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BlackCoin Subreddit

BlackCoin is a digital currency similar to Bitcoin. It is a pure Proof of Stake coin, except stage of initial distribution, when it was mixed PoW and PoS coin. For more info, go to http://blackcoin.org/
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Win the big prize!

JackpotCoin is a new cryptocurrency with a fun incentive to mine.
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Bitcoin's next 15 years : Year 2020–2035

2020 4Q

~ More companies follow in Microstrategy’s footsteps. Rumors of more corporate treasurers investing in BTC in boardrooms globally. A few listed large corporates announce accumulation of BTC after their buddies have all bought in (Board members, C-suite executives, family, and friends, etc.)
~ Money printing does not stop as the deflationary force of technology is too severe; the new US government formed after Biden’s win begins to adopt MMT as its primary guidance of future economic theory, led by Steph Kelton.
~ The holiday season and strong seasonality pump BTC back to $20k for the first time. Hard rejection and price fall back to $14k.

2021

~ BTC finally breaks $20k after multiple retests of overhead resistance sometime in spring
~ Almost weekly we see another corporation announcing vested interest in BTC
~ No longer in doubt that the asset class is in a bull market. Macro funds pile in. By year-end, we’re at $55k. Newspaper reports Bitcoin has now broken the $1 trillion mark. Most institutions begin scrambling to understand the asset class and set up “Digital Asset Investment teams”
~ Retail money flows to altcoins; Bitcoin is becoming too expensive for “retail” investors. The bitcoin community discusses possibly denoting BTC as sats, but majority of exchanges not interested as they derive most income from alt flows. However, most Bitcoin-only platforms switch to sats as the primary display format led by bitcoiners who now have considerable wealth and influence
~ Increasing talk that some smaller nations are now discussing the prospect of including Bitcoin on their central bank balance sheet
~ The first BTC-denominated corporate bond is launched

2022

~ Those in power have established full BTC positions, and we begin to see subtle clues that some countries are possibly accumulating BTC
~ Private banks selling BTC structured products now out in full force; custody solutions are now institutional-grade. 50% of the world’s banks have some product/solution tailored around bitcoin. The other 50% scramble.
~ Marks the top as BTC momentarily exceeds the most valuable company by market cap (~$2.5 trillion in 2022 @ $130K price). The final days of the frenzy are filled with rumors that central banks have accumulated 10% of global supply, and that it may even form part of the IMF’s global recognized reserve currencies. Crypto Twitter reaches peak “I told you so”

2023

~ The next bear market isn’t as severe as the last few; as the digital asset teams of various institutions are accumulating up to 2-5% of their AuM. It’s now commonly accepted that this asset class is here to stay and that even deploying $10 billion is no longer an issue in an asset class worth an aggregate $5 trillion.
~ BTC finds a floor 60% lower at $50K as smart money accumulates. CT screams for a 80% correction because mUh bItCoIn cYcLeS aNd fRaCtAls
~ Investment banks now have full-fledged research teams dedicated to digital assets. Calls for 80% correction too, so the smart money front-runs.
~ The middle class latches on to the wholecoining meme. “1 Bitcoin to secure a retirement; stack those sats”
~ The wealthy who are now increasingly composed of inherited wealth begin selling real estate/equities/bonds for Bitcoin but holds their BTC with their private bank. Realizing that Bitcoin supply is truly limited and sensing the “1 bitcoin to retire” meme; and that not every millionaire can own 1 bitcoin, many of the rich/ultra-rich scramble to buy 5–100 BTC each if only to cement their status as rich. 5–100 BTC costs $500K-10M (at $100k per BTC)
~ The winning product of the year is an automatic savings plan in bitcoin.

2025

~ Bitcoin is back to trading near its all-time highs of $130K after the 2024 halving cycle, however, the effect is marginal but the markets wrongly attribute it to the halving supply squeeze, building a false narrative for the next cycle in 2028.
~ Institutional money now in full-play; on hindsight we’ll realize the 10-year steady bull-run has actually begun since last year in 2023, similar to the gold bull run from 2000 to 2011
~ More exchanges finally denominate BTC in sats. $100K BTC = 0.1 cent per sat. Logging into platform displays your stack as:
“11.7m satoshis ≈ $17,500”

2028

~ Retail attempts to trade around the 2028 halving cycle. The halving cycle no longer have much of an impact, as demand now far outstrips supply changes
~ Many earlycoiners now sell between $200–400K, only to see it continue its relentless climb at a 30% annual rate
~ The first central bank announces the official addition to their balance sheets; all other central bank begins to FOMO. Cements BTC as a global reserve asset.
~ Governments ask that private ownership of bitcoin be transferred to regulated financial institutions such as their local bank where it will be held under custody. 70% of people do so.

2033

~ Many of the early-coiners now buyback at near to $1M ($20 trillion market cap), finally equaling gold’s market cap at a price of $4000+
~ Bitcoin peaks and meanders under $1M for the next decade
~ Volatility is now <10% per year, merchants begin adopting it en-masse as a medium of exchange

2035

~ 5 years of price stability leads to some merchants re-pricing certain goods in sat-terms
~ The lightning network crosses a billion channels created
~ Fiat does not go away, but most G20 countries decide to ban bitcoin as a medium of exchange for economic transactions. Ownership of bitcoin as an asset is encouraged as a store of wealth; private ownership is frowned upon and in some cases made illegal.
submitted by laobuggier to CryptoCurrency [link] [comments]

Regulatory Dialogue (and complaints/protests)

Every once in a while I subject myself to reddit and try to post something on here. I think namely that one of the major issues is that reddit just doesn't have an advanced community. The lawyers and finance people are all on crypto twitter. But for the small handful of people who are business savvy here I will at least try to make a point in the interest of overall views and exposure.

Basically everything I chicken littled about on reddit last summer has come true. I made a lot of claims and told people that the Banking Secrecy Act and FATFA would be incredibly terrible. And the reality is I wasn't chicken littling.
I understand the laws and am good at legal research. And all the crypto lawyers will say what I have said. We are largely fucked. Unless we really mass protest and complain at the CFTC and SEC and members of congress, we are going to get bent over a barrel. Wallstreet likes excluding retail, they don't want competition from 'the poors' let's be fucking real, they don't want retail involved because they are making too much money backdoor. It is they who are allowing this, and allowing the US citizen to be excluded from 95% of the crypto ecosystem and subjected to .5% fees on coinbase.

They are already laying the groundwork to go after DEFI developers all over the world extrajudicially and will. There is virtually nothing anyone can do to stop FATF and the DoJ persecuting anyone with an admin key to any smart contract ANY where in the world. They do not fucking care about borders or sovereignty. This is america, we drone strike weddings.
If you have a business, if you are a trader, or any person educated and trained enough in legal and finance to have skin in the game and you aren;t just a reddit 12 year old person hurling insults because you don't have a penny to your name, you need, we need, to heavily heavily involve ourselves in regulator dialouge with the CFTC and SEC.
If non institutional entrepreneur and citizen in America do not start actively pressuring and speaking with the CFTC and SEC we are potentially going to be persona non grata in much of the world for crypto. Especially the CFTC. The obsession that retail has with the SEC is deeply misleading. It is the CFTC that has pushed most of the exclusion. Even if you do not trade derivatives, it will be cited as a reason for why you are being denied services, that is just the reality of the situation.

Moreover, I still believe that they are going to create a parrallel system of white listed and black listed bitcoins, and backdoor wallets and hardware wallets with KYC in the 39 FATF member country. I believe that at least 50 to 70% of the BTC supply is going to be taken out of these FATF countries through blacklisting. They will simply stop letting you cash out non white listed coin with chain analysis proof of history on FATF/G20 countries. Monero won't work, your mixers won't work. If you don't have a chain of custody you will be flagged, and they won't let you withdraw to a "wild" wallet.

They'll find a way to make sure that if you live in those 40 to 50 countries that you will not be able to spend a fucking penny of anonymous crypto, unless it is all under the table between merchants, who of course will be thrown in pentitentiary for violating the BSA as a VASP.
Grown ass adults want to do business, this lowest common denominator shit on reddit and hodl and Defi pie in the sky catch me if you can john mcafee arthur hayes shit is coming to an end-- so either get with the program and get congress to pass things like the Security Clarity Act and Digital Commodity Exchange Act, or get left out and banned from everything.
The rich in america get want they want. They will force this on the world and trade bitcoin on hedgefunds like treasury notes and default credit swaps between the rich without it ever seeing the light of day beyond coinbase, and it'll essentially be a speculative hedge for the mega wealthy, unless the public puts an extreme amount of pressure on US regulators. And frankly everyone outside of the US should put the pressure on US regulators, let's be fucking real people, US regulations on finance are GLOBAL regulations.
submitted by samdane7777 to Bitcoin [link] [comments]

FAQ for Beginners

What is Bitcoin?

Bitcoin is scarce, decentralized, and global digital money that cannot be censored.

Quick Advice

  • Do not respond to strangers messaging you with investment advice or offers and read how to avoid being scammed from the posts below.
  • Do not invest in Bitcoin until you do basic research, paid off all high interest debt, and have a emergency savings account of a stable fiat currency.
  • If investing do not expect to get rich quickly. You should expect to wait at least 1-2 years before taking profits. Bitcoin is currently very volatile. In the interim spend and replace Bitcoin because its a useful currency.
  • Beginners should avoid all mining and day trading until at least very familiar with Bitcoin. Mining is very professional(You cannot efficiently mine with your computer and need to buy special ASIC machines) and most people lose money day trading.
  • Never store your Bitcoins on an exchange or web wallet. Buy your bitcoins and withdraw it to your personal wallet where you actually own them instead of IOUs. Services like Robinhood and Revoult should be avoided because you cannot withdraw or use Bitcoin.
  • Make sure you make a backup of your wallet(software holding keys to your BTC) and preferably keep it offline and physical and private. Typically 12 to 24 words you write down on paper or metal. This onetime backup will restore all your keys, addresses , and Bitcoins on a new wallet if you lose your old wallet.
  • Beginners should avoid altcoins, tokens, and ICOs at least initially until they learn about Bitcoin. Most of these are scams and you should be familiar with the basics first. Bitcoin is referred to as BTC or XBT.

