My personal experience with Innosilicon A10 Pro (6G) 500Mh ASIC ethash miner
EDIT : This is about the 5G version, not the 6G. Hello, Since there is not much consumers tests online about the Innosilicon A10 (Ethmaster) Pro (5G) at 500Mh, I decided to share my personal experience through an "anonymous" account. I bought it around April 2020, arrived in May but for personal reasons I was only able to turn it on this summer :( The A10 costs me 3242 € + 70 € power supply (Innosilicon 1400W Power Supply) + shipping. I will not reveal where I bought it because this is not an ad, but it was through an european ASIC miner reseller. I know Ethereum 2.0 is coming and I'm aware this is a gamble. I would not advise you to buy it now, especially knowing Eth 2.0 is really coming now, DeFi is pushing at the gates and I heard rumors there is a 750Mh version coming up. So, it is my first ASIC miner, I did some ZEC mining with a 4 x 1080Ti mining rig two years go.
EDIT : EthToDoge pointed out in the comments that the A10 isn't an ASIC technically speaking The A10 is basically a box crammed full of laptop GPUs and some custom firmware and made to look like the Bitcoin ASICS. [Check out the comments for more information]
The A10 mining chains reboots itself every 9 hours on average. When the A10 reboots, it goes into an autotuning mode which can take up to 2 hours, but usually around 1h. When in autotuning, it starts at 0Mh and goes to it's full speed after the autotuning, not mining much during this phase because the autotuning mode causes a lot of invalid shares, up to 20% and going down to 3% when tuning is completed. The chains temperature are around 63°C, I don't know if this is the reason of the reboot. I'll try later on to get a better air flow. I fixed the temperature issue I had by placing in a better ventilated location, temperature is now around 53°C but that didn't fixed the reboot issue. miner web interface, you can see the hashrate drop due to the random reboot Performancesettings I tried balanced and factory modes, and I didn't saw much differences in the reported speed. In a near future I'll have a try with theperformancemode but I will monitor the power consumption when trying since the A10 warns me to pay attention to that when I want to enable performancemode in the web interface. The performance mode consumes around 10% to 15% more electricity than the factory mode, without noticing any difference in the hashrate or stability. I didn't had proper tools to measure the power consumption, my A10 was plugged in an UPS and it's load went from 43% usage to 55% so I'm assuming the difference is the extra power consumption. Changing performance settings causes the miner to go into autotuning. Autoupdate The firmware check is working, but I didn't manage to use the autoupdate. I had no problem to manually download the firmware and upload it, so not really a problem. My device:
Type A10L Controller Version g1 Build Date 15th of July 2020 06:13 AM Platform Version a10l_20200715_061347
EDIT : I upgraded to the new firmware a10l_20200901_053652 but that didn't fixed the reboot issue.
Earning free Litecoin works similarly to earning free Bitcoin. There are several online platforms that give users free Litecoins for performing small tasks or playing online games. Let’s explore some of the most popular ways to get free Litecoin.
Earn free Litecoin through reputable faucets
The easiest and most popular way to earn free Litecoin is through a Litecoin faucet. A faucet is a website or an application that gives users free crypto coins for completing simple tasks. These tasks are usually easy tasks like completing some captchas, viewing adverts, or playing simple games. After completing the microtasks, the faucet will reward you with a small amount of Litecoin (Lithoshi). Litoshi is the smallest unit of Litecoin and 1 Lithoshi is equivalent to 0.000000001 Litecoin. There are various Litecoin faucets out there, many of them being scam faucets. Before you choose a faucet platform, make sure it’s legit. Here, we will highlight a few of the most popular and reputable ones. It is safe to mention that you should only register on faucets that integrate micro-wallets like Coinpot. Micro-wallets allow you to collect and combine faucet payments easily.
Just like the previously mentioned faucet, Litecoin Faucet also allows users to earn free Litecoin by solving captchas. You can earn as much as 2,500,000 Litoshis every hour with no daily limitation on the platform. The unique feature of Litecoin Faucet is that there is no withdrawal limit. Therefore, you can withdraw any amount of Litecoin. Faucets are sure ways of earning free Litecoin, but you have to be very careful not to fall victim to scams. Before registering on any faucet, look out for the following: Online reviews to know if it is legit or scam. Coinpot or Faucethub micro — wallet integration for easy withdrawal. Deposit before withdrawal feature — This is a typical feature of scam faucets. Faucets are supposed to be free ways to earn Litecoin without any down payment. Earnings per hour — earnings from faucets are usually small. If a faucet promises an incredible amount of Litecoin, it is probably a scam or total waste of time. Litecoins earnings from faucets are usually really small. If your earning expectations are high, this might not be the best option for you. There are more lucrative and legit ways to earn free Litecoin. Read on to learn about the other ways to get free Litecoin.
Litecoin cloud mining
Litecoin mining is one of the oldest ways to get free Litecoin. In recent times, earning profits from Litecoin mining can be a major hassle simply because of the cost of setting up the mining device, the cost of electricity, and many other factors. With the introduction of cloud mining, you can earn free Litecoin without the headaches involved in setting up mining kits. You can find lots of free Litecoin cloud mining contracts online. All you need to do is download the software on your device to start earning. These software work by using your device’s memory to generate the Litecoin. Which means the more powerful your device, the more free Litecoin you can earn. However, some of these free Litecoin software contains malicious scripts that can compromise your security by stealing your data. You should only download mining software with great online reviews. Back when LTC started, it was possible to mine with a standard computer’s CPU or GPU. Unfortunately, as coins grow in both age and popularity, it becomes harder and harder to mine with low-cost equipment. The days of easy mining are over, but that doesn’t mean you still can’t profit from LTC mining. There are three ways to begin your LTC mining adventure: Solo mining Part of a mining pool Cloud mining
Litecoin lending is one of the most lucrative ways to obtain free Litecoin. You can make money by purchasing some Litecoin and lending others on lending platforms. Lending platforms like Coinloan.io allow you to make as much as 10.5% ROI by lending your LTC. It means if you lend 100 LTC, you earn free 10.5 LTC within a year without doing anything. By lending your Litecoin, you are making your money work for you. All you need is a trusted and secure lending platform to start earning free Litecoin with this method.
Wager your Litecoin
Another way to get free Litecoin is by wagering your Litecoin. Gambling is not the best way to earn free Litecoin because 70% of gamblers tend to lose more than what they earn. No doubt that some people have actually managed to become rich through gambling, this, however, is very rare. So if you are a big risk-taker or you really love gambling, Litecoin gambling is one way to earn free Litecoin. Crypto gambling websites like fortunejack.com, bitstarz.com, and kingbillycasino.com allow you to wager your Litecoin on various casino games. Crypto gambling is probably the riskiest way to earn free Litecoin, and it is not for the faint-hearted.
Invest In Litecoin
If you’re looking to invest in Litecoin, it’s important to remember that Litecoin is a currency. This means it doesn’t act like a stock or bond. Instead of buying shares of Litecoin, you are swapping your currency for Litecoin currency. For example, 1 LTC is equal to about $47 USD today. The goal is for the value of Litecoin to rise, in which case, you could exchange your Litecoins back to dollars (from someone willing to do the exchange).
Referral Links for Crypto Exchanges
This one is good for those out there with friends that are also crypto savvy. Various exchanges offer affiliate programs where you get paid out for inviting your friends and colleagues onto their platform. Exchanges like Coinbase offer a one time payment when a new person joins their platform while others like Cryptmixer, for example, gives its members an impressive 50% of the revenue from the new clients they bring in. You can also use their exchange to swap the Bitcoin you receive to Litecoin, making it a great way to earn LTC.
All you need to know about Yield Farming - The rocket fuel for Defi
Source It’s effectively July 2017 in the world of decentralized finance (DeFi), and as in the heady days of the initial coin offering (ICO) boom, the numbers are only trending up. According to DeFi Pulse, there is $1.9 billion in crypto assets locked in DeFi right now. According to the CoinDesk ICO Tracker, the ICO market started chugging past $1 billion in July 2017, just a few months before token sales started getting talked about on TV. Debate juxtaposing these numbers if you like, but what no one can question is this: Crypto users are putting more and more value to work in DeFi applications, driven largely by the introduction of a whole new yield-generating pasture, Compound’s COMP governance token. Governance tokens enable users to vote on the future of decentralized protocols, sure, but they also present fresh ways for DeFi founders to entice assets onto their platforms. That said, it’s the crypto liquidity providers who are the stars of the present moment. They even have a meme-worthy name: yield farmers. https://preview.redd.it/lxsvazp1g9l51.png?width=775&format=png&auto=webp&s=a36173ab679c701a5d5e0aac806c00fcc84d78c1
Where it started
Ethereum-based credit market Compound started distributing its governance token, COMP, to the protocol’s users this past June 15. Demand for the token (heightened by the way its automatic distribution was structured) kicked off the present craze and moved Compound into the leading position in DeFi. The hot new term in crypto is “yield farming,” a shorthand for clever strategies where putting crypto temporarily at the disposal of some startup’s application earns its owner more cryptocurrency. Another term floating about is “liquidity mining.” The buzz around these concepts has evolved into a low rumble as more and more people get interested. The casual crypto observer who only pops into the market when activity heats up might be starting to get faint vibes that something is happening right now. Take our word for it: Yield farming is the source of those vibes. But if all these terms (“DeFi,” “liquidity mining,” “yield farming”) are so much Greek to you, fear not. We’re here to catch you up. We’ll get into all of them. We’re going to go from very basic to more advanced, so feel free to skip ahead.
