# Bitcoin Asic Mining Board Project - How Do You Mine ...

BitCoin Weekly: 2/7/13 ASIC Boards Arrive, Reddit Gold, BitCoin Breaks $20 and Much more

BitCoin Weekly: 2/7/13 ASIC Boards Arrive, Reddit Gold, BitCoin Breaks $20 and Much more submitted by ThePanCakeKid95 to Bitcoin [link] [comments]

[ANN][ANDROID MINING][AIRDROP] NewEnglandcoin: Scrypt RandomSpike

New England
New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/
NewEnglandcoin
Symbol: NENG
NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones.
Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt.
1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377
NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number
Bitcoin Fork - Suitable for Home Hobbyists
NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs.
The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity.
MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018)
https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn
CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software.
Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%.
NENG v1.4.0 release enabled CPU mining inside android phones.
Youtube Video Tutorial
How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg
How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ
Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG.
We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange.
Twitter Airdrop
Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners
Graphic Redesign Bounty
Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs
Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form.
Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues.
Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1
Milestones
Roadmap
NENG v1.4.0 Android Mining, randomSpike Evaluation https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/NENG_2020_Q3_report/NENG_2020_Q3_report.pdf
RandomSpike - NENG core v1.3.0 Hardfork Upgrade Proposal https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2020Q1_Report/Scrypt_RandomSpike_NENGv1.3.0_Hardfork_Proposal.pdf
NENG Security, Decentralization & Valuation
https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2019Q2_report/NENG_Security_Decentralization_Value.pdf
Whitepaper v1.0 https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/whitepaper_v1.0/NENG_WhitePaper.pdf
DISCORD https://discord.gg/UPeBwgs
Explorer
http://www.findblocks.com/exploreNENG http://86.100.49.209/exploreNENG http://nengexplorer.mooo.com:3001/
Step by step guide on how to setup an explorer: https://github.com/ShorelineCrypto/nengexplorer
Github https://github.com/ShorelineCrypto/NewEnglandCoin
Wallet
Android with UserLand App (arm64/armhf), Chromebook (x64/arm64/armhf): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.5
Linux Wallet (Ubuntu/Linux Mint, Debian/MX Linux, Arch/Manjaro, Fedora, openSUSE): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.3
MacOS Wallet (10.11 El Capitan or higher): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.2
Android with GNUroot on 32 bits old Phones (alpha release) wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0
Windows wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.3.0.1
addnode ip address for the wallet to sync faster, frequently updated conf file: https://github.com/ShorelineCrypto/cheetah_cpumineblob/mastenewenglandcoin.conf-example
How to Sync Full Node Desktop Wallet https://www.reddit.com/NewEnglandCoin/comments/er6f0q/how_to_sync_full_node_desktop_wallet/
TWITTER https://twitter.com/newenglandcoin
REDDIT https://www.reddit.com/NewEnglandCoin/
Cheetah CPU Miner Software https://github.com/ShorelineCrypto/cheetah_cpuminer
Solo Mining with GPU or ASIC https://bitcointalk.org/index.php?topic=5027091.msg52187727#msg52187727
How to Run Two Full Node in Same Desktop PC https://bitcointalk.org/index.php?topic=5027091.msg53581449#msg53581449
ASIC/GPU Mining Pools Warning to Big ASIC Miners Due to DynDiff Algo on top of Scrypt, solo mining is recommended for ASIC/GPU miners. Further more, even for mining pools, small mining pool will generate better performance than big NENG mining pool because of new algo v1.2.x post hard fork.
The set up configuration of NENG for scrypt pool mining is same as a typical normal scrypt coin. In other word, DynDiff on Scrypt algo is backward compatible with Scrypt algo. Because ASIC/GPU miners rely on CPU miners for smooth blockchain movement, checkout bottom of "Latest News" section for A WARNING to All ASIC miners before you decide to dump big ASIC hash rate into NENG mining.
(1) Original DynDiff Warning: https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708 (2) New Warning on RandomSpike Spike difficulty (244k) introduced in RandomSpike served as roadblocks to instant mining and provide security against 51% attack risk. However, this spike difficulty like a roadblock that makes big ASIC mining less profitable. In case of spike block to be mined, the spike difficulty immediately serve as base difficulty, which will block GPU/ASIC miners effectively and leave CPU cheetah solo miners dominating mining almost 100% until next base difficulty reset.
FindBlocks http://findblocks.com/
CRpool http://crpool.xyz/
Cminors' Pool http://newenglandcoin.cminors-pool.com/
SPOOL https://spools.online/
Exchange
📷
https://shorelinecrypto.com/
Features: anonymous sign up and trading. No restriction or limit on deposit or withdraw.
The trading pairs available: NewEnglandcoin (NENG) / Dogecoin (DOGE)
Trading commission: A round trip trading will incur 0.10% trading fees in average. Fees are paid only on buyer side. buy fee: 0.2% / sell fee: 0% Deposit fees: free for all coins Withdraw fees: ZERO per withdraw. Mining fees are appointed by each coin blockchain. To cover the blockchain mining fees, there is minimum balance per coin per account: * Dogecoin 2 DOGE * NewEnglandcoin 1 NENG
Latest News Aug 30, 2020 - NENG v1.4.0.5 Released for Android/Chromebook Upgrade with armhf, better hardware support https://bitcointalk.org/index.php?topic=5027091.msg55098029#msg55098029
Aug 11, 2020 - NENG v1.4.0.4 Released for Android arm64 Upgrade / Chromebook Support https://bitcointalk.org/index.php?topic=5027091.msg54977437#msg54977437
Jul 30, 2020 - NENG v1.4.0.3 Released for Linux Wallet Upgrade with 8 Distros https://bitcointalk.org/index.php?topic=5027091.msg54898540#msg54898540
Jul 21, 2020 - NENG v1.4.0.2 Released for MacOS Upgrade with Catalina https://bitcointalk.org/index.php?topic=5027091.msg54839522#msg54839522
Jul 19, 2020 - NENG v1.4.0.1 Released for MacOS Wallet Upgrade https://bitcointalk.org/index.php?topic=5027091.msg54830333#msg54830333
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining, Ubuntu 20.04 support https://bitcointalk.org/index.php?topic=5027091.msg54803639#msg54803639
Jul 11, 2020 - NENG v1.4.0 Android Mining, randomSpike Evaluation https://bitcointalk.org/index.php?topic=5027091.msg54777222#msg54777222
Jun 27, 2020 - Pre-Announce: NENG v1.4.0 Proposal for Mobile Miner Upgrade, Android Mining Start in July 2020 https://bitcointalk.org/index.php?topic=5027091.msg54694233#msg54694233
Jun 19, 2020 - Best Practice for Futurebit Moonlander2 USB ASIC on solo mining mode https://bitcointalk.org/index.php?topic=5027091.msg54645726#msg54645726
Mar 15, 2020 - Scrypt RandomSpike - NENG v1.3.0.1 Released for better wallet syncing https://bitcointalk.org/index.php?topic=5027091.msg54030923#msg54030923
Feb 23, 2020 - Scrypt RandomSpike - NENG Core v1.3.0 Relased, Hardfork on Mar 1 https://bitcointalk.org/index.php?topic=5027091.msg53900926#msg53900926
Feb 1, 2020 - Scrypt RandomSpike Proposal Published- NENG 1.3.0 Hardfork https://bitcointalk.org/index.php?topic=5027091.msg53735458#msg53735458
Jan 15, 2020 - NewEnglandcoin Dev Team Expanded with New Kickoff https://bitcointalk.org/index.php?topic=5027091.msg53617358#msg53617358
Jan 12, 2020 - Explanation of Base Diff Reset and Effect of Supply https://www.reddit.com/NewEnglandCoin/comments/envmo1/explanation_of_base_diff_reset_and_effect_of/
Dec 19, 2019 - Shoreline_tradingbot version 1.0 is released https://bitcointalk.org/index.php?topic=5121953.msg53391184#msg53391184
Sept 1, 2019 - NewEnglandcoin (NENG) is Selected as Shoreline Tradingbot First Supported Coin https://bitcointalk.org/index.php?topic=5027091.msg52331201#msg52331201
Aug 15, 2019 - Mining Update on Effect of Base Difficulty Reset, GPU vs ASIC https://bitcointalk.org/index.php?topic=5027091.msg52169572#msg52169572
Jul 7, 2019 - CPU Mining on macOS Mojave is supported under latest Cheetah_Cpuminer Release https://bitcointalk.org/index.php?topic=5027091.msg51745839#msg51745839
Jun 1, 2019 - NENG Fiat project is stopped by Square, Inc https://bitcointalk.org/index.php?topic=5027091.msg51312291#msg51312291
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto https://bitcointalk.org/index.php?topic=5027091.msg50714764#msg50714764
Apr 7, 2019 - Announcement of Fiat Project for all U.S. Residents & Mobile Miner Project Initiation https://bitcointalk.org/index.php?topic=5027091.msg50506585#msg50506585
Apr 1, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50417196#msg50417196
Mar 27, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50332097#msg50332097
Mar 17, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50208194#msg50208194
Feb 26, 2019 - Community Project - NewEnglandcoin Graphic Redesign Bounty Initiated https://bitcointalk.org/index.php?topic=5027091.msg49931305#msg49931305
Feb 22, 2019 - Dev Policy on Checkpoints on NewEnglandcoin https://bitcointalk.org/index.php?topic=5027091.msg49875242#msg49875242
Feb 20, 2019 - NewEnglandCoin v1.2.1 Released to Secure the Hard Kork https://bitcointalk.org/index.php?topic=5027091.msg49831059#msg49831059
Feb 11, 2019 - NewEnglandCoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork https://bitcointalk.org/index.php?topic=5027091.msg49685389#msg49685389
Jan 13, 2019 - Cheetah_CpuMiner added support for CPU Mining on Mac https://bitcointalk.org/index.php?topic=5027091.msg49218760#msg49218760
Jan 12, 2019 - NENG Core v1.1.2 Released to support MacOS OSX Wallet https://bitcointalk.org/index.php?topic=5027091.msg49202088#msg49202088
Jan 2, 2019 - Cheetah_Cpuminer v1.1.0 is released for both Linux and Windows https://bitcointalk.org/index.php?topic=5027091.msg49004345#msg49004345
Dec 31, 2018 - Technical Whitepaper is Released https://bitcointalk.org/index.php?topic=5027091.msg48990334#msg48990334
Dec 28, 2018 - Cheetah_Cpuminer v1.0.0 is released for Linux https://bitcointalk.org/index.php?topic=5027091.msg48935135#msg48935135
Update on Dec 14, 2018 - NENG Blockchain Stuck Issue https://bitcointalk.org/index.php?topic=5027091.msg48668375#msg48668375
Nov 27, 2018 - Exclusive for PC CPU Miners - How to Steal a Block from ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48258465#msg48258465
Nov 28, 2018 - How to CPU Mine a NENG block with window/linux PC https://bitcointalk.org/index.php?topic=5027091.msg48298311#msg48298311
Nov 29, 2018 - A Warning to ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708
Disclosure: Dev Team Came from ShorelineCrypto, a US based Informatics Service Business offering Fee for service for Coin Creation, Coin Exchange Listing, Blockchain Consulting, etc.
submitted by honglu69 to NewEnglandCoin [link] [comments]

08-11 01:54 - 'Canaan's Co-Chairman was 'Out', Chinese BIG3 Bitcoin Miner Makers under Inner Wars' (self.Bitcoin) by /u/CjOnChain removed from /r/Bitcoin within 964-974min

'''
[link]1
The Bitcoin miner maker Canaan Creative (NASDAQ: CAN) lately announced that five members of their board are leaving. As told, the terms of office of two directors, namely Jianping Kong and Qifeng Sun, expired on July 31, and three of its independent directors, namely Hong Zhang, Xiaohu Yang and Mei Luo, expired on August 1.
It is noteworthy that all the departing directors are not allowed to seek appointments nor participate in the elections of the board of directors after the expiration of their terms of office.
On July 9, Canaan Creative’s Hangzhou headquarter underwent business registration record modification. Former directors Kong, Sun and Li Jiaxuan, as well as supervisor Tu Songhua withdrew from the board, and Meng Lu was added as the new supervisor. "The corporate contact person also changed from Zhang Jing to Zhang Ning.
According to the news, recently, the founder Zhang Nangeng had come with some Canaan Creative executives from Beijing to Hangzhou, dismissed a number of managers of Hangzhou headquarter, took away the official seal and business license of the company, later that day, some employees called the police.