Exchanges Requiring ID Verification

Bitcoin = BTC or XBT on exchanges
Exchange Buy fee* Withdraw BTC Notes
Cash App Sliding ~2.2% to 1% 0 BTC Instant Withdraw, USA only
Coinbase Debit3.99% ACH1.49% 1-4USD ~7Day hold BTC withdraw
CoinbasePro 0.5% 1-4USD ~7Day hold free ACH Deposit or €0.15 EUR SEPA fee
Gemini 1.49% to 0.25%ATrader 0 BTC 10 free BTC withdraws w/ActiveTrader
Kraken 0.16% 0.0005 BTC Deposit Fiat=USwire+5USD or SEPA free
Bitstamp 0.50% 0.0005 BTC Deposit Fiat=0 SEPA or 5% card fee
Note: Exchanges all have unique market prices and spreads so fees alone will not tell you the best rates. Best way is to directly compare the rates between exchanges. Buy fees above are for normal trading volumes. Verification and hold times can vary based upon lack of history, verification level or credit.
More exchanges per location
For a secure Decentralized Exchange (DEX) use https://bisq.network

Recommended Wallets

Best wallets for securing small amounts of BTC
electrum For Desktop and Android
Pros= Great Desktop and Android wallet with advanced functionality like coin control
Cons= UX is not as polished as some other wallets, make sure you only upgrade from official sources like play store or https://electrum.org as malicious servers or adverts can tell you to upgrade malware from other sites
https://www.youtube.com/watch?v=E4EhZg5QslI
Phoenix LN wallets for Android
Pros- Lightning network integration(as well as onchain) allowing you to spend with LN merchants for instant confirmations and much lower fees. Easiest lightning wallet to use
Cons- Lightning is still somewhat experimental and less merchants accept it.
https://phoenix.acinq.co/
https://www.youtube.com/watch?v=Cx5PK1H5OR0
Breez LN wallet for Android and IOS
https://breez.technology
https://www.youtube.com/watch?v=t_4b-y4T8bY
Pros- Lightning network integration(as well as onchain) allowing you to spend with LN merchants for instant confirmations and much lower fees
Cons- Lightning is still somewhat experimental and less merchants accept it.
Other Lightning wallets - http://lightningnetworkstores.com/wallets
Blockstream Green Wallet IOS and android wallet
Pros- Great UX, easy hardware wallet and full node integration, RBF, HW wallet support and advanced 2fa options Cons- Until single signature is released 2 of 2 multisig means that one must depend upon blockstream’s server for tx signing. Other light wallets are dependent upon other servers as well but light wallets like electrum allow you to swap servers.
https://www.youtube.com/watch?v=uO3Zi9D5b0Y
https://blockstream.com/green/
Securing Larger amounts of Bitcoin
ledger nano S wallet = ~68 USD https://shop.ledger.com/products/ledger-nano-s
https://www.youtube.com/watch?v=YI1OntWB7wc
https://www.youtube.com/watch?v=AGe2GgfkO64
trezor one wallet = ~54 USD https://shop.trezor.io
https://www.youtube.com/watch?v=pT1j_kbZBEo
Trezor Model T = ~164 USD https://shop.trezor.io
https://www.youtube.com/watch?v=i3BIo5Ac_n4
Cold Card Hardware wallet = 119.97 USD https://store.coinkite.com/store/coldcard
https://www.youtube.com/watch?v=kocEpndQcsg
https://www.youtube.com/watch?v=f8dBNrlwJ0k
Digital Bitbox 02 = 109 USD https://shiftcrypto.ch/bitbox02/
https://www.youtube.com/watch?v=tdP_7LgZw7s
https://www.youtube.com/watch?v=z7nRq2OEhiw
https://www.youtube.com/watch?v=6D4FgJo3j64
Best Advanced Bitcoin Wallet= Bitcoin Core
Pros= Great privacy and security
Cons= UX is for more experienced users, takes ~week to sync and requires ~5GB minimum disk space if prunned
https://bitcoincore.org/en/download/
Best High Privacy Bitcoin Wallet = Wasabi
Pros= Best Privacy with Chaumian CoinJoin built in
Cons= mixing coins costs more fees and for more advanced users
https://www.wasabiwallet.io/#download
https://www.youtube.com/watch?v=ECQHAzSckK0
https://www.youtube.com/watch?v=zPKpC9cRcZo&list=PLmoQ11MXEmahCG1nkbKK6DiAwVx9giJCi
https://www.youtube.com/watch?v=y8wQK-Ndl3Q&list=PLPj3KCksGbSaEmjU0sywoTYDVYYSu8LsS

Further Resources

https://www.lopp.net/bitcoin-information.html
https://www.lopp.net/lightning-information.html
https://10hoursofbitcoin.com/
http://bitcoinrabbithole.org/
https://bitcoin-resources.com
https://www.bitcoin101.club
https://21lessons.com
submitted by bitusher to BitcoinBeginners [link] [comments]

What the upcoming years might hold in store for bitcoin (a technical outlook by John Newbery)

John Newbery is a developer contributing to Bitcoin Core and to various educational resources like Bitcoin Optech.
Original source is here: https://twitter.com/jfnewbery/status/1208559196465184768. Keep in mind that the text below is copied from Twitter, so the formatting/phrasing might seem a little strange.
--------------------------------------------------------

The end of the decade is a good time to look back and marvel at the giant strides that Bitcoin has made since Satoshi gave us the whitepaper in 2008. It's also a natural point to look forward to what the upcoming years might hold in store.
This is where I think Bitcoin is headed over the next few years. Tell me why I'm wrong and what I've missed!
The lightning protocol teams working on c-lightning (@Blockstream), eclair (@acinq_co), LND (@lightning) and rust lightning will continue to iterate rapidly on the lightning protocol.
All implementations now support basic multi-path payments (https://bitcoinops.org/en/topics/multipath-payments/). We'll get better support of that as well as dual-funding, splice-in and splice-out (https://bitcoinops.org/en/topics/splicing/).
Taken together, those technologies will make channel and liquidity management much easier. They'll be automated, fade into the background and user experience will improve drastically.
Lightning infrastructure will improve. @bitfinex recently added lightning deposits and withdrawals. All other exchanges, merchant service providers, custodians and wallets will follow suit or become obsolete.
We'll see more lightning wallets: a mix of non-custodial; self-custodied with outsourced routing; and fully-self-managed wallets. This is a brand new space and there'll be lots of experimentation. Different teams will find different niches to fill.
Already, wallets like @MuunWallet, @Breez_Tech, @PhoenixWallet, @ln_zapand @bluewalletio are experimenting with different models.
Tooling for lightning developers will improve. When we ran the lightning apps residency just over a year ago, the attendees spent a lot of time setting up their lightning dev environments.
Now, with Polar (https://github.com/jamaljspolar) by @jamaljsr, lightning app developers can set up a test environment with a few clicks. More and better tools will continue to appear.
With better tooling, we'll see faster innovation on the application layer. Teams at @zebedeeio, @SatoshisGames, and others we haven't heard of yet will delight us with new and unexpected lightning experiences.
The schnortaproot softfork (https://bitcoinops.org/en/topics/taproot/) will be activated in 2020 or 2021. That'll provide a huge improvement in fungibility, privacy, scalability and functionality. For an overview of the benefits, watch the Optech exec briefing here: https://bitcoinops.org/en/2019-exec-briefing/#the-next-softfork
That'll allow lightning to upgrade from HTLCs to Payment Points. That's a big improvement for privacy and payment decorrelation, and allows 'Stuckless payments' with proofs-of-payment -- another huge boost in LN usablity.
See the @suredbits series of blog posts here https://suredbits.com/payment-points-part-1/ for more details on Payment Points.
Even better, lightning channel opens and closes will look identical to payments to single pubkeys. The same is true for payments to k-of-n pubkey thresholds. That's good for fungibility, privacy and scalability.
In fact, with schnortaproot, there's almost no downside to encumbering UTXOs with advanced scripts instead of single pubkey outputs.
Cold storage UTXOs will be k-of-n multisig keytrees, and all hot wallet UTXOs will be stored in channels (with splicing-out used to make on-chain payments). When transactions hit the chain, they'll look like any other single pubkey/signature payment.
Payments into wallets will pay directly into channel open outputs (thanks to @esneider for pointing this out to me). There'll be no concept of an on-chain balance and an in-channel balance. Just a single, unified balance that can be used for lightning or on-chain payments.
Wallet teams will collaborate on a PayJoin payment protocol (https://bitcoinops.org/en/topics/payjoin/). A large number of on-chain transactions will be 2-input-2-ouput transactions, vastly improving fungibility and privacy, and foiling chain analysis.
The inputs to those PayJoin transactions may be channel splice-outs, and the outputs may be channel opens, but there'll be no way to tell from observing the chain.
Eventually we'll have cross-input signature aggregation (https://bitcoincore.org/en/2017/03/23/schnorr-signature-aggregation/#signature-aggregation), which means those PayJoin transactions will only have a single signature, and will be *cheaper* than regular change-producing transactions.
Larger coinjoins will be cheaper still. An advanced PayJoin payment protocol could even batch multiple payments to the same merchant/exchange and use only a single signature.
We'll get SIGHASH_NOINPUT or SIGHASH_ANYPREVOUT (https://bitcoinops.org/en/topics/sighash_noinput/), making eltoo (https://bitcoinops.org/en/topics/eltoo/) possible, and blurring the lines between layer 1 and layer 2 (https://lists.linuxfoundation.org/pipermail/lightning-dev/2019-Septembe002136.html).
That'll make lightning even more usable and allow more advanced layer 2 contracts like channel factories (https://bitcoinops.org/en/topics/channel-factories/).
All these advanced features will require greater wallet interoperability. That's where miniscript (https://bitcoinops.org/en/topics/miniscript/) comes in.
With miniscript, wallets will eventually be able to enter contracts with each other that don't require pre-templated scripts (as lightning currently does). This wallet interoperability will allow faster innovation in layer 2 contracts.
OP_CTV (https://bitcoinops.org/en/newsletters/2019/12/04/#op-checktemplateverify-ctv) or some other covenant-enabling opcode will be activated, allowing richer layer 2 constructions like joinpools (https://freenode.irclog.whitequark.org/bitcoin-wizards/2019-05-21#1558427254-1558427441).
Taken together with taproot and SIGHASH_NOINPUT, we'll get extremely rich and private off-chain contracts will be made possible.
Some of these things will happen in 2020, and some will take a bit longer, but they're all heading in the same direction: using the chain for what the chain's good for (h/t Andrew Poelstra).
That's to say: the block chain allows nodes to arrive at an agreed ledger state, while contracting and functionality move up onto layer two. Doing so is cheaper, more secure, more private and allows for more rapid innovation.
None of this is inevitable, and none can happen without the industry of many hands and the creativity of many minds. There are years of work ahead for developers, researchers, businesses and users.
If you run a Bitcoin business, you can help by supporting, sponsoring or hiring open source developers.
If you're a Bitcoin user, you can help by *demanding* that any service you use supports the open source ecosystem.
If you're a developer, you can help by reviewing and testing PRs and releases. https://bitcoincore.reviews/ is a great place to start.
2020 is going to be a great year for Bitcoin and Lightning protocol development!
/fin
submitted by TheGreatMuffin to Bitcoin [link] [comments]

Reddcoin (RDD) 02/20 Progress Report - Core Wallet v3.1 Evolution & PoSV v2 - Commits & More Commits to v3.1! (Bitcoin Core 0.10, MacOS Catalina, QT Enhanced Speed and Security and more!)