What are tokens?
Most CoinDesk readers probably know this, but just in case: Tokens are like the money video-game players earn while fighting monsters, money they can use to buy gear or weapons in the universe of their favorite game. But with blockchains, tokens aren’t limited to only one massively multiplayer online money game. They can be earned in one and used in lots of others. They usually represent either ownership in something (like a piece of a Uniswap liquidity pool, which we will get into later) or access to some service. For example, in the Brave browser, ads can only be bought using basic attention token (BAT). If tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance. Tokens proved to be the big use case for Ethereum, the second-biggest blockchain in the world. The term of art here is “ERC-20 tokens,” which refers to a software standard that allows token creators to write rules for them. Tokens can be used a few ways. Often, they are used as a form of money within a set of applications. So the idea for Kin was to create a token that web users could spend with each other at such tiny amounts that it would almost feel like they weren’t spending anything; that is, money for the internet. Governance tokens are different. They are not like a token at a video-game arcade, as so many tokens were described in the past. They work more like certificates to serve in an ever-changing legislature in that they give holders the right to vote on changes to a protocol. So on the platform that proved DeFi could fly, MakerDAO, holders of its governance token, MKR, vote almost every week on small changes to parameters that govern how much it costs to borrow and how much savers earn, and so on. Read more:Why DeFi’s Billion-Dollar Milestone Matters One thing all crypto tokens have in common, though, is they are tradable and they have a price. So, if tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.
What is DeFi?
Fair question. For folks who tuned out for a bit in 2018, we used to call this “open finance.” That construction seems to have faded, though, and “DeFi” is the new lingo. In case that doesn’t jog your memory, DeFi is all the things that let you play with money, and the only identification you need is a crypto wallet. On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name. I can explain this but nothing really brings it home like trying one of these applications. If you have an Ethereum wallet that has even $20 worth of crypto in it, go do something on one of these products. Pop over to Uniswap and buy yourself some FUN (a token for gambling apps) or WBTC (wrapped bitcoin). Go to MakerDAO and create $5 worth of DAI (a stablecoin that tends to be worth $1) out of the digital ether. Go to Compound and borrow $10 in USDC. (Notice the very small amounts I’m suggesting. The old crypto saying “don’t put in more than you can afford to lose” goes double for DeFi. This stuff is uber-complex and a lot can go wrong. These may be “savings” products but they’re not for your retirement savings.) Immature and experimental though it may be, the technology’s implications are staggering. On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name. DeFi applications don’t worry about trusting you because they have the collateral you put up to back your debt (on Compound, for instance, a $10 debt will require around $20 in collateral). Read more:There Are More DAI on Compound Now Than There Are DAI in the World If you do take this advice and try something, note that you can swap all these things back as soon as you’ve taken them out. Open the loan and close it 10 minutes later. It’s fine. Fair warning: It might cost you a tiny bit in fees, and the cost of using Ethereum itself right now is much higher than usual, in part due to this fresh new activity. But it’s nothing that should ruin a crypto user. So what’s the point of borrowing for people who already have the money? Most people do it for some kind of trade. The most obvious example, to short a token (the act of profiting if its price falls). It’s also good for someone who wants to hold onto a token but still play the market.
Doesn’t running a bank take a lot of money up front?
It does, and in DeFi that money is largely provided by strangers on the internet. That’s why the startups behind these decentralized banking applications come up with clever ways to attract HODLers with idle assets. Liquidity is the chief concern of all these different products. That is: How much money do they have locked in their smart contracts? “In some types of products, the product experience gets much better if you have liquidity. Instead of borrowing from VCs or debt investors, you borrow from your users,” said Electric Capital managing partner Avichal Garg. Let’s take Uniswap as an example. Uniswap is an “automated market maker,” or AMM (another DeFi term of art). This means Uniswap is a robot on the internet that is always willing to buy and it’s also always willing to sell any cryptocurrency for which it has a market. On Uniswap, there is at least one market pair for almost any token on Ethereum. Behind the scenes, this means Uniswap can make it look like it is making a direct trade for any two tokens, which makes it easy for users, but it’s all built around pools of two tokens. And all these market pairs work better with bigger pools.
Why do I keep hearing about ‘pools’?
To illustrate why more money helps, let’s break down how Uniswap works. Let’s say there was a market for USDC and DAI. These are two tokens (both stablecoins but with different mechanisms for retaining their value) that are meant to be worth $1 each all the time, and that generally tends to be true for both. The price Uniswap shows for each token in any pooled market pair is based on the balance of each in the pool. So, simplifying this a lot for illustration’s sake, if someone were to set up a USDC/DAI pool, they should deposit equal amounts of both. In a pool with only 2 USDC and 2 DAI it would offer a price of 1 USDC for 1 DAI. But then imagine that someone put in 1 DAI and took out 1 USDC. Then the pool would have 1 USDC and 3 DAI. The pool would be very out of whack. A savvy investor could make an easy $0.50 profit by putting in 1 USDC and receiving 1.5 DAI. That’s a 50% arbitrage profit, and that’s the problem with limited liquidity. (Incidentally, this is why Uniswap’s prices tend to be accurate, because traders watch it for small discrepancies from the wider market and trade them away for arbitrage profits very quickly.) Read more:Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans However, if there were 500,000 USDC and 500,000 DAI in the pool, a trade of 1 DAI for 1 USDC would have a negligible impact on the relative price. That’s why liquidity is helpful. You can stick your assets on Compound and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers. Similar effects hold across DeFi, so markets want more liquidity. Uniswap solves this by charging a tiny fee on every trade. It does this by shaving off a little bit from each trade and leaving that in the pool (so one DAI would actually trade for 0.997 USDC, after the fee, growing the overall pool by 0.003 USDC). This benefits liquidity providers because when someone puts liquidity in the pool they own a share of the pool. If there has been lots of trading in that pool, it has earned a lot of fees, and the value of each share will grow. And this brings us back to tokens. Liquidity added to Uniswap is represented by a token, not an account. So there’s no ledger saying, “Bob owns 0.000000678% of the DAI/USDC pool.” Bob just has a token in his wallet. And Bob doesn’t have to keep that token. He could sell it. Or use it in another product. We’ll circle back to this, but it helps to explain why people like to talk about DeFi products as “money Legos.”
So how much money do people make by putting money into these products?
It can be a lot more lucrative than putting money in a traditional bank, and that’s before startups started handing out governance tokens. Compound is the current darling of this space, so let’s use it as an illustration. As of this writing, a person can put USDC into Compound and earn 2.72% on it. They can put tether (USDT) into it and earn 2.11%. Most U.S. bank accounts earn less than 0.1% these days, which is close enough to nothing. However, there are some caveats. First, there’s a reason the interest rates are so much juicier: DeFi is a far riskier place to park your money. There’s no Federal Deposit Insurance Corporation (FDIC) protecting these funds. If there were a run on Compound, users could find themselves unable to withdraw their funds when they wanted. Plus, the interest is quite variable. You don’t know what you’ll earn over the course of a year. USDC’s rate is high right now. It was low last week. Usually, it hovers somewhere in the 1% range. Similarly, a user might get tempted by assets with more lucrative yields like USDT, which typically has a much higher interest rate than USDC. (Monday morning, the reverse was true, for unclear reasons; this is crypto, remember.) The trade-off here is USDT’s transparency about the real-world dollars it’s supposed to hold in a real-world bank is not nearly up to par with USDC’s. A difference in interest rates is often the market’s way of telling you the one instrument is viewed as dicier than another. Users making big bets on these products turn to companies Opyn and Nexus Mutual to insure their positions because there’s no government protections in this nascent space – more on the ample risks later on. So users can stick their assets in Compound or Uniswap and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.
OK, I already knew all of that. What is yield farming?
