Your Guide to Monero, and Why It Has Great Potential
/////Your Guide to Monero, and Why It Has Great Potential/////
Marketing. It's a dirty word for most members of the Monero community. It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers. This is what makes this an unusual post from a member of the Monero community. This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential. Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome. I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.
Bulletproofs - A Reduction in Transaction Sizes and Fees Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested. Multisig Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero. Kovri Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy. Mobile Wallets There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon. Hardware Wallets Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here. TAILS Operating System Integration Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users. In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow. Mandatory Hardforks Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information. Dynamic fees Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees! Tail Emission and Inflation There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore. Monero Research Lab Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.
///Monero's Technology - Rising Above The Rest///
Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero". Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!. Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself. I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity. A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain. The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes. Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
Major Investors And Crypto Figureheads Are Interested Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments. There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin. Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin. Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero. Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in. The Bitcoin Flaw A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins. CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero. CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range. Monero Has a Relatively Small Marketcap Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit. Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin. For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin. Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money. Technical Analysis There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today. Coinbase Rumours Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading. Monero Is Not an ICO Scam It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases. Monero is a Working Currency, Today Monero is a working currency, here today. The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc. Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin. Monero is the only coin with all the necessary properties to be called true money. Monero is private internet money. Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy. Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us. Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.
///Key Issues for Monero to Overcome///
Scalability While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit. In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node. For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too! Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.
I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so. Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price. I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors. I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ? Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
Exposed: How Bankers are trying to centralize and highjack Bitcoin by buying "supporters" and promoters (like OpenBazaar team) for the B2X (S2X/NYA) attack on Bitcoin.
*OpenBazaarwascrossed-outaftertheirS2Xsupportretraction,seeeditatbottom. These guys have deep pockets, but as you will see below, they are funded by even deeper pockets. We can't leave this to chance or "the markets to decide" when there is such a malicious intent to manipulate the markets by those powerful players. So that's why all the people saying: "Don't worry, S2X won't happen" or "S2X is DOA" need to stop, we are at a 'make-or-break' moment for Bitcoin. It's very dumb to underestimate them. If you don't know yet who those malicious players are, read below:
We need to keep exposing them everywhere. Using Garzik as a pawn now, after they failed when they bought Hearn and Andresen (Here are the corrupted former 'good guys'), they are using the old and effective 'Problem-Reaction-Solution' combined with the 'Divide & Conquer' strategies to try to hijack Bitcoin. Well, effective before the current social media era, in which hidden motives can be brought to the light of day to be exposed.
Public pressure works when your profits depend on your reputation. The social media criticism worked for companies like Open Bazaar, which after weeks of calling them out on their S2X support, they finally withdrew it. Please contact the companies on these lists if you have any type of relationship with them, we have just a few days left until the fork:
Every bitcoiner should know about what DCG (Digital Currency Group) is, and call out publicly these crooks and the people they bribed that are working for the Corporations/Bankers against Bitcoin: Brian Armstrong, Winklevoss brothers, Bobby Lee, Peter Smith, Nic Cary, Haipo Yang, Rick Falkvinge, Jon Matonis, Wences Casares, Tony Gallippi, Mike Belshe, Ryan X Charles, Brian Hoffman/Sam Patterson/Chris Pacia (and all OB1 team)(see edit at the bottom), Gavin Andresen, Jeff Garzik, Mike Hearn, Roger Ver, Jihan Wu, John Mcaffe, Craig Wright, Barry Silbert, Larry Summers, Blythe Masters, Stephen Pair, Erik Voorhees, Vinny Lingham, Olivier Janssens, Jeremy Allaire, Peter Vessenes, Bruce Wagner, Brock Pierce, Aaron Voisine/Adam Traidman/Aaron Lasher (Breadwallet team), Glenn Hutchins (Federal Reserve Board of Directors), Bill Barhydt and Jiang Zhuoer. Once people are informed, they won't be fooled (like all the poor guys at btc) and will follow Bitcoin instead of the S2X or Bcash or any other centralized altcoin they come up with disguised as Bitcoin. DCG (Digital Currency Group) is the company spearheading the Segwit2x movement. The CEO of DCG is Barry Silbert, a former investment banker, and Mastercard is an investor in DCG.
Let's have a look at the people that control DCG: http://dcg.co/who-we-are/ Three board members are listed, and one Board "Advisor." Three of the four Members/advisors are particularly interesting: Glenn Hutchins: Former Advisor to President Clinton. Hutchins sits on the board of The Federal Reserve Bank of New York, where he was reelected as a Class B director for a three-year term ending December 31, 2018. Yes, you read that correctly, currently sitting board member of the Federal Reserve Bank of New York. Barry Silbert: CEO of DCG (Digital Currency Group, funded by Mastercard) who is also an Ex investment Banker at (Houlihan Lokey) And then there's the "Board Advisor," Lawrence H. Summers: "Chief Economist at the World Bank from 1991 to 1993. In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury. While working for the Clinton administration Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the American advised privatization of the economies of the post-Soviet states, and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act." https://en.wikipedia.org/wiki/Lawrence_Summers Blythe Masters: Former executive at JPMorgan Chase. She is currently the CEO of Digital Asset Holdings, a financial technology firm developing distributed ledger technology for wholesale financial services. Masters is widely credited as the creator of the credit default swap as a financial instrument. She is also Chairman of the Governing Board of the Linux Foundation’s open source Hyperledger Project, member of the International Advisory Board of Santander Group, and Advisory Board Member of the US Chamber of Digital Commerce. https://en.wikipedia.org/wiki/Blythe_Masters Seriously....The segwit2x deal is being pushed through by a Company funded by Mastercard, Whose CEO Barry Silbert is ex investment banker, and the Board Members of DCG include a currently sitting member of the Board of the Federal Reserve Bank of New York, and the Ex chief Economist for the World Bank and a guy responsible for the removal of Glass Steagall. It's fair to call these guys "bankers" right? So that's the Board of DCG. They're spearheading the Segwit2x movement. As far as who is responsible for development, my research led me to "Bitgo". I checked the "Money Map" https://i.redd.it/15auzwkq3hiz.png And sure enough, DCG is an investor in Bitgo. (BTW, make sure you take a good look take a look at the money map and bookmark it for reference later, ^ it is really helpful.) "Currently, development is being overseen by bitcoin security startup BitGo, with help from other developers including Bloq co-founder Jeff Garzik." https://www.coindesk.com/bitcoins-segwit2x-scaling-proposal-miners-offer-optimistic-outlook/ So Bitgo is overseeing development of Segwit2x with Jeff Garzick. Bitgo has a product/service that basically facilitates transactions and supposedly prevents double spending. It seems like their main selling point is that they insert themselves as middlemen to ensure Double spending doesn't happen, and if it does, they take the hit, of course for a fee, so it sounds sort of like the buyer protection paypal gives you: "Using the above multi-signature security model, BitGo can guarantee that transactions cannot be double spent. When BitGo co-signs a BitGo Instant transaction, BitGo takes on a financial obligation and issues a cryptographically signed guarantee on the transaction. The recipient of a BitGo Instant transaction can rest assured that in any event where the transaction is not ultimately confirmed in the blockchain, and loses money as a result, they can file a claim and will be compensated in full by BitGo." Source: https://www.bitgo.com/solutions So basically, they insert themselves as middlemen, guarantee your transaction gets confirmed and take a fee. What do we need this for though when we have a working blockchain that confirms payments in the next block already? 0-conf is safe when blocks aren't full and one confirmation should really be good enough for almost anyone on the most POW chain. So if we have a fully functional blockchain, there isn't much of a need for this service is there? They're selling protection against "The transaction not being confirmed in the Blockchain" but why wouldn't the transaction be getting confirmed in the blockchain? Every transaction should be getting confirmed, that's how Bitcoin works. So in what situation does "protection against the transaction not being confirmed in the blockchain" have value? Is it possible that the Central Bankers that control development of Segwit2x plan to restrict block size to benefit their business model just like our good friends over at Blockstream attempted to do, although unsuccessfully as they were not able to deliver a working L2 in time? It looks like Blockstream was an attempted corporate takeover to restrict block size and push people onto their L2, essentially stealing business away from miners. They seem to have failed, but now it almost seems like the Segwit2x might be a culmination of a very similar problem. Also worth noting these two things, pointed out by Adrian-x:
So segwit2x takes power away from core, but then gives it to guess who...Mastercard and central bankers. So, to recap:
DCG's Board of Directors and Advisors is almost entirely made up of Central Bankers including one currently sitting Member of the Federal Reserve Bank of New York and another who was Chief Economist at the World Bank.