Reddcoin (RDD) Core Dev Team Informal Progress Report, Feb 2020 - As any blockchain or software expert will confirm, the hardest part of making successful progress in blockchain and crypto is invisible to most users. As developers, the Reddcoin Core team relies on internal experts like John Nash, contributors offering their own code improvements to our repos (which we would love to see more of!) and especially upstream commits from experts working on open source projects like Bitcoin itself. We'd like tothank each and everyone who's hard work has contributed to this progress.
As part of Reddcoin's evolution, and in order to include required security fixes, speed improvements that are long overdue, the team has up to this point incorporated the following code commits since our last v3.0.1 public release. In attempting to solve the relatively minor font display issue with MacOS Catalina, we uncovered a complicated interweaving of updates between Reddcoin Core, QT software, MacOS SDK, Bitcoin Core and related libraries and dependencies that mandated we take a holistic approach to both solve the Catalina display problem, but in doing so, prepare a more streamlined overall build and test system, allowing the team to roll out more frequent and more secure updates in the future. And also to include some badly needed fixes in the current version of Core, which we have tentatively labeled Reddcoin Core Wallet v3.1.
Note: As indicated below, v3.1 is NOT YET AVAILABLE FOR DOWNLOAD BY PUBLIC. We wil advise when it is.
The new v3.1 version should be ready for internal QA and build testing by the end of this week, with luck, and will be turned over to the public shortly thereafter once testing has proven no unexpected issues have been introduced. We know the delay has been a bit extended for our ReddHead MacOS Catalina stakers, and we hope to have them all aboard soon. We have moved with all possible speed while attempting to incorproate all the required work, testing, and ensuring security and safety for our ReddHeads.
Which leads us to: PoSV v2 activation and the supermajority on Mainnet at the time of this writing has reached 5625/9000 blocks or 62.5%. We have progressed quite well and without any reported user issues since release, but we need all of the community to participate! This activation, much like the funding mechanisms currently being debated by BCH and others, and employed by DASH, will mean not only a catalyst for Reddcoin but ensure it's future by providing funding for the dev team. As a personal plea from the team, please help us support the PoSV v2 activation by staking your RDD, no matter how large or small your amount of stake.
Every block and every RDD counts, and if you don't know how, we'll teach you! Live chat is fun as well as providing tech support you can trust from devs and community ReddHead members. Join us today in staking and online and collect some RDD "rain" from users and devs alike!
If you're holding Reddcoin and not staking, or you haven't upgraded your v2.x wallet to v3.0.1 (current release), we need you to help achieve consensus and activate PoSV v2! For details, see the pinned message here or our website or medium channel. Upgrade is simple and takes moments; if you're nervous or unsure, we're here to help live in Telegram or Discord, as well as other chat programs. See our website for links.
Look for more updates shortly as our long-anticipated Reddcoin Payment Gateway and Merchant Services API come online with point-of-sale support, as we announce the cross-crypto-project Aussie firefighter fundraiser program, as well as a comprehensive update to our development roadmap and more.
Work has restarted on ReddID and multiple initiatives are underway to begin educating and sharing information about ReddID, what it is, and how to use it, as we approach a releasable ReddID product. We enthusiastically encourage anyone interested in working to bring these efforts to life, whether writers, UX/UI experts, big data analysts, graphic artists, coders, front-end, back-end, AI, DevOps, the Reddcoin Core dev team is growing, and there's more opportunity and work than ever!
Bring your talents to a community and dev team that truly appreciates it, and share the Reddcoin Love!
And now, lots of commits. As v3.1 is not yet quite ready for public release, these commits have not been pushed publicly, but in the interests of sharing progress transparently, and including our ReddHead community in the process, see below for mind-numbing technical detail of work accomplished.
e5c143404 - - 2014-08-07 - Ross Nicoll - Changed LevelDB cursors to use scoped pointers to ensure destruction when going out of scope. *99a7dba2e - - 2014-08-15 - Cory Fields - tests: fix test-runner for osx. Closes ##4708 *8c667f1be - - 2014-08-15 - Cory Fields - build: add funcs.mk to the list of meta-depends *bcc1b2b2f - - 2014-08-15 - Cory Fields - depends: fix shasum on osx < 10.9 *54dac77d1 - - 2014-08-18 - Cory Fields - build: add option for reducing exports (v2) *6fb9611c0 - - 2014-08-16 - randy-waterhouse - build : fix CPPFLAGS for libbitcoin_cli *9958cc923 - - 2014-08-16 - randy-waterhouse - build: Add --with-utils (bitcoin-cli and bitcoin-tx, default=yes). Help string consistency tweaks. Target sanity check fix. *342aa98ea - - 2014-08-07 - Cory Fields - build: fix automake warnings about the use of INCLUDES *46db8ad51 - - 2020-02-18 - John Nash - build: add build.h to the correct target *a24de1e4c - - 2014-11-26 - Pavel Janík - Use complete path to include bitcoin-config.h. *fd8f506e5 - - 2014-08-04 - Wladimir J. van der Laan - qt: Demote ReportInvalidCertificate message to qDebug *f12aaf3b1 - - 2020-02-17 - John Nash - build: QT5 compiled with fPIC require fPIC to be enabled, fPIE is not enough *7a991b37e - - 2014-08-12 - Wladimir J. van der Laan - build: check for sys/prctl.h in the proper way *2cfa63a48 - - 2014-08-11 - Wladimir J. van der Laan - build: Add mention of --disable-wallet to bdb48 error messages *9aa580f04 - - 2014-07-23 - Cory Fields - depends: add shared dependency builder *8853d4645 - - 2014-08-08 - Philip Kaufmann - [Qt] move SubstituteFonts() above ToolTipToRichTextFilter *0c98e21db - - 2014-08-02 - Ross Nicoll - URLs containing a / after the address no longer cause parsing errors. *7baa77731 - - 2014-08-07 - ntrgn - Fixes ignored qt 4.8 codecs path on windows when configuring with --with-qt-libdir *2a3df4617 - - 2014-08-06 - Cory Fields - qt: fix unicode character display on osx when building with 10.7 sdk *71a36303d - - 2014-08-04 - Cory Fields - build: fix race in 'make deploy' for windows *077295498 - - 2014-08-04 - Cory Fields - build: Fix 'make deploy' when binaries haven't been built yet *ffdcc4d7d - - 2014-08-04 - Cory Fields - build: hook up qt translations for static osx packaging *25a7e9c90 - - 2014-08-04 - Cory Fields - build: add --with-qt-translationdir to configure for use with static qt *11cfcef37 - - 2014-08-04 - Cory Fields - build: teach macdeploy the -translations-dir argument, for use with static qt *4c4ae35b1 - - 2014-07-23 - Cory Fields - build: Find the proper xcb/pcre dependencies *942e77dd2 - - 2014-08-06 - Cory Fields - build: silence mingw fpic warning spew *e73e2b834 - - 2014-06-27 - Huang Le - Use async name resolving to improve net thread responsiveness *c88e76e8e - - 2014-07-23 - Cory Fields - build: don't let libtool insert rpath into binaries *18e14e11c - - 2014-08-05 - ntrgn - build: Fix windows configure when using --with-qt-libdir *bb92d65c4 - - 2014-07-31 - Cory Fields - test: don't let the port number exceed the legal range *62b95290a - - 2014-06-18 - Cory Fields - test: redirect comparison tool output to stdout *cefe447e9 - - 2014-07-22 - Cory Fields - gitian: remove unneeded option after last commit *9347402ca - - 2014-07-21 - Cory Fields - build: fix broken boost chrono check on some platforms *c9ed039cf - - 2014-06-03 - Cory Fields - build: fix whitespace in pkg-config variable *3bcc5ad37 - - 2014-06-03 - Cory Fields - build: allow linux and osx to build against static qt5 *01a44ba90 - - 2014-07-17 - Cory Fields - build: silence false errors during make clean *d1fbf7ba2 - - 2014-07-08 - Cory Fields - build: fix win32 static linking after libtool merge *005ae2fa4 - - 2014-07-08 - Cory Fields - build: re-add AM_LDFLAGS where it's overridden *37043076d - - 2014-07-02 - Wladimir J. van der Laan - Fix the Qt5 build after d95ba75 *f3b4bbf40 - - 2014-07-01 - Wladimir J. van der Laan - qt: Change serious messages from qDebug to qWarning *f4706f753 - - 2014-07-01 - Wladimir J. van der Laan - qt: Log messages with type>QtDebugMsg as non-debug *98e85fa1f - - 2014-06-06 - Pieter Wuille - libsecp256k1 integration *5f1f2e226 - - 2020-02-17 - John Nash - Merge branch 'switch_verification_code' into Build *1f30416c9 - - 2014-02-07 - Pieter Wuille - Also switch the (unused) verification code to low-s instead of even-s. *1c093d55e - - 2014-06-06 - Cory Fields - secp256k1: Add build-side changes for libsecp256k1 *7f3114484 - - 2014-06-06 - Cory Fields - secp256k1: add libtool as a dependency *2531f9299 - - 2020-02-17 - John Nash - Move network-time related functions to timedata.cpp/h *d003e4c57 - - 2020-02-16 - John Nash - build: fix build weirdness after 54372482. *7035f5034 - - 2020-02-16 - John Nash - Add ::OUTPUT_SIZE *2a864c4d8 - - 2014-06-09 - Cory Fields - crypto: create a separate lib for crypto functions *03a4e4c70 - - 2014-06-09 - Cory Fields - crypto: explicitly check for byte read/write functions *a78462a2a - - 2014-06-09 - Cory Fields - build: move bitcoin-config.h to its own directory *a885721c4 - - 2014-05-31 - Pieter Wuille - Extend and move all crypto tests to crypto_tests.cpp *5f308f528 - - 2014-05-03 - Pieter Wuille - Move {Read,Write}{LE,BE}{32,64} to common.h and use builtins if possible *0161cc426 - - 2014-05-01 - Pieter Wuille - Add built-in RIPEMD-160 implementation *deefc27c0 - - 2014-04-28 - Pieter Wuille - Move crypto implementations to src/crypto/ *d6a12182b - - 2014-04-28 - Pieter Wuille - Add built-in SHA-1 implementation. *c3c4f9f2e - - 2014-04-27 - Pieter Wuille - Switch miner.cpp to use sha2 instead of OpenSSL. *b6ed6def9 - - 2014-04-28 - Pieter Wuille - Remove getwork() RPC call *0a09c1c60 - - 2014-04-26 - Pieter Wuille - Switch script.cpp and hash.cpp to use sha2.cpp instead of OpenSSL. *8ed091692 - - 2014-04-20 - Pieter Wuille - Add a built-in SHA256/SHA512 implementation. *0c4c99b3f - - 2014-06-21 - Philip Kaufmann - small cleanup in src/compat .h and .cpp *ab1369745 - - 2014-06-13 - Cory Fields - sanity: hook up sanity checks *f598c67e0 - - 2014-06-13 - Cory Fields - sanity: add libc/stdlib sanity checks *b241b3e13 - - 2014-06-13 - Cory Fields - sanity: autoconf check for sys/select.h *cad980a4f - - 2019-07-03 - John Nash - build: Add a top-level forwarding target for src/ objects *f4533ee1c - - 2019-07-03 - John Nash - build: qt: split locale resources. Fixes non-deterministic distcheck *4a0e46e76 - - 2019-06-29 - John Nash - build: fix version dependency *2f61699d9 - - 2019-06-29 - John Nash - build: quit abusing AMCPPFLAGS *99b60ba49 - - 2019-06-29 - John Nash - build: avoid the use of top and abs_ dir paths *c8f673d5d - - 2019-06-29 - John Nash - build: Tidy up file generation output *5318bce57 - - 2019-06-29 - John Nash - build: nuke Makefile.include from orbit *672a25349 - - 2019-06-29 - John Nash - build: add stub makefiles for easier subdir builds *562b7c5a6 - - 2020-02-08 - John Nash - build: delete old Makefile.am's *066120079 - - 2020-02-08 - John Nash - build: Switch to non-recursive make
Whew! No wonder it's taken the dev team a while! :)
TL;DR: Trying to fix MacOS Catalina font display led to requiring all kinds of work to migrate and evolve the Reddcoin Core software with Apple, Bitcoin and QT components. Lots of work done, v3.1 public release soon. Also other exciting things and ReddID back under active dev effort.
submitted by TechAdept to reddCoin [link] [comments]

The crypto market’s correlation with traditional markets (by Robert Aron Zawiasa)

https://medium.com/@Zawiasa/the-crypto-markets-correlation-with-traditional-markets-79e8209a6d8
At the time of Corona virus and the — not so related — economic meltdown, many questions the correlation between the virtual economy of cryptocurrencies and the “trad” one.
Why is it such an important question? For many years crypto evangelists predicted Bitcoin as a new safe-haven, the “digital gold”. — Oh boy, they were wrong.
The correlation is not imaginary, trad market players now have significant capital in cryptocurrency and when they need to pull liquidity to cover fiat liabilities, they just do it. The reason for the steep drop in % terms is because the BTC market is not liquid enough at this point in time.
Is it a problem? A heresy of the crypto evangelion?
A heresy for sure, but not a problem at all. Let’s be honest and admit it: The crypto community found nothing unusual in the recent price-drops. I, myself even shorted the market, because crypto is still full of promises but lacking adoption.
Okay, so they are correlating and crypto is full of shit and scammy and basically the same, right?
Not so! Do you remember the times when we had to wait days for a transaction? Paying with wire transfer for something in China was insanely expensive? When merchants preferred cash over credit cards, because of high fees? When you had to hire a broker for investing?
Those times are gone and yes, not because of crypto solved these problems, but crypto definitely accelerated this transformation, urged the financial world to change rules or die. Now what if I say, this is only the beginning and these are only entry-level benefits of what really crypo promises?