Broadly, yield farming is any effort to put crypto assets to work and generate the most returns possible on those assets. At the simplest level, a yield farmer might move assets around within Compound, constantly chasing whichever pool is offering the best APY from week to week. This might mean moving into riskier pools from time to time, but a yield farmer can handle risk. “Farming opens up new price arbs [arbitrage] that can spill over to other protocols whose tokens are in the pool,” said Maya Zehavi, a blockchain consultant. Because these positions are tokenized, though, they can go further. This was a brand-new kind of yield on a deposit. In fact, it was a way to earn a yield on a loan. Who has ever heard of a borrower earning a return on a debt from their lender? In a simple example, a yield farmer might put 100,000 USDT into Compound. They will get a token back for that stake, called cUSDT. Let’s say they get 100,000 cUSDT back (the formula on Compound is crazy so it’s not 1:1 like that but it doesn’t matter for our purposes here). They can then take that cUSDT and put it into a liquidity pool that takes cUSDT on Balancer, an AMM that allows users to set up self-rebalancing crypto index funds. In normal times, this could earn a small amount more in transaction fees. This is the basic idea of yield farming. The user looks for edge cases in the system to eke out as much yield as they can across as many products as it will work on. Right now, however, things are not normal, and they probably won’t be for a while.
Why is yield farming so hot right now?
Because of liquidity mining. Liquidity mining supercharges yield farming. Liquidity mining is when a yield farmer gets a new token as well as the usual return (that’s the “mining” part) in exchange for the farmer’s liquidity. “The idea is that stimulating usage of the platform increases the value of the token, thereby creating a positive usage loop to attract users,” said Richard Ma of smart-contract auditor Quantstamp. The yield farming examples above are only farming yield off the normal operations of different platforms. Supply liquidity to Compound or Uniswap and get a little cut of the business that runs over the protocols – very vanilla. But Compound announced earlier this year it wanted to truly decentralize the product and it wanted to give a good amount of ownership to the people who made it popular by using it. That ownership would take the form of the COMP token. Lest this sound too altruistic, keep in mind that the people who created it (the team and the investors) owned more than half of the equity. By giving away a healthy proportion to users, that was very likely to make it a much more popular place for lending. In turn, that would make everyone’s stake worth much more. So, Compound announced this four-year period where the protocol would give out COMP tokens to users, a fixed amount every day until it was gone. These COMP tokens control the protocol, just as shareholders ultimately control publicly traded companies. Every day, the Compound protocol looks at everyone who had lent money to the application and who had borrowed from it and gives them COMP proportional to their share of the day’s total business. The results were very surprising, even to Compound’s biggest promoters. COMP’s value will likely go down, and that’s why some investors are rushing to earn as much of it as they can right now. This was a brand-new kind of yield on a deposit into Compound. In fact, it was a way to earn a yield on a loan, as well, which is very weird: Who has ever heard of a borrower earning a return on a debt from their lender? COMP’s value has consistently been well over $200 since it started distributing on June 15. We did the math elsewhere but long story short: investors with fairly deep pockets can make a strong gain maximizing their daily returns in COMP. It is, in a way, free money. It’s possible to lend to Compound, borrow from it, deposit what you borrowed and so on. This can be done multiple times and DeFi startup Instadapp even built a tool to make it as capital-efficient as possible. “Yield farmers are extremely creative. They find ways to ‘stack’ yields and even earn multiple governance tokens at once,” said Spencer Noon of DTC Capital. COMP’s value spike is a temporary situation. The COMP distribution will only last four years and then there won’t be any more. Further, most people agree that the high price now is driven by the low float (that is, how much COMP is actually free to trade on the market – it will never be this low again). So the value will probably gradually go down, and that’s why savvy investors are trying to earn as much as they can now. Appealing to the speculative instincts of diehard crypto traders has proven to be a great way to increase liquidity on Compound. This fattens some pockets but also improves the user experience for all kinds of Compound users, including those who would use it whether they were going to earn COMP or not. As usual in crypto, when entrepreneurs see something successful, they imitate it. Balancer was the next protocol to start distributing a governance token, BAL, to liquidity providers. Flash loan provider bZx has announced a plan. Ren, Curve and Synthetixalso teamed up to promote a liquidity pool on Curve. It is a fair bet many of the more well-known DeFi projects will announce some kind of coin that can be mined by providing liquidity. The case to watch here is Uniswap versus Balancer. Balancer can do the same thing Uniswap does, but most users who want to do a quick token trade through their wallet use Uniswap. It will be interesting to see if Balancer’s BAL token convinces Uniswap’s liquidity providers to defect. So far, though, more liquidity has gone into Uniswap since the BAL announcement, according to its data site. That said, even more has gone into Balancer.
Did liquidity mining start with COMP?
No, but it was the most-used protocol with the most carefully designed liquidity mining scheme. This point is debated but the origins of liquidity mining probably date back to Fcoin, a Chinese exchange that created a token in 2018 that rewarded people for making trades. You won’t believe what happened next! Just kidding, you will: People just started running bots to do pointless trades with themselves to earn the token. Similarly, EOS is a blockchain where transactions are basically free, but since nothing is really free the absence of friction was an invitation for spam. Some malicious hacker who didn’t like EOS created a token called EIDOS on the network in late 2019. It rewarded people for tons of pointless transactions and somehow got an exchange listing. These initiatives illustrated how quickly crypto users respond to incentives. Read more:Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy Fcoin aside, liquidity mining as we now know it first showed up on Ethereum when the marketplace for synthetic tokens, Synthetix, announced in July 2019 an award in its SNX token for users who helped add liquidity to the sETH/ETH pool on Uniswap. By October, that was one of Uniswap’s biggest pools. When Compound Labs, the company that launched the Compound protocol, decided to create COMP, the governance token, the firm took months designing just what kind of behavior it wanted and how to incentivize it. Even still, Compound Labs was surprised by the response. It led to unintended consequences such as crowding into a previously unpopular market (lending and borrowing BAT) in order to mine as much COMP as possible. Just last week, 115 different COMP wallet addresses – senators in Compound’s ever-changing legislature – voted to change the distribution mechanism in hopes of spreading liquidity out across the markets again.
Is there DeFi for bitcoin?
Yes, on Ethereum. Nothing has beaten bitcoin over time for returns, but there’s one thing bitcoin can’t do on its own: create more bitcoin. A smart trader can get in and out of bitcoin and dollars in a way that will earn them more bitcoin, but this is tedious and risky. It takes a certain kind of person. DeFi, however, offers ways to grow one’s bitcoin holdings – though somewhat indirectly. A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game. For example, a user can create a simulated bitcoin on Ethereum using BitGo’s WBTC system. They put BTC in and get the same amount back out in freshly minted WBTC. WBTC can be traded back for BTC at any time, so it tends to be worth the same as BTC. Then the user can take that WBTC, stake it on Compound and earn a few percent each year in yield on their BTC. Odds are, the people who borrow that WBTC are probably doing it to short BTC (that is, they will sell it immediately, buy it back when the price goes down, close the loan and keep the difference). A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.
How risky is it?
Enough. “DeFi, with the combination of an assortment of digital funds, automation of key processes, and more complex incentive structures that work across protocols – each with their own rapidly changing tech and governance practices – make for new types of security risks,” said Liz Steininger of Least Authority, a crypto security auditor. “Yet, despite these risks, the high yields are undeniably attractive to draw more users.” We’ve seen big failures in DeFi products. MakerDAO had one so bad this year it’s called “Black Thursday.” There was also the exploit against flash loan provider bZx. These things do break and when they do money gets taken. As this sector gets more robust, we could see token holders greenlighting more ways for investors to profit from DeFi niches. Right now, the deal is too good for certain funds to resist, so they are moving a lot of money into these protocols to liquidity mine all the new governance tokens they can. But the funds – entities that pool the resources of typically well-to-do crypto investors – are also hedging. Nexus Mutual, a DeFi insurance provider of sorts, told CoinDesk it has maxed out its available coverage on these liquidity applications. Opyn, the trustless derivatives maker, created a way to short COMP, just in case this game comes to naught. And weird things have arisen. For example, there’s currently more DAI on Compound than have been minted in the world. This makes sense once unpacked but it still feels dicey to everyone. That said, distributing governance tokens might make things a lot less risky for startups, at least with regard to the money cops. “Protocols distributing their tokens to the public, meaning that there’s a new secondary listing for SAFT tokens, [gives] plausible deniability from any security accusation,” Zehavi wrote. (The Simple Agreement for Future Tokens was a legal structure favored by many token issuers during the ICO craze.) Whether a cryptocurrency is adequately decentralized has been a key feature of ICO settlements with the U.S. Securities and Exchange Commission (SEC).