[link]2
The same as Bitmain, the first NASDAQ listed Bitcoin miner maker Canaan Creative also built the VIE structure, the main body of the company set up in the Cayman Islands. According to some sources, there has been a power struggle in Canaan Creative, between Zhang’s Beijing office and Kong’s Hangzhou office.
In response to what happened in Hangzhou, Canaan Creative said that, "after the registration modification, the company is running normally, and all subsidiaries in China are headed by Zhang as the company's executive director, general manager and legal representative”.
The power struggle in Canaan is not a single case. As the former industry dominant, BitMain technologies, who has released IPO prospectus in 2018 but with no progress, stuck in a Cayman Islands lawsuit between two founders. Its business is also badly affected.
While another rising star MicroBT’s founder suffered from the disaster behind bars. December 12, 2019, Shenzhen Nanshan Court announced that the criminal suspect Yang Zhenxing was arrested by the crime of official encroachment. Outpost OnChain confirmed the news with MicroBT at the first moment.

[link]3
Dr. Yang was graduated from Tsinghua University, had been the former miner chip design supervisor in BitMain and worked for the mysterious miner maker ‘FriedCat’. He had designed so-called BE300 chip using a "full custom methodology", the chip failed to go into mass production with the disappearance of FriedCat.
Yang disclosed the "Full Custom Methodology” to the founder of BitMain, Zhan Ketuan, which can significantly reduce the cost and power consumption of the chip. Yang worked part-time to help design the S7 miner (1385 chip) and the S9 miner (1385 chip) that made BitMain's mining dominance possible.
In 2016, Yang left BitMain and built up Shenzhen MicroBT Electronic Technology Company. Subsequently, MicroBT released a number of high-performance crypto mining products, quickly squeezed into the market, which had shaken the market dominance of BitMain. Later on, BitMain launched a patent ownership and infringement dispute lawsuit against MicroBT.
However, a source said that there are some hidden facts behind Yang's arrest. As the source acknowledged, during the end of 2019, the lawsuit between BitMain and MicroBT made significant progress, law enforcement officers from Beijing has come to Shenzhen to handle the case. Right at this point, as the chairman, general manager and the actual beneficiary of MicroBT, Yang arrested by a 100 thousands RMB worth embezzlement case. The case between BitMain suspended after that. The timeliness of the embezzlement case and the identity of the informer are worthy of considering.
Satoshi Nakamoto may not have imagined the emergence of ASIC chips when he published the Bitcoin white paper. The mining machine, a money-printing artifact, has created wealth for mining giants such as BitMain, MicroBT and Canaan Creative in just a few years. While the rapid accumulation of wealth, pathetic stories have also been staged, from the vanish of the FriedCat to the BitMain’s official seal wresting case. The road less traveled may not be the right path for everyone.
'''
Canaan's Co-Chairman was 'Out', Chinese BIG3 Bitcoin Miner Makers under Inner Wars
Go1dfish undelete link
unreddit undelete link
Author: CjOnChain
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Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Why I choose Bitcoin Cash over Bitcoin

A few days ago I posted my doubts and criticism about BTC vs BCH, but now I have made my mind up after a lenghty research yesterday and today, I have chosen BCH.
Disclaimer: I have already owned BCH before that.
So I was already on board BCH, but I had my doubts about it, and certainly the noise the other side makes, it made me doubt myself whether I made the best choice or not. After all it's about money, and the first thing that comes into a person's mind is that it worries about losing it. So if BCH would have been inferior to BTC then there would have been a strong chance of losing that money, through the price doing down like with the other fake coins Bitcoin Gold, Bitcoin Diamond, etc...
Because from an investment standpoint I shouldn't care about sides, I just want the one that has a better future and more potential in it. So if I would have found out that BTC is better I would have sold my BCH for BTC obviously, I would have no sentimental attachment to either of them, I just want to be on the right side. Eventually hedge, but hedging is like the game of uncertain people, and there is no uncertainty here, all the evidence shows one side to be much better than the other. It's not even like 70-30, it's more like 99-1.
Now I did a lenghty research, read all the comments on my posts, and compared them to the claim BTC makes on their websites and influential BTC people have stated, asked questions, used logic, and it's now objectively clear to me that BCH is the right side to be on.
   

FEES

I was already doubtful about BTC, that is why I have switched to BCH about a year ago, I saw their shady activities, but the final nail in the coffin was probably the massive FEE problem, that started last November and ended in February. That made me totally dislike BTC.
However now that the fees are normal in BTC, I had a doubt in my mind that what if they are right? What if the fee spike was just a coordinated attack on BTC, and now that it's over, BTC is just as good as BCH.
I mean if the fees are normal now, and about the same last I looked (maybe BTC is like 20% more expensive but still low like 60 cents), it gives some credibility back to BTC.
There are theories that the coordinated attack was a conspiracy against BTC, but then again BTC has it's own conspiracies too, so why not just ignore the conspiracy theories and look at the facts.
The fact is that it doesn't matter what it was, the mere fact that it happened, and it crippled the network for 4 months, shows that BTC has serious flaws. And it can happen again. So it doesn't matter who did it, it happened, and the network was crippled.
Now if a network can be crippled like that, and if you want this network to host a global payment system, then we will have huge problems.
BCH can defend against such attack much more effectively because it costs more to fill up a 32MB block than a 1MB block, 32x harder. Plus a 32MB block is so small that anyone can handle that right now, even if a 4 month period attack would happen against BCH, and it would be 32x more costly, so it would be harder to pull off.
However if a bigger budgeted attacker would attack again BTC with a 32x budget, then it would cripple BTC for 10 YEARS!!! That would literally make Bitcoin literally die.
   

Non Mining Nodes

One aspect that the BTC people say is that non miner "full nodes" are sacrosanct, and that we need them to keep miners in check, but I haven't heard any coherent answers as to why.
I have read the whitepaper twice, once today and once yesterday, and it states there clearly what the real truth is. You should definitely download and archive the whitepaper because some people tried to rewrite it, Orwellian style, so grab the original one here:
https://blockchair.com/bitcoin/whitepaper
[Download it and save it on your own computer SHA256: b1674191a88ec5cdd733e4240a81803105dc412d6c6708d53ab94fc248f4f553, these Orwellian trolls might try to gaslight you eventually and rewrite the past!]
The whitepaper mentions 3 times that:
The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.
Subsequently:
The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains.
This is word for word how the whitepaper says it. So this alone disproves the full node myth, it's complete nonsense. The miners have total control, and the nodes don't matter. Satoshi designed a 1 CPU 1 vote system, where every node is a miner node. He could not forecast large farm ASIC miners, but then again that isn't resolved by just running non miner nodes.
Furthermore the full node system doesn't have any collective benefit only individual one, which we will get into next, and it might even be a drag:
Instead of going from A->D, you have to go to A->B->C->D with a full node system, adding extra inefficiency and latency. Keep in mind, this is not a medieval pidgeon relay messaging system, the information travels at the speed of light, so there is no need for extra relays, in fact adding extra relays just creates extra latency.
You eventually have to communicate with a miner, so what is the point in having extra "bus stops" along the way? It's just a waste of resources.
We do need many miners to secure the network, and instead of wasting resources on non-mining nodes, they should just spend that on mining if they really want decentralization.
   

SPV Wallets

Another claim that they make is that SPV wallets are insecure. Which is somewhat true, but out of perspective. For general users SPV wallets are totally fine. And I don't think SPV security is lower than what anyone except a billionaire who keeps all his coins in 1 address (very stupid) would need.
This explained well in the whitepaper in the page 5/ paragraph 8 "Simplified Payment Verification" section. The SPV is probabilistically secure, because it fetches blocks that are already agreed upon, so unless a big conspiracy is taking place, miners rewriting the chain, this gives people a probabilistic security.
Most SPV wallets are well implemented so they use the best tools to keep your coin history reasonably accurate, so they fetch data from multiple random servers and compare against it. Certainly Electrum/Electron Cash does this well.
One thing I might add is that it's good to use a VPN too with SPV wallets, in case your are personally targeted by a criminal, so your IP address is randomized too for extra security, so you won't download honeypot blocks that are specifically targeting your IP.
But other than that SPV is just reasonably secure, and by that I mean that it's probably below 0.1% that your coin history can be deceitful, and even then if you wait for 10-15 confirmations and shuffle your VPN IP address around enough times, you can be absolutely sure that the history is accurate.
So their fear is overblown and they are just fearmongering on this, the same way people fearmonger about asteroid impact or alien invasion, it's just not reasonable.
   

Lightning Network

Now as you can see already that a lot of these claims have been utterly debunked, and they don't have coherent arguments to address the rebuttals, in fact in most cases they resort to ad hominems and insults (which I have experienced, just for asking questions). But the coup de grace happens when you realize how inefficient LN is. And for that here are some references, it's mostly technical:
And perhaps it's explained in more simpler terms in youtube videos but the point is that there is real scientific proof that the LN will have awful consequences for the decentralization of BTC, and it inserts and unnecessary middleman into the mix that is a massive point of failure.
It essentially creates a KYC regulated bank network on top of a settlement layer, and the governments around the world will have total control over that. Well the LN nodes are essentially money transmitters because they directly facilitate the transfer of money, so AML/KYC/Tax reporting/Surveillance will happen by default on these nodes. And given that LN can't be a decentralized system but a hub & spoke system, due to the need to keep your wallet online at all times, it will literally become a 3rd party custodian based banking system, literally.
So all of the essence of Bitcoin [word for word quote from the whitepaper]:
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
Will literally cease to exist, and it reverts BTC back into a government regulated banking system, literally.
   