The CEO of the company spearheading the Segwit2x movement (Barry Silbert) is an ex investment banker at Houlihan Lokey. Also, Mastercard is an investor in the company DCG, which Barry Silbert is the CEO of.
The company overseeing development on Segwit2x, Bitgo, has a product/service that seems to only have utility if transacting on chain and using 0-Conf is inefficient or unreliable.
Segwit2x takes power over Bitcoin development from core, but then literally gives it to central bankers and Mastercard. If segwit2x goes through, BTC development will quite literally be controlled by central bankers and a currently serving member of the Federal Reserve Bank of New York.
Jeff Garzik: “Today, bitcoin faces existential threats from forks, developer drama and so on. Knowing what we know and having a clean sheet of paper, we asked what would we build and the answer is this”.
...oh, so that explains it. The old and effective Problem-Reaction-Solution strategy. Well, effective before the current social media era, in which hidden motives can be brought to the light of day to be exposed. I will keep posting this until the very day of the fork, with the hope that more bitcoiners learn the true nature of S2X/B2X/NYA open attack on Bitcoin disguised as an "upgrade". This is a 2X Trojan Horse, and do you know who is inside that horse? Top level banker's special-forces like Blythe Masters, Larry Summers, Glenn Hutchins (sits on the board of The Federal Reserve Bank of New York) and DCG (Digital Currency Group). We need to keep our efforts to expose and inform people about what S2X/NYA/DCG really is. Don't trust and don't do business with these companies and individuals supporting the S2X attack on Bitcoin.
Companies: https://coin.dance/poli http://segwit.party/nya/ Individuals: Those guys are pure greed, they don't care about the 7 billion of people on this planet. Expose them and don't give them your business. Starve the beast. They will regret sticking with the B2X altcoin that will go the BCH way (and all the other highjack attempts before them). Moneybadger don't care and only gets stronger and immunized after each snake-bite. Actually >99% of the Bitcoin community supports the real Bitcoin. The centralized B2X-coin attack is only supported by a handful of rich crooks and the people they've managed to bribe with their deep pockets: Brian Armstrong, Fred Ehrsam (ex-Goldman Sacks), Bobby Lee, Winklevoss brothers, Peter Smith, Nic Cary, Haipo Yang, Rick Falkvinge, Jon Matonis, Wences Casares, Tony Gallippi, Mike Belshe, Ryan X Charles, Brian Hoffman/Sam Patterson/Chris Pacia (and all OB1 team), Gavin Andresen, Jeff Garzik, Mike Hearn, Roger Ver, Jihan Wu, John Mcaffe, Craig Wright, Barry Silbert, Larry Summers, Blythe Masters, Stephen Pair, Erik Voorhees, Vinny Lingham, Olivier Janssens, Jeremy Allaire, Peter Vessenes, Bruce Wagner, Brock Pierce, Aaron Voisine/Adam Traidman/Aaron Lasher (Breadwallet team), Glenn Hutchins, Bill Barhydt and Jiang Zhuoer.
Reddit Reacts To: Dash's Fake & Broken version of BCH Avalanche
Dash is falling in price and CMC rank, so its paid shillionaires have resorted to falsely associating their instamined shitcoin with successful brands like KFC and BCH. Here are the best posts I've found describing the day-and-night difference between Dash's pre-consensus (sourced from trusted 3rd party Masternodes mostly hosted on Choopa+DO+Amazon VPS) and Avalanche's (sourced from PoW in case of doublespend attempt). Thanks to OPs! homopit
https://www.reddit.com/btc/comments/a1in1j/a_proposal_to_mitigate_51_attacks_please_review/ear9bpt/ So if I read it correctly I think [Dash's Chainlocks] would still be susceptible to deep reorgs by a 51% attacker. The master nodes can only finalize a block with 60% votes. But if a 51% attacker mined a hidden chain and released blocks as soon as the rest of the miners found a block, and if he can ensure his block is seen by ~50% of the master nodes first, then he can postpone finalization. If he can do this long enough he can force a deep reorg of some of the nodes on the network. If he mines a parallel chain and keeps it so that 50% of the nodes on the network follow his chain then he could do a deep reorg on those nodes. The other 50% that were already following his chain wouldn't get reorged. Personally I think avalanche would be better here than that mechanism. With avalanche you can guarantee 100% consensus among honest master nodes and prevent the 51% attack described above.
https://www.reddit.com/btc/comments/a1in1j/a_proposal_to_mitigate_51_attacks_please_review/eaq657l/ What I have to read nowadays... "(Longest chain) With ChainLocks, this rule is still in effect, but it can be overridden by a valid CLSIG message. Effectively, only the members of the responsible LLMQ are fully following the longest-chain rule, as they are the ones creating the CLSIG message in collaboration. This puts quite some trust into CLSIG messages and the Masternode network, but we consider this to be an acceptable tradeoff." Is this proposal serious? Masternodes who decides for the network consensus that can override the longest chain rule, that is the foundation of the Bitcoin? You must be joking. There's a better method to avoid a 51% attack: growth, became bigger, increase the POW = making economical impossible to collect enough hash power to perform an attack. That's it. Stop trying to f*up the protocol with exotic solutions. Do you want to trust preconceived nodes? Fair... but again, that's not Bitcoin.
Since the top exchanges by trading volume for Bitcoin Cash from coinmarketcap are South Korean, I browsed the South Korean message boards and found this. Just wanted to share with you guys. This was about 30 hours ago, just before the price spike. Shows what Korean sentiment is (and why Bitcoin Cash is being valued higher on their exchanges).