What’s next for yield farming? (A prediction)
COMP turned out to be a bit of a surprise to the DeFi world, in technical ways and others. It has inspired a wave of new thinking. “Other projects are working on similar things,” said Nexus Mutual founder Hugh Karp. In fact, informed sources tell CoinDesk brand-new projects will launch with these models. We might soon see more prosaic yield farming applications. For example, forms of profit-sharing that reward certain kinds of behavior. Imagine if COMP holders decided, for example, that the protocol needed more people to put money in and leave it there longer. The community could create a proposal that shaved off a little of each token’s yield and paid that portion out only to the tokens that were older than six months. It probably wouldn’t be much, but an investor with the right time horizon and risk profile might take it into consideration before making a withdrawal. (There are precedents for this in traditional finance: A 10-year Treasury bond normally yields more than a one-month T-bill even though they’re both backed by the full faith and credit of Uncle Sam, a 12-month certificate of deposit pays higher interest than a checking account at the same bank, and so on.) As this sector gets more robust, its architects will come up with ever more robust ways to optimize liquidity incentives in increasingly refined ways. We could see token holders greenlighting more ways for investors to profit from DeFi niches. Questions abound for this nascent industry: What will MakerDAO do to restore its spot as the king of DeFi? Will Uniswap join the liquidity mining trend? Will anyone stick all these governance tokens into a decentralized autonomous organization (DAO)? Or would that be a yield farmers co-op? Whatever happens, crypto’s yield farmers will keep moving fast. Some fresh fields may open and some may soon bear much less luscious fruit. But that’s the nice thing about farming in DeFi: It is very easy to switch fields.
Avoid the risk of smashing the stocks of large investors, diversify the account to reduce the risk With the development of blockchain technology, it is no longer satisfied with only obtaining data on the chain. How to bridge the connection between the real world and the blockchain world has always been the direction of technological conquest, and the oracle plays this role. Especially with the popularity of the DeFi concept, the large-scale application of Oracle Machine (Oracle Machine) in financial derivatives trading platforms, gambling games, and prediction markets has made it a new track in the industry. At present, the oracle project represented by EULER is operating well, continues to lead the trend of oracle development, and continues to consolidate the basic technical support for the DeFi revolution. Its already-online mining design is also refreshing. EULER's platform pass EUCC, 90% of which is used for mining output, and the entire mining mechanism runs through the distributed oracle protocol, in which three roles are set up: data provider, data verifier, and arbitration node. And reward and punishment mechanism to ensure ecological operation. How does EULER mine? Is it a new wealth code? What are the characteristics? With these questions, let us analyze the distribution mechanism, mining mechanism, and token value one by one. The mining mechanism is fairer, and small and medium miners benefit more Before talking about the mining mechanism of EUCC, we can look at the distribution of other tokens. The blockchain itself upholds fairness and justice, without permission, so that everyone in the network can participate. However, when we look at Bitcoin mining, it is now monopolized by several mining machine vendors such as Bitmain, and ordinary people cannot participate at all. If a PoW husband chain like Bitcoin has formed the head effect of mining, what about a relatively fair PoS type blockchain? Let's take Cosmos as an example. Since Binance joined its validator node, it has instantly ranked to the top with the strong financial strength and user base of the top exchange, and does not give small and medium nodes the slightest chance. Looking back at the mining mechanism of EUCC, we can find that it is very friendly to ordinary users. Assuming that 6.3 million EUCCs are scattered to the accounts of 12 individuals, 8 of them hold 1 million, 1 person holds 99.9 million, and one person holds 5,299,800. Our income is related to the ranking. We give a flashback ranking of 12 people's currency holdings. The staking ranking is based on the jump ranking weighting algorithm rather than the weighted average of the user staking amount. This is to avoid EUCC being controlled by a few people, avoid monopoly, and break up large users. Do your best to achieve a win-win situation in EULER's community. Decentralized tokens create a closed loop: Euler platform currency EUCC flashback ranking reverse order weighting algorithm mechanism The EUCC currency holding and promotion revenue is set through the reverse ranking weighting algorithm of the reverse order to achieve a small number of rows, and the best currency holding is the most ideal. Disperse large accounts, avoid the formation of monopoly, and at the same time encourage currency holding, encourage the whole network to increase the position to catch up, prevent EUCC from being controlled by a few wealthy people and market oligarchs and affect circulation, and use personal efforts to determine you to get promotion benefits while driving users Fission keeps the whole network dynamic. Compared with other mining projects, EULER has introduced a unique flashback ranking weighting algorithm mechanism in the mining design, which provides a good mechanism guarantee for attracting more users to participate in mining, and it is also beneficial to data providers. Decentralization ensures the decentralization of the oracle system and well guarantees the positive development of the community.
Apparently people in the community are using Honey badger as the unofficial mascot of Bitcoins .
Apparently in 2010 due to a bug 184 billion BTC were produced :joy: , don't be so happy guys this error is already erased .
The maximum number of Bitcoins is not actually 21 millions but actually 20.99 something.
A smaller unit than Satoshi is in use now called msat!
Bitcoin's uptime is covered apparently 99.99% which is supposed to be an amazing thing if a centralized body achieve it .
The Disappearance of Bitcoins is actually connected with CIA when a person named Gavin actually went and complained about him. - creepy - (I don't think he would have disappeared if all he did was say good things about him)
The first Faucets actually gave 5 BTC ! 5 to each visitor ( why did I not know of this before :sob:)
It is only used 10% for the crime thing ! ONLY 10% ! (For people asking me to back it up :joy: " Illegal Activity No Longer Dominant Use of Bitcoin: DEA Agent. A special agent with the U.S. Drug Enforcement Administration (DEA) has reportedly revealed that the use of bitcoin in illegal activities has shrunk to about 10 percent from 90 percent previously.", Read about it first !)
There are around 70 forks related to Bitcoins.
Mining consumes much energy as a mid size country :sweat_smile: ( we gotta use some renewable sources soon enough )
The first transaction for Bitcoins was made for PIZZA !(first time when it was used as a Currency)
Lightning network can hold millions of transactions per second! ( Trust me that's good )
13 . Since 2017 the Bitcoins have achieved higher transactions compared to PayPal related to values .
You can gamble via Bitcoin online on a decentralized casino, EarnBet and require no KYC in the process
So I havent gambled in a long ass time as I went on a 6 month run and lost probably 5k in that period playing primarily blackjack. This was a little over a year ago and out of extreme quarantine induced boredom put 100 into betonline yesturday night. I went to bed last night at about 300. Attempted to cash out today but they wouldnt even let me withdraw in bitcoin because apparently you have to wait a week after making a deposit. Low and behold I fucked up bigtime by deciding “well fuckit, im already ahead, mine as well keep on truckin”. Big mistake, somehow lost 15 hands in a row at one point even after switching tables multiple times. I realize thats literally chump change to most of you guys but im by no means a rich man. It was so heinous, dealers pulling 5-6 card 21’s after showing a 5 or 6 when I had a solid 19 or 20. This happened like 5 times in a 20 minute period. Got so angry on the last hand that I smashed my phone, now I need a new screen. I really cant be gambling if this is how I act lol, dont pity me I did it to myself. Also, fuck online casinos in a huge way.
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Hey. Whats the current deal with all this cryptocurrency stuff yo?
I remember when I first heard about cryptocurrency, reading about it as a concept on a couple of forums. The first time I heard it mentioned in RL was in hushed tones by some guys at a rave in about 2012. Soon after it seemed to become common talk among hippies, cypher nerds, libertarian idealists and drug dealers. A couple of years pass and everyone is talking about bitcoin. Every news outlet and blog is raving about cryptocurrency. Bitcoin moons and suddenly allot of early investors are crazy rich. Bitcoin becomes pretty much a speculative commodity. Now there is thousands of alternative cryptocurrencies, However the people I know who use/“trade” them now are no longer weirdos and geeks but seem to trade them much more in the same kind of compulsive way that people addicted to pokie machines or online gambling are. I remember hearing about giant mining farms that burn tons of energy to mine minuscule fractions of crypto, the idea being that so long as crypto is perceived as being worth more than the energy being burned to mine it it’s profitable. There have been countless scandals with crypto startups. Basically my question is, as someone only passively paying attention to this stuff, what is the current deal with cryptocurrency? Is it still going to destabilize global markets?(not that they really seem to need any help). Is it still Worth buying a few dollars worth of bitcoin every now and then as an investment or has it pretty much leveled out? What are your thoughts about current popular feeling about blockchain and cryptocurrency?