   
There are other arguments too, but these are the main ones, and researching them thoroughly and understanding the issues made me lose all my doubts about Bitcoin Cash and all my faith in Bitcoin.
It can't be any more clear to me now that Bitcoin Cash is the true version of Bitcoin, the real vision of Satoshi and the genuine implementation of it, with all the technical genius-ity that Satoshi had laid out in the whitepaper which is still relevant.
Satoshi laid out everything in the whitepaper, and all of it is implemented geniusly in Bitcoin Cash except for paragraph 7 on page 4 "Reclaiming Disk Space" which talks about block pruning, I am not sure if this is Xthin Blocks or Compact Blocks or Thin Blocks (please explain in the comment section), otherwise it should be implemented, it would be a much better way for scaling than LN.
But other than that BCH is technically superior. Now I don't know whether better things win in politics, but in engineering, if your design is shitty, it will inevitably fall apart. You can't have a skyscraper built on quicksand, it's inevitable disaster.
So look, BCH is obviously risky, it has less users, less merchants; but because it has a solid foundation and probably the 3rd biggest community after ethereum, it has maaaaaaaaaaaaassive opportunity in it to become the best cryptocurrency (because ethereum has the same or worse issues than BTC).
There is no question now whether BCH is better, the only question now is, how long will it take for people to realize this.
 
So I choose to stay with BCH, and now I am 101% supportive of it! Long Live Bitcoin Cash!!
submitted by alexander7k to btc [link] [comments]

To Vitalik and other ETH Devs, GPU Miners need you and you need GPU Miners (PoW/ProgPoW)

This is directed towards u/nickjohnson, u/vbuterin, u/5chdn and other ETH Devs.

Edit: Proof of ProgPoW: https://gangnam.wattpool.net/#/account/0x445c466856266f8a609f87fdc6b0aaeb274d203f
Initial testing is seeing 8.8-10.15mh/s on RX480 and 3.8-4mh/s on RX460. Will include write-up soon, Newest ETH-Miner release!

Let me start this by saying, I mined my first BTC before it was even $100 or well known. BTC Mined. That was my first foray into the PoW mining scene. I had a lot a fun doing so. I enjoy building computers, testing equipment, fixing problems. It's literally my everyday job as an IT Hardware Analyst for a company.

I had to put down my mining on GPU dreams due to ASICs overtaking the networks of both BTC and LTC. I gave up on crypto as a hobby. Why bother? I don't want an ASIC in my house. There's no fun in tuning an ASIC, cannot change out components, upgrade it, etc. Then in 2017 I heard a whisper of GPU mineable coin that was ASIC resistant. It was called Ethereum. It was posed to be the next "Apple" with great innovations. At first I was beset by previous failures of GPU mineable coins getting overtaken by ASICs. Eventually with some discussion to my friend we built our first GPU mining rig in June of 2017. I got into Ethereum by mining it.

Now ASICs run rampant through most of the top 100 Cryptocurrencies. The current outlook, regardless of the bear-market pricing, looks bleak. I want to appeal to Vitalik, Nick, and the other Ethereum developers. It was GPU miners you had in mind when you created the Ethereum network and not ASICs. Vitalik made the best effort of a ASIC-Resistant algorithm. It latest for years but it's a cat and mouse game. Continued development of ASIC-Resistant algorithms needs to continue, not fall by the wayside. u/AndLan u/ohgodagirl, Mr If, and others have poured non-paid work into ProgPoW and getting it working on the Ethereum network because they want to see Ethereum succeed.

ASICs are now on the network, ProgPoW is a solution, and we need YOU DEVELOPERS, To stand with US, THE MINERS! Together lets push Ethereum forward to #1!

The Developers and GPU Miners need a symbiotic relationship. GPU Miners are NOT against you! You should not be against us! We need to stand together to make Ethereum strong and succeed, not become Bitcoin, which as even in Ethereum's whitepaper you understood it became fairly centralized.
However, this mining algorithm is vulnerable to two forms of centralization. First, the mining ecosystem has come to be dominated by ASICs (application-specific integrated circuits), computer chips designed for, and therefore thousands of times more efficient at, the specific task of Bitcoin mining. This means that Bitcoin mining is no longer a highly decentralized and egalitarian pursuit, requiring millions of dollars of capital to effectively participate in.

In regards to Centralization Mr If, made an excellent argument last Dev meeting, for ProgPoW which I shall reiterate/paraphrase here for everyone on Reddit.

PoW is geared towards industries of scale. This is why ASICs typically become the dominate force, because the ASIC manufactures have the capital, investment, and industry to produce them at a low cost. Thus they reap the PoW rewards. Hence why all PoW tends to go towards ASIC. They can decide to sell ASIC and recoup cost plus profit or keep mining with that equipment. Making ASICs egalitarian. ASIC manufactures decide, not the miner communities, what they do with the ASICs. You pay to play and you must be first.
ProgPoW takes the same approach but changes who the industry is, instead of Bitmain/Innosilicon it is AMD/Nvidia. These two companies are industrial level manufactures and have the ability to produce on a scale to support PoW(Just look at all the overstock of Nvidia 1000 GPUs). In this sense we are trading one(ASICs) for another (ASIC-GPUs). We as PoW miners must use Nvidia/AMD GPUs to support the network. Because it is the commodity hardware mass available to everyone. ASICs ARE NOT commodity hardware and ARE NOT mass available to everyone. Changing from Eth-hash to ProgPoW changes the players in the game and chooses the lesser two evils (AMD/Nvidia).

ProgPoW is not stricitly an Algorithm to replace Eth-hash but a has various "buttons" and "knobs" to tune. hence why its called Programmable! Ill let an Eth-miner Dev explain it...
-Andrea LanFranchi (EthMiner Dev)
ProgPoW is not strictly an Algo, it is a finite set of basic operations. ProgPoW is to be considered more of a process which creates variants of the algo every specified interval. Due to this there is no concept of ProgPoW as an immutable algo like Eth-hash. It tune-able and can dial various "knobs" that allow the creation of large number "definition sets" which again due to the deterministic randomness create an infinite number of algo changes.
ProgPoW creates a new search kernel every 50 blocks. Every 50 . blocks the gpu receives a completely new and different kernel from the previous which causes hashrate to change. In ProgPoW there is no fixed and constant hashrate for GPUs. You have to take into account averages across multiple periods to get the best out of the hardware. Variances are from 8-9%.

I personally supported the Network at $400, $180, $1400 and still support it now $100. I supported throughout the uncertainty of the Iceage and delays. Ethereum is still a PoW coin! ONE OF THE BEST! It's what made ethereum great! The project has excellent idea's of smart contracts and Dapps. On top of all is a massive GPU networking supporting it. Throughout 2017 there were no ASICs(That we know of) yet the ethereum network grew. What helped make Ethereum blossom was the miners and the mining community.

I am personally invested into Ethereum want to see it succeed, I'm personally invested in PoW GPU mining, and want to see it succeed. I will invest my own time and money, being a GPU miner, into seeing that ProgPoW testnet gets fully scrutinized, put through it's paces to ensure that it is a fit for Ethereum and minimize problems. I plead, beg, and invite all other GPU miners to do so. If we want change we as miners must show through hashpower on the testnet, that we are pushing forward with ProgPoW. Throw a single GPU, a Rig, whatever you can spare or muster for ProgPoW testnet.

I can and am more than willing to help anyone setup the necessary files, miners, etc needed to get mining on the test network.
Right now you can download the ProgPoW Miner(Updates are constant) And Ethermine is in full support.
Ethminer -P stratum://(ProgPoW Test Address)[[email protected]](mailto:[email protected]):4444 -A progpow

Let's make a Decision together on ProgPoW. Miners are in majority support of ProgPoW and 100% support of kicking ASICs of the network(Look at Ethermine's twitter poll). GPU miners supported you, helped build your network, not investors, not ICOs. At the very heart of Ethereum beats the GPU. Operating that GPU is a typically an enthusiast, hobby miner, and a believer in Crypto.

*Edit:*PoW is the known best way to distribute token "fairly", yet everyone hates it and wants PoS? What happens when large ASIC manufacture and centralized parties mining with ASICs earn more tokens than anyone else? Wouldn't that lead to centralization in PoS? Ethereum is on PoW BECAUSE it needs it! And because Ethereum needs PoW, it needs GPU miners, and to stay decentralized to PoS and in PoS it needs to keep GPUs miners on board.

Vitalik, Nick, and others, a time-line needs to be set, ProgPoW needs to be in the Agenda continually, discussed throughly, until it's launched on the main network. I will personally come chat, debate ideas, with any of you! Civil discussions are important!







submitted by Xazax310 to ethereum [link] [comments]

The connection between Core Scientific, NVIDIA, and progPOW (and possibly CSW/Coingeek).

My previous post on this subject:
Onward:
CSW Connection:
My next post will attempt to prove a deep connection between CSW/Coingeek and Core Scientific. If anyone can find public information regarding this connection, I urge them to come forward independently. I have previously posted that progPOW is a danger to all PoW coins, and CSW claims he wants to control all of them them. It makes sense that he'd want to do it with progPOW.
Edit: Looks like the shills deleted their posts. Figures.
submitted by ugtarmas to btc [link] [comments]

Complacency is much more dangerous than fatalism. Do not allow a hostile take over of a open source project by industry. This is the only bitcoin we have.

I was listening to a scientist who was on the global board of climate change advisory (unsure the exact name) and he made this "Complacency is much more dangerous than fatalism" statement in regards to global warming and it rung as true as any truth I've ever heard spoken.
The majority of the problems we see in society we see because of political apathy and general apathy. People are too lazy to educate themselves so that they can make rational evidence based decisions.
This same thing is occurring in bitcoin. You would think that industry members who are financially incentivized to make sure that bitcoin is the most successful system possible would educate themselves about the future of their system.
Instead, we have a bunch of suits throwing money at the problem. As if money could fix this problem. Hiring your favorite dev to build a repository in an attempt to hijack the reference client is not a solution to an issue related to decentralized networks.
The issue in the first place is that we have a centralized industry. The people who have advocated and signed on for SegWit2x are exactly the problem bitcoin was intending to avoid.
Bitcoin was supposed to be a radically self-reliant system that did not need to trust intermediaries in order to function. And now instead, we have a host of industry leaders acting as intermediaries to force a non-technical and politically motivated "solution" down our throats.
I cannot advocate for risky BIP's that are playing chicken with the blockchain and are assured to cause a split. But I can advocate for rejecting SegWit2x and refusing to transact on the blockchain that their hardfork creates.
If you act complacent in this you are allowing the industry to hijack a decentralized network and to centralize it so that they can control aspects of the network that favor them.
We currently have 100's of developers contributing to Bitcoin Core from around the world that have Cypherpunk roots, that are open and transparent in everything they do from their IRC meetings to PR's on github and here on reddit.
And then you have the other people who work behind closed doors, refuse to onboard developers unless they are forced to agree with a plan, sign secret agreements and distribute them to "trusted intermediaries" only.
Wake the fuck up bitcoiners. These assholes are the exact kind of people that bitcoin was designed to nullify! Yes, I understand that some of these people have helped build bitcoin. Bitpay is a great example, think of how much money they have poured into marketing and advertisement.
But remember that they signed up for this. They signed up knowing that they were investing in a decentralized network in which they would not have control.
What we need now more than anything are competitors within the ASIC manufacturing industry. We desperately need more companies like 21 but with good ideas that actually increase decentralization. We need more bitfury's.
Instead of being complacent, what can we do to minimize the monopolistic forces? Who can we help fund? Who do we advocate for?
Im asking because I dont have the answers. It seems very little do. The centralization of industry has been bitcoins biggest problem since the day it was born. It continues to be the largest problem we face today.
What are we going to do about it? Are we going to sit on our thumbs and finger our butts while these assholes take over bitcoin? Or are we going to wake the fuck up and start making demands to the SegWit2x Signatories?
I know one goddamn thing, I will never under any circumstance run a segwit2x client. I do not negotiate with terrorists and Jihan said himself, he was blocking SW to "fire core devs". He said it plain as day for everyone to see. Thats direct evidence of a coup. There is no speculation needed. He's like a certain someone who likes to talk on twitter and constantly puts his foot in his mouth, self-inflicting all of his problems. We cannot ignore this!
submitted by Cryptolution to Bitcoin [link] [comments]