From 8 am on August 16, I mined Bitcoin Cash (BCH) block chain with 8MB block size at Bitclub Network. Block # 479469 handles over 37,000 transactions in mempool, creating the largest block of blocks ever found in the BCH chain. Meanwhile, the BCH network has infrastructure development and industry support. The 8MB blocks found in Bitcoin Cash Blockchain handle 37K transactions! Bitcoin Cash started on the 16th and network split was on August 1st. The BCH chain began to be mined, and the diggers processed 918 blocks after hard fork. On August 16, from 6:00 am to 7:00 pm, unidentified transactions in the EDT seemed to spam the BCH network. About an hour later, we discovered an enormous 8MB block in the mined pool Bitclub Network that handled 37,814 BCH transactions. Two hours later, another large block was mined from the BCH chain, which is 4 MB in size. Incidentally, the memo pool in the bit coin (BTC) block chain is filled and there are over 48,000 unverified transactions in the media. Currently, BCH chain difficulty is performed in the top 13% of BTC. Unknown diggers or mining groups captured vast quantities of BCH hash rates and mined 90% of all blocks found. Since the Pool did not leave a clue as to its location or identity, no one can determine who or who is the miner. Today, however, the BTC block chain is 1311 blocks ahead of the BCH chain and is still 69% more profitable for mining. Infrastructure Support The BCH market has remained fairly steady, maintaining a range of $ 300 last week. Digital calls received more support this week in various industry decryption projects. For example, Breadwallet announced the BCH Transmission Tool for Android and iOS mobile platforms on August 15th. BCH supporters found another incredible fact when BitPay announced that customers using Copay and Bitpay wallets could access the token. Bitpay does not plan to fully support tokens in the software's user interface, but Wallet users want an option to search Bitcoin Cash if they want. In addition to two wallet tools, Breadwallet and Bitpay, another wallet with BCH support has been introduced to the sponsor. Openbazaar developer Chris Pacia has developed a wallet for digital calling that is currently in Alpha. Pacia asked the BCH supporters to help with the test. Because of the software in the early stages, he warns you carefully not to store large amounts of money in your wallet. At this stage, you can find the developer's BCH wallet project and source code. Added Swiss Private Bank, Ether, Litecoin and Bitcoin Cash Asset Management Bitcoin Cash 8MB Block 479469 has completed more than 37,000 transactions and Bitcoin Suisse AG has announced a detailed BCH support announcement that Falcon Private Bank will allow decryption asset management for ETH, LTC and bit coin cash. Bitcoin.com has reported on the initial setup of BTC management implementation and now customers can buy, exchange and store BCH on the bank platform. Niklas Nikolajsen, founder and CEO of Bitcoin Suisse AG, is helping the company add new digital assets to Falcon, which is exciting news. "Bitcoin Suisse is proud to continue to support Falcon Private Bank products in the field of encryption assets," Nikolajsen explained. Falcon Private Bank became the first bank to provide direct bit coins to customers. The decision to take action by adding ether as well as other cryptographic assets became a private bank for cryptographic asset holders and investors. " Bitcoin cash supporters take an optimistic attitude and give each other tips. BCH supporters seem to be very optimistic about the future of digital currency, which has received much attention over the last two weeks. According to Google Trends data, the phrase "Bitcoin Cash" was more popular than "Ethereum" this week. The new encryption also has its own tip bot for the Reddit Forum called "Cash Tip Bot" which allows BCH to send small micropayments.
Note: New Reddit look may not highlight links. See old look here. A copy is hosted on GitHub for better reading experience. Check it out, contains photo of the month! Also on Medium
dcrd: Significant optimization in signature hash calculation, bloom filters support was removed, 2x faster startup thanks to in-memory full block index, multipeer work advancing, stronger protection against majority hashpower attacks. Additionally, code refactoring and cleanup, code and test infrastructure improvements. In dcrd and dcrwallet developers have been experimenting with new modular dependency and versioning schemes using vgo. @orthomind is seeking feedback for his work on reproducible builds. Decrediton: 1.2.1 bugfix release, work on SPV has started, chart additions are in progress. Further simplification of the staking process is in the pipeline (slack). Politeia: new command line tool to interact with Politeia API, general development is ongoing. Help with testing will soon be welcome: this issue sets out a test plan, join #politeia to follow progress and participate in testing. dcrdata: work ongoing on improved design, adding more charts and improving Insight API support. Android: design work advancing. Decred's own DNS seeder (dcrseeder) was released. It is written in Go and it properly supports service bit filtering, which will allow SPV nodes to find full nodes that support compact filters. Ticket splitting service by @matheusd entered beta and demonstrated an 11-way split on mainnet. Help with testing is much appreciated, please join #ticket_splitting to participate in splits, but check this doc to learn about the risks. Reddit discussion here. Trezor support is expected to land in their next firmware update. Decred is now supported by Riemann, a toolbox from James Prestwich to construct transactions for many UTXO-based chains from human-readable strings. Atomic swap with Ethereum on testnet was demonstrated at Blockspot Conference LATAM. Two new faces were added to contributors page. Dev activity stats for May: 238 active PRs, 195 master commits, 32,831 added and 22,280 deleted lines spread across 8 repositories. Contributions came from 4-10 developers per repository. (chart)
Hashrate: rapid growth from ~4,000 TH/s at the beginning of the month to ~15,000 at the end with new all time high of 17,949. Interesting dynamic in hashrate distribution across mining pools: coinmine.pl share went down from 55% to 25% while F2Pool up from 2% to 44%. [Note: as of June 6, the hashrate continues to rise and has already passed 22,000 TH/s] Staking: 30-day average ticket price is 91.3 DCR (+0.8), stake participation is 46.9% (+0.8%) with 3.68 million DCR locked (+0.15). Min price was 85.56. On May 11 ticket price surged to 96.99, staying elevated for longer than usual after such a pump. Locked DCR peaked at 47.17%. jet_user on reddit suggested that the DCR for these tickets likely came from a miner with significant hashrate. Nodes: there are 226 public listening and 405 normal nodes per dcred.eu. Version distribution: 45% on v1.2.0 (up from 24% last month), 39% on v1.1.2, 15% on v1.1.0 and 1% running outdaded versions.
Obelisk team posted an update. Current hashrate estimate of DCR1 is 1200 GH/s at 500 W and may still change. The chips came back at 40% the speed of the simulated results, it is still unknown why. Batch 1 units may get delayed 1-2 weeks past June 30. See discussions on decred and on siacoin. @SiaBillionaire estimated that 7940 DCR1 units were sold in Batches 1-5, while Lynmar13 shared his projections of DCR1 profitability (reddit). A new Chinese miner for pre-order was noticed by our Telegram group. Woodpecker WB2 specs 1.5 TH/s at 1200 W, costs 15,000 CNY (~2,340 USD) and the initial 150 units are expected to ship on Aug 15. (pow8.com – translated) Another new miner is iBelink DSM6T: 6 TH/s at 2100 W costing $6,300 (ibelink.co). Shipping starts from June 5. Some concerns and links were posted in these twothreads.
A new mining pool is available now: altpool.net. It uses PPLNS model and takes 1% fee. Another infrastructure addition is tokensmart.io, a newly audited stake pool with 0.8% fee. There are a total of 14 stake pools now. Exchange integrations:
Upbit added DCKRW and DCUSDT pairs. A user reported that DCR deposits and withdrawals are now available.
CoinEx announced the launch of DCBTC and DCBCH pairs.
Bleutrade added DCUSDT pair. Note their reply to our tweet. It was the first exchange to list Decred minutes after launch.
Brazilian exchange OmniTradeadded DCBRL fiat pair following a poll. Worth noting that it is one of the first to integrate Trezor sign-in.
There are reports that DCR was added to Abucoins and Tor Exchange but we don't know much about them.
OpenBazaar released an update that allows one to trade cryptocurrencies, including DCR. @i2Rav from i2trading is now offering two sided OTC market liquidity on DCUSD in #trading channel. Paytomat, payments solution for point of sale and e-commerce, integrated Decred. (missed in April issue) CoinPayments, a payment processor supporting Decred, developed an integration with @Shopify that allows connected merchants to accept cryptocurrencies in exchange for goods.
