Cash
Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project.
Cryptodiffer Community
Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you!
Yoga Dude PR&Marketing at Epic Cash
First, I must admit that I am still a huge fan and HODLer of Monero. That said:
✅ our blockchain is MUCH lighter than Monero’s
✅ our transaction processing speed is much faster
✅ our address-less blockchain is more private
✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU
Cryptodiffer Community
  1. the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
  2. On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
  1. This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
  2. The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community
$EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future?
Who is Epic Biggest competitors?
And what’s makes epic better than competitors?
Xenolink Advisor at Epic Cash
We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity.
Cryptodiffer Community
What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Yoga Dude PR&Marketing at Epic Cash
Since we are a community project, we have many developers, in addition to the core team.
Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks.
We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked.
Cryptodiffer Community
EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges?
Xenolink Advisor at Epic Cash
In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Max Freeman Project Lead at Epic Cash
Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic.
With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash.
As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability
Cryptodiffer Community
Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ?
Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors?
Max Freeman Project Lead at Epic Cash
RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware.
Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses.
Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware.
The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved.
Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem?
Xenolink Advisor at Epic Cash
Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic.
Cryptodiffer Community
I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto?
What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ?
Yoga Dude Pr&Marketing at Epic Cash
Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential.
The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers.
The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique
Cryptodiffer Community
Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI?
Yoga Dude PR&Marketing at Epic Cash
We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on.
Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way.
Cryptodiffer Community
If you could choose one celebrity to promote Epic-cash, who that would be?
Max Freeman Project Lead at Epic Cash
I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences.
I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today.
Epic Cash will have its OWN Celebrities
Cryptodiffer Community
How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it?
Xenolink Advisor at Epic Cash
Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin.
Cryptodiffer Community
what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Max Freeman Project Lead at Epic Cash
There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make.
Cryptodiffer Community
Q1 : What are your major goals to archive in the next 3–4 years?
Q2 : What are your plans to expand and gain more adoption?
Yoga Dude Pr&Marketing at Epic Cash
Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁
We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting.
Cryptodiffer Community
It seems to me that EpicCash will have its first Halving, right? Why a halving so soon?
Is a mobile version feasible?
Max Freeman Project Lead at Epic Cash
Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140.
Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining.
Cryptodiffer Community
What markets will you add after that?
Yoga Dude PR&Marketing at Epic Cash
Well, we are aiming to have ALL markets
Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry)
We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages.
Epic Cash is More than Money and its for Everyone.
Cryptodiffer Community
Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins?
Max Freeman Project Lead at Epic Cash
With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can.
Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Xenolink Advisor at Epic Cash
Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash.
Cryptodiffer Community
  1. You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
  2. How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash
Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well.
Cryptodiffer Community
Do EPICs in 2020 focus more on research and coding, or on sales and implementation?
Yoga Dude PR&Marketing at Epic Cash
We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy.
In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC.
Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters.
Everyone with skin in the game gets the benefit of advancing the cause.
Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content —
https://www.youtube.com/watch?v=XtAVEqKGgqY
a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this
Cryptodiffer Community
I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex?
Let’s talk about the economic model, can EpicCash comply with the concept of value reserve?
Max Freeman Project Lead at Epic Cash
In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader.
We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166
Max Freeman Project Lead at Epic Cash
Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project.
Xenolink Advisor at Epic Cash
Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash .
Yoga Dude Pr&Marketing at Epic Cash
Thank you, CryptoDiffer Team, and this wonderful Community!!!
Cryptodiffer TEAM
Thank you everyone for taking your time and asking great questions
Thank you for your time, it was an insightful session
Spread the love
submitted by EpicCashFrodo to epiccash [link] [comments]

The Truth about Bitcoin?

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to economy [link] [comments]

Why I don't buy Crypto anymore

Okay, it'll be a long post, so get ready. Been lurking here for a while and finally decided to post my thoughts.
I started working with crypto in 2017 after being curios for a couple of years. What I learned is that with further adoption still only a few people know about mining. Even I thought of mining as something so complex and impossible to understand that I didn't even try to get into it. I bought something like $200 of btc and tried trading to see how it essentially worked. I got me some alts but mainly traded bitcoin. In retrospective, I was pretty dumb and lost a bunch. Didn't fully understand the market and couldn't get profit neither when shorting or longing (also lost like a hunnid on margin trading). I then just kinda forgot about it for some time

Then a couple colleagues explained to me what mining actually is after i told them I was curios about crypto. I started doing research and found out that it's pretty easy even for a beginner. Of course you need proper tech (especially a good gpu) and at least some tech background, but it's nothing to be scared of. I learned more from Youtube this video from 3blue1brown but there are many others you can find, just search blockchain) and my friend answered other stupid questions I've had about mining.