CRYPTOCURRENCY BITCOIN

CRYPTOCURRENCY BITCOIN
Bitcoin Table of contents expand: 1. What is Bitcoin? 2. Understanding Bitcoin 3. How Bitcoin Works 4. What's a Bitcoin Worth? 5. How Bitcoin Began 6. Who Invented Bitcoin? 7. Before Satoshi 8. Why Is Satoshi Anonymous? 9. The Suspects 10. Can Satoshi's Identity Be Proven? 11. Receiving Bitcoins As Payment 12. Working For Bitcoins 13. Bitcoin From Interest Payments 14. Bitcoins From Gambling 15. Investing in Bitcoins 16. Risks of Bitcoin Investing 17. Bitcoin Regulatory Risk 18. Security Risk of Bitcoins 19. Insurance Risk 20. Risk of Bitcoin Fraud 21. Market Risk 22. Bitcoin's Tax Risk What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity is yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
Understanding Bitcoin Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins."
How Bitcoin Works Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places. Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain and receiving a reward in the form of a few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of February 2019, the mining difficulty is over 6.06 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
What's a Bitcoin Worth? In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. Bitcoin's price is also quite dependent on the size of its mining network since the larger the network is, the more difficult – and thus more costly – it is to produce new bitcoins. As a result, the price of bitcoin has to increase as its cost of production also rises. The Bitcoin mining network's aggregate power has more than tripled over the past twelve months.
How Bitcoin Began
Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least, this domain is "WhoisGuard Protected," meaning the identity of the person who registered it is not public information.
Oct. 31, 2008: Someone using the name Satoshi Nakamoto makes an announcement on The Cryptography Mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. The paper is available at http://www.bitcoin.org/bitcoin.pdf." This link leads to the now-famous white paper published on bitcoin.org entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper would become the Magna Carta for how Bitcoin operates today.
Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.
Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.
Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.
Who Invented Bitcoin?
No one knows. Not conclusively, at any rate. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. The Bitcoin protocol requires users to enter a birthday upon signup, and we know that an individual named Satoshi Nakamoto registered and put down April 5 as a birth date. And that's about it.
Before Satoshi
Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin white paper itself cites Hashcash and b-money, as well as various other works spanning several research fields.
Why Is Satoshi Anonymous?
There are two primary motivations for keeping Bitcoin's inventor keeping his or her or their identity secret. One is privacy. As Bitcoin has gained in popularity – becoming something of a worldwide phenomenon – Satoshi Nakamoto would likely garner a lot of attention from the media and from governments.
The other reason is safety. Looking at 2009 alone, 32,489 blocks were mined; at the then-reward rate of 50 BTC per block, the total payout in 2009 was 1,624,500 BTC, which at today’s prices is over $900 million. One may conclude that only Satoshi and perhaps a few other people were mining through 2009 and that they possess a majority of that $900 million worth of BTC. Someone in possession of that much BTC could become a target of criminals, especially since bitcoins are less like stocks and more like cash, where the private keys needed to authorize spending could be printed out and literally kept under a mattress. While it's likely the inventor of Bitcoin would take precautions to make any extortion-induced transfers traceable, remaining anonymous is a good way for Satoshi to limit exposure.
The Suspects
Numerous people have been suggested as possible Satoshi Nakamoto by major media outlets. Oct. 10, 2011, The New Yorker published an article speculating that Nakamoto might be Irish cryptography student Michael Clear or economic sociologist Vili Lehdonvirta. A day later, Fast Company suggested that Nakamoto could be a group of three people – Neal King, Vladimir Oksman and Charles Bry – who together appear on a patent related to secure communications that were filed two months before bitcoin.org was registered. A Vice article published in May 2013 added more suspects to the list, including Gavin Andresen, the Bitcoin project’s lead developer; Jed McCaleb, co-founder of now-defunct Bitcoin exchange Mt. Gox; and famed Japanese mathematician Shinichi Mochizuki.
In December 2013, Techcrunch published an interview with researcher Skye Grey who claimed textual analysis of published writings shows a link between Satoshi and bit-gold creator Nick Szabo. And perhaps most famously, in March 2014, Newsweek ran a cover article claiming that Satoshi is actually an individual named Satoshi Nakamoto – a 64-year-old Japanese-American engineer living in California. The list of suspects is long, and all the individuals deny being Satoshi.
Can Satoshi's Identity Be Proven?
It would seem even early collaborators on the project don’t have verifiable proof of Satoshi’s identity. To reveal conclusively who Satoshi Nakamoto is, a definitive link would need to be made between his/her activity with Bitcoin and his/her identity. That could come in the form of linking the party behind the domain registration of bitcoin.org, email and forum accounts used by Satoshi Nakamoto, or ownership of some portion of the earliest mined bitcoins. Even though the bitcoins Satoshi likely possesses are traceable on the blockchain, it seems he/she has yet to cash them out in a way that reveals his/her identity. If Satoshi were to move his/her bitcoins to an exchange today, this might attract attention, but it seems unlikely that a well-funded and successful exchange would betray a customer's privacy.
Receiving Bitcoins As Payment
Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers, like credit cards, PayPal, etc. Online payments will require a Bitcoin merchant tool (an external processor like Coinbase or BitPay).
Working For Bitcoins
Those who are self-employed can get paid for a job in bitcoins. There are several websites/job boards which are dedicated to the digital currency:
Work For Bitcoin brings together work seekers and prospective employers through its websiteCoinality features jobs – freelance, part-time and full-time – that offer payment in bitcoins, as well as Dogecoin and LitecoinJobs4Bitcoins, part of reddit.comBitGigs
Bitcoin From Interest Payments
Another interesting way (literally) to earn bitcoins is by lending them out and being repaid in the currency. Lending can take three forms – direct lending to someone you know; through a website which facilitates peer-to-peer transactions, pairing borrowers and lenders; or depositing bitcoins in a virtual bank that offers a certain interest rate for Bitcoin accounts. Some such sites are Bitbond, BitLendingClub, and BTCjam. Obviously, you should do due diligence on any third-party site.
Bitcoins From Gambling
It’s possible to play at casinos that cater to Bitcoin aficionados, with options like online lotteries, jackpots, spread betting, and other games. Of course, the pros and cons and risks that apply to any sort of gambling and betting endeavors are in force here too.
Investing in Bitcoins
There are many Bitcoin supporters who believe that digital currency is the future. Those who endorse it are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe. Although it is not itself any backed by any government or central bank, bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders interested in currency plays. Indeed, one of the primary reasons for the growth of digital currencies like Bitcoin is that they can act as an alternative to national fiat money and traditional commodities like gold.
In March 2014, the IRS stated that all virtual currencies, including bitcoins, would be taxed as property rather than currency. Gains or losses from bitcoins held as capital will be realized as capital gains or losses, while bitcoins held as inventory will incur ordinary gains or losses.
Like any other asset, the principle of buying low and selling high applies to bitcoins. The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own bitcoins. Here are a few options which Bitcoin enthusiasts can explore.
Risks of Bitcoin Investing
Though Bitcoin was not designed as a normal equity investment (no shares have been issued), some speculative investors were drawn to the digital money after it appreciated rapidly in May 2011 and again in November 2013. Thus, many people purchase bitcoin for its investment value rather than as a medium of exchange.
However, their lack of guaranteed value and digital nature means the purchase and use of bitcoins carries several inherent risks. Many investor alerts have been issued by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Consumer Financial Protection Bureau (CFPB), and other agencies.
The concept of a virtual currency is still novel and, compared to traditional investments, Bitcoin doesn't have much of a long-term track record or history of credibility to back it. With their increasing use, bitcoins are becoming less experimental every day, of course; still, after eight years, they (like all digital currencies) remain in a development phase, still evolving. "It is pretty much the highest-risk, highest-return investment that you can possibly make,” says Barry Silbert, CEO of Digital Currency Group, which builds and invests in Bitcoin and blockchain companies.
Bitcoin Regulatory Risk
Investing money into Bitcoin in any of its many guises is not for the risk-averse. Bitcoins are a rival to government currency and may be used for black market transactions, money laundering, illegal activities or tax evasion. As a result, governments may seek to regulate, restrict or ban the use and sale of bitcoins, and some already have. Others are coming up with various rules. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies dealing with the buy, sell, transfer or storage of bitcoins to record the identity of customers, have a compliance officer and maintain capital reserves. The transactions worth $10,000 or more will have to be recorded and reported.
Although more agencies will follow suit, issuing rules and guidelines, the lack of uniform regulations about bitcoins (and other virtual currency) raises questions over their longevity, liquidity, and universality.
Security Risk of Bitcoins
Bitcoin exchanges are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. If a thief gains access to a Bitcoin owner's computer hard drive and steals his private encryption key, he could transfer the stolen Bitcoins to another account. (Users can prevent this only if bitcoins are stored on a computer which is not connected to the internet, or else by choosing to use a paper wallet – printing out the Bitcoin private keys and addresses, and not keeping them on a computer at all.) Hackers can also target Bitcoin exchanges, gaining access to thousands of accounts and digital wallets where bitcoins are stored. One especially notorious hacking incident took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to close down after millions of dollars worth of bitcoins were stolen.
This is particularly problematic once you remember that all Bitcoin transactions are permanent and irreversible. It's like dealing with cash: Any transaction carried out with bitcoins can only be reversed if the person who has received them refunds them. There is no third party or a payment processor, as in the case of a debit or credit card – hence, no source of protection or appeal if there is a problem.
Insurance Risk
Some investments are insured through the Securities Investor Protection Corporation. Normal bank accounts are insured through the Federal Deposit Insurance Corporation (FDIC) up to a certain amount depending on the jurisdiction. Bitcoin exchanges and Bitcoin accounts are not insured by any type of federal or government program.
Risk of Bitcoin Fraud
While Bitcoin uses private key encryption to verify owners and register transactions, fraudsters and scammers may attempt to sell false bitcoins. For instance, in July 2013, the SEC brought legal action against an operator of a Bitcoin-related Ponzi scheme.
Market Risk
Like with any investment, Bitcoin values can fluctuate. Indeed, the value of the currency has seen wild swings in price over its short existence. Subject to high volume buying and selling on exchanges, it has a high sensitivity to “news." According to the CFPB, the price of bitcoins fell by 61% in a single day in 2013, while the one-day price drop in 2014 has been as big as 80%.
If fewer people begin to accept Bitcoin as a currency, these digital units may lose value and could become worthless. There is already plenty of competition, and though Bitcoin has a huge lead over the other 100-odd digital currencies that have sprung up, thanks to its brand recognition and venture capital money, a technological break-through in the form of a better virtual coin is always a threat.
Bitcoin's Tax Risk
As bitcoin is ineligible to be included in any tax-advantaged retirement accounts, there are no good, legal options to shield investments from taxation.
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Related Terms
Satoshi
The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the bitcoin cryptocurrency.
Chartalism Chartalism is a non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Satoshi Nakamoto The name used by the unknown creator of the protocol used in the bitcoin cryptocurrency. Satoshi Nakamoto is closely-associated with blockchain technology.
Bitcoin Mining, Explained Breaking down everything you need to know about Bitcoin Mining, from Blockchain and Block Rewards to Proof-of-Work and Mining Pools.
Understanding Bitcoin Unlimited Bitcoin Unlimited is a proposed upgrade to Bitcoin Core that allows larger block sizes. The upgrade is designed to improve transaction speed through scale.
Blockchain Explained
A guide to help you understand what blockchain is and how it can be used by industries. You've probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger." But blockchain is easier to understand than it sounds.
Top 6 Books to Learn About Bitcoin About UsAdvertiseContactPrivacy PolicyTerms of UseCareers Investopedia is part of the Dotdash publishing family.The Balance Lifewire TripSavvy The Spruceand more
By Satoshi Nakamoto
Read it once, go read other crypto stuff, read it again… keep doing this until the whole document makes sense. It’ll take a while, but you’ll get there. This is the original whitepaper introducing and explaining Bitcoin, and there’s really nothing better out there to understand on the subject.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party

submitted by adrian_morrison to BlockchainNews [link] [comments]

Thank you for running your own full Vertcoin node and supporting VTC network! We currently have 518 Full Nodes running.