Crypto promises us the “digital America”

Uh, I said it. Crypto is the new land and all the resourceful wants their own pieces of it. The reason behind why so many are thinking about Bitcoin as the digital gold is because the digital America’s gold rush is happening now. We all know deep in our consciousness that the world is heavily changing, the youth is changing, society is being digitalized even if brain-computer interfaces are not a thing yet..
Damn son you are weird and I stopped reading here.
The reason you feel weird about our descendants living online is because you know it will happen, but stay in the present now and I will tell you what crypto is doing to our traditional economy!

What is the “crypto dream”?

Many of the early adopters joined not because they wanted to make money, but because they think the current money system is unfair. Common citizens are paying the highest on almost everything and most of the time they don’t know about it. The financial sector’s practices are so hidden, almost like an occult knowledge. There are a few people who understand it and then there are everyone else, the vulnerable. This makes the first statement of the dream:
One of my biggest frustration as a teenager was I did not see real good opportunities in the world. I read about them, I saw them in historical movies, but in reality workplaces were boring and abusive, investments were only for the rich. Neither the booming housing market or fake forex trading seemed like a good fit for me. I had very little money, but a big passion to forge my fortune.
The wolves of Wall Street created our current system in the ideology of “I own what I could acquire” and backfired each other just like everyone did. They have done this, because there is no trust in the traditional world, but trust is heavily needed. But if things are transparent and open, we only need one more thing to wake up from this nightmare:
You read it right, a trustless environment provide uncheatable cooperation. There is no single entity that has authority over the system, and consensus is achieved without participants having to know or trust anything but the system itself.
I don’t eat your utopian bullshit! Your software is written by people I still need to trust.
People tend to be happier to direct trust towards organizations than systems. However, while organizations are made up of people who are easily corruptible, trustless systems can be governed entirely by computer code. All of the source code in crypto should be accessible to everyone. If it is not, then it is not a part of our ecosystem.

The technology behind crypto

Many being confused about the blockchain, thinking it is not a big deal. We had many software far older than Bitcoin, implementing the very same ideas. What Bitcoin had — which made the blockchain a very unique thing — is philosophy. It was intended to use a special way and confronted a very big thing, nobody thought it could be possible to confront.
The blockchain is a way to store information. A decentralized, fully transparent one, which is accessible for everyone 7/24. It never stops, It cannot be stopped and people make it doing different things.
The first use case its inventor made it doing is persisting transactions, money transfers. He told all of us it is just an experiment, which he didn’t tell is the capabilities of this technology. So fast people realized it is possible to do extraordinary things with it, like running a whole computer on the blockchain, making it behave like a virtual computer instance.
No one did things like this before: A global computer which cannot be stopped, which is capable to run all kinds of software on it.

What was the impact?

People go mad about it, especially greedy people who don’t know a bum about the technology but have money to pour in. At one point, the fundraising softwares running on the Ethereum global computer had more impact and volume than the whole VC industry in America. This was only the early rising of crypto, 2017 spring. Later that year, everyone hopped on the train who were brave or stupid enough.
Did crypto had a real economy at that point? Was it an industry? Real-world adoption? NOPE
It was a bitter funny hype train, challenging everyone inside or outside the community, but it showed us one thing: We have the gold.
Not so much people are capable to find and extract gold, to be honest: Most of us are just lurkers, fortune hunters and times could be rough when a mass hype destructs all the mines, but people had keep going, continuing the work.

How the crypto economy relates to the traditional economy now?

It is expanding much faster than any other economy in the world. Our frontiers in adoption are companies like Crypto.com paying hundred millions of dollars ($50 bonus for every new customer) to onboard millions of users, others like Coinbase paying $166 anyone to motivate in learning about cryptocurrencies. Handshake is airdropping hundreds of dollars (on current rates) to open-source developers and these are just a few examples of how generous and prosperous our thriving world is. In comparison: Revolut, a fintech company which is very similar to Crypto.com only paid 10 USD for new card holders and no one would ever pay you to educate yourself about financials. Developers? They historically get a fraction of a fraction of the pie in Silicon Valley. (Sorry Y Combinator, you are a delightful exception)
These companies I mentioned are very traditional ones and they are not innovating in software, but keeping our gates open to the new world. I don’t want to credit here any of the thousands of developer teams, all working on the “real deal”. I only leave here a link to the list of all variants of the Bitcoin source code alone. Understanding what blockchain companies are working on is a whole new profession now.
The idea of a crypto company is the DAO (Decentralized Autonomous Organization). Which covers trustless, often anonymous and fully transparent organizations with profit sharing and they are aimed to become better alternatives to traditional companies. Most of us in the community have different understanding, proposals and hopes about what a DAO should be, but common sense tell us it is the next big thing to emerge.

Wild West is Happening

We are building railway systems across the land, making connections and interoperations between blockchains. We are attracting a lot of immigrants day-to-day, because we have better paying workplaces, better interest rates and in overall a flourish economy. We are growing a strong identity to support our nation as the blockchain developers, economists, philosophers and investors. Our money is under our control as we own our future and all of us knows: We will soon show the world, what we are capable to achieve.
This is my view of the crypto world. This is the manifesto of “digital America”.
RAZ
contact me at zawiasa.hu
submitted by ZGenKibernetika to u/ZGenKibernetika [link] [comments]

Your Guide to Monero, and Why It Has Great Potential

/////Your Guide to Monero, and Why It Has Great Potential/////

Marketing.
It's a dirty word for most members of the Monero community.
It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers.
This is what makes this an unusual post from a member of the Monero community.
This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential.
Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome.
I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.

///Upcoming Developments///

Bulletproofs - A Reduction in Transaction Sizes and Fees
Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested.
Multisig
Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero.
Kovri
Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy.
Mobile Wallets
There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon.
Hardware Wallets
Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here.
TAILS Operating System Integration
Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users.
In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow.
Mandatory Hardforks
Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information.
Dynamic fees
Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees!
Tail Emission and Inflation
There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore.
Monero Research Lab
Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.

///Monero's Technology - Rising Above The Rest///

Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless
Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero".
Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!.
Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself.
I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World
As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity.
A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain.
The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes.
Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
For those that wish to seek more information about why Monero is a superior form of money, read The Merits of Monero: Why Monero Vs Bitcoin over on the Monero.how website.
Monero's Humble Origins
Something that still rings true today despite the great influx of money into cryptocurrencies was outlined in Nick Tomaino's early 2016 opinion piece. The author claimed that "one of the most interesting aspects of Monero is that the project has gained traction without a crowd sale pre-launch, without VC funding and any company or well-known investors and without a pre-mine. Like Bitcoin in the early days, Monero has been a purely grassroots movement that was bootstrapped by the creator and adopted organically without any institutional buy-in. The creator and most of the core developers serve the community pseudonymously and the project was launched on a message board (similar to the way Bitcoin was launched on an email newsletter)."
The Organic Growth of the Monero Community
The Monero community over at monero is exponentially growing. You can view the Monero reddit metrics here and see that the Monero subreddit currently gains more than 10,000 (yes, ten thousand!) new subscribers every 10 days! Compare this to most of the other coins out there, and it proves to be one of the only projects with real organic growth. In addition to this, the community subreddits are specifically divided to ensure the main subreddit remains unbiased, tech focused, with no shilling or hype. All trading talk is designated to xmrtrader, and all memes at moonero.
Forum Funding System
While most contributors have gratefully volunteered their time to the project, Monero also has a Forum Funding System in which money is donated by community members to ensure it attracts and retains the brightest minds and most skilled developers. Unlike ICOs and other cryptocurrencies, Monero never had a premine, and does not have a developer tax. If ANYONE requires funding for a Monero related project, then they can simply request funding from the community, and if the community sees it as beneficial, they will donate. Types of projects range from Monero funding for local meet ups, to paying developers for their work.
Monero For Goods, Services, and Market Places
There is a growing number of online goods and services that you can now pay for with Monero. Globee is a service that allows online merchants to accept payments through credit cards and a host of cryptocurrencies, while being settled in Bitcoin, Monero or fiat currency. Merchants can reach a wider variety of customers, while not needing to invest in additional hardware to run cryptocurrency wallets or accept the current instability of the cryptocurrency market. Globee uses all of the open source API's that BitPay does making integrations much easier!
Project Coral Reef is a service which allows you to shop and pay for popular music band products and services using Monero.
Linux, Veracrypt, and a whole array of VPNs now accept Monero.
There is a new Monero only marketplace called Annularis currently being developed which has been created for those who value financial privacy and economic freedom, and there are rumours Open Bazaar is likely to support Monero once Multisig is implemented.
In addition, Monero is also supported by The Living Room of Satoshi so you can pay bills or credit cards directly using Monero.
Monero can be found on a growing number of cryptocurrency exchange services such as Bittrex, Poloniex, Cryptopia, Shapeshift, Changelly, Bitfinex, Kraken, Bisq, Tux, and many others.
For those wishing to purchase Monero anonymously, there are services such as LocalMonero.co and Moneroforcash.com.
With XMR.TO you can pay Bitcoin addresses directly with Monero. There are no other fees than the miner ones. All user records are purged after 48 hours. XMR.TO has also been added as an embedded feature into the Monerujo android wallet.
Coinhive Browser-Based Mining
Unlike Bitcoin, Monero can be mined using CPUs and GPUs. Not only does this encourage decentralisation, it also opens the door to browser based mining. Enter side of stage, Coinhive browser-based mining. As described by Hon Lau on the Symnatec Blog Browser-based mining, as its name suggests, is a method of cryptocurrency mining that happens inside a browser and is implemented using Javascript. Coinhive is marketed as an alternative to browser ad revenue. The motivation behind this is simple: users pay for the content indirectly by coin mining when they visit the site and website owners don't have to bother users with sites laden with ads, trackers, and all the associated paraphern. This is great, provided that the websites are transparent with site visitors and notify users of the mining that will be taking place, or better still, offer users a way to opt in, although this hasn't always been the case thus far.
Skepticism Sunday
The main Monero subreddit has weekly Skepticism Sundays which was created with the purpose of installing "a culture of being scientific, skeptical, and rational". This is used to have open, critical discussions about monero as a technology, it's economics, and so on.

///Speculation///

Major Investors And Crypto Figureheads Are Interested
Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments.
There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin.
Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin.
Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero.
Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in.
The Bitcoin Flaw
A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins.
CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero.
CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range.
Monero Has a Relatively Small Marketcap
Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit.
Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin.
For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin.
Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money.
Technical Analysis
There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today.
Coinbase Rumours
Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading.
Monero Is Not an ICO Scam
It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases.
Monero is a Working Currency, Today
Monero is a working currency, here today.
The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc.
Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin.
Monero is the only coin with all the necessary properties to be called true money.
Monero is private internet money.
Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy.
Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us.
Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.

///Key Issues for Monero to Overcome///

Scalability
While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit.
In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
When the Spagni CNBC video was recently linked to the Monero subreddit, it was met with lengthy debate and discussion from both users and developers. u/ferretinjapan summarised the issue explaining:
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming
It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node.
For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too!
Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.

///Conclusion///

I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so.
Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price.
I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors.
I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ?
Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
submitted by johnfoss69 to CryptoCurrency [link] [comments]

r/Ethereum - I wrote this to explain Ethereum in depth to newbies. Please check for accuracy!