So what exactly is my point? I think that many cryptoenthusiasts tend to forget about mining while caring too much for trading. I mean, look at it this way:

-You stay anonymous because you don't have to directly exchange dollars for btc
-You don't support the big players and do your own thing which makes it all more decentralized in the end
-you have financial independence (no need to pay for fees/gas/currency conversion)
And it's also cheaper. I found out that if you spend a 15 hundred on your own beginner rig, you'll get a stable and resellable profit machine. It's good to know what you're doing but thereare communities like reddit who would help you

Here's a post on /moneromining on mining vs buying crypto

Also a good read about different cases when buying and mining

It's also a great way to escape scammers cos as I said you don't have to deal with shady people who can easily steal your money which is pretty bad especially if crypto is outlawed in your country. It's safer than exchanges (as we all know judging by how many scams there were with fraudulent exchanges).
If you have a good rig you really invested in you can always resell it or use its' power for yourself (video/photo/music production or just playing games on it).

Buying crypto doesn't help this industry as mining and developing new solutions does. Many people buy and hodl while hoping for a bright future or try to trade while losing money every day.
And last but not least: It doesn't require your attention every minute of the day. It's more useful than holding because you continue to actively make money but it's much less stressful than trading.
You can try mining on your pc rn because you only need a good pool. I started with Nicehash (pretty good marketplace but cloudmining is not my thing) and Minergate (dead simple when it comes to mining). Bitcoin is not really profitable so maybe try ethereum classic or Monero, depending on your setup. Mind the heating issues (get a fan) and electricity costs. If you have any questions you can ask around here or pm me

TL;DR:
Mining is better when it comes to anonymity and making stable money in the long run. It's safer and there's less chance you get scammed. See my examples above
submitted by ownblocks to gpumining [link] [comments]

Bitcoin and cryptocurrency mining explained - YouTube How To Turn Your 10 Year Old Computer Into A Mining Rig ... Noob's Guide To Bitcoin Mining - Super Easy & Simple - YouTube How to build a Mining Rig on a Budget - YouTube Bitcoin Mining Explained - YouTube

Bitcoin mining is done by specialized computers. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).. For this service, miners are rewarded with newly-created Bitcoins and transaction fees. Mining rig rentals is a way to try out bitcoin mining by renting them by the hour from someone else who owns mining hardware. To rent a bitcoin miner just signup, choose your a rig to rent and point it at a bitcoin pool. Try MiningRigRentals.com. Hardware mining when you buy your own bitcoin miner and set it up at home or in a warehouse. You ... Besides the cost of purchasing the ASIC mining rig, the mining rig will consume a large amount of power to solve the complex puzzle and earn the block reward. Electricity rates greatly impact the overall cost to mine Bitcoin (BSV). Rates change depending on the season and type of energy, e.g., renewable. Bitcoin mining is a slightly misleading name. No one swings a pickaxe into rough stones in order to find additional bitcoins. Bitcoin mining actually means adding more bitcoins to the digital currency ecosystem. There will be a total of 21 million bitcoin in circulation by 2140. So, how do new bitcoins come into existence? All […] The more powerful a mining rig is, the quicker it may arrive at the right solution. At this point in time, individual miners are hardly likely to be successful, due to the complexity of the problems involved and the need for incredibly powerful equipment, so they often join their efforts and form mining pools, sharing both mining resources and the bitcoin rewards. There are two main functions ...

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Bitcoin and cryptocurrency mining explained - YouTube

Bitcoin and cryptocurrency mining explained with the Byzantine Generals Problem. We use it to explain the essence of cryptocurrency mining. https://www.udemy... Start trading Bitcoin and cryptocurrency here: http://bit.ly/2Vptr2X Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as th... Latest Video: http://bit.ly/BW10000 1. Buy Bitcoins: http://bit.ly/BWCoinbase 2. Best Crypto Exchange: http://bit.ly/BWBinance 3. ROBINHOOD http://bit.ly/ROB... Thanks for watching Please Like, Share, Comment and Subscribe. In 2012, The Economist reasoned that Bitcoin has been popular because of "its role in dodgy online markets",[12] and in 2013 the FBI shut down one such service, Silk Road, which specialized in ...

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