Thank you for running your own full Vertcoin node and supporting VTC network! We currently have 518 Full Nodes running.
Since every full VTC node can only serve so many clients, it's important to do your part for the Vertcoin network and run your own full node.
Q: WHAT IS A FULL NODE? A: Full nodes maintain a copy of the blockchain/ledger, distribute it to those downloading it, confirm transactions, and further spread out all of the previous functions to make the network more resilient. https://bitcoin.org/en/full-node
Q: Do I need to be a miner? A: No, you don't need to be a miner. Miners create new blocks. Full nodes simply share existing blocks (the entire VTC blockchain) with the rest of VTC wallet users.
Q: How do I run a Full VTC node on Intel NUC? A: Intel NUC Vertcoin full node installation done using Windows guide: https://github.com/vertcoin-project/VertDocs/blob/mastedocs/FullNodes/intel-nuc.md
Q: How do I run a Full VTC node? A: It's actually quite easy to do. If you run Vertcoin-QT (Vertcoin Core Wallet) on your PC/MAC desktop, keep it active in the systray. Then, make sure that you map the public port 5889 of your router to the port 5889 on the machine running Vertcoin-QT or vertcoind. For people running a public p2pool node this should be a no-brainer: you already have a synchronized vertcoind. So if you haven't opened port 5889 do it now - it's all you have to do. Your node is then public and can serve blocks and relay transactions.This makes our network much stronger and will help it to perform better. Any old or low power computer is good enough to run a full VTC node. If you have a Raspberry Pi or any old PC lying around, install vertcoind and run it in the background.
Q: How do I know if my Full Node is working correctly? A: To be a full node, you have to check to make sure you are accepting incoming connections. To do that, go under Help -> Debug Window. In the first tab, "Information", there is a Network "Number of Connections" which will show both incoming and outgoing connections. If the "In" is 0, then you are not a full node. If the "In" is greater than 0, you are acting as a full node and supporting VTC blockchain! Thank you!
Q: Vertnode - An automated solution for installing Vertcoin node(s) on Single Board Computers A: https://www.reddit.com/vertcoin/comments/901e6a/vertnode_an_automated_solution_for_installing/
What is Vertcoin? | Lightning Network SEGWIT Enabled ASIC resistant money https://www.youtube.com/watch?v=86-oMyHDCNc
Official node scanner list (NOT RELIABLE, current node count could be much much higher. If you are a developer, please help us make a better Node Scanner): https://scanner.vertcoin.org/nodes
Linux instructions: https://www.cryptocurrencyfreak.com/2017/09/06/setup-vertcoin-full-node-ubuntu-16-04/
submitted by blockchaintechnology to vertcoin [link] [comments]

[Long and Serious, Please Read] Can we talk about the elephant in the room? The Dogecoin foundation?

First, I sincerely hope that everyone reads this. I'm a huge Dogecoin supporter. Don't believe me? Go check out my post history. It's been nothing but Dogecoin for the last few months. My girlfriend and friends think I'm crazy. Hell, I made a Dogecoin sign for Mardi Gras.
I like the rest of the community, am tired of seeing a lot of FUD. I hate this terminology. For the last two years, I've had a job where I've had to do nothing but manage FUD for a OTCBB stock. I can tell you STORIES about FUD. But, luckily, this isn't going to be a post about FUD (whew). But wait, I also have a degree in Political Economy which takes economic principles to explain political and market actions. So, when I found cryptocurrencies, I fell in love with them.
Look, two months ago, the number one subject on this subreddit and in the Dogecoin community was "the ASIC scare." Everyone was fearing the rise of the ASIC. A large majority of the community was begging the developers to change the code to an ASIC resistant code. Many people, including myself and some of the community leaders, believed that switching to an ASIC resistant code wasn't the answer. Instead, they believed that ASICs were the answer. We believed that when ASICs dropped in price, people would buy them and turn them on to improve the coin's hash rate and fight for the coin.
Guess what happened? The community is now rallying to buy ASICs to improve the hashrate. What happened two months ago became reality. People are buying MASSIVE ASICs to support the developers and the coin. If they had invested in super large GPU miners, they would have left long ago. ASICs are cheap and efficient and had we switched to an ASIC resistant code, we'd be screwed right now.
Nevertheless, the point of this is to say, quit worrying about price. Quit worrying about PoS, PoSV, PoT, etc. This isn't the problem right now.
The problem, simply put, is that there is a lack of leadership and direction.
When the coin first started, we had very visible and fantastic leaders. +ummjackson, +ericnakagawa, +42points, +BillyM2k and +NeutralityMentality we're all VERY visible members of the community. Look, I don't know what the hell happened, but after Dogecon SF, shit hit the fan and all of those people left. Well, I know what happened, it was the fact that there was a disagreement with +NeutralityMentality and +moolah_. From that, the moderators stepped in to prevent a witch hunt.
I took the position from the start that the entire thing was a massive overreaction and was completely unwarranted -- from all parties. Many of the arguments were centered around questions that are fundamentally bigger than us and many required government clarification which, by the way, doesn't take a week. It takes MONTHS sometimes. We're moving in a fast paced world with a slow ass government. The only legitimate question I think we should be allowed to ask from +Moolah_ at this point is about the ATMs, I digress, and that could be saved for another time.
All of this is besides the point really, but is necessary to get to my point.
Dogecon SF happened on April 25. Dogecar Talladega happened on May 5. Around those dates, we had a massive in fight between all parties that left the coin in a power vacuum. No foundation. No solid leadership. And look where we are right now. We don't have a direction or a major goal. The community is aimlessly wandering.
I've seen the number of shibes boarding the rocket declining on a daily basis. The average number of shibes 2 weeks ago was around 900-1000. Now, I see it at 500-600 daily. This makes me sad.
A couple of weeks ago, +GoodShibe and +mumzie asked a simple question: Do you want a Dogecoin Foundation?
The answer came from +mohland when he said, "yes and no." But here's the problem: The lack of leadership is a big problem right now.
While I agree with +mohland's message in spirit, I can't see it working in reality. We can't just wait and hope someone magically appears to take the Doge by the...tail?
We need a dedicated group of people to pitch to businesses and be the face of Dogecoin. We got MUCH ATTENTION in the first few months because members of the Dogecoin Foundation were there to pitch Dogecoin to the media. Ben, AKA +NeutralityMentality, was phenominal as a spokesperson for DOGE. I saw him on FOX on Reddit. Every time there was a comment about Dogecoin, he was tipping people in DISCUS, telling people to download a wallet which attracted new Shibes.
Eric, who led the DOGE4Water campaign, went on TV in Kenya to pitch Dogecoin. Jackson has been featured numerous times on TV, including on TechCrunch's Foundation.
But the problem now is that these same people have seemed to have taken a step back from the public spot light and have disappeared (honoring their wishes, this is what they wanted) and no one has replaced them. No one is actively pushing for the coin. Hell, for the last week we've been derping around with the McDogecoin Burger. (Honestly guys, McDonalds isn't going to allow their hamburger to become a Cryptocurrency advertisement -- that would mean that McDonalds would have to publicly state that they endorse crypto-currencies, which they aren't ready to. Even if they do have a fantastic PR team, a "dog" burger isn't going to ever happen for McDonalds. BitBurger? Maybe.)
Have you seen Dogecoin on TV recently BESIDES Dogecar? Not really (well I just posted that #DogeV8 is getting some press).
What happens when someone from the Media wants to contact someone as a spokesperson for Dogecoin? Are they supposed to go to /dogecoin_PR? If you go to that subreddit, it almost looks inactive and off-topic.
I don't mean to be negative. I think that the moderators are doing a great job trying to rally the community the best that they can, but every time a moderator steps up to guide the community, they get lashed out at. I feel bad for them. +lleti came up with a great ASIC buying plan and offered assistance to the developers and tried to create a discussion and all of a sudden the "SHOULD MODS BE SELLING ASICS AND BE A DEVELOPER?" Unfortunately, this is what will happen.
So -- you'll probably ask, WTF should we do?
My proposal?
  1. We take priority in creating a foundation.
  2. We create a foundation structure similar to Bitcoin's (Yes, I know there was some negative press recently). Bitcoin's foundation is very similar to many trade advocacy groups though. To become a member, you have to donate at least $25.00, then there will be larger companies that join that can donate more money to basically get advertisement: https://bitcoinfoundation.org/members/
  3. The funding raised through the foundation will be used to move the developers into full-time paid positions. In addition, the foundation will be able to afford things like Press Releases. I advocated in the past creating a "small business press release pool" if a small business accepts Doge, Dogecoin will create a PR and issue it via a newswire. This will get Dogecoin's name out there and create positive advertisement for the businesses that accept it. It's a win-win for both parties and creates incentive for small businesses to accept it.
  4. The 'primary leadership' roles will be elected from the members.
  5. The board will be loosely constructed, but will have a director, assistant director, public relations officer, investment officer, three other members that are there to promote the coin and three developers (since code is important!)
  6. The board's purpose is to further Dogecoin's adoption and promote common goals and to make suggestions to improve the coin's future.
  7. If a fundamental change to the coin is necessary, the board puts it to a vote. Not a board vote, an entire foundation and/or community vote.
Having this structure in place will provide much needed guidance in the community and will promote the coin. It will also show investors we're serious. We're not a joke. We're fun, but we're still serious.
I said it once and I'll say it again. We're not a joke currency. We're a serious currency with a joke on it. That makes us fun. That's what makes us Dogecoin.
tl;dr: We need leaders right now. We need a focused group of people pushing for Dogecoin's adoption. We need concentrated efforts to really harness dogecoin's community!
Edit: Well, this blew up. To the moon Shibes, to the moon.
Edit 2: Bets on whether or not this will be a Of Wolves and Weasels tomorrow? GoodShibe confirms a Dogecoin Foundation v2!
Edit 3: I've reached out to +GoodShibe and Co. to see if we can get something done. :)
submitted by Darthfuzzy to dogecoin [link] [comments]

Decred Journal – August 2018

Note: you can read this on GitHub (link), Medium (link) or old Reddit (link) to see all the links.