Hello ethereum - I'm currently in Singapore exploring all of the cool blockchain tech that's going on here. I'm also writing a blog that aims to explain blockchain technology simply to anyone whose interested. www.cryptoambit.com
If you guys could spot check my Ethereum post for accuracy, I'd appreciate it. If you like it, would also appreciate some subscribers! Thanks
By now, most people know Ethereum as the second most valuable cryptocurrency, currently valued at over $60 billion dollars. Well, it turns out that Ethereum isn't actually a cryptocurrency - it's a software platform that let's programmers build applications on top of blockchain technology. Within the ethereum platform, is a cryptocurrency called ether that is used to power applications built on the Ethereum blockchain.
From Bitcoin to Ethereum
Bitcoin uses a global network of computers that maintain a shared ledger called a blockchain that keeps track of who owns bitcoin. Once blockchain technology was introduced to the world, people realized that blockchains could be used to keep track of anything of value. In 2013, a 19 year old named Vitalik Buterin introduced the Ethereum white paper, which proposed an open source platform that would let programmers build blockchain applications that could facilitate the exchange of money, content, property, shares or anything of value. Much like with Satoshi Nakamoto's paper, Buterin's was met with widespread excitement from software developers around the world who began building toward the vision Buterin laid out.
Much like Bitcoin, Ethereum isn't owned or controlled by any one person. Unlike Bitcoin, whose creator remains anonymous, Ethereum has a leader in Vitalik Buterin (pictured below). While Buterin doesn't control Ethereum in the way that a CEO does, his word carries tremendous weight in dictating the direction of the project - something that is considered a strength or a weakness, depending on who you ask.
Smart Contracts
The basic function that programs built on Ethereum perform are called smart contracts. Smart contracts are digital agreements that execute automatically based on real world data. An easy way to think of them is an "If-then statement." IF condition A exists, THEN perform function B.
Let's say for example Grandma wants to make sure she never forgets to give Little Billy birthday money each year. She could write a smart contract that says IF it's Little Billy's birthday, THEN pay him $10 from Grandma's account. Once this contract is broadcast to the Ethereum network, it will execute automatically each year on Little Billy's birthday.
Smart contracts have applications far beyond improving the reliability and efficiency of Grandmothers around the world. Another simple application of a smart contract is for rental payments: IF date = 1st of the month, THEN pay landlord rent amount. Processes that currently involve manual interactions between two parties can now be automated and the value can be moved in real time over the blockchain rather than settling days later as with traditional banking.
A Real World Example
Ethereum and smart contracts are a big deal because they have the ability to usher in what's been dubbed the "smart economy" - one in which slow manual processes prone to human error and deceit are replaced with automated processes that are completely transparent and trustworthy. A real world example that typifies the new "smart economy" is a project being run by a French insurance company called AXA.
AXA offers a flight insurance product that pays out a policy holder in the event that a flight is delayed by two hours or more. It currently has a product in trial that will pay out insurance claims using smart contracts and the Ethereum blockchain. The smart contract is simple: IF flight is over two hours late, THEN pay policyholder. The smart contract is connected to a database that monitors flight times. If the database shows that the flight is over two hours late, the smart contract is triggered and the policyholder is paid automatically over the blockchain.
Without the smart contract, the policyholder would have to file a claim and wait for the insurance company's claims department to process it, which could take anywhere from 1 to 2 weeks. With the smart contract, neither the insurance company nor the policyholder has to do anything. This also creates trust between the two parties because there are no grey areas - the customer can review the smart contract prior to purchasing the policy and feel comfortable that he will receive his claim in the event of a delay.
Ethereum vs Ether
As stated in the intro, Ethereum is a platform for building blockchain applications using smart contracts. What you may have just purchased on Coinbase is called Ether, which is the cryptocurrency that fuels the Ethereum network.
Ether functions more like a digital commodity than a digital currency. Just like you need gasoline to fuel your car, you need Ether to run applications on the Ethereum blockchain. In the Grandmother example cited above, Grandma would have to purchase small amounts of Ether to fuel her smart contract that pays Little Billy his birthday money.
The Ethereum blockchain functions in the same way as the Bitcoin blockchain: a network of computers run software that validates transactions through majority consensus. The people running these computers are called miners. Bitcoin miners are compensated for their resources by being paid in Bitcoin. Ethereum miners are compensated in Ether. On Little Billy's birthday, Grandma's ether transaction fee will go to whichever miner adds the block containing Grandma's transaction to the blockchain. That miner will also receive new Ether in the process.
The same supply/demand economics that apply to commodities like oil and gas also apply to Ether. Oil is valuable because it powers many of the things we use in our everyday life - it heats our homes and fuels our engines. The more people and enterprises that rely on Ethereum based applications, the higher the demand will be for Ether which will increase its value. As with all cryptocurrencies, there's plenty of speculation baked into the price - speculation that the demand for Ether will increase in the future. Since Ether is valuable, exchangeable and transferable, certain merchants are also starting to accept it as a currency.
dApps - Decentralized Apps
Applications that run smart contracts on the Ethereum blockchain are called "dApps," or decentralized apps. Just as any app developer can build apps on top of Apple's IOS operating system, developers can build on top of Ethereum's blockchain infrastructure. To the end user of a dApp, it might not look and feel any different than the apps you use today. It's the underlying blockchain infrastructure that make them different.
Since dApps function on top of the blockchain, they can be used to transfer value peer-to-peer. To return to our Grandmother example, there could be a dApp that Granny can download that lets her schedule Little Billy's birthday payments without having to code the smart contract herself. dApps are also completely open sourced so other people can access the code and build on top of them. Someone could take the code to the birthday payment dApp and add the ability for Grandma to add a note that says, "Happy Birthday Billy!" Running dApps on the blockchain also offers added security benefits. Since the transactions are distributed and encrypted across the Ethereum blockchain, there is no central place for a hacker to breach and gain access to all of the world's Grandmother to grandson birthday payment data.
At this point, I'm really beating the GrandmotheLittle Billy example to death because I think it represents a simple illustration for the kinds of applications that can be built on the Ethereum blockchain. In reality, the dApps that are being built are much more complex. Here are a few examples:
Ethereum Tokens
So now that you understand that Ethereum is a network for building decentralized applications that require a cryptocurrency called Ether to run, I'm going to introduce a confusing concept. Many dApps built on Ethereum have their own cryptocurrencies or "tokens." In order to interact with the dApps, customers need to purchase the dApp's native token.
Here's a helpful analogy I came across - when you go to a waterpark, you pay the admission fee and in return, you get a wristband. That wristband gives you the ability to ride the waterslides in the water park. With certain dApps, the token is the wristband, and a user must purchase it to interact with whatever the dApp offers.
Let's take a dApp called Golem as an example. Golem lets people rent out their excess computing power to people who need it - kind of like a computer AirBnb. To cite this article from Laura Shin, if I'm a computer graphics artist that wants to render some kind of computationally intense animation, I can purchase Golem tokens that let me tap into the Golem network to generate my animation. I then pay the people who are renting me their computers with the Golem tokens. The Golem token is a form of smart contract and this transaction is recorded on the Ethereum blockchain.
Since Golem tokens are also a cryptocurrency, they can be traded on the free market. If I'm a speculator who has no intention of using the Golem network to rent computing power, I can still buy the Golem token on an exchange in hopes that it appreciates in value. Like bitcoin, there is a fixed supply of Golem tokens so if the demand for the service increases, so will the value of the token. If I bought Golem at its original price of around 1 penny and held it to today, I would have made 35X my initial investment since Golem tokens currently trade around 35 cents a piece.
ICOs
ICO stands for, "Initial Coin Offering" which is a fundraising mechanism for cryptocurrencies which has exploded in popularity this year - the majority of them are held on the Ethereum network. Similar to a kickstarter campaign, they allow entrepreneurs to raise money for projects by giving investors an early opportunity to purchase the cryptocurrency before the final product has been built. If the project is successful, the value of the cryptocurrency will rise in value and early investors can sell it on the open market for a profit.
ICOs have stirred up a lot of controversy because they represent a risky proposition with zero investor protection. Let's say I wanted to build a casino and to finance it, I gave investors the opportunity to buy chips that can be used at my roulette tables once the casino opened. If you bought $100K in roulette chips from me and I decide that I no longer want to build the casino, you're stuck holding worthless chips. If investors don't do their due diligence, they may end up buying tokens for a project whose creators never intended on building it in he first place - the creators walk away with the money and the investors have no way of recouping their funds.
On the other hand, early investors in projects that go on to be successful have the opportunity to make enormous returns. For example, people who invested $1,000 in the Golem ICO would be sitting on $35,000 at it's current price of $0.35 - if it ever goes to $10, they're all millionaires. Another positive aspect of ICOs is that they let anyone, rich or poor get involved in early stage investing. To invest in a company like Twitter or Facebook pre-IPO (initial public offering), you need to be an accredited investor - this basically means you're already a rich person. With ICOs, all you need is an internet connection and a little bit of money and you have the potential to become wealthy by investing in the right projects.
Far From Perfect
Ethereum has the potential to change the way humans transact with one another but it is still a very young technology and it hasn't been without its problems. While the blockchain architecture underlying the Ethereum network is secure, not all of the applications built on top of it are. Faulty code can and has made applications vulnerable to hacking and malfunctions. Here are two prime examples:
DAO Hack - DAO was a dApp built on Ethereum that enabled crowd based venture capital. DAO token holders were given the right to vote on projects they wanted to support - if projects went on to be successful, DAO token holders would receive financial rewards. The DAO ICO received $168 million in funding. The DAO software was hosted on the Ethereum blockchain and was publically visible by all. A hacker spotted a flaw in the DAO's code that enabled him to route $55M in ether held by the DAO into an account that he controlled. The Ethereum team had do do something called a hard fork (something I won't get into now) to reverse return the stolen funds. Parity Wallet Freeze - Parity is a wallet where people store Ether. A flaw in Parity's code let a user delete a specific line of code that was necessary for accessing funds in a Parity wallet. This led to $280 million dollars worth of ether being frozen - it hasn't been stolen but it can't be accessed either. Parity Technologies has proposed another hard fork to correct the issue - something that is sure to divide the Ethereum community and rattle user confidence.
Despite the world changing implications that Ethereum dApps and smart contracts have, the trouble is that any programmer can write them - if they aren't written properly, they can behave in unintended ways and be exploited like in the above listed examples. Ethereum is still a very young network and security issues with dApps and smart contracts will have to be sorted out if its to reach its true aspirations.
Leading The Decentralized Revolution
“Ethereum aims to take the promise of decentralization, openness and security that is at the core of blockchain technology and brings it to almost anything that can be computed.” - Vitalik Buterin
With dApps, smart contracts and blockchain technology, Ethereum is leading the decentralized revolution. Bitcoin is the world's first decentralized currency, that operates on a global network of computers outside of central intermediaries. Ethereum gives programmers a platform to develop a decentralized version of just about anything.
Decentralized networks like Ethereum have the power to remove the intermediaries that currently exist between producer and consumer. Let's take a company like Uber. Uber is a platform that brings people who need rides together with people who have cars. To facilitate this interaction, Uber collects 20% of every ride. With Ethereum and blockchain technology, there is nothing to prevent a bunch of software developers from writing a dApp that creates a decentralized Uber. Instead of 20% per ride, transaction fees are paid to the network and the driver takes home the lions share of the transaction. Tokens can be issued that represent ownership in the network. Coders who work on improving the network can get paid for their efforts in ownership tokens. Non-technical people can come up with marketing campaigns that spread awareness for the network and also get compensated in ownership tokens. As the decentralized Uber network grows and improves, the value of its ownership token increases, rewarding the people that built it. The result is whats referred to as a "Decentralized Autonomous Organization" and theres a strong possibility that DAOs replace a lot of the world's biggest corporations.
This may sound like a radical concept but blockchain technology enables these kinds of decentralized organizations to exist - Ethereum provides the tools for people to go out and build them.
submitted by CryptigoVespucci to ethereum [link] [comments]

I finally built something ... Our business now accepts Bitcoin!