The One Thing EVERYONE Must Know About the Dev Funding Plan: IT'S COMPLETELY FREE.
sigh I get so tired of having to stop working to put out a post explaining issues. If anyone else wants to join in I could use help. (actually I've seen Jonald F. do this before too, so thanks JF!) Things are bad when even developers don't understand what's going on. So I'll try to clearly explain an important point on the Dev Funding Plan (DFP from now on) for the community: it's completely free. Yet we still get panicked posts saying Please Save Us from the TAX!!! Somebody Help! You may be for or against the DFP, but either way please at least understand what you're forming an opinion on. Let's start from the beginning. We know Bitcoin works on blocks and block coin rewards. The block reward, which started at 50 coins per block, and cuts in half approximately every 4 years, serves two purposes: it's a fair way to bring coins into circulation, but more importantly it provides security for the network. For simplicity, please think of "security" as being measured in power bars. When the network first started, with just Satoshi and Hal Finney, there was 1 power bar. This power bar was made up of the electricity their combined computer hardware used to find blocks. They were the first miners. Bitcoin uses a difficulty level to adjust how hard or easy it is to find blocks. This level is important for a key reason: we want the inflation rate of coins (how fast they come into circulation) to stay about the same, regardless how many miners (computing power) suddenly comes online. If the difficulty is set at super easy, but suddenly a super computer comes online that computer can gobble up thousands of coins in minutes if not seconds, creating massive rapid inflation. So the first thing to understand is that due to the Difficulty Level Adjustment the rate of coins coming into circulation will always stay about the same, regardless how many miners join or leave the network. Getting back to power bars. So the point of Bitcoin is there is no center, no fixed authority. The problem is we still need a decision made about which chain is valid. This is where proof-of-work comes in. Satoshi's fairly brilliant solution to a consensus decision, with no leader, was to simply look for the longest chain (technically the chain with most hashing work). The reasoning was: as there are far more ordinary people than there are governments and dictators a Bitcoin supported by the all the world's people should always be able to muster more hashrate than even rich governments. So Bitcoin began and people saw the brilliance: even with a weak power bar level of 1 (a couple computers), Bitcoin was safe from 51% attacks and attacking govs competing for control of the chain because a super low hashrate meant Bitcoin wasn't popular and govs wouldn't bother paying attention. By the time Bitcoin was big enough for govs to worry about attacking it should also have so many participants the power bar level would be far higher, providing strong defense. Let's say the ideal power bar level is 50,000. At this level no government on earth has enough resources to beat the grassroots network. We hear people brag about how much security BTC has. However, the marketcap for all of BTC is about $160B. Countries like the U.S. and China have GDP measured in many trillions; a trillion is 1,000 billion. Does 160B really seem untouchable? For numeric comparison the main U.S. federal food assistance program cost the government $70B in 2016, representing about 2% of the budget. So the entirety of the BTC market cap is about twice the size of one welfare program, representing 2% of the overall budget. Where should we place the current security power bars if we want guaranteed safety from a determined U.S. gov? If 50,000 is guaranteed safe we're far from it. I'd say BTC is more like 5,000. That's still pretty decent. Of course, BCH split from BTC... and didn't carry over all the miners and accompanying security. That's not an immediate concern because if BTC isn't on government's radar yet BCH sure isn't. However, that doesn't mean BCH doesn't need security from hostile forces. It's still a valuable network and needs defenses. Where would we put power bars for BCH? If BTC is 5,000 and BCH only has 3% of that hashrate then BCH has just 150. That's it. How the Developer Funding Plan Works Back to the DFP. What this says is as a community we agree to break off a piece of the block reward and instead of giving 100% to miners we give a small percent to developers. If each block is 10 coins and the price is $300 then winning a block means winning $3,000. Of course that's not all profit because miners have electricity and other expenses to pay before calculating profit. So if we reduce the portion of the miner reward by 10% so they get just 9 coins per block yet the price stays the same what happens? It means miners receive $2,700 for the same effort. We've just made it more expensive to mine BCH from the point of view of miners. What would any miner then rationally do? Seek profitability elsewhere if available. Suddenly BTC SHA256 hashing looks slightly more attractive so they'll go there. Hashrate leaves BCH and goes to BTC, but the key important point is BOTH chains have a difficulty adjustment algorithm which adjusts to account for rising or lowering miners overall, which keeps the coin inflation rate steady. This means BTC total hashrate rises (more miners compete for BTC) and its Difficulty Level rises accordingly, so the same rate of BTC pumps out; on BCH total hashrate falls (less miners compete for BCH) and its Difficulty falls, so the same rate of BCH pumps out. Inflation remains about the same on both coins so the price of both coins doesn't change any, beyond what it normally does based on news/events etc. So what difference is there? The difference is total network security. Hashrate totals have changed. BTC gains more miner securing hashrate while BCH loses it. So BTC goes from 5,000 to say 5,100 power bars. BCH goes from about 150 to 140. Does any of that matter in the grand scheme of things? Not in the slightest. Part of the reason is due to our emergency circumstances with BCH we had to rework our security model. Our primary defense is an idea I came up with, which BitcoinABC implemented, saying it's not sheer hashpower that dictates what chain we follow. We won't replace a chain we're working on if a new one suddenly appears if it means changing more than 10 blocks deep of history. This prevents all the threatening hashrate hanging over our heads from mining a secret chain and creating havoc unleashing it causing 10+ confimed txs to be undone, while exchanges, gambling sites etc. have long since paid out real world money. Switching $6M worth of block rewards from mining to devs just means we lose a bit of hashrate security, while we gain those funds for development. Nothing more. Nobody holding BCH pays in the form of inflation or any other way. It costs literally NOTHING BECAUSE The block reward is ALREADY ALLOCATED. It will EITHER go 100% to mining security if we do nothing, or go to both miners and devs if the plan is put into effect. Hopefully this helps. :) TL;DR: we switch security which we don't really need, for developer funding which we do.
2 years without a bet, settle off all my debts: a bit of a long read but I’ll try and be concise
It’s been two years since my last bet. I was married for less than 2 years and I hid everything from my wife. My smoking and my secretive gambling, she had no clue. A woman who gave up everything to marry the man she believes was her soulmate. And I lied to her everyday for most of our marriage. When we first started dating, in the course of the 2013 NFL season, I lost weeks 1-16. Only 100 dollars a week on 7-8 team parlays. Week 17, I hit a parlay and make $7,888! Following season I made over 20k in NFL betting. 2015 season I made about 12k. And then I got married in 2016. My wife and I went to a casino twice that summer after we got married and I had just learned how to play Craps. I must’ve won about $3500 and we were having a blast. But then the 2016 season came and it wasn’t my best year. What also happened is I got sucked into online casinos. And playing 100 dollar rolls in online craps was a disaster. Any money I won during the NFL season just went into the online casinos. And I knew at that point that I had no control. But I was resilient and would win the money back. Spring of 2017, I was in about $30k in debt. Found a new job and rolled my 401k to an IRA. I had access to $160k... figured I would withdraw enough to pay off all my debt and just let the rest of the money sit. I hit a parlay in January that year and when I withdrew the money, I was paid in Bitcoin. Long story short, that summer I was making tens of thousands of dollars from alt coins I bought in the spring. I made about $25k in Ethereum and about $12k in Litecoin. Also made money in bitcoin. I’d win money playing roulette, withdraw the funds into my bitcoin account and I’d let it stay there for a few days and make even more money. I was playing online roulette for an entire summer. I’d buy bitcoin and send it to my offshore account to gamble on Roulette. Roulette, I knew how the wheel spun. I’d deposit $1,000 and would make between 5-6K, do a withdrawal to then cancel it 2 minutes later. This vicious cycle went on until the 2017 NFL season. Which was my best football season yet. By November, I had made about 35k in NFL betting but lost all of it, and the rest of my IRA (remember that $160k???). Where to go... what to do? I applied for another personal loan. To consolidate all my debt and got a $65k loan. That weekend, thanksgiving weekend, I made another $14k on the NFL games. And then a month later I was broke again. “I’ll get another massive loan, and then I’m done” Only this time, my loan was for only $20k because I had so much debt. A mortgage and about $125k of debt on top of it. I called my old boss and cried like a little bitch to her, asking her for a bailout. Asked her to give me a loan of $50k. That in 2 years I’d pay her back. She probably has a net worth of $20-30 million. She said no. And I couldn’t believe it. She said I was like a son to her and she wouldn’t help me get out of debt????? January 18, I got on a plane to go see my wife who was visiting her family (she still doesn’t know anything yet) and the plane had SO MUCH TURBULENCe, I was praying for a crash. I did not want to deal with the consequences of my actions. January 25, my wife confronted me and I had no more answers. No more lies to tell. I was done, finished. I had to tell her the truth. She then told my parents everything and then I had to tell them what I had done. Seeing the look on my parents’ face, two people who didn’t gambled at all. Blue collar workers who couldn’t fathom the money I made, let alone the money I gambled away and the debt I had. Sent them home crying. Couldn’t believe their son, their most successful child, had done this to himself. And then My wife had said some of the most vile shit to me. And I deserved it. We were up until 1-2 AM but then she had to get some rest because she had work. She went to work the next day and I had the day to reflect on what I had done. Made a decision at that point, whether she stays or goes, that I need to stop gambling. Besides not having money to gamble, I needed more than that to stop gambling. I found gamblers anonymous. I just googled “how to stop gambling” and that showed up. Told my wife I would start going to GA. She didn’t care. She made her decision to leave. January 29th, I went to my first GA meeting and my wife that day, told her mother what happened. She had already told her dad, but now she told her mother. And her mother pleaded with her to give me another chance. He can change. I used to say people don’t change. They never change. They show you who they are... believe them. My wife cancelled her plane ticket and said: ok. One last chance. Here we are. Two years later. Haven’t gambled. No longer smoke. We have a child of our own now. Hired a law firm to help me settle my debts. Had my debt cut down from $146k to $90k. Paid that law firm about $20-22k in fees. In two years. Every penny I made went to pay off my debt as quickly as I could. Hindsight, I would have gone a different way in paying off my debts. But I was desperate and did whatever my wife said to do. Doing the math recently, I must’ve lost $400k-$500k in about 15 months. I did more damage in 15 months than some people do in 15 years. The moral of this story: I was wrong. People CAN change. GA saved my life. It has helped me and so many other people. If you believe you have a gambling problem and want to stop gambling, you CAN. Find a gamblers anonymous near you. Go to a meeting. It’ll change your life. It changed mine. Peace and love. Peace and love.