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)
Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot! Placeholder Ventures announced that Decred is their first public investment. Their Investment Thesis is a clear and well researched overview of Decred. Among other great points it noted the less obvious benefit of not doing an ICO:
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)
Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 12, video, video (from 32 min)) Campus Party in Bahia, Brazil. João Ferreira aka @girino and Gabriel @Rhama were introducing Decred, talking about governance and teaching to perform atomic swaps. (photos) Decred was introduced to the delegates from Shanghai's Caohejing Hi-Tech Park, organized by @ybfventures. Second Decred meetup in Hangzhou, China. (photos) Madison Blockchain in Madison, USA. "Lots of in-depth questions. The Q&A lasted longer than the presentation!". (photo) Blockspot Conference Latam in Sao Paulo, Brazil. (photos: 1, 2) Upcoming events:
The Long-Term Bullish Case for Decred by Ben Davidow (medium.com)
Hardware Companies Are Launching Dedicated ASIC Miners for Decred (btcmanager.com)
Iterative Capital partner Chris Dannen and journalist Ben Schiller speak with Marco and Jonathan from Decred at Consensus 2018 (soundcloud)
Decred Review: What is DCR, the Decred Community & Possible Challenges by BitBoy Crypto (youtube)
Decred Founder: Bitcoin Paved Way, Phase 2 Will Shock You! (Marco Peereboom) by Pure Blockchain Wealth (youtube)
Decred & Blocknet: Revolutionary governance for every community feat. JZ at Consensus 2018 (youtube)
Decred coin - Will it be better than Bitcoin? by Bitassist (youtube)
Community stats: Twitter 39,118 (+742), Reddit 8,167 (+277), Slack 5,658 (+160). Difference is between May 5 and May 31. Reddit highlights: transparent up/down voting on Politeia, combining LN and atomic swaps, minimum viable superorganism, the controversial debate on Decred contractor model (people wondered about true motives behind the thread), tx size and fees discussion, hard moderation case, impact of ASICs on price, another "Why Decred?" thread with another excellent pitch by solar, fee analysis showing how ticket price algorithm change was controversial with ~100x cut in miner profits, impact of ticket splitting on ticket price, recommendations on promoting Decred, security against double spends and custom voting policies. @R3VoLuT1OneR posted a preview of a proposal from his company for Decred to offer scholarships for students. dcrtrader gained a couple of new moderators, weekly automatic threads were reconfigured to monthly and empty threads were removed. Currently most trading talk happens on #trading and some leaks to decred. A separate trading sub offers some advantages: unlimited trading talk, broad range of allowed topics, free speech and transparent moderation, in addition to standard reddit threaded discussion, permanent history and search. Forum: potential social attacks on Decred. Slack: the #governance channel created last month has seen many intelligent conversations on topics including: finite attention of decision makers, why stakeholders can make good decisions (opposed to a common narrative than only developers are capable of making good decisions), proposal funding and contractor pre-qualification, Cardano and Dash treasuries, quadratic voting, equality of outcome vs equality of opportunity, and much more. One particularly important issue being discussed is the growing number of posts arguing that on-chain governance and coin voting is bad. Just a few examples from Twitter: Decred is solving an imagined problem (decent response by @jm_buirski), we convince ourselves that we need governance and ticket price algo vote was not controversial, on-chain governance hurts node operators and it is too early for it, it robs node operators of their role, crypto risks being captured by the wealthy, it is a huge threat to the whole public blockchain space, coin holders should not own the blockchain. Some responses were posted here and here on Twitter, as well as this article by Noah Pierau.
The month of May has seen Decred earn some much deserved attention in the markets. DCR started the month around 0.009 BTC and finished around 0.0125 with interim high of 0.0165 on Bittrex. In USD terms it started around $81 and finished around $92, temporarily rising to $118. During a period in which most altcoins suffered, Decred has performed well; rising from rank #45 to #30 on Coinmarketcap. The addition of a much awaited KRW pair on Upbit saw the price briefly double on some exchanges. This pair opens up direct DCR to fiat trading in one of the largest cryptocurrency markets in the world. An update from @i2Rav:
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.
Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.
David Vorick (@taek) published lots of insights into the world of ASIC manufacturing (reddit). Bitmain replied. Bitmain released an ASIC for Equihash (archived), an algorithm thought to be somewhat ASIC-resistant 2 years ago. Threepure PoWcoins were attacked this month, one attempting to be ASIC resistant. This shows the importance of Decred's PoS layer that exerts control over miners and allows Decred to welcome ASIC miners for more PoW security without sacrificing sovereignty to them. Upbit was raided over suspected fraud and put under investigation. Following news reported no illicit activity was found and suggested and raid was premature and damaged trust in local exchanges. Circle, the new owner of Poloniex, announced a USD-backed stablecoin and Bitmain partnership. The plan is to make USDC available as a primary market on Poloniex. More details in the FAQ. Poloniex announced lower trading fees. Bittrex plans to offer USD trading pairs. @sumiflow made good progress on correcting Decred market cap on several sites:
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)
About This Issue
Some source links point to Slack messages. Although Slack hides history older than ~5 days, you can read individual messages if you paste the message link into chat with yourself. Digging the full conversation is hard but possible. The history of all channels bridged to Matrix is saved in Matrix. Therefore it is possible to dig history in Matrix if you know the timestamp of the first message. Slack links encode the timestamp: https://decred.slack.com/archives/C5H9Z63AA/p1525528370000062 => 1525528370 => 2018-05-05 13:52:50. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Your feedback is precious. You can post on GitHub, comment on Reddit or message us in #writers_room channel. Credits (Slack names, alphabetical order): bee, Richard-Red, snr01 and solar.