When asked once if he thought Amazon would ever adopt Bitcoin as a payment method for its business, Adreas Antonopoulos responded that he had no idea and didn’t really care, but then he said, “Why don’t you adopt it? Why don’t you build something?” I heard that a long while ago now and it always sorta stuck with me, but I’m not a developer. I don’t know code (ok, it’s on my to-do list), so I felt I really couldn’t build something. I always thought, besides telling people about Bitcoin (and watching their eyes glaze over as I’d talk about such things like L2 projects), what can I really do? Telling people is actually really good for adoption, but a topic for another day...
My wife and I own and operate a small tea business, mainly online. I had built the website for our business and always wanted to be able to accept Bitcoin as payment but struggled to figure out how without paying more than I wanted for a service. I watched with excitement as many reported their new developments on Bitcoin, but I lacked the skills to code something from scratch for myself, so I put the whole thing on the back burner.
It was actually some crypto Reddit users that were using a fairly simple method of running an online business utilizing a simple method of crypto-integration, and it showed me that I had been over-thinking it. It didn’t need to be fancy or ingenious, just presentable and functional. Maybe down the road I’ll find myself running a Lightning node or something, but for now we kept it really simple. We’re all trying help in our own ways toward development and/or adoption, so this was my own small attempt.
So I’m happy to say that we have joined the growing list of merchants willing and eager to accept Bitcoin as payment! Our company website is www.inistea.com (the link to the crypto payments page is under the homepage banner). It sorta operates like an old mail-order catalog, so the phrase “crude yet effective” is appropriate here. But it gets the job done and beats not doing anything, in my opinion. Obviously you’ll see that we decided to accept other things than Bitcoin -out of business prudence. We’re also offering a 20% discount to further provide incentive for people to try it out.
In addition to furthering the adoption of Bitcoin to our customers, our business is currently set up to raise money for a different sort of adoption... The adoption of a child to our family from the Philippines. I think we sometimes get lost in why we all believe crypto is a worthwhile thing. We get lost in the price and the markets and forget that we’re trying to improve the world in a certain way. Sure there are the get-rich-quick folks around, but for those of us who truly love the tech... Why all the passion if we didn’t actually believe it was going to help people in a myriad of ways? Well, just maybe here’s one more way crypto might help lives, perhaps in a more unexpected way.
submitted by Mithrandir75 to Bitcoin [link] [comments]

Bitcoin Cash highlights from the past few months

Some big things happening for Bitcoin Cash. Here's some stories that give you an idea on how fast things are moving for Bitcoin Cash because most of them are in the past 2 months:
BitPay lets you top-up BCH with their VISA Card: https://blog.bitpay.com/bitpay-card-bitcoin-cash/
Protonmail considering BCH: https://twitter.com/ProtonMail/status/964220746317824000
BCH MiniPOS: https://www.reddit.com/btc/comments/7ym4px/bitcoin_bch_pointofsale_server_no_tabs_required/
BCH Cheddr POS: https://www.reddit.com/btc/comments/80kgrt/webbased_bitcoin_cash_point_of_sale_update/
PyxPub POS: https://www.reddit.com/btc/comments/82p4x6/pyxpub_fast_and_safe_0conf_transactions_for_any/
Moosh.io POS: https://www.reddit.com/btc/comments/7ya30o/mooshio_instant_web_wallet_point_of_sale_beta/
ToTheMoonGuy Returns: https://www.reddit.com/btc/comments/832jy5/bch_is_now_live_for_all_bitpay_merchants/dvephv0/ (Oh and BitPay full merchant support)
BCH vs BTC ELI5 meme: https://www.reddit.com/btc/comments/7xq1vi/eli5_version_of_the_btc_vs_bch_debate/
Brainwashed: https://www.reddit.com/btc/comments/7zletq/how_i_was_brainwashed/
The BCH Car: https://www.reddit.com/btc/comments/80k8re/spotted_around_the_hills_in_townsville_a_storm_is/
A big BCH Banner: https://www.reddit.com/btc/comments/7uhy0o/bitcoin_cash_lifes_a_bch/
Uber drivers are using BCH: https://www.reddit.com/btc/comments/7ykfjl/ my_uber_driver_takes_tips_in_bitcoin_i_appreciate/
BCH gets worldwide 46 meetups: https://www.reddit.com/btc/comments/818g87/bitcoin_cash_fund_monthly_report_february/
180k subs on /btc https://www.reddit.com/btc/comments/7wwx0f/180k_registered_users_on_rbtc/ (its already at 190k now)
OB adds BCH: https://www.reddit.com/btc/comments/7xi9dc/openbazaar_adds_bch_zcash_and_looks_towards_tokens/
HandCash Wallet: https://www.reddit.com/btc/comments/7wl70h/handcash_beta_now_available_android/
Edge Wallet: https://www.reddit.com/btc/comments/7xqogj/edge_with_bitcoin_cash_is_now_live_and_out_of_beta/
Worldwide BCH nodes: https://www.reddit.com/btc/comments/80wkvk/i_created_a_site_that_shows_bch_nodes_across_the/
Some good points here: https://www.reddit.com/btc/comments/82kzan/bch_vs_btc_summary_of_the_last_2_months/
EatBCH: https://www.reddit.com/btc/comments/7y9fde/eatbch_thank_you_all_for_the_support/
EatBCH mini-Doc: https://www.reddit.com/btc/comments/83b49i/eatbch_a_minidocumentary/
EatBCH photos: https://www.reddit.com/btc/comments/834qmd/amazing_photos_showing_how_bch_is_making_such_a/
636 more ATMS: https://twitter.com/BTCNewsUpdates/status/968571437010292736 (doesn't include ATHENA Atms)
What helped my friends learn about BCH : https://www.reddit.com/btc/comments/7opi7w/the_idiocracy_of_rbitcoin/
Statement from one of the guys who created http://yours.org - https://www.reddit.com/btc/comments/7cd0bp/bought_my_first_bitcoin_for_6_in_2011_sold_my/ (Yours.org is where anyone can go to earn BCH just by posting stuff)
And these: https://www.reddit.com/btc/comments/7dzqhm/rbitcoin_mods_removed_top_post_the_rich_dont_need/
https://www.reddit.com/btc/comments/7owwoi/if_its_inaccessible_to_the_poor_its_neithe
And of course this big list : https://www.reddit.com/btc/comments/7dtbew/bitcoin_cash_a_reflection_on_how_far_weve_come/ (needs updating)
Edit: should also mention SharkLaserrrrr "https://cryptonize.it/contact/#faq" "The first Bitcoin Cash exclusive online retailer where you can buy anything with Bitcoin Cash." (includes amazon gift cards)
fixthetracking says: "Don't forget CoinText. That is seriously an amazing service." (sms bitcoin-cash https://cointext.io/faqs/)
crasheger says: "Bitpay merchant support on ALL Bitpay merchants" 100,000+ merchants https://www.reddit.com/btc/comments/83av1m/100000_merchants_start_accepting_bitcoin_cash/
submitted by justgetamoveon to btc [link] [comments]

I wrote a 30,000 ft. "executive summary" intro document for cryptos. Not for you, for your non-technical parents or friends.

This document was originally written for my dad, an intelligent guy who was utterly baffled about the cryptocurrency world. The aim was to be extremely concise, giving a broad overview of the industry and some popular coins while staying non-technical. For many of you there will be nothing new here, but recognize that you are in the 0.001% of the population heavily into crypto technology.
I've reproduced it for Reddit below, or you can find the original post here on my website. Download the PDF there or hit the direct link: .PDF version.
Donations happily accepted:
ETH: 0x4e03Bf5CCE3eec4Ddae4d3d6aAD46ca4f198AeD6 BTC: 1GqWMZRRygRJJWYYTWHkAVoRcgyQHjgBMZ XMR: 42Y1S1KBoPk381kc7hA68zaiC78BxMoCADjLrFcTdWiE7ejhZc49s1t9i7P2EmTnHsLDiKoSUiogCbLVHXRJxjrCT4WG8ic XRB: xrb_1bpzh745s9kzk8ymfnks3jtdi65ayumdstokzd4yw4ohu3fopxmiocjcntcu 

Background

This document is purely informational. At the time of writing there are over 1000 cryptocurrencies (“cryptos”) in a highly volatile, high risk market. Many of the smaller “altcoins” require significant technical knowledge to store and transact safely. I advise you to carefully scrutinize each crypto’s flavor of blockchain, potential utility, team of developers, and guiding philosophy, before making any investment [1] decisions. With that out of the way, what follows are brief, extremely high-level summaries of some cryptos which have my interest, listed in current market cap order. But first, some info:
Each crypto is a different implementation of a blockchain network. Originally developed as decentralized digital cash, these technologies have evolved into much broader platforms, powering the future of decentralized applications across every industry in the global economy. Without getting into the weeds, [2] most cryptos work on similar principles:
Distributed Ledgers Each node on a blockchain network has a copy of every transaction, which enables a network of trust that eliminates fraud. [3]
Decentralized “Miners” comprise the infrastructure of a blockchain network. [4] They are monetarily incentivized to add computing power to the network, simultaneously securing and processing each transaction. [5]
Peer-to-peer Cryptos act like digital cash-- they require no third party to transact and are relatively untraceable. Unlike cash, you can back them up.
Global Transactions are processed cheaply and instantly, anywhere on Earth. Using cryptos, an African peasant and a San Francisco engineer have the same access to capital, markets, and network services.
Secure Blockchains are predicated on the same cryptographic technology that secures your sensitive data and government secrets. They have passed seven years of real-world penetration testing with no failures. [6]

Bitcoin (BTC)

The first cryptocurrency. As with first movers in any technology, there are associated pros and cons. Bitcoin has by far the strongest brand recognition and deepest market penetration, and it is the only crypto which can be used directly as a currency at over 100,000 physical and web stores around the world. In Venezuela and Zimbabwe, where geopolitical events have created hyperinflation in the centralized fiat currency, citizens have moved to Bitcoin as a de facto transaction standard. [7]
However, Bitcoin unveiled a number of issues that have been solved by subsequent cryptos. It is experiencing significant scaling issues, resulting in high fees and long confirmation times. The argument over potential solutions created a rift in the Bitcoin developer community, who “forked” the network into two separate blockchains amidst drama and politicking in October 2017. Potential solutions to these issues abound, with some already in place, and others nearing deployment.
Bitcoin currently has the highest market cap, and since it is easy to buy with fiat currency, the price of many smaller cryptos (“altcoins”) are loosely pegged to its price. This will change in the coming year(s).

Ethereum (ETH)

Where Bitcoin is a currency, Ethereum is a platform, designed as a foundational protocol on which to develop decentralized applications (“Dapps”). Anyone can write code and deploy their program on the global network for extremely low fees. Just like Twitter wouldn’t exist without the open platform of the internet, the next world-changing Dapp can’t exist without Ethereum.
Current Dapps include a global market for idle computing power and storage, peer-to-peer real estate transactions (no trusted third party for escrow), identity networks for governments and corporations (think digital Social Security card), and monetization strategies for the internet which replace advertising. Think back 10 years to the advent of smartphones, and then to our culture today-- Ethereum could have a similar network effect on humanity.
Ethereum is currently the #2 market cap crypto below Bitcoin, and many believe it will surpass it in 2018. It has a large, active group of developers working to solve scaling issues, [8] maintain security, and create entirely new programming conventions. If successful, platforms like Ethereum may well be the foundation of the decentralized internet of the future.

Ripple (XRP)

Ripple is significantly more centralized than most crypto networks, designed as a backbone for the global banking and financial technology (“fintech”) industries. It is a network for exchanging between fiat currencies and other asset classes instantly and cheaply, especially when transacting cross-border and between separate institutions. It uses large banks and remittance companies as “anchors” to allow trading between any asset on the network, and big names like Bank of America, American Express, RBC, and UBS are partners. The utility of this network is global and massive in scale.
It is extremely important to note that not all cryptos have the same number of tokens. Ripple has 100 Billion tokens compared to Bitcoin’s 21 Million. Do not directly compare price between cryptos. XRP will likely never reach $1k, [9] but the price will rise commensurate with its utility as a financial tool.
In some sense, Ripple is anathema to the original philosophical vision of this technology space. And while I agree with the cyberpunk notion of decentralized currencies, separation of money and state, this is the natural progression of the crypto world. The internet was an incredible decentralized wild west of Usenet groups and listservs before Eternal September and the dot-com boom, but its maturation affected every part of global society.