Development

dcrd: Version 1.3.0 RC1 (Release Candidate 1) is out! The main features of this release are significant performance improvements, including some that benefit SPV clients. Full release notes and downloads are on GitHub.
The default minimum transaction fee rate was reduced from 0.001 to 0.0001 DCkB. Do not try to send such small fee transactions just yet, until the majority of the network upgrades.
Release process was changed to use release branches and bump version on the master branch at the beginning of a release cycle. Discussed in this chat.
The codebase is ready for the new Go 1.11 version. Migration to vgo module system is complete and the 1.4.0 release will be built using modules. The list of versioned modules and a hierarchy diagram are available here.
The testnet was reset and bumped to version 3.
Comments are welcome for the proposal to implement smart fee estimation, which is important for Lightning Network.
@matheusd recorded a code review video for new Decred developers that explains how tickets are selected for voting.
dcrwallet: Version 1.3.0 RC1 features new SPV sync mode, new ticket buyer, new APIs for Decrediton and a host of bug fixes. On the dev side, dcrwallet also migrated to the new module system.
Decrediton: Version 1.3.0 RC1 adds the new SPV sync mode that syncs roughly 5x faster. The feature is off by default while it receives more testing from experienced users. Other notable changes include a design polish and experimental Politeia integration.
Politeia: Proposal editing is being developed and has a short demo. This will allow proposal owners to edit their proposal in response to community feedback before voting begins. The challenges associated with this feature relate to updating censorship tokens and maintaining a clear history of which version comments were made on. @fernandoabolafio produced this architecture diagram which may be of interest to developers.
@degeri joined to perform security testing of Politeia and found several issues.
dcrdata: mainnet explorer upgraded to v2.1 with several new features. For users: credit/debit tx filter on address page, showing miner fees on coinbase transaction page, estimate yearly ticket rewards on main page, cool new hamburger menu and keyboard navigation. For developers: new chain parameters page, experimental Insight API support, endpoints for coin supply and block rewards, testnet3 support. Lots of minor API changes and frontend tweaks, many bug fixes and robustness improvements.
The upcoming v3.0 entered beta and is deployed on beta.dcrdata.org. Check out the new charts page. Feedback and bug reports are appreciated. Finally, the development version v3.1.0-pre is on alpha.dcrdata.org.
Android: updated to be compatible with the latest SPV code and is syncing, several performance issues are worked on. Details were posted in chat. Alpha testing has started, to participate please join #dev and ask for the APK.
iOS: backend is mostly complete, as well as the front end. Support for devices with smaller screens was improved. What works now: creating and recovering wallets, listing of transactions, receiving DCR, displaying and scanning QR codes, browsing account information, SPV connection to peers, downloading headers. Some bugs need fixing before making testable builds.
Ticket splitting: v0.6.0 beta released with improved fee calculation and multiple bug fixes.
docs: introduced new Governance section that grouped some old articles as well as the new Politeia page.
@Richard-Red created a concept repository sandbox with policy documents, to illustrate the kind of policies that could be approved and amended by Politeia proposals.
decred.org: 8 contributors added and 4 removed, including 2 advisors (discussion here).
decredmarketcap.com is a brand new website that shows the most accurate DCR market data. Clean design, mobile friendly, no javascript required.
Dev activity stats for August: 239 active PRs, 219 commits, 25k added and 11k deleted lines spread across 8 repositories. Contributions came from 2-10 developers per repository. (chart)

Network

Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%.
Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply.
Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.

ASICs

Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design.
Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15.
FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25.
Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).

Integrations

www.d1pool.com joined the list of stakepools for a total of 16.
Australian CoinTree added DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports.
Three new OTC desks were added to exchanges page at decred.org.
Two mobile wallets integrated Decred:
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?

Adoption

Merchants:

Marketing

Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here.
Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)

Events

Attended:
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning)
The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)

Media

Decred Assembly episode 21 is available. @jy-p and lead dcrwallet developer @jrick discussed SPV from Satoshi's whitepaper, how it can be improved upon and what's coming in Decred.
Decred Assembly episodes 1-21 are available in audio only format here.
New instructional articles on stakey.club: Decrediton setup, Deleting the wallet, Installing Go, Installing dcrd, dcrd as a Linux service. Available in both English and Portuguese.
Decred scored #32 in the August issue of Chinese CCID ratings. The evaluation model was explained in this interview.
Satis Group rated Decred highly in their cryptoasset valuation research report (PDF). This was featured by several large media outlets, but some did not link to or omitted Decred entirely, citing low market cap.
Featured articles:
Articles:
Videos:

Community Discussions

Community stats:
Comm systems news:
After another debate about chat systems more people began testing and using Matrix, leading to some gardening on that platform:
Highlights:
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1.
Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment.
An unusual event was the chat about double negatives and other oddities in languages in #trading.

Markets

DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery.
@ImacallyouJawdy posted some creative analysis based on ticket data.

Relevant External

StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs.
The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury.
Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue)
Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack).
Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups.
Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems.
Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins.
Finally, unrelated to Decred but good for a laugh: yetanotherico.com.

About This Issue

This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here.
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.
Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack.
Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code.
Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
submitted by jet_user to decred [link] [comments]

How I am helping Bitmain destroy Bitcoin

Just before Christmas, I finally decided to start mining Bitcoin, mainly because my basement is cold enough right now that I could plausibly explain my behavior to my wife.
I bought a used Antminer S7. There aren't a lot of options out there these days if you are in the market for a reasonably priced basement heater that sounds like a shopvac trying to suck up a grapefruit...
Bitmain has emerged as a major threat to the decentralization of Bitcoin. They control too much of the production of mining hardware. They control too much of the hashpower.
I know very little about China, but I remember a podcast from a couple of years ago about how big business works there, and it matches my observations.
Basically, the way it works in China is you throw all of your money at growing your business into a near monopoly. Once you win the war of attrition and all of your significant competitors are bankrupt -- then you can start thinking about turning a profit. Until then it's all losses.
Here is an example from the solar panel industry:
https://www.washingtonpost.com/news/wonk/wp/2013/03/23/china-might-stop-providing-the-world-with-cheap-solar-panels/?utm_term=.b98720f61db1
Recall this quote from KNC Mining:
We have tried to calculate the amount of money that the Chinese have invested in mining, we estimate it to be in the hundreds of millions of dollars. Even with free electricity we cannot see how they will ever get this money back. Either they don’t know what they are doing, but that is not very likely at this scale or they have some secret advantage that we don’t know about. - Sam Cole, KNC CEO
It seems likely that Jihan Wu's strategy is for his company to, for all practical purposes, become the source of all of bitcoin's hashpower, and one way or another, collect all of the transaction fees.
If that is the strategy, a couple of things start to make sense:
  1. The core developers are a major threat to Bitmain's dominance, because they can code a way out from them if they become abusively rent-seeking or an obvious threat to decentralization, or begin censoring transactions at the request of the Comunist Party. The core developers are the only group in position to credibly lead an initiative to change the POW algorithm for example.
  2. The lightning network is an important competitor for fees, and a threat to censorship which must be strangled in the crib. All of the fees must be paid to Bitmain, and it is intolerable for lightning nodes to siphon off fees. All transactions must be subject to a veto from Bitmain -- opaque batching is a no-no.
  3. Threats to centralization are irrelevant. Bitmain's ambition is to deal with the trust problem by winning and controlling the hash-power. Not by cultivating a decentralized ecosystem and separation of power. For the rest of us, well we have to trust Jihan to act in our best interest.
  4. Blocks are going to need to be bigger. MUCH bigger, so that Bitmain can process more and more of the world's transactions and get a larger and larger amount of fees. Your ability to run a full node on your home computer is not a priority.
  5. The Chinese government probably doesn't have any problem with this, and possibly is throwing money at Bitmain to make it happen. After all, they will ultimately be able to steer Bitmain, and therefore Bitcoin, in whatever direction is beneficial to the Communist Party.
How are my conspiracy theory skillz?
Another thing to think about. The big block crowd has for a long time used discussion in ways that remind me of the pro-Trump propaganda that flooded Reddit for the past year. (e.g. name-calling, accusations, speaking to passions, black-and-white thinking, thought narrowing labels) To the big blocker guys who may be reading, I'm sure I sound like a suppressive person. :-) I wouldn't want to accuse all of you of being paid shills. Even if we know that Roger Ver appreciates the power of incentivizing social proof so much that he is developing tools to help shills get paid in clever and innovative ways.

Edit:

This got a little more attention than I thought and I want to soften my stance somewhat.
This is speculation on my part. I don't know what Bitmain's strategy is. They may have pretty benign plans.
It isn't my desire to bash Bitmain or say they are a bad company or lead by bad people. Indeed, I am helping them in a small way by propping up the secondary market for their products. I don't condemn myself for that; I don't condemn them for trying to be the #1 ASIC manufacturer.
I'm very glad Bitmain is in business, making high quality bitcoin miners, and selling them to the public.
I hope I don't come off sounding critical of Chinese culture. I'm sure there are things about Chinese culture worth criticizing, just as there are things about American culture worth criticizing, but I know very little about Chinese culture and am not interested in making judgments about it. As has been pointed out in this thread, the attrition strategy is not unique to Chinese companies -- it is inherent in the economics of competing companies. It is my impression that for whatever reason (cultural/regulatory/legal/political...whatever) the attrition strategy is more widespread or pronounced in China than it is in the USA.
Ultimately, moral tools (e.g. praise and blame, trying to modify desires) are going to be too weak to create the strong foundation Bitcoin needs. What we need is good game theory, diffusion of power, and opponent processes pushing on each other with negative feedback loops dampening the system to stability.
I originally wanted to buy an Antminer R4, which was billed as quiet. They sell out quickly, leading me to believe that an under-served market exists for home mining. A lot of people have cold basements. A quiet miner pulling 1200 watts in a non-hideous housing for about $500-$1000 would find a niche. Bonus points if the hashing boards can be pulled out and upgraded each winter.
submitted by moral_agent to Bitcoin [link] [comments]

December 25th CHRISTMAS (Presents from the King)! News on Christmas: MCO, PAY, WAVES, BAY…Tech This Week: BURST, ICX, XVG, STRAT, XEM, ARDR