""At the Bitcoin Cash City conference in North Queensland, the CEO of Code Valley, Noel Lovisa, announced plans to build a $50 million dollar Bitcoin Cash tech park in the city of Townsville. The plan is to aggregate startup companies and there are more than 12 Bitcoin Cash focused startups already on board. Additionally, the BCH tech park creators aim to create a sister project with a mining and server facility built near the Kennedy Energy Park."
I've read about this Code Valley thing. Basically it was a guy working in his basement for 10 years to try and build a developer marketplace where the software (closed source, licensed) connects modules of code written by other developers together and magically compiles a binary that works. I'm not even going to start on how you would possibly debug such a thing. Look, folks. Let's review some history:
2011-2012 Spooks like Peter Todd and Greg Maxwell appear as "developers" for BTC
2013-2014 Small block narrative bullshit starts in bitcointalk.org, Blockstream is all puppies and ponies, announces plans to fund BTC development because they are such nice people. DCG invests WU and Mastercard's money in all the Bitcoin startups.
2015-2017 BTC is totally fucking sabotaged. VC's stop almost all funding for BTC startups in 2016 and fund "distributed ledger technology" boondoggles instead because "Bitcoin isn't interesting, but the underlying "blockchain technology" is incredible", whatever the fuck that Orwellian doublethink means. Block size becomes something we can't touch. Mass censorship and banning happens when people try to talk about the madness. RBF is implemented on fucking Black Friday. Segwit gets forced down our throats as a shitty soft fork. Leaders of BTC are smeared and taken down (Gavin, Mike Hearn, etc) Other leaders get really quiet all of a sudden, go work on altcoins, or suddenly have a change of heart that makes no sense.
August 1st 2017 we fork the fuck away from those saboteurs and spooks.
Almost immediately after we fork, that piece of shit CSW (who took down Gavin with a confidence game) inserts himself in the community
November 2018, CSW and "nChain", a company funded by an online gambling billionaire who was once on the fucking FBI's 10 most wanted list (and probably copped a plea to avoid jail, read between the lines on who actually is pushing nChain there) suddenly demand changes to a planned release long after the code freeze, and force a fork in BCH to BCH and BSV, taking suckers and paid off people like Ryan X. Charles (who was a spook for all we know) with them.
Now these fuckers mysteriously raised $50mm to build a tech park, aggregate BCH startups, and build a mining facility? Oh, and by the way, they want to develop their own BCH client because reasons? The chances of this being fork attack part 3 are 90%. Questions we need to ask: 1) Who the fuck is Code Valley and this CEO guy? 2) Who is bankrolling this "Tech Park"? 3) Why are they bribing startups to come work at their "Tech Park"? 4) What is their business model / how do they make a profit? 5) If 4 has no clear answer, it's probably the fucking bank and spook cartel attacking again, folks. In closing, people:
https://preview.redd.it/kkhj7agzz5251.png?width=875&format=png&auto=webp&s=f47007e7923d8f40d98e3ba7d08a31c3729a0bd3 Hello everyone, thank you for your continued interest and support. In the past two weeks, various tasks of TokenClub have been progressing steadily. The product development and community operation progress this week are as follows: 1. TokenClub Events 1)TokenClub & 499Block reached strategic cooperation in live broadcasting On May 28th, TokenClub and 499Block reached a strategic cooperation to jointly build a live broadcast ecosystem in the vertical field of blockchain. 2)520e events When 520 comes, TokenClub launches live interactive interaction. During the event, participate in interactive questions in the live broadcast room or forward the live poster to Twitter and the telegram group, and upload a screenshot to have the opportunity to extract 520, 1314 red envelope rewards https://preview.redd.it/apyee28406251.png?width=1080&format=png&auto=webp&s=9c9798db931ad6611d6c258907120610ae11ff11 3)Text version of live content is abailable on Medium In order to better understand the live broadcast of TokenClub by overseas communities, we translated the live broadcast content into English and uploaded it to TokenClub’s Medium official account, so that the community’s small partners can view it. https://preview.redd.it/hhmu3pl506251.png?width=1080&format=png&auto=webp&s=fae9d42dcdee9d079219d1ffe612fc573bad01e8 4)Preview: TokenClub’s self-media grandma is invited to participate in the golden financial theme live event From May 29th to June 4th, Golden Finance will hold a five-day live broadcast of the theme of “Finding Double Coins”. Grandpa Coin will express his views on June 3, welcome to pay attention. 2.TokenClub Live 1) Summary Recently, Binance Co-founder He Yi, TRON founder Sun Yuchen, Hobbit HBTC founder Ju Jianhua, OSL chairman Dave, BlockVC founding partner Xu Yingkai, Outlier Ventures founder amie Burke, Bitribe founder SKY, CryptoBriefing CEO Han Kao , Huarai Group / Vice President, Global Market and Business Leader Ciara, Guosheng Securities Blockchain Research Institute Sun Shuang, Tongtongtong Research Institute CEO Song Shuangjie, Jin Tiancheng Law Firm Senior Partner Yu Bingguang, Binance China Jiang Jinze, principal researcher of Blockchain Research Institute, Meng Yan, vice president of Digital Asset Research Institute, co-founder of Primitive Ventures & director of Coindesk advisory board-Dovey Wan, founding partner of Genesis Capital & co-founder of Kushen Wallet Ocean Liao Yangyang, Binance C2C-Kathy, Binance OTC-Coco, Binance Contract & Options-Justin, Binance VIP-Jennifer, Binance Broker-Jess, Binance Mining Pool-Denny, Harbin Institute of Technology Blockchain Research Executive Deputy Director Xu Zhifeng, dForce founder Yang Mindao, Mars Finance co-founder Shang Silin, Cobo & Yuchi co-founder Shenyu, well-known investor Xu Zhe, CasperLabs CEO Mrinal Manohar, CasperLabs co-founder Scott Walker, Chairman of Rock Tree Omer Ozden, Nova Club incubation team leader & Waterdrop Capital partner Zheng Yushan, Rolling Stone miner founder Alex Lam, BitUniverse coin founder Chen Yong, Odaily Planet Daily founder and CEO Mandy Wang Mengdie, Binance stablecoin BUSD project responsible Helen Tu and senior expert of TokenClub blockchain and cryptocurrency investment strategy-Zao Shen talks with you about blockchain things ~ On May 18, Block 101 Binance Key Account Manager Luna talked to Primitive Ventures co-founder, non-profit bitcoin development fund Hardcore Fund executive director, and Coindesk advisory board director-Dovey Wan, to understand “C and C How is the Goddess of Crypto Assets made? “Dovey Wan shared with us on asset allocation, investment judgment, entrepreneurship, DCEP, etc. https://preview.redd.it/0dsry36906251.png?width=1080&format=png&auto=webp&s=a7f6f4b852547d2e43114f81a981f7aa6ea10f61 On May 19, Block 101 Yingge talked with Sun Zeyu, the founding partner of Genesis Capital and co-founder of Kushen Wallet, to share the theme of “Blockchain Investment Experience”. This investor, who is rated as “reliable” by insiders, recommends that novices try not to touch contracts, do not stay overnight even when making contracts, be alert to risks, refuse gambling, and rationally analyze investments. On May 20th, 499Block ’s two-year birthday carnival “Global Hot Chain, Keeping Together for Every Year” celebration was held in the TokenClub Live Room. The cross-border AMA Solitaire + popular day group anchor live video sharing, including Binance Co-founder He Yi, TRON founder Sun Yuchen, Hobbit HBTC founder Ju Jianhua, OSL chairman Dave, BlockVC founding partner Xu Yingkai, Outlier Ventures founder amie Burke, Bitribe founder SKY, CryptoBriefing CEO Han Kao, Huobi Group / Vice President Global Markets and Dozens of blockchain leaders from home and abroad, such as Ciara, the business leader, all appeared on the scene, and 499Block became a popular beauty angel group to help the interactive host. https://preview.redd.it/ga6ey51b06251.png?width=1280&format=png&auto=webp&s=d94cc1a03640538ec1e99443c8cbb7a5e77596de On May 20, Sun Shuang, senior researcher of Guosheng Securities Blockchain Research Institute, Song Shuangjie, Jin Tong, CEO of Tongzhengtong Research Institute were jointly invited by Lingang Xinyefang, Lingang Innovation Management School, and Binance China Blockchain Research Institute. Tian Bingguang Senior Partner Yu Bingguang, Binance China Blockchain Research Institute Chief Researcher Jiang Jinze, Vice President of Digital Assets Research Institute Meng Yan, and many experts talked about the “Critical Digital RMB DCEP” in the live broadcast, one A feast of intertwined thoughts is worth watching again! On May 21st, Ocean Liao Yangyang, the founder of Block 101 Seven Seven Dialogue Force Field, focused on the “big enlightenment era of digital assets”, Ocean shared with us his entrepreneurial experience, the first pot of gold, public chain, currency circle and Analysis of the current market. Regarding the future of Bitcoin, Ocean feels that he can work hard towards the direction of digital gold and become a substitute or