Cardano (ADA)

Cardano’s main claim to fame: it is the only crypto developed using academic methodologies by a global collective of engineers and researchers, built on a foundation of industry-leading, peer-reviewed cryptographic research. The network was designed from first-principles to allow scalability, system upgrades, and to balance the privacy of its users with the security needs of regulators.
One part of this ecosystem is the Cardano Foundation, a Swiss non-profit founded to work proactively with governments and regulatory bodies to institute legal frameworks around the crypto industry. Detractors of Cardano claim that it doesn’t do anything innovative, but supporters see the academic backing and focus on regulation development as uniquely valuable.

Stellar Lumens (XLM)

Stellar Lumens and Ripple were founded by the same person. They initially shared the same code, but today the two are distinct in their technical back-end as well as their guiding philosophy and development goals. Ripple is closed-source, for-profit, deflationary, and intended for use by large financial institutions. Stellar is open-source, non-profit, inflationary, and intended to promote international wealth distribution. As such, they are not direct competitors.
IBM is a major partner to Stellar. Their network is already processing live transactions in 12 currency corridors across the South Pacific, with plans to process 60% of all cross-border payments in the South Pacific’s retail foreign exchange corridor by Q2 2018.
Beyond its utility as a financial tool, the Stellar network may become a competitor to Ethereum as a platform for application development and Initial Coin Offerings (“ICOs”). The theoretical maximum throughput for the network is higher, and it takes less computational power to run. The Stellar development team is highly active, has written extensive documentation for third-party developers, and has an impressive list of advisors, including Patrick Collison (Stripe), Sam Altman (Y Combinator), and other giants in the software development community.

Iota (IOT)

Iota was developed as the infrastructure backbone for the Internet of Things (IoT), sometimes called the machine economy. As the world of inanimate objects is networked together, their need to communicate grows exponentially. Fridges, thermostats, self-driving cars, printers, planes, and industrial sensors all need a secure protocol with which to transact information.
Iota uses a “Tangle” instead of a traditional blockchain, and this is the main innovation driving the crypto’s value. Each device that sends a transaction confirms two other transactions in the Tanlge. This removes the need for miners, and enables unique features like zero fees and infinite scalability. The supply of tokens is fixed forever at 2.8*1015, a staggeringly large number (almost three thousand trillion), and the price you see reported is technically “MIOT”, or the price for a million tokens.

Monero (XMR)

The most successful privacy-focused cryptocurrency. In Bitcoin and most other cryptos, anyone can examine the public ledger and trace specific coins through the network. If your identity can be attached to a public address on that network, an accurate picture of your transaction history can be built-- who, what, and when. Monero builds anonymity into the system using strong cryptographic principles, which makes it functionally impossible to trace coins, [10] attach names to wallets, or extract metadata from transactions. The development team actively publishes in the cryptography research community.
Anonymous transactions are not new-- we call it cash. Only in the past two decades has anonymity grown scarce in the first-world with the rise of credit cards and ubiquitous digital records. Personal data is becoming the most valuable resource on Earth, and there are many legitimate reasons for law-abiding citizens to want digital privacy, but it is true that with anonymity comes bad actors-- Monero is the currency of choice for the majority of black market (“darknet”) transactions. Similarly, US Dollars are the main vehicle for the $320B annual drug trade. An investment here should be based on the underlying cryptographic research and technology behind this coin, as well as competitors like Zcash. [11]

RaiBlocks (XRB)

Zero fees and instantaneous transfer make RaiBlocks extremely attractive for exchange of value, in many senses outperforming Bitcoin at its original intended purpose. This crypto has seen an explosion in price and exposure over the past month, and it may become the network of choice for transferring value within and between crypto exchanges.
Just in the first week of 2018: the CEO of Ledger (makers of the most popular hardware wallet on the market) waived the $50k code review fee to get RaiBlocks on his product, and XRB got listed on Binance and Kucoin, two of the largest altcoin exchanges globally. This is one to watch for 2018. [12]

VeChain (VEN)

Developed as a single answer to the problem of supply-chain logistics, VeChain is knocking on the door of a fast-growing $8 trillion industry. Every shipping container and packaged product in the world requires constant tracking and verification. A smart economy for logistics built on the blockchain promises greater efficiency and lower cost through the entire process flow.
Don’t take my word for it-- VeChain has investment from PwC (5th largest US corporation), Groupe Renault, Kuehne & Nagel (world’s largest freight company), and DIG (China’s largest wine importer). The Chinese government has mandated VeChain to serve as blockchain technology partner to the city of Gui’an, a special economic zone and testbed for China’s smart city of the future. This crypto has some of the strongest commercial partnerships in the industry, and a large active development team.
  1. “Investment” is a misnomer. Cryptos are traded like securities, but grant you no equity (like trading currency).
  2. The weeds for Bitcoin: basic intro (1:36), non-technical explanation (5:24), Bitcoin 101 – Andreas Antonopoulos (23:51).
  3. It is impossible to double-spend or create a fake transaction, as each ledger is confirmed against every other ledger.
  4. Some utility token blockchains use DAG networks or similar non-linear networks which don’t require mining.
  5. In practice, these are giant warehouses full of specialized computers constantly processing transactions. Miners locate to the cheapest electricity source, and the bulk of mining currently occurs in China.
  6. Centralized second-layer exchange websites have been hacked, but the core technology is untouched.
  7. This effect has been termed "bitcoinization".
  8. The Ethereum roadmap shows moving from a Proof of Work (PoW) to Proof of Stake (PoS) consensus model.
  9. At $2.62 per XRP token, Ripple already commands a $100B market cap.
  10. After a January 2017 update.
  11. Monero uses ring signatures while Zcash uses ZK-SNARKs to create anonymity. Both have pros and cons.
  12. Note: all signs point to this crypto being renamed “Nano” in the coming weeks: nano.co.
submitted by jhchawk to CryptoCurrency [link] [comments]

An exhaustive email explaining NYC "roadmap" to the 'hype and scam' crowd. PLEASE READ.

Batuhan,
Please read this email very carefully a few times. No disrespect is intended. But you seem to be very good at helping with a pump. And that can be good, I guess. NYC is not a pump and dump. ATM's coming was not to create hysteria on penny stock forums to make the quick "100 bagger". NYC ATM's were published and promoted because they will be the next step in the progression of NYC and its accessibility and usability. By paying 2 BTC to Coinomi for their implementation of NYC onto their platform (in Nov 2017) that milestone for NewYorkCoin has/will enable full mobile access/usage of NYC worldwide. From core wallets and original code, NYC will now be able to be easily usable (both installing a wallet and send/receive coins). Coinomi in the past had published all of their bitcoinj libraries on github. Assuming once NYC was implemented on Coinomi, the bitcoinj library (created by an experienced Java developer) would now be available for NYC and BitTeller ATM's could be ordered. BitTeller needs the bitcoinj library to implement NYC on their ATM's. Sometime over the last few months, Coinomi decided to make their bitcoinj libraries private and not open-source (published and available on github for all to see/use). This missing bitcoinj is the only reason I am not personally placing NYC ATM's in stores across New York City this very second. I have HUGE DEMAND from every business owner contacted and local NYC supporters are getting same positive response. "NewYorkCoin" is not installing ATM's in New York City. Charlie is. And Batuhan will also be able to - if you so choose. And so will anybody else that pays $1,000-ish for the machine and negotiates placement. ANYONE. NYC is not an ICO with a whitepaper and roadmap. It is not a company. NYC is open-source code published on https://github.com/nycoin/nycoin. A "community" of worldwide enthusiasts are helping NYC along her journey to inevitable widescale adoption and usage. I run the website, so I get the pleasure of responding to all inquiries. Try sending Litecoin or better yet try sending Bitcoin these silly messages and see if one response is returned. NYC = LTC = BTC. Again, this is NOT an ICO with a "dream vision" of what someday will be created. NYC exists now. The network does exactly as advertised and you have literally discovered a MEGA-LOTTERY winning ticket before most others have. NYC is growing its dev team at reddit.com/NewYorkCoin spearheaded by an experienced crypto dev bshaw2019 (Brandon Shaw). Brandon and his team are working on an Electrum wallet for NYC (search 'Electrum-NYC' at subreddit) and have started creating the bitcoinj library for NYC. Coinomi wanted another 2 BTC to provide us this bitcoinj library and I felt those additional funds would be more wisely spent on getting NYC listed on more exchanges and opening The New York Coin Center in Manhattan as soon as possible. I have terms out to landlord for the space attached. No guarantees I'll get this one, although I really want it, but sometime this year I WILL SIGN A LEASE for The New York Coin Center. And it will most likely have an NYC ATM :) Considering it's mid-month, and I am relying on bitcoinj library, NYC ATM's will not likely be installed in January. If your followers want NYC ATM's sooner, have them create or hire someone to create an open-source newyorkcoinj library and publish it on github for community review. Other than that, there is NOTHING any of us can do until bitcoinj is created (for ATM roll-out). Once a lease is signed for The New York Coin Center, it will be published at http://nycoin.net and that will cause the hype and pump and scam alarms to be ringing off the hook (and you'll have the time of your life!). But in the meantime PLEASE DO NOT continue to email me about getting free coins or asking NYC to get listed on more exchanges or when the ATM's are coming. Once ANYONE knows the real answers to those questions, they will be published on nycoin.net (and likely all the social media outlets). I hope you can see after this exhaustive email, that you have not found a scam or a pump and dump but have stumbled upon, in my personal opinion, the most usable cryptocurrency in existence. A crypto that has the ability to replace a $500B/yr industry (worldwide remittance) and is currently valued by the market at $26M. And the fact that NYC can eliminate merchant fees for credit card terminals/acceptance at merchants worldwide. This is not a penny stock that has absolutely zero value and is all hype. NYC has all real value and it exists NOW. Market price is simply a market inefficiency at this point in time. This will not continue for much longer. It simply can't. You are able to benefit from this market inefficiency. Once the market catches up to NYC, it will be valued in the Billions. It's not hype, it's inevitable. Free worldwide money transfer + usable at retail level worldwide + very easy low cost mining = NYC can't be beat. Or ignored for much longer. Spread the word. Ignore the haters. Stay focused. And NYC will make you (and whoever else picks them up anywhere near this price) very very rich. That's not a roadmap. That's a guarantee!
Best regards, Charlie
submitted by hivewalletvictim to NewYorkCoin [link] [comments]

Free Monero for new users

The Monero community has many learning resources available but sometimes it is hard to know where to start. In my opinion nobody should purchase Monero until they understand the basics about how it differs from Bitcoin and know how to properly secure it. Since many people learn better with actual usage as compared to reading, I am here to help. Download Monero and sync the blockchain, then create a Monero address to post in this thread. I will send you a small amount of Monero to test for free. That will enable you to see how transactions look on the Monero blockchain as compared to Bitcoin. After you receive Monero you can send a few transactions to yourself (or a friend) and gain a better understanding of how ring signatures and stealth addresses work. Unlike some other currencies all Monero transactions are private by default. Focus on learning the basics before trying to understand things like RingCT. If you are worried about the privacy implications of posting your Monero address below I encourage you to visit the Monero rich list now.
No exchange addresses please. My goal is for people to learn. I am encouraging users to download Monero software instead of creating a web wallet for security reasons. Learning the basics of properly securing your Monero should be a prerequisite to any purchase. Monero is meant to be used as a currency and web wallets like MyMonero are only designed to make small amounts of Monero easily accessible for usage. Long term storage and storage of material amounts of Monero should be done offline.
There is no point trying to scam me with new throwaway Reddit accounts or exchange addresses as I will only send you small amounts of Monero. If you have an interesting background or story about how you found Monero, share it and I may be more generous, but only if you offer proof (screenshot for example) that you downloaded the official wallet and synced the blockchain.
I realize that syncing the blockchain takes a while. Advanced users can skip this step by connecting to a remote node. I am patient and will check this thread again tomorrow to allow time for new users to sync. As a bonus while you are syncing look for Monero quizzes below with small prizes for new users.
Alternatively impatient types can provide a MyMonero generated address instead (please tell me if you do) but should expect a tiny XMR donation in return. Please understand the amount you can learn from using a web wallet will be significantly less. Running your own node is not just better for security reasons, it is better for privacy too (this is also true for Bitcoin).
I want more people to learn about how Monero works! RT if you wish
EDIT: Several of you have asked me for my Monero address to send donations. I have not given away enough Monero to warrant collecting donations and am happy to help people for free. You can thank me by accepting Monero at your business or encouraging privacy focused businesses, non profits and charities to accept Monero payments. Until then, pay Bitcoin accepting businesses with Monero and xmr.to or Shapeshift and explain to them why accepting Monero directly might help attract more privacy focused customers.
Another great way to help the community is to ask questions on Stack Exchange. That way an answer will help not only you but will be indexed and preserved for the benefit of the entire community.
submitted by EncryptionPrincess to Monero [link] [comments]

OmiseGO and the Mizuho Financial Group

OmiseGo is one of the most interesting project in the market right now and is definitely worth a long term position on it. It also must absolutely be emphasized that I’m in no way entitled to give any investment advice to anyone.
TL;DR at the end.
 