December 25th CHRISTMAS (Presents from the King)! News on Christmas: MCO, PAY, WAVES, BAY…Tech This Week: BURST, ICX, XVG, STRAT, XEM, ARDR
Ok yesterday with a market that basically tanked I managed to pick 5 of the only green coins out of literally 1200. MCO, PAY, BURST, ICX, and STRAT were all in the green. Picking winners when everything is green is one thing, but when the market is swimming in red and you have the 4 green, it’s a good day.
I appreciate all my loyal followers! For tips and strategy hours before being posted to the message boards follow on Reddit, Instagram: JaketheCryptoKing and Twitter: JbtheCryptoKing. And now on Discord: https://discord.gg/MWBTWFV (join group to reach me directly and see posts early!) Remember in trading minutes matter, hours are eternities.
Let's get to it, Merry Christmas All! News For Christmas: MCO has promised a Christmas bonus. Their twitter is swimming with hints about a KRISTMAS (spelled incorrectly? Bonus!). According to MCO, "We have something special planned for all of you for December 25th and we think you will love it." Their new cards are supposed to be released by January 1, maybe their debit cards (allowing you to exchange crypto for FIAT instantly) are ready?! Check them out online they look GORGEOUS. I have already placed orders for 3/5 of the available ones and I’m #40,000+ I expect MCO to start rolling these cards out, there is absurd demand for them. With surprise Christmas news tomorrow and a working product this month this coin should skyrocket. If you are interested in getting a card rf downloading the ap they are gorgeous: https://get.mona.co/ivwt/tc7kbhig6I
PAY tweeted earlier today about shutting down their system for a short period while they prepared for the Christmas surprise. This confirms we will have Christmas news and from the tone of the tweet, positive news! What could it be?! With many projects and partnerships on the horizon I highly doubt they would release negative news on Christmas this is a must own for tomorrow to find out what news is released!
WAVES’s founder has a livestream occurring on Christmas (not sure how he picked the day) at least everyone will be home to watch it? Either way their NG activation was successful, they have a live stream with the coin founder tomorrow, and a presentation at an enormous Miami Blockchain Convention in January. This is a buy and hold. Not to mention the Binance promotion which in essence is buy and hold WAVES (you lose points if you sell) is in effect for another 3 days and they are having an airdrop and the end of the month. Nothing but positive information here. If you need a Binance account to trade WAVES please use my referral link: https://www.binance.com/?ref=15316928
BAY has hinted at a Christmas surprise for some time now. The crypto coin market is gambling mixed with stock trading. My money is on BAY not disappointing and releasing news worthy of placing it in the 20%+ range with heavy volume.
Now that the “NEWS” section is complete, which is all positive news for today! Let’s begin to discussion on technology. Nothing really creates 100% gains (or more) in the Crypto Markets like technological block chain advances. This is the week’s leaders for this category…
BURST is one of the most unique altcoins on the scene. I wrote about them yesterday and they are here today because on the 27th we get Dymaxion. Do you investors/followers/crytophenes know what one of the biggest problem with mining is? Electricity consumption! BURST changes that by using 400x less electricity then BTC miners. They have their Dymaxion launch this week and their mining platform should revolutionize blockchain tech. BURST uses free memory space instead of CPU, GPU, and ASIC miners using literally less than 0.025% of the electricity when compared to BTC’s mining algorithm. BTC mining uses more electricity than many small nations and BURST will provide an ability to mine at a very low cost while still having a tradable coin on exchanges. Imagine being able to use the free memory on your computer, while you sleep to earn an income, the technology is crazy. I expect this week (their release is the 27th), particularly the next 72 hours to see the biggest BURST gains to date, while leading volume on Bittrex.
NXT (will be in each post until the airdrop, and it went from $.7 when originally recommended to $1.80ish), with the future value of airdrop priced this should trend toward $2.00 or $2.50. As I’m writing this I see it’s spiked over $1.60. That is more then 100% gains in 72 hours, I’ve been screaming to buy NXT in all of my prior posts. Two days ago it popped. The whole market trended downward yesterday. However, NXT should continue to trend toward $2.00+. I just did the math on the IGNIS airdrop, the IGNIS has increased to $4.02 in value, meaning NXT should be worth a minimum of $2.00, a penny more for every penny NXT is worth following the airdrop, price point $2.00-$3.00 depending on if IGNIS continues to appreciate. More people will become interested in “free IGNIS” tokens in the coming days. NXT and the future value of IGNIS should continue to appreciate following Christmas leading up to the airdrop.
ICX was one of the few winners yesterday! Their Mainnet goes live by the end of December which means any day now there will be that 100% pop everyone dreams of. Leading up to that we should receive the hype and anticipation boost on a daily basis. I expect ICX to rally 10% daily until the Mainnet announcement is made with a 100% gain the day of going live! Having a live Mainnet is essential for a viable crypto currency. Welcome to the big leagues ICX.
XVG, VERGE WRAITH PROTCOL (XVG promises this to come out by end of year, plus a very impressive ad came out 4 days ago so I doubt they miss their deadline) anonymity with the flick of a button (public and private ledges in one block chain). By the time you are reading this post it may unfortunately be too late . There is speculation Wraith may be released in the morning. XVG has promised WRAITH will be released by the end of this year, it should hit $.50-$1 range when it does, McAfee although I don’t agree w/him on much he says, states a $15 price target within 6 months of Wraith Protocol being released. I’m saying $1.00 it’s currently $.25 that’s a 400% upswing if I’m right, 4000% if McAfee is. Does it matter really who is correct at that point?
Wraith allows the individual user to determine if they want their balance visible on the block chain or not. Right now we have coins like Monero which are completely anonymous hence their use on the dark web, or ones that are completely public where anyone who knows your wallet address can check your balance. Verge lets each user determine whether to be, public or private, this will revolutionize blockchian and altcoins. If you want to see the impressive link for the Wraith ad here it is: https://youtu.be/dMrk6rozbJg
An article was written today by Bitcoinist highly favorable of Verge, Wraith will make the coin value explode: http://bitcoinist.com/verge-next-bitcoin/.
XEM has been quiet but should NOT go unnoticed. Have you seen yesterday's chart? I suggest you glance at it. Literally no dips, 45degree angle upward. Leading to what.... Catapult, which is version 2.0 of NEM (is to be released by the end of the year). Plus a 4 week hackathon beginning in January. There is nothing better to build awareness and test out their new Catapult network they’ll be releasing this week, then a worldwide hackathon and a new update to their NEM network. XEM will have a pop this week when Catapult goes live, followed by a 4 week awareness rally driven by a worldwide hackathon.
STRAT, is going to have an amazing week. It was one of the only positive performers on a day the market looked like the movie Jaws. They promised that by January, "I can confirm they will be able to host ICO's on our blockchain agnostic platform this year." STRAT is on the cusp of being able to host ICO’s for other companies. This is extremely valuable technology and they’ve announced it will be ready to go this week. Would anyone like to know the going rate of an ICO? 20-40BTC. Per ICO these small companies and their coin holders are making $250k-$600k at the depressed BTC prices. This is a very big business. They’ve also announced 2 Flagship ICOs that will be available on their STRATIS network in January. The platform to host ICOs goes live this week, and within 2 weeks we find out which ICOs STRAT is hosting. This should be a very positive 2 weeks for STRAT.
ARDR’s platform launches Jan 1st. Ardor’s blockchain becomes fully operational Jan 1st., and the Genesis snapshot is announced 1 week in advance. Not to mention all those NXT you’ve been holding for the free IGNIS are used specifically on the ARDR block chain. ARDR should continue to trend upward with NXT and IGNIS leading up to the airdrop. With a new platform and coins to be used on it this will be a positive week for ARDR with exceptionally high returns correlated with the new platform and IGNIS.
I am including some CB predictions as they are a favorite DM topic I’ve received of late. CB Future Picks the same screenshot that showed BCC showed XRP and Monero. CB admits new coins will be added in the next few months. It was speculated in the online community that because CB released wallets for BCC, XRP, and Monero that those would be added next. CB adamantly denies that they planned to add BCC, XRP, and Monero. And then CB added BCC. I fully expect XRP and Monero to be added within 2 months, and that the original rumor they denied had some truth to it. XRP and Monero are buy and holds. Another favorite question is ICOs. ICOs are very difficult because 99% of them are garbage which is why I've only recommended 2, one of which just met it's hard cap for fund :/. The only one left I like is.. Crypterium- The team is unreal and they are presenting at the Dubai Blockchain Intl’ in January. The ICO is also ending very soon! The bonus period ends in 2 days so I highly recommend getting an ether or 2 involved in this. The Dubai Blockchain Intl’ will greatly increase the number of individuals interested in holding Crypterium, (I make $0 off my posts and extensive research if you do purchase the ICOs please use my referral link): https://tokensale.crypterium.io/?ref=4a5381543424516aa2b4e3a6
Some Lovely Followers Requested I Provide Addresses for “Thank You’s and Holiday Cheer” Here are 3 address to help provide my girlfriend with presents so I can spend more time researching! What is 5% of the 200% I earned you this week? (NXT, Verge, MCO, PAY, EMC2, STRAT)
ETH: Address: 0x955A1a68613C028Ea98b0b5dcC58901897EB90DB LTC Address: LSnEW1h1bZwFH67s9tXZVX2GCZHNmzFGVN BTC address: 1GKPSkohnt9pSgBnXRmn2SejQNPWD96qif
Once again, no tips are mandatory but I spend 100’s of hours a week researching to make your investment and my small investment grow! Help spread the love this Holiday Season!
THESE ARE SOLELY STRATEGIES I USE IN THE CRYPTOCURRENCY MARKETS BY NO MEANS AM I TRYING TO PROVIDE INVESTMENT ADVICE. I DO OWN SOME OF THE LISTED CURRENCIES FOR THE REASONS I’VE STATED.
submitted by JakeTheCryptoKing to u/JakeTheCryptoKing [link] [comments]

Frequently Asked Questions

NOTICE

This post is a temporary resting place for FAQs while we wait for the release of VertDocs.

What is Vertcoin?

Vertcoin is a digital peer to peer currency focused on decentralization and ASIC resistance. Vertcoin is aiming to be easily accessible to the everyday user without extensive technical knowledge. Vertcoin has started to lower the barrier of entry with lots of video guides and the development of the One Click Miner (OCM).

Why does ASIC Resistance Matter?

ASICs (Application Specific Integrated Circuits) are dedicated mining devices that can only mine one algorithm. Coins like Bitcoin and Litecoin both made GPU mining obsolete when SHA-256 and Scrypt ASICs were created.
ASIC Resistance and How it Makes Vertcoin Decentralized
Vertcoin believes that ASIC resistance goes hand in hand with decentralization.
ASICs are made by companies like Bitmain and almost all the original sellers of ASICs sell on a preorder basis. When pre ordering an ASIC you are buying from a limited batch that the ASIC company has produced. Often times the batch will not be fully filled and the ASIC company will often have left over ASICs. When the ASIC company has left over ASICs they will put them to work mining. Soon enough the ASIC company will have a very large amount of unsold ASICs that are mining and slowly the ASIC company starts to own a large part of the network’s hashrate. When an ASIC company(s) starts to own a large majority of the hashrate the network can become very centralized after a while.
Having your network consist of a few large companies can be very dangerous as they could eventually get 51% hashing power and 51% attack your network, destabilizing the network. When your network is made out of a lot of smaller miners, like Vertcoin, it is much harder for your network to be 51% attacked, therefore increasing network security. By having centralized hashing power your coin effectively centralizing the network as the centralized hashing power can deny transactions and stop any activity they don’t want.

What Ways is Vertcoin Superior to Litecoin and Bitcoin?