supplement for gold. He is determined to see more, because the ceiling of the entire industry is very high, and he still cannot see its end point. The index level is rising, far from being over. On May 22, “In the name of the Pizza Festival, we came to a different live broadcast” Bringing Goods “”, which was organized by the girls in the 101-day group of the block: June 6, July 7, Sisi, Yingge, Qianjiangyue , Dialogue: Binance First Sister, Binance C2C-Kathy, Binance OTC-Coco, Binance Contract & Options-Justin, Binance VIP-Jennifer, Binance Broker-Jess, Binance Mining Pool-Denny. We have explained to us one by one about C2C, OTC, contract options, etc. If you are interested, please move to the live room. https://preview.redd.it/a9am0j5e06251.png?width=1080&format=png&auto=webp&s=7f8d0e80492027a000d4e719ec727b56cc27d94f On May 22, Block 101 Sisi Dialogue Xu Zhifeng, executive deputy director of the Blockchain Research Center of Harbin Institute of Technology, shared the theme: “Strategy of Great Powers: Seizing New Highlands of Blockchain Technology”. He expressed his views on his own currency circle experience, entrepreneurship, blockchain technology, DECP, etc. Xu Zhifeng is very optimistic about the future development of blockchain. He said: “Ten years later, blockchain will become a very common industry. We are the Internet industry and have never changed.” On May 23, the old Chinese doctor Zao Shen from the coin circle went online ~ The theme of this issue: If you want to be short, you must be able to sing first, and if you want to be long, you must be patient. If the meal is not fragrant, the game is not good, and the happiness of the past has drifted into the distance, just because the daily reading is still a loss, and the head is hurt. Don’t panic, the old Chinese doctor Zao Shen of the currency circle will adopt the Trinity Interventional Therapy and precise care to regenerate life. Don’t move quickly to the live room to see what “therapy” is. On May 25, Block 101, July 7th conversation with dForce founder Yang Mindao, talked about “DeFi opportunities and challenges.” Yang Mindao believes that the four biggest benefits of DeFi are: programmability; non-custodial nature; non-licensing; composability. He believes that the current public chain market is seriously homogenized, and the most promising public chain is Ethereum. Ethereum is the best and largest in terms of developer group, ecology, and technological evolution, and can absorb the advantages of each public chain. At the same time, he is also extremely optimistic about DeFi, “DeFi application value is gradually verified, and the value of this type of token will gradually become more prominent.” On May 26th, Mars Finance co-founder Shang Silin Hardcore Dialogue Cobo & Yuchi co-founder Shenyu and well-known investor Xu Zhe. The trend of “financialization” in the digital asset industry is becoming more and more obvious, and the friends of miners need to master more and more skills. Unveiling the mystery of hedging for everyone. On May 26th, Nova Superstar Dialogue Phase 13 focused on the Silicon Valley star project CasperLabs, specially invited CasperLabs CEO Mrinal Manohar, CasperLabs co-founder Scott Walker, Rock Tree chairman Omer Ozden, and Nova Club incubation team leader Water Capital Partners Zheng Yushan, discuss CasperLbs together. On May 26, Block 101 Sisi talked with the founder of the Rolling Stone Miner, Alex Lam, and took us into the “post-worker life” of a PhD in finance. Alex shared the reasons for entering the coin circle, the first pot of gold, mining, pitted pits, investment experience and opportunities in the digital currency industry. Alex said: Bitcoin exceeds US $ 100,000, and it will be in the second half of next year or the year after. On May 27th, Block 101 Yingge talked with BitUniverse founder Chen Yong and shared the theme: “Who” needs grid trading. Chen Yong mainly introduced the currency trading tool of Bitcoin. In his view, grid trading has changed an investor’s concept-from stud into a batch of positions and positions. Regarding the price of Bitcoin, Chen Yong believes that the price of Bitcoin may reach one hundred thousand dollars around 2030. On May 28, Block 101 Binance Mining Pool Wu Di talked to Mandai Wang Mengdie, founder of Planet Daily Odaily, to learn more about the process of “media entrepreneurs marching into the blockchain from venture capital circles”. Mandy believes that the core competence in the media industry is high-quality original content, which is the most basic but difficult to stick to. The initial focus of entering the mixed media industry of the dragon and dragon is to focus and amplify value. On May 29th, Block 101 Qianjiangyue Dialogue Hellen Tu, the project leader of Binance Stablecoin BUSD project, talked with everyone about the stablecoin “Life and Death”, Hellen shared the stablecoin in detail, and published his own the opinion of. For details, please move to the live room. On May 30th, Zaoshen came to share the theme: Dongfeng blowing, bullets flying, unlimited chase? In this issue, Zao Shen shared with you the recent international financial situation and various major events in the United States in the past week, which extended to the impact on the currency circle and answered various questions about investment strategies. Friends who want to know more details can move to the live room of Zao Shen. 3.TokenClub operation data -Live data: 13 live broadcasts in the past two weeks, with over 800,000 views. TokenClub hosted a total of 870 live broadcasts with a total of 45.06 million views. -Binary trade data: In the past two weeks, guess the rise and fall to participate in a total of 1268 times, the amount of participation exceeded 2 million TCT. At present, it is guessed that the rise and fall function has participated in a total of 1.11 million times, with a cumulative participation amount of 498 million TCT. -Chat data: In the past two weeks, a total of 19271 messages have been generated. A total of 4.85 milliom messages have been launched since the function was launched. -Mini-game data: The mini-game has participated in a total of 4212 times in the past two weeks. A total of 1,66 million self-functions have been online. -Cut leeks game data together: Since the game was launched, the total number of user participation in the game was 962612 TCT total consumption was 6,27 million gift certificate total consumption was 15,95million and TCT mining output was 161496. -TokenClub KOL data: Over the past two weeks, the total reading volume of the BTCGrandpa article has been viewed by more than 300,000 people. -Social media data: At present, the number of Weibo official accounts is 18033 and the number of Twitter followers is 1332 and we have opened the official Medium account this week, welcome to follow. -Telegram official group data: In the past 2 weeks, there were 238 chats in the group, and the total number of Telegram official groups is currently 2906. -Medium data: Medium official account u/TokenClub has published 5 excellent articles, official announcements and updates are published in English, welcome to follow. 4.Communities 1)Overseas Community TokenClub held an event for forwarding Twitter and telegram group chats for overseas users. Bitcoin halved in less than two weeks, overseas users are more active in the telegram group, and some friends are more concerned about Binance Block 101 live broadcast, aggregation exchange, TCT usage and other issues, the administrator responded in time.On May 12th, when Bitcoin was halved, TokenClub organized a forwarding Twitter, telegram group chat prize event and participating in a live question asking interactive prize event for overseas users. There are many live broadcast events in the near future. The live broadcast poster information will be released to overseas users as soon as possible. The follow-up TokenClub will translate and broadcast high-quality live broadcast content to Twitter and Medium. Bitcoin halved, overseas users are more active in the telegram group, and some partners are more concerned about block 101 live broadcast, bitcoin future price trend, TCT usage and other issues, the administrator responded in time in the group. https://preview.redd.it/2nrknnyo06251.png?width=1080&format=png&auto=webp&s=fb98b385c0caf7e65c7b3b2bb1edd782ec126905 2)Domestic community Sweet Orange Club Weekly News Last Friday, a holiday, the community opened the red envelope rain event, and brought a sincere gift to everyone while relaxing in the holiday. At the same time, it also sent the most sincere blessings to all mothers in the community on Mother’s Day. Thank you for your long-term support and help to the Orange Club community. Hundred-day scheduled investment event (Phase II) The fourth week of the second 100-day fixed investment plan held this week has been awarded, and everyone is still very active in this event. This week, the Bitcoin halving market was also opened in advance. The small partners participating in the fixed investment should now have a certain floating win, so we adopt the correct cycle investment strategy to believe that it can bring unexpected benefits to everyone. Sign in the lottery. On the evening of May 3rd and May 10th, TCT Fortune Free Academy carried out the 51st and 52nd week sign-in sweepstakes, and rewarded the small TCT partners who had always insisted on signing in. In these two sign-in sweepstakes, the lucky friends received 20–180TCT as a reward. In addition, during the lucky draw, the college friends also actively expressed their opinions on the topic of this year’s bull market. The Leek Paradise Community Conference will continue as usual every Sunday at 20:00. During the conference, members will discuss recent hot topics, including gifts and blessings for Mother ’s Day, and the halving of Bitcoin everyone is paying attention to. At the end, the friends in the group also showed a rare enthusiasm at the first sight. It seems that the market still affects the mood. The members routinely started a red envelope rain to cheer for the participating partners and encourage everyone to maintain patience and confidence. Of course, at the same time, we are encouraging ourselves to see the community meeting next week. Come on! TokenClub volunteer community, sign in red envelopes every day, as long as you sign in every day, you can get good benefits, friends join us quickly! In the past two weeks, the community has conducted active partners. Volunteer community: Change to the currency circle consultation and pass the analysis of Grandma Coin and Panda analysts, support TokenClub in action, and continue to vote for TCT. In the last month, we have worked hard to learn the rain god’s strategy. We have doubled the coins in our hands. The community WeChat group has recently injected fresh students. We look forward to more people joining! Volunteer community, will continue to work hard for TokenClub TCT has been listed on Binance、Okex、Gate.io、ZB-M、MXC、Biki、Coinex、BigOne、Coinbene、Cybex、SWFT、Loopring、Rootrex etc. TokenClub website: www.tokenclub.com Telegram：https://t.me/token\_club
I keep asking a similar question but I don't think I've been phrasing it correctly. Now that I understand a bit better I'm going to try again. I'm attempting to use an online gambling service to play poker. It's called ignition. Since I'm from the states, I have to use Bitcoin to deposit funds, and withdrawal winnings. A friend of mine told me he uses coinbase to make his deposits to his account. I got a coinbase account, and when I deposited money into coinbase from my debit card, it took 6 days for the Bitcoin I bought to be able to be sent off of coinbase. When I needed to make another deposit, I was told to try it again, and since my info has been verified from coinbase it should be faster, but unfortunately it's not. Another 6 day hold period before I can send my Bitcoin I bought with cash, to my ignition account. Maybe I'm not understanding how Bitcoin wallets work, but it's my understanding that I'm using coinbase as a market to buy my Bitcoin, as well as a wallet to send Bitcoin to a business (ignition). What I would like to find is a place where I can buy small amounts of Bitcoin ($10-$50) frequently, and instantly be able to send it to my ignition account. If I don't have this correct, could someone please explain how this works to me? I keep getting the answer "wallets don't sell Bitcoin" which I get, but I'm not understanding why my money is being held for close to a week.
Part 8 (has access to parts 1-7 in it) For some reason it would not post the last day or so. It is early 2017. I have been carrying on my usual playing 10-20 hours a week to survive. Still lethargic is best term I suppose. I just dont get excited to play anymore. I consider getting a job to remind me how shitty working is so it gives me a kick in the teeth to play poker. Then it dawns on me, I hate playing poker now. Poker has been tainted. Everything bad that happened to me I can associate with poker. The rise and fall was poker (the fall part). The oxycontin started as a performance enhancer to log more hours. Everything I consider to be wrong in my life I trace back to poker essentially, even if just a butterfly affect reason that had I done something else I wouldnt be here. Hating poker is not the greatest realization considering its my only means to income outside of grunt labor. I seek a job in a couple places to no avail which was fine, I didnt wanna do that either. Several months earlier I had started playing on SWC (bitcoin site) and became familiarized with bitcoin. Thought nothing of it, it was just the currency I was winning or losing. I dont read a thing about it, I learn nothing of it. I wasnt playing a ton or even big stakes, my intention for playing online was to just stay sharp in case it ever comes back full fledge. I have 5-6 btc on this site at the most (2-3k) and I flush it playing plo and big o not thinking much of it. Back to 2017. Its March/April~ of 2017. I am playing cards one night dicking around probably had a couple drinks and was needling the usuals etc. A guy I do not know is in the game. Looks Russian. I bet he interfered in our election... fucking commies. I dont remember how I got to talking to him but crypto had been brought up. I talk about SWC. Tell him I had a few btc but not anymore. The only other thing I remember well from the conversation was bitching about going from an iphone4 (yes I had an iphone4 from 2010-17, the same one. It barely worked. Many oxycontins snorted off the back of that phone, texts dating back to when I got it in 2010) to the 6 or 7 or wtfever I have now, which is bigger and its harder to text and drive. He just responds by saying “first world problems are the worst”. Amen brother, those Africans and Venezuelans have no clue of our struggle. I end up talking to him a bit and it turns out he mines crypto. Has a website that sells mining equipment. He has a hell of a back story too. I tell him I am interested in mining. I have about 20k to my name at this time and I realized recently that I dont like playing poker so why not? He eventually tells me not to do it. Regardless we become friends and he is ultimately the most important friend I have ever made. I have made more positive strides mentally since meeting him (mostly work ethic, realizations, reality checks and aspirations) As silly as it sounds, when he told me “first world problems are the worst” it stuck with me. He was saying it as a joke but jokes are funniest when true. He is genuinely the smartest guy I have ever associated with also. If you run into him at a poker table youd think he was a high functioning autist. Then you talk to him and go “ohhh hes just one of those Einstein type geniuses”. His hair is usually a mess, he cuts his own hair for or has his girlfriend do it. He wears cheap clothing usually since it all covers your ass or nipples I suppose. He virtually never instigates conversation with people he doesnt know. He is really deliberate with his actions. Talks really calmly and knows exactly what he is saying. He is just on the same level at all times it seems. Meeting him has definitely changed my life for the better. We become friends pretty quickly. I know I went on a downer after meeting him because I couldnt afford to buy mining stuff and remember wanting to (again, he told me not to do it eventually anyways). Which will lead me to another good friend to have. Between 2015 and this point in 2017 I have shot myself in the foot not logging hours a couple times. A friend has bailed me out with a loan or short term stake a few times. He is a well off restaurant owner who loves poker more than just about anything not related to him. Every time I see him we talk about hands he played and he just eats it up, has photographic memory and never butchers a hand history which is nice. He is as good hearted of a guy as I have ever met. (Sorry if this is getting long winded giving praise to people close to me, I intend on sharing with a few people and would like them to know what they mean to me as corny as that is because I suck at doing it in real life. Plus it is kinda gay to get mushy sounding in real life, but I digress. Theyve heard virtually none of the content of this whole thread either, a ton of this stuff I have never shared) In fact he is too kind hearted. He has helped people who wouldnt piss on him if he was on fire, and people have burned him on many occasions. My only complaint about this person is he never kicked my ass and told me to log more hours or fuck off. I needed it. If I just logged hours I wouldnt need the help. Its as simple as that. I have no leaks other than the unwillingness to play (leaks as in drugs/pit games/strippers/wtf ever else) and it has hindered me immensely over the these last couple years. (Ok I do have one embarrassing leak that has been fixed for a year and change, mobile games... I have spent like 30,000$ on mobile games between late 2016 and late 2018, Lords Mobile specifically clocked me for 20k. This definitely hindered my ability to build a roll and got me into a few jams. When youre not logging hours playing youre sitting around gaming and these games arent cheap obviously) It is around May now and my friend who messes with crypto tells me that Bitcoin is going to 10,000$. Its like 800$ at the time iirc. I own a couple from Ignition cashouts. I kind of trust him. I cant argue him on it as I have literally no mental fortitude on the subject, but I essentially shrug it off. I start watching the price on poloniex and am watching prices jump like crazy. Light bulb in head