What is OmiseGo?
 
OmiseGO is building a full decentralized system to enable value exchange in real time and in peer-to-peer on an Ethereum-based blockchain, whatever the value type is (fiat money, cryptocurrency, any asset or any countable value such as mileage or loyalty points), and agnostically accross juridictions. This full system will take place on the OmiseGO blockchain (Plasma), and will include: - A Decentralized Exchange (DEX), a liquidity provider mechanism, a clearinghouse messaging network and an asset-backed blockchain gateway - The OmiseGO wallet - A white-label wallet Software Development Kit (SDK) - The OmiseGO network’s own token: the OMG token.
They're looking to build something that everyone can get behind and get on board, as both user and operator. They're looking to build the thing that will finally change the way money is handled the whole world over for the better, and leave a legacy that can sustain itself through all kinds of social and cultural changes. They're looking at accomplishing the spirit of the original Nakamoto vision of Bitcoin, the original Ripple vision (pre-blockchain Ripplepay), the original Paypal vision. They're building a massively scalable decentralized exchange uniting all fiat and crypto that will be freely available to regular end users via widely deployed digital wallet infrastructure. They believe it will be good for people to be able to freely exchange value with each other directly, and build communities and businesses with each other directly, and not have to be rich and well-connected already to be able to afford to do these things. They finally have the technology to enable this for billions of people simultaneously, and they are building this in combination with developing the business partnerships that can give the network a hard takeoff. They're looking to build the decentralized exchange for the whole world and once it's up it won't be stoppable.
 
But let’s be honest, it’s even more than that. OmiseGo received an award from the Prime minister of Thailand on behalf of the Thai government for “digital startup of the year” and another one at the Forbes Japan's Start-Up of the Year 2018.
 
There are a lot more to talk about this extraordinary project. If you need more information, please, read this very well written article: https://medium.freecodecamp.org/the-definitive-omisego-beginners-guide-f95dcdf8635c.
 
Sources : https://www.reddit.com/omise_go/comments/7dmjnd/short_note_on_staking_and_on_the_long_vision_of/ https://www.youtube.com/watch?v=gkbfedaJ76o&feature=youtu.be&t=21m25s https://twitter.com/Omise/status/936432839385423872
 
What is the Mizuho Financial Group?
 
Mizuho Financial Group, Inc. (株式会社みずほフィナンシャルグループ Kabushiki-gaisha Mizuho Finansharu Gurūpu), abbreviated as MHFG, or simply called Mizuho, is a banking holding company headquartered in the Ōtemachi district of Chiyoda, Tokyo, Japan. The name "mizuho (瑞穂)" literally means "abundant rice" in Japanese and "harvest" in the figurative sense. It holds assets in excess of $1.8 trillion US dollars through its control of Mizuho Bank, Mizuho Corporate Bank, and other operating subsidiaries. The company's combined holdings form the second largest financial services group in Japan. Its banking businesses rank second in Japan after Mitsubishi UFJ Financial Group and the 15th in the world by total assets as of March 2017. It is the 90th largest company in the world according to Forbes rankings as of May 2017. Its shares have a primary listing on the Tokyo Stock Exchange. Mizuho offers a range of financial services, including banking, securities, trust and asset management services, employing more than 56,000 people in 900 offices.
 
Source : https://en.wikipedia.org/wiki/Mizuho_Financial_Group
 
Highlighting the link between OmiseGo and Mizuho financial Group
 
Everything started few weeks ago but the article from the Nikkei Asian Review which can be found here (https://asia.nikkei.com/Business/Companies/Mizuho-to-set-low-merchant-fees-for-digital-currency-J-Coin?n_cid=NARAN1507) gives a new insight.
 
From the article:
“Mizuho Financial Group plans to issue a digital currency, dubbed J-Coin, with other Japanese banks next year and set processing fees paid by merchants lower than those for credit cards, President Yasuhiro Sato said in a recent interview with The Nikkei.” => Lower fees thanks to the blockchain.
 
“Mizuho also seeks to improve convenience by allowing users to exchange J-Coin with other digital currencies and electronic money.” => Currency-agnostic.
 
“This will be pegged with Japanese Yen, and hopefully used to make payments and transfers through a mobile phone app.” => The SDK wallet.
 
Thanks to these three hints, we can assume the Mizuho Financial Group will use the OmiseGo network. There are other hints which can strengthen our reflexion.
 
From the whitepaper of OmiseGo:
"OmiseGO is working with global conglomerates in the financial (SBI Holdings, Mizuho Bank Ltd., Bank of Ayudhya and others), mobile and e-money (TrueMoney and others), and supply-chain sectors (which cannot currently be disclosed) to address their end customer needs."
 
From the OmiseGO Update: Fuseki Milestone and Cash In / Cash Out Details (https://blog.omisego.network/omisego-update-fuseki-milestone-and-cash-in-cash-out-details-f2eada1fdc2f):
“We are also proud to announce the OmiseGO SDK is in the hands of one of our strategic partners, a huge multinational company that will help us develop one of our first live use cases.”
 
Now, I let you make the link between all of this.
TL;DR : The Mizuho financial Group (second largest financial services group in Japan) will use the OmiseGo network for their new digital currency.
 
Edit : Dear moderators. If you want to delete my post again, please, explain me why first. If I need to change something in order to be compliant with your rules, I will do it. Thanks.
submitted by Crypto_analysis to CryptoCurrency [link] [comments]

Why I believe we're on the cusp of the 3rd great Bitcoin bubble

We've recovered from the last crash
You might think it's a bit early (based on the time frame for the last recovery), but things are looking a lot different than in 2011. I would suggest its because the last bubble popped prematurely due to Mt. Gox's failure of a trading engine.
Interest in buying Bitcoins has gone up to its highest point since the last bubble.
There's a similar spike in general interest. Partly helped along by the Silk Road news.
The network is being used at the same rate as during the last bubble.
The Bitcoin ATM story (see below) is causing Bitcoin to trend in Canada on Google (was #1 for a bit). The $27 story (see below) will almost certainly cause a large spike worldwide in Google trends once they're updated up to yesterday.
Lots and lots of new businesses now accept Bitcoins
One legitimate criticism of Bitcoin last year was the lack of places to spend them. We basically just had Alpaca Socks, Reddit and Wordpress, we've grown a lot since then!
Charities and others are taking donations
The first Bitcoin I ever spent was to donate to Wikileaks. More and more places are setting up Bitcoin donation buttons, because why not?
The $27 story is going massively viral
I think the attention this story is getting took a lot of us by surprise. We're thinking "of course if you bought Bitcoins in 2009 you're rich" and it didn't make much of a splash. But to the rest of the world it's a very novel and interesting story.
The first Bitcoin ATM has been installed
Easier way for people acquire Bitcoins with cash. Lots of free publicity. More machines are on their way and will generate more and more news.
Institutional money is coming
Afraid with the price at $200 that it will be hard to find enough moms and pops to keep money coming in faster than miners are selling? Don't be, there are individuals out there with a net worth higher than the entire Bitcoin ecosystem.
Interesting new developments
Cool things that didn't exist before the last bubble (as far as I remember).
Governments are explicitly saying it's not illegal
More and more governments are either saying Bitcoins are legitimate currency, or releasing guidelines for exchanges to comply with anti-money-laundering laws.
New generation of exchanges
Mt. Gox's terrible trading engine was a huge factor in the last crash. They couldn't keep up with all the new interest.
This time around there are more exchanges in more countries, and not a single point of liquidity.
submitted by DTanner to Bitcoin [link] [comments]

First ever Forbes crypto rich list surprisingly short on Bitcoin billionaires GET RICH WITH BITCOIN!? 6 Pro Tips... - YouTube GET RICH WITH BITCOIN!? 6 Pro Tips... - YouTube Part 1: Die Bitcoin Rich List, Staatliche Kryptowährungen und der Wechsel auf Ethereum 2.0 Inside a Bitcoin mine that earns $70K a day - YouTube

Have you ever wondered how much bitcoins the big wallets on the blockchain contain? In the below link, this is exactly what you see: https://bitinfocharts.com/de/top ... On April 10, Bitcoins traded for as much as $258 each, according to Tradehill, a Bitcoin exchange in San Francisco, before plunging more than $100. Like other enthusiasts, Kenna shrugs off the ... The Richest People in Crypto and Blockchain – Hurun Rich List Identifies 6 Bitcoin Billionaires. Feb 27, 2020 Peter Wind--:--⭐ Binance is the world's leading crypto exchange - Trade Now Binance is the world's leading crypto exchange - Trade Now. Key highlights: Hurun Report has published its latest Global Rich List, identifying 2,816 billionaires; Hurun found 6 individuals from the ... Bitcoin Rich Wallets Distribution. This list has been last updated at block 545230. Total BTC in top 100 addresses: 3,293,785 BTC: Total BTC in top 100 wallets: 3,418,340 BTC : Fraction of all Bitcoins for top 100 addresses: 19.18%: Fraction of all Bitcoins for top 100 wallets: 19.90%: Total BTC in top 500 addresses: 5,216,019 BTC: Total BTC in top 500 wallets: 5,357,687 BTC: Fraction of all ... In this article, the bitcoin rich list is looked at to see who just might be sitting at the top of the pile. There are some problems with knowing exactly who is at the top so some useful information is given to get a better grasp of things. Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a ...

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First ever Forbes crypto rich list surprisingly short on Bitcoin billionaires

=====(coinbase trading tips)===== GET RICH WITH BITCOIN!? 6 Pro Tips... #coinbase trading guide #coinbase trading strategy #coinbase trading bot github #coin... Alex Lightman, chief executive at TokenCommunities Plc, caught up with Proactive to discuss Forbes' first ever cryptocurrency rich list. In the top spot is Ripple co-founder Chris Larsen with an ... =====(coinbase trading tips)===== GET RICH WITH BITCOIN!? 6 Pro Tips... #coinbase trading bot python #coinbase trading for beginners #coinbase trading fees F... Außerdem sehen wir uns die Problematik der Bitcoin Rich List an und warum ein Reddit User seinen Lotto gewinn in den BTC investiert hat. Viel Spaß! Viel Spaß! FREE Digital Asset Investor Newsletter Sign Up: https://bit.ly/31eomvA Protect Yourself From Hackers: 7-Day Pure VPN Trial For Only $.99 Click Here: https://...

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