Network Difficulty Adjustments with Kimoto Gravity Well
Vertcoin uses a difficulty adjustment called Kimoto Gravity Well which adjusts the difficulty every block, whereas Bitcoin and Litecoin’s difficulty changes every 2016 blocks. By adjusting the difficulty every block Vertcoin’s block time can stay consistent by adjusting for the fluctuation in network hash rate from hash rate renting and part time miners. If a large miner switches off Bitcoin or Litecoin mining the network could be slowed to a crawl until 2016 blocks are mined and the difficulty can change to adjust for the new network hash rate. We observed this happen to Bitcoin when Bitcoin Cash became more profitable than Bitcoin and Bitcoin’s network hash rate saw a steep fall off, slowing the network to a crawl. If this was to happen with Vertcoin the difficulty would adjust after 1 block was mined, allowing Vertcoin to always be profitable to mine.
Anyone can Meaningfully help Verify Transactions
In Proof-of-Work crypto currencies miners help secure the blockchain and get rewarded with the block reward. In ASIC mineable coins like Bitcoin and Litecoin you can’t meaningfully verify transactions unless you pay 1000-2000$ for a ASIC miner. When you mine with a CPU or GPU in a ASIC mineable coin you make no meaningful impact on the network. It is like trying to break concrete with a shovel while everyone else has a jackhammer.
Simple Upgrades Aren’t Held back by 1-2 Large Miners
In ASIC market people buy ASICs in batches in a preorder. With Bitcoin ASICs there is not enough demand for ASICs so the batch often doesn’t get sold out so now the manufacturer has spare ASICs. Now that the manufacturer has spare ASICs they will often start mining with them and eventually the ASIC company has one of the highest hash rates. If the ASIC company doesn’t want a certain upgrade to go through, for example SegWit, they can vote with their hash rate to hold back the upgrade forever or at least until people who want SegWit get more hash rate.
You Have a Say in Protocol Rules and Consensus
In Bitcoin you are a passive observer because you can only issue transactions and you have no part in the process after that. In Vertcoin you can be apart of the process for deciding the ordering of transactions and deciding what transactions get into blocks.
Block Rewards and Transaction Fees are Distributed Evenly
In Bitcoin and Litecoin the block rewards and transaction fees are often given to the large miners in China due to mining centralization created by ASICs. Vertcoin distributes its mining rewards to people all around the world thanks to the mining decentralization.

When will Atomic Swaps Be Ready?

Atomic Swaps can be done in two flavors: On-chain and Off-chain (via Lightning Network). On-chain swaps were actually done already using Blocknet, you can see it in use on Youtube. We're looking into doing it again using Interledger.
However our main focus is to do off-chain Atomic Swaps using Lightning Network technology. Because it has the same benefits as Lightning transactions: No network fees and instant transactions.
For off-chain swaps we need Lightning Network to be fully operational. It's difficult to give an ETA on that since we aren't the ones developing it. U/gertjaap posted a video on the current state of the Lightning Network for Vertcoin a while ago, which you can see here.
This was actually the "bleeding edge" of Lightning Network at the time. was able to use it on VTC's main net, meaning that our blockchain is ready for the good stuff. As you can see however, it can't yet be considered production ready (most users would want a little better UX than a command line app).
Now off-chain Atomic Swaps is a technique based on the same principles as Lightning Network, but adds an extra complexity for it being across chains. So it's basically the same as a "multi hop" Lightning payment, which is not yet built by any of the implementations. They're still working hard on making the single-hop payments robust. So in order for AS to be possible, LN has to be fully operational.
A timeline cannot be given at this time, because frankly we don't know. The implementation of Lightning Network we feel has the most potential is LIT, because it supports multiple currencies in its protocol (where LND is bitcoin-only at the time and requires significant work to support other currencies, which is an essential part of being able to work across multiple blockchains).
LIT is open source and there's nothing secretive about its progress, you can see the development on Github. We even have our lead dev James Lovejoy (u/jamesl22) close to the action and contributing to it where possible (and our team as well through testing it on the Vertcoin chain).
So we're not developing LN or AS ourselves, we're just ready with our blockchain technology whenever it becomes available.
If we have any real progress that has some substance, you can expect us to let the world know. We're not interested in fluffy marketing - we post something when we achieve real progress. And we are not keeping that secret.

How do I Choose the Right Vertcoin Wallet?

Deciding what Vertcoin wallet you should choose can be a difficult process. You can choose between three different wallets: Core, Electrum and Paper. Once you decide you can use the "How to Setup Your Vertcoin Wallets" video guide to assist you.

Core

The Core wallet is the wallet that most people should use. It will store the entire blockchain (~2GB) on your computer. The Core wallet is the only wallet that fully supports P2Pool mining. You will also have to use the Core wallet if you plan to run a P2Pool node or any Vertcoin related server.

Electrum

The Electrum wallet is a light wallet for Vertcoin. You do not have to download the blockchain on your computer, but you will still have your own private keys on your computer. This is recommended for people who don't need to store Vertcoins for very long and just need a quick but secure place to store them.

Paper

The Paper wallet is as the name implies, a physical paper wallet. When generating a paper wallet you will get a pdf that will need to print out. A paper wallet is normally used for long term storage since it is the safest way to store Vertcoins. A paper wallet can also be called "cold storage." Cold storage references the storage of your coins offline, preventing you from getting hacked over the internet.

Ledger Nano S

The Ledger Nano S is a hardware wallet designed by Ledger. A hardware wallet is similar to a paper wallet since it is normally used for cold storage. The hardware wallet is on par with the security of a paper wallet while being easy to use and setup. Note: You should never mine directly to a Ledger hardware wallet.

How do I start mining Vertcoin?

We have many guides available for you to use depending on your computer specifications.
Nvidia GPUs on Windows
Nvidia GPUs on Linux
AMD GPUs on Windows WARNING: Very unprofitable, AMD optimized miner is coming very soon.

Where can I get the One Click Miner (OCM)

You can get the latest version of the One Click Miner in the Vertcoin Discord. The download is pinned to the top of the #oneclick channel.

What do all the Numbers Mean on P2Pool’s Web Interface

I've seen a lot of confusion from new miners on public p2pool nodes, so here's a primer for the most common static node page style, for first time miners: https://imgur.com/K48GmMw

Active Miners on this Node

Address - This is the list of addresses currently mining on this node. If your address does not show up here, you are not mining on this node.
Hashrate
This is a snapshot of your hashrate as seen by the node. It will fluctuate up to 15% from the hashrate you are seeing on your mining software, but will average out to match the output in your mining software.
Rejected Hashrate
This is the amount of your hashing contribution that is rejected, both in hashrate and as a percentage of your total contribution. Running your own p2pool node minimizes this number. Mining on a node that is geographically close to reduce lag also minimizes this number. Ideally you would like it to be less than 1%, but most people seem happy keeping it under 3%.
Share Difficulty
This speaks for itself, it is the difficulty of the share being currently worked on. Bigger numbers are more difficult.
Time to Share
This is how long you need to mine before you will receive any payouts, or any "predicted payout." The lower your hashrate, the higher your time to share.
Predicted Payout
This is the reward you would receive if a block was found by p2pool right now. If it reads "no shares yet" then you have not yet been mining the requisite amount of time as seen in the previous "time to share" column.

Status

Network Hashrate
This is the total hashrate of all the miners mining vertcoin everywhere, regardless of where or how.
Global Pool Hashrate
This is the total hashrate of all the miners mining vertcoin on this p2pool network, be it the first network or the second network.
Local Pool Hashrate
This is the total hashrate of all the miners mining Vertcoin on this node.
Current Block Value
This is the reward that will be given for mining the current block. The base mining reward is currently 50 VTC per block, so any small decimal over that amount is transaction fees being paid by people using the network.
Network Block Difficulty
This is the difficulty of the block being mined. The higher the number, the higher the difficulty. This number rises as the "Network Hashrate" rises, so that blocks will always be found every 2.5 minutes. Inversely, this number falls when the "Network Hashrate" lowers as well.
Expected Time to Block
This is a guess at how much time will elapse between blocks being found by this p2pool network. This guess is accurate on average, but very inaccurate in the short term. Since you only receive a payout when the network finds a block, you can think of this as "Estimated Time to Payout."

Why is P2Pool Recommended Over Traditional Pools?

Decentralisation

P2Pool is peer to peer allowing a decentralized pool mining system. There are many nodes setup around the world that connect to each other too mine together. Many other coins have 1 very large pool that many miners connect to and sometimes the largest pool can have 51% or more of the network hash rate which makes the network vulnerable to a 51% attack. If P2Pool is the largest network then that prevents the Vertcoin network to be susceptible to a 51% attack as P2Pool is decentralized.

PPLNS Payout System

P2Pool uses a PPLNS (Pay Per Last N Shares) payout system which awards miners more the longer they mine, sort of like a loyalty system. A drawback to this system is that part time miners that aren't 24/7 won't be able to earn that much.

2 Networks

While Network 1 is catered towards 24/7 miners and people who have dedicated mining rigs, Vertcoin has a second P2Pool network where part time miners and miners under 100 MH/s can go to mine.

Mines Directly to Your Wallet

P2Pool mines directly to your wallet and cuts out the middleman. This reduces the likely hood that the pool will run away with your coins.

No Downtime

Since P2Pool is decentralized and has different nodes for you to choose from there will be no downtime because the P2Pool network does not die if one node goes down. You can setup a backup server in your miner so that you will have no downtime when mining.

Anonymity and Security

When using P2Pool you use a wallet address making your real identity anonymous, you are simply known by a random 34 letter string. Along with using a wallet address instead of a username there is no password involved P2Pool preventing the possibility of cracking your pool account (If you were on a traditional pool,) and stealing all your coins.

How do I Find a Nearby P2Pool Node

You can find the public p2pool nodes the the P2Pool Node Scanners. If you want to find a network 1 node go here. If you want to find a network 2 node go here.

How do I setup a P2Pool Node?

Linux P2Pool Setup
Windows P2Pool Setup (Text)
Windows P2Pool Setup (Video) This guide setups a network 2 node. When downloading Python download the 32bit version, not the 64bit. Downloading the 64bit version causes problems with the twisted install.
How do I setup a change my node to network 1 or network 2?
In the P2Pool startup script when you type the --network flag add vertcoin1 for network 1 and vertcoin2 for network 2 right after.

How do I Buy Vertcoin?

You can see a video guide on Youtube, "How to Buy Vertcoin with Fiat Using Bittrex and Coinbase"

How can I get help with "X problem?"

The quickest way for you to get help is for you to join the Vertcoin Discord Group. We almost always have knowledgable Vertans, whether that be developers or experienced Vertans, online to help you with whatever problems you may have.

How can I donate to the Developers?

You can donate to the dev fund at https://vertcoin.org/donate/. You can select what you want your funds to go to by donating to the corresponding address. You can also see how much funding is required and how much we have donated.

Where can I see what exchanges Vertcoin is on?

You can see what exchanges Vertcoin is listed on at CoinMarketCap. You can see what exchanges Vertcoin has applied to be on at this google docs spreadsheet.

Where can I see Vertcoin's Roadmap?

The Vertcoin developers currently have a trello board where you can see the goals and what the status of said goal is. You can also vote on what you want the Vertcoin developers to focus on next.

What is the Status of the AMD Optimized Miner?

The AMD Optimized Miner internal beta is aiming to be ready by the end of September. The AMD Optimized Miner is currently being developed by @turekaj on the Vertcoin Discord. He currently does not have a Reddit account and Discord is the only way you can contact him.

What Does Halving Mean?

Halving means that the block reward for miners will be split in half. Halving happens around every 4 years for Vertcoin or 840,000 blocks. This means around December miners will only receive 25 VTC per block instead of the current 50 VTC per block.
If you would like to add another question to this list please comment it and I will get around to adding it ASAP.
submitted by asianboygames to vertcoin [link] [comments]

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