The Last Bitcoin Difficulty Adjustment [re:FUD Game Theory]
This is a fun story from the not to distant future... Although a sharp rise in the price of Bitcoin Core helped it survive longer than it might have, the inevitable fall back toward the $750-1250 level was in keeping with the previous four Bitcoin price bubbles. Rather than seeing a profitability breakaway in Bitcoin Cash, the two coins had moved in lock step for weeks. Some speculated that enough miners were auto switching between coins that it created an equilibrium. However, the repeated EDAs of Bitcoin Cash and huge backlogs Bitcoin Core had made clear that the two coins were not designed to survive together. Rather than tend toward equilibrium, hashrates driven by market prices tended toward a tipping point. Core fees were a stabilizing force, but were only engaged when the network was backlogged and the BTC price was high. It was widely known that certain miners were providing a reliable hashrate for the survival and stability of the newer coin. It was speculated that the miners were hording to maintain and/or dumping to generally control the price of Bitcoin Cash. All we really knew was that both chains were being mined almost block for block, and that the price was being controlled to artificially make profitability comparable (averaging to within 1% average over a week). The Chinese government had given it's dictate weeks before, which was not a true bitcoin ban, but more of a recommendation to all good citizens. This sparked the initial sell off, and although not everyone got the memo, sometimes a billion people acting in unison can't be wrong. Much like a roller-coaster after it's initial climb, the price of Bitcoin Core oscillated wildly in an overall downward transfer of potential energy into kinetic energy. It was early one morning, the initial chaos of the Bitcoin wars was receding into the minds of tired users that had frantically toggled between tabs of fork.lol, mempool charts, market charts and five different sub-reddits just weeks before. They had stayed with bitcoin for years of stagnation, they had been filled with hope by Bitcoin Cash. When the moment finally arrived they were a bit shocked by how quickly their new coins arrived, but had again hunkered down for a more prolonged struggle. They were lulled by the recent peace. Knowing something about the nature of honey-badgers, early adopters and speculators had already shifted their equal bets weeks before. Unfortunately, some of them suffered a total loss by what happened next. Without warning, the mempool of Bitcoin Cash began to steadily rise. An hour, three, six, until the markets began to get seriously spooked. Precipitated by a moderate sell-off, the ticker for BCC dropped by 50% in minutes. Everyone began to wonder if the hands of Hercules holding up the BCC hashrate had finally grown tired. The price dropped further, with Bitcoin Core now over 300% more profitable to mine. Then, around 8 hours in, a BCC block was mined. The 8 hour BCC block was just to get the attention of the market. After that blocks were mined every 20-30 minutes. The damage had been done, with the price so low, every miner with auto switching enabled moved to BTC. People began moving BCC cold wallets to exchanges--hedging their bets. Blocks were mined at such a rate to prevent an EDA and allow the weak-handed to sell. All while Core hashrate had accelerated. It was about an hour before the last Bitcoin Core difficulty adjustment when the flurry of trading at the record lows of BCC trading ended with a bang. There was no getting back in. There was no time for a human to react. There was no arbitrage opportunity. There was a coordinated synchronized buy on every exchange permanently reversing mining profitability. At it's lowest point, BCC traded in the sub $100 range. But the ruse was over, in a moment bitcoin cash was now trading near $1100. Corrections were met with syncopated buys until great walls were finally built around $1088.88 or 6489 RMB. The rate at which miners would switch had been derived in the EDA waves the weeks before. By the time the last Bitcoin Core difficulty adjustment occurred Bitcoin Cash had captured 60% of the hashrate. Still at it's original difficulty Bitcoin Cash was now about twice as profitable to mine at the same market price. The next difficulty adjustment for Cash would occur in one day instead of a week, while the next difficulty adjustment for Core was 25 days and rising. Then the Core fees began. Speculators began by maxing out blocks with +500 sat transactions, as hodlers and whales moved, speculator transactions were frozen near the bottom of mempool waiting for expediting transactions. Selecting 'High Fee' from a slider just created a race condition. Instead 0.1 BTC was the preferred fee amount, then 0.15, 0.25 and 0.5 followed. Whales began moving 1000 BTC chunks for 1, 5, & 10 BTC. The largest fiat value block ever mined was around $500k while Core was trading in the $450-500 range. By the time it got to an exchange six blocks later, it was worth $313k. Core still had plenty of hashrate, roughly 20-30% of the total, with the next difficulty to arrive in 30-50 days. Although total fees in CoreCoin continued to rise, the value did not. As transactions cleared and the coin hit the exchanges, Core tested Bitcoin price points from years ago, stopping at $300, dropping to $80, reversing to $250, then $50, $12, $3, and finally up to $33 before settling back to $1.5. As the price plummeted so did the hashrate, with 3% of it's expected hashrate, Core was staring down 300 days before the next difficulty adjustment. It wasn't until around 90 days after the flippening that Blockstream managed to release their difficulty adjusting hardfork (BSC), which also included an effective blocksize increase of 84 B. The fork fragmented their remaining hashrate, which was immaterial at that point. Only one mining company retained the backlog of transactions through the reset, chewing through the highest fee transactions and dumping the new buttcoin on the markets. But despite the downward pressure, the new coin began to rise on markets. While the single fee miner had targeted legitimate gains, other miners had done the math and devised other plans. After clearing Corecoin from their books, they placed an array of shorts and margin trades, they then completed a successful 51% attack when the Core forkcoin was hovering around $12, immediately rendering the new fork worthless and earning a handsome sum in return. As an interesting aside, a 32MB block limit version of the difficulty adjusting fork called CoreCoinCash (FBS) was also released and activated a day after the Core recovery fork. Aside from accommodating more transactions, it had a more robust EDA function and immediately became more valuable than its Core counterpart. It was a consolation prize for people who had cashed out their real Bitcoin for blockstream tokens in August of 2017. The lasted a few weeks until the new 32MB coin encountered legal troubles with Blockstream patents and trading on exchanges was halted. In all, the original chain was frozen forever, the Blockstream fork was successfully attacked, and the new Core Cash fork did a Coinye. The epilogue to this story involves pizza. On May 22nd 2020, 10,000 frozen BTC were traded for a pizza delivered in San Francisco. The pizza buyer mailed private keys in an airmail envelope to the Azores. In 2027, the same sealed envelope was reportedly sold on OpenBazaar 6.0 for 10,000 koinu DOGE. Because trading below 1 sat BTC/BCC had stopped in 2019, this was technically the last known initial chain Bitcoin transaction ever, (granted off-chain, which was the whole goal to begin with).
Hello! Iam Daniil Kapran, a sales manager at Platinum. Our team of professionals offers a complete set of services for your successful ICO or STO. We are self-confident because of our huge experience in ICO and STO advertising and promotion. Besides, there are more than 700 successful companies’ promotions behind us. See for yourself: Platinum.fund We also launched the best online institution in teaching crypto economics! You will know everything about best security tokens in 2019, learn all about ICO and STO promotion and become real professionals after finishing our courses! How the original roles in the blockchain industry have evolved up to this day? Read this article to get the answer! Cryptocurrency Miners When people first hear about mining cryptocurrency it is natural to think of big drills and rock crushers. Of course it is different than that. What happens in cryptocurrency mining? Bitcoins exist in a protocol design, but the bitcoins need to be brought to light, or brought into being through a series of mathematical computations. This is similar to gold existing underground, but if we want it we need to explore for it, find it, and then dig it out. Another similarity to gold and gold mining is the scarcity of bitcoin. There are only 21 million Bitcoins which can possibly exist. Why would someone want to mine cryptocurrencies? The simple answer is for a reward, which is paid in the form of Bitcoins. A miner must run what is called a “node” in order to do the mining and earn the reward. A node is a powerful computer that runs the bitcoin software and helps keep the blockchain network functioning by participating in the relay of information. Anyone is able to run a node. A miner simply needs to download the free software and leave a certain port open. Mining nodes solve complex mathematical functions and add the correct answer to the block. Miners are rewarded for their ability to solve and complete blocks as well as verify transactions on the network. It is far more complex than this, but this is the general principle. “ “Cryptocurrency Miners §2 How has the role of miners changed? Mining bitcoin is an extremely energy-intensive process. In the very beginning miners would work to solve cryptographic puzzles for blocks, and to confirm transactions on their own. Bitcoin was not very popular, and most people simply mined for leisure or intellectual interest. No one really knew how much bitcoin would appreciate in the future. Maybe you remember the story about James Howells, who mined 7,500 bitcoins and forgot about them on his hard disk. The hard disk ended up in the trash can and later into a landfill in Newport, under tons of garbage. Other home miners did not care much about how they stored their BTC before the coin gained such massive popularity and value. What caused this change? As more and more bitcoins have been mined, the computations have gotten harder and harder, meaning more and more energy is required to perform the computations. This has led to the emergence of pool mining and the decline of home mining. The popularity of bitcoin has soared, and the difficulty of the problems needing to be solved has increased dramatically. What does the future look like for miners? Home mining is likely to remain a thing of the past. Larger commercial scale mining setups are likely to become more common place as the industry consolidates further. Tremendous scale is required to endure the volatility of the cryptocurrency industry. Home miners are not likely able to scale up for the intensity of this kind of competition. “ “The Emergence of New Roles in Cryptocurrency Industry The blockchain industry has evolved from the simpler early days with some people mining and verifying transactions, and some other people investing in cryptocurrency. Now there are thousands of professionals working in a much more complicated industry. These professionals can be broadly grouped into ten key roles. We have already discussed the basic roles that exist in the cryptocurrency space from the perspective of Bitcoin and other fundamental tokens. Now we will move on to a more focused discussion about the entire spectrum of roles in the blockchain industry today. The roles that facilitate everything from ICOs, to market making, to exchanges; from where they are now, and to where they will be in the future Ethereum, Smart Contracts and Dapps In order to understand the roles that have developed in the blockchain industry, we need to examine the underlying technology again. Ethereum is second only to Bitcoin from the perspective of market capitalization and popularity. Like many other altcoins created to address inherent weaknesses in Bitcoin, Ethereum was created to be better and faster. In the words of Ethereum co-founder, Vitalik Buterin: I thought [those in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.” Ever since Ethereum was developed in 2015, the role of the underlying blockchain technology and potential applications upon that technology have been absolutely amazing. We will now discuss some of those applications. “ “Ethereum, Smart Contracts and Dapps §2 The Ethereum Virtual Machine One of Ethereum’s core innovations is that its software enables developers to run programs with any programming language on the network. This makes the process of creating blockchain applications much easier, faster, and more efficient than before. Developers had to build an entirely new blockchain to run their application before, but now they can develop different applications on the Ethereum blockchain. These applications are referred to as Dapps. Developers using the Ethereum Virtual Machine can build and deploy numerous decentralized applications, hence decentralizing many services across many sectors. This development has made the work of developers in the cryptocurrency space more efficient and quite rapid too. As a result, the majority of new cryptocurrencies are now built on the Ethereum network. Other than Dapps, the Ethereum blockchain has also been used to create decentralized autonomous organizations (DAO). A DAO consists of one or more contracts and could be funded by a group of like-minded individuals. A DAO operates completely transparently and completely independently of any human intervention, including its original creators. A DAO will stay on the network as long as it covers its survival costs and provides a useful service to its customer base” Stephen Tual, Slock.it Founder, former CCO Ethereum “ “Ethereum, Smart Contracts and Dapps §3 Other than Dapps, the Ethereum blockchain has also been used to create decentralized autonomous organizations (DAO). A DAO consists of one or more contracts and could be funded by a group of like-minded individuals. A DAO operates completely transparently and completely independently of any human intervention, including its original creators. A DAO will stay on the network as long as it covers its survival costs and provides a useful service to its customer base” Stephen Tual, Slock.it Founder, former CCO Ethereum How has the Ethereum network changed the role of developers in the cryptocurrency space? It is obvious from the above quote that Ethereum has made it very easy for developers to build and launch Dapps, DAOs and Smart Contracts on the network. You can say that it now takes less genius to create a cryptocurrency, thanks to Ethereum. What are we likely to see in the future? The roles of developers in the cryptocurrency space will keep evolving and perhaps become less complex with time. There are numerous online courses offering training for developers, as the remuneration for this function is becoming increasingly lucrative. But like with many other things, it is also a question of survival of the fittest. The competition will be fierce, and the urge to survive will be intense. The best developers may come up with something we cannot even imagine now, and better than what we currently have. “ “Notable Personalities within the Cryptocurrency Industry Vitalik Buterin – Programmer and Entrepreneur The well-known genius behind the Ethereum project is a young scientist and entrepreneur named Vitalik Buterin. His unique contribution, through the Ethereum project, has transformed the blockchain industry since the project took off in 2015. Ethereum has allowed for the development of Dapps and smart contracts which have revolutionized many blockchain projects. It is currently the second largest cryptocurrency in terms of transaction volumes. Nick Szabo He has been referred to as the secret cryptocurrency pioneer. He is responsible for coining the term “smart contracts” in 1996, and he is also behind an earlier blockchain innovation – Bitgold. He first came to attention in 1996 after his publication of Smart contracts: Building blocks for digital free markets. John McAfee He is both hated and loved in the cryptocurrency industry in equal measure. McAfee, a software tycoon, is heavily invested in cryptocurrencies, and was for a while, the “voice of judgement” to determine which ICOs or coins to invest in. Investors waited for his tweet before they invested their money. John McAfee’s tweets have played an outsized role in shaping the cryptocurrency space, especially in promoting ICOs and popularizing certain coins. “ “Notable Personalities within the Cryptocurrency Industry §2 Hal Finney He is second only to Satoshi Nakamoto when it comes to using bitcoin as a payment method, having actually received the first bitcoin payment from Satoshi himself. He has also been “accused” of being the real identity of Satoshi Nakamoto. Hal Finney has made milestone contributions to the development of cryptocurrencies. Finney was a cryptography activist and regularly posted on cypherpunks. In 2004, he created the first reusable proof of work system, before bitcoin. The DAO hacker This anonymous person (or group) has made a significant impact on cryptocurrency by managing to hack into the Ethereum network. The DAO hack resulted in the split of the Ethereum network, leading to the emergence of Ethereum classic. As much as this was a bad thing for several reasons, it has also served as a learning experience for the future; smart contracts are not infallible if a flaw can be introduced into the code. Contrasts between Blockchain & Traditional Roles The disruptive technology behind cryptocurrency is making an impact across diverse industries, affecting jobs in different ways. We will examine some traditional roles to see how they have evolved to function inside the blockchain industry. And we will see how some other traditional-world roles simply cannot exist in the blockchain space at all. “ “Traditional Roles which will evolve Realtors Once they get a willing buyer or seller to service, the bulk of work that a realtor does is paper work. With Blockchain technology, the paperwork will be largely eliminated. The role of realtors is likely to change in many ways similar to that of stockbrokers. Their role will become focused on facilitating or assisting individuals make complex decisions as opposed to just facilitating the transaction. SMARTRealty is a blockchain startup that is transitioning the real estate business to the blockchain. To the degree that paperwork is eliminated or significantly reduced, the process of buying and selling a house will be made much faster. The verification and transfer process will be swift and secure with records immutably stored on the blockchain. The blockchain will also allow for a trustless system where potential home buyers and sellers can interact directly without the need for a trusted intermediary. “ “Traditional Roles which will evolve §2 Banking Roles Research has shown that millions of people in the undeveloped world remain largely unbanked. Many developing nations suffer from unstable governments which lead to unstable national currencies and unreliable legal frameworks. This may in fact be the population group that needs cryptocurrencies more than anyone. Banking roles have largely become digitized in the modern globalized economy. All roles in the banking industry will likely further become focused upon the specific value added by each role. There will be less of a focus on pushing paperwork and a greater focus on providing a unique and discernable service to their customers. In third world countries with multitudes of unbanked individuals, the blockchain technology will allow those countries to start fresh, leapfrog ahead, and remove many of the grievances and friction points which presently plague their financial systems. “ “Traditional Roles which will evolve §3 Supply Chain Management In the past, it has been the duty of supply chain managers to record and track goods or services through the entire process from creation to their ultimate destination. This has been an arduous task, especially when the supply chain is prolonged, complicated and indirect. Blockchain startups have been created to tackle this challenge. The blockchain offers indisputably superior supply chain management as it greatly reduces delays, eliminates human error, is cheaper to use, and much easier to monitor. This role will therefore be forced to evolve to one of mostly management and troubleshooting issues along the supply journey. Records Management Records Management is a supportive yet vital role in many institutions. Record managers are tasked with responsibility to ensure the integrity of records both manually and electronically. The blockchain is one large immutable and tamper proof ledger. What better record could anyone possibly ask for? As more and more industries integrate blockchain into their operations, there will be less and less need to employ record managers to maintain records and ensure their integrity. Record Managers are likely to be one of the roles actually made obsolete as a result of the blockchain technology. The value they currently add to a business transaction will be rendered useless, and there does not appear to be any similar or adjacent role for these people to fill. “ “Traditional Roles which will evolve §3 Retail Roles The Retail business contains many roles from the front to the back end. The front end of the retail business should survive because they provide a special face-to-face service to customers. The back end of the retail operation however is a different story. Everything from supply chain management to accounts is likely to become obsolete. Blockchain technology will not only fundamentally redefine those roles but it will also dramatically reduce the workforce required to carry out the remaining functions. Openbazaar is one blockchain startup that is trying to create a trustless system that will allow manufacturers and buyers to connect without a middleman. The roles in the retail industry are likely to further move toward providing personal service and creating unique value-added experiences. Roles which are largely administrative and indistinguishable from one firm to another will become obsolete or at least dramatically leaner with time. What are current expectations for each role in the cryptocurrency industry? Read the full lesson of the UBAI Intermediate Course to get better understanding of blockchain industry: UBAI.co Thinking of how to start initial coin offering in 2019? Contact me via LinkedIn to get all the current information: LinkedIn
Signs Bitcoin is not going to reach mass adoption...
Bitcoin isn't going to go mainstream. No amount of Lightning Network (coming soon), SegWit (coming soon), bigger blocks (coming soon), or hard forks (never coming soon) is going to spur mass adoption. Here are some tell-tale signs that Bitcoin is still on the fringe and will remain so. I used Bitcoin for blank, give me karma. Whether it's buying or selling something for Bitcoin, there are always those posts that seek confirmation from the echo-chamber that what they did is good for Bitcoin. You know what you don't see? Posts anywhere on reddit along the lines of "I bought this X for fiat from Amazon." You know why? No one cares if you use cash because it is mundane, widely available, and trivial to use. It is a tell-tale sign of mass adoption. Bitcoin technology is going to revolutionize the BLANK INDUSTRY. Capitalists are the kind who will find and exploit every advantage they can to gain a competitive edge. Be it technology, process, idea, or whatever if it can be turned into a money making machine. There have been estimates that Bitcoin has a $10 billion market cap, which is certainly impressive for something that came from nothing. But in the grand scheme of commercial trade it's a drop in the bucket. If Bitcoin were truly revolutionary, capitalists would have exploited it and actively contributed to its development already. Sure, there have been some minor localized successes, but not one truly revolutionary and successful billion dollar company has arisen. Not one Bitcoin company is a ubiquitous household name or brand. The ones everyone knows about in the Bitcoin space are irrevocably linked with fraud. Mt. Gox and Bitfinex for example. ...well. The most innovation in the Bitcoin space appears to be dark net markets and malware. Whether that's truly a welcome revolution is up for debate. Bitcoin innovation is stagnant. Other than slapping a miner on an already existing product, ahem 21 inc., what big innovation has there been in the Bitcoin space? The apps for buying and selling Bitcoin are all pretty much the same functionally. OpenBazaar has not heralded the end of online commerce as anticipated. It also continues to promise more features perpetually "coming soon" while the competition out-innovates them at the same time. Micro-tipping ChangeTip didn't really take off, and Steem or Yours isn't really a threat to any social network not focused around the idea. KimDotCom talks big, but he has yet to deliver. u/changetip dose of reality Bitcoin's fluctuating value makes it impossible for the average person calculate. Notice that everything is still pegged to fiat in terms of valuation? Without using an internet device tell me how much $5 is worth in Bitcoin. Now decrease that by 7.23% because the BTC market dropped, again without the internet or a calculator. How much Bitcoin is that $0.99 coffee? What about this afternoon when Bitcoin is up 4.77%? What is your profit margin right now for being the seller? How about when you sold coffee for 12.19% earlier today. Also, did you pay the right amount of penny shavings for your coffee transaction to go through? Yes? It may take up to 10 minutes to process. Maybe. Or not. We could have paid $0.99 in filthy fiat and been on our way already. Widespread adoption isn't happening organically, or at all in most areas. Outside of San Francisco and a few technically savvy urban enclaves where digital natives are on the cutting edge, there is no use case for Bitcoin in Kansas. Bitcoin has to rely on those who believe that it is better than fiat to spread the gospel of Satoshi (#NotACult). Until you don't have to have someone proselytize at length about Bitcoin's advantages over fiat, it isn't mainstream. How many posts have you come across where "I convinced Business Owner X to accept Bitcoin" only to check in later to find out they are no longer accepting it? Speaking of cults... Self-congratulatory posts patting the faithful on the back for their piety in printing out Bitcoin flyers or pasting stickers in public are frequent. Any time a Bitcoin logo is spotted in Mr. Robot, alongside the THOUSANDS of other symbols in it, the faithful are further convinced that widespread adoption is an inevitable reality. They're convinced viewers are keyed in to an insignificantly minor detail which will unravel the wisdom of the fiat destroyer Satoshi Nakamoto who will bring prosperity to all who read the hallowed white paper. Also, deviation from the truth laid down in the whitepaper is heresy. #NotACult Which leads to all sorts of problems when the core developers, miners, or users want to change something for the improvement of Bitcoin. How many BIPs are actually implemented successfully without raising the ire of a vociferous userbase rabidly against change? (If you do know, please comment.) Mass adoption would inevitably require regulation. One of the functions of Bitcoin is to be a stateless, borderless, and censorship resistant currency. Does it accomplish that? Yes. But if Bitcoin were to become widely adopted it would inevitably attract regulation. Uber is a great example of what happens when industry outpaces regulation. Uber drivers disrupted the taxi industry mainly because most places did not have regulations in place. Although providing an innovative service, it also led to insurance problems when drivers got into accidents, or health and safety concerns when drivers or riders get involved in an incident. Regulation is bringing the cavalier industry back into the realm of public safety and security. Bitcoin may outpace regulation for a while, but mainstream adoption will inevitably require regulation at some point. How much of a percentage profit is legal when selling Bitcoin at an ATM? How do you classify gains or losses on taxes? What if I want to set up a retirement plan? What if the entity I store my Bitcoin savings with goes under? Those sorts of every day questions have legal ramifications that need to be parsed out for people to feel secure enough to adopt Bitcoin. If you're screaming "STATIST SHILL" while reading this on a computer of some kind, remember that there are legal regulations insuring the device you're reading this on conforms to certain requirements. Be your own bank is not a good thing for most people. We hire people to be experts and professionals to do things we are not good at ourselves. You'd hire a lawyer to litigate on your behalf. You'd hire a plumber to fix your leaking pipes. Most people are not good at being their own bank. Storing large amounts of cash in areas that are susceptible to theft is not a good idea. That's why people have banks. Do banks get robbed? Yes, but regulation insures that your deposits will be reimbursed. Can you be your own bank with Bitcoin? Yes. But you also assume all the risk, even the ones you are not cognizant of. bitcoin is no stranger to posts from users who lose their bitcoin with no means of recovery because they didn't fully anticipate the risks. SFYL. But why would you want to go through all the hoops to be your own bank? You still need to convert that Bitcoin to fiat (or vice versa), get a loan for a car or home, or pay utility bills. Irreversible transactions mean your money is gone. Unless the person on the receiving end is feeling altruistic, those Bitcoin you sent to the wrong address or were "hacked" from the exchange you use are gone. How many people have been successful at recovering their lost Bitcoin through legal means? How many lawsuits have been successful at this? ::crickets:: The place where I store my money took 30% because they screwed up. The ongoing BitFinex debacle is a prime example of why you should trust no one with your Bitcoin. Sure, they appeared legitimate. They were operating a successful exchange. Everything appeared to be in order and were highly recommended by most in the Bitcoin space. Until they got "hacked" and decided to distribute the "losses" among the users. Most of those who lost Bitcoin in the hack are powerless to do anything. Some have turned to the authorities to recover their losses. Some are trying to mount a lawsuit. Some are going through the various stages of grief. The inevitable "hack" that large Bitcoin entities experience is becoming a routine way for trusted innovators in the space to cash out safely with other people's savings. Mt. Gox, Cryptsy, and BitFinex are merely the largest skulls on a pile of bones of cryptocurrency heists. They were all trusted, until it became apparent that it was all a scam. An industry where "trusted" actors can get away with theft is a barrier to widespread adoption. Reddit is the primary communications platform where announcements occur. If you've been burned by bitcoin or some company's support agents that didn't respond to your post, we welcome you with open arms. Bitcoin is going to put an end to wars and government tyranny. At what point in history has the use of currency determined whether or not a group, religious faction, or nation is going to wage hostilities against another? Or that adoption of a currency led to an outbreak of peace? It isn't going to happen. Every now and then Greece, Venezuela, or (INSERT AFRICAN COUNTRY HERE) experience economic turmoil and it is viewed as an opportunity for Bitcoin adoption. No, it isn't even an opportunity. Because the people who use Bitcoin also have easy access to stable fiat currency through banks. They have the first world luxury of being able to convert fiat to Bitcoin relatively easily. (If jumping through several additional steps can be considered easy.) Has Bitcoin taken off anywhere with economic turmoil? Let's check the history books. No. Not one. Even marginal increases in adoption didn't occur. I'm sure there are Captains of Industry who disagree with me for expressing these ideas. I'm sure there are also those who like me have been banned from bitcoin for pragmatic, practical, and reasonable insights. If you've wandered over here from bitcoin or btc or are u/americanpegasus looking to waste $50,000 of your precious time... welcome. Gentlemen...
What is FLO? FLO is a cryptocurrency that introduces a worldwide public record for storing information. FLO coins are needed to pay for storage capacity, and coins are issued to reward participants for their work to secure and distribute information. FLO is used to send payments and store data. This encourages building applications because anyone has the ability to write data into FLO. How does FLO work? FLO is a network similar to bitcoin where the open ledger is secured by miners competing to find proof-of-work. FLO has its own ledger, called the FLO blockchain, that can be thought of as a digital public space for storing information.
40 second block generation allows for fast confirmations, but not too fast to cause problems with network synchronisation.
No pre-mine, super-blocks or zero-blocks at the start.
Quick difficulty adjustment should limit insta-mining in the first hours after launch.
A floData can be added to any coin transaction. This can be used to attach a simple message or reference to a transaction, or for any other purpose decided by the coin receiver and sender. floData is currently limited to 1040 characters. Both the GUI and RPC interface have been extended to implement this feature.* The floData field can be seen under the "Transactions" tab when you double click on a a transaction ("Transaction information"). Also available from the terminal by doing "listtransactions".
Note that floData is stored in the block-chain and are therefore public. If you want to send private information in your floData you should encrypt the message using a method agreed upon by the sender and receiver.
floData has minimal impact on the size of the block chain due to small size (relative to the size of a block in the chain) and the fact that it does not take up any extra space when not used in a transaction. Transaction costs (calculated on transaction size) also offset the impact of slightly larger transactions when floData is included.
Block target spacing: 40 seconds Difficulty retargets every blocks Block reward: 100 FLO, halving every 800,000 blocks (about 1 year) Maximum coins: 160 million FLONetwork port: 7312RPC port: 7313
Shutting down or restricting the uses of bank accounts, thereby forbidding clients to buy crypto, is a blatant affront to the rights of civil liberty, manifested, but not limited to, in the rights to private property and free speech (562 points, 262 comments)
I believe Bitcoin Core/Blockstream is now attempting to infiltrate Bitcoin Cash in the same manner that they did with Bitcoin Segwit. They are suddenly befriending Bitcoin Cash. Only in that way can they destroy from within. Do not be fooled. (401 points, 166 comments)
You have $100 worth of BTC. So you purchase an item for $66, but have to pay a $17 fee. Now you have $17 worth of Bitcoin left, but it costs $17 more to move it. So $66 item effectively cost you $100. #Thanks BlockStream (1420 points, 433 comments)
2025 points: kairepaire's comment in As of today, Steam will no longer support Bitcoin as a payment method
2018 points: vbuterin's comment in "So no worries, Ethereum's long term value is still ~0." -Greg Maxwell, CTO of Blockstream and opponent of allowing Bitcoin to scale as Satoshi had planned.
1215 points: vbuterin's comment in Vitalik Buterin tried to develop Ethereum on top of Bitcoin, but was stalled because the developers made it hard to build on top of Bitcoin. Vitalik only then built Ethereum as a separate currency
1211 points: LiamGaughan's comment in As of today, Steam will no longer support Bitcoin as a payment method
— OpenBazaar (@openbazaar) 4. April 2016. OpenBazaar wurde von vielen mit Vorfreude erwartet, weil es ein grenzenloses Netzwerk sein kann. Wir können gespannt sein, ob sich OpenBazaar als echte Alternative zu den derzeitigen Online-Marktplätzen herausstellen kann. Bitcoin Preis Prognose Back in April of 2016 news.Bitcoin.com reviewed the Openbazaar platform the first day the marketplace launched. Since then the application has come a long way with many updates, new features, and ... Eine Roadmap für OpenBazaar, eine wohltätige Ransomware, ein Hack, einige neue Akzeptanzstellen: Die Bitcoin News der Woche fassen zusammen, was in dieser Woche geschehen ist. Um ehrlich zu sein, gab es schon mal spannender Bitcoin-Wochen als diese. Dies zeigt sich auch im Kurs: Er startete bei 392 Euro, erreichte einen Spitzenwert von 405 und spazierte dann wieder auf 399 herunter und ist ... OpenBazaar is a peer-to-peer ecommerce platform with no fees or restrictions. ... The whatsminer M3-11.5TH/S overclocking version is an ASIC Bitcoin miner with a 28nm chip. Mining machine parameters Product model: whatsminer M3-11.5TH/S overclocking version Machine hash: 11.5 t / s plusmn 5% Wall power consumption: 0.17 kW/th Cooling fan: 2 Total number of hash boards: 3 Powerplant: Whatspower ... A free online marketplace to buy and sell goods / services using cryptocurrency. OpenBazaar is a peer-to-peer ecommerce platform with no fees or restrictions.
OpenBazaar 2, l'ecommerce decentralizzato per Bitcoin e criptovalute
OUT NOW📣 OpenBazaar 2.0 / Good Time To Buy Bitcoin? As Unreliable News Spooks Markets (Cryptoverse) - Duration: ... The Future of Mining: The Evolution of Hashpower TNABC 2020 - Duration: 19 ... Send BTC to: 1LPRtwK7EAq3E7E7wQY4MaXpGV9WBeNeCU https://paypal.me/RidleyChozo The OpenBazaar user SkyHighLabs completely f'd me over by exploiting the disput... Bitcoin e le criptovalute risolvono il problema del denaro decentralizzato, ma per avere un'adozione di massa gli altri 2 punti da risolvere sono ecommerce ed exchange decetralizzati. OpenBazaar ... This video is unavailable. Watch Queue Queue. Watch Queue Queue ULTRA HD video processing for people with fast conections. For now this was SUpposed to be HD don't know what happened. Not having a recovery partition on my El Capitan Installation on my Mac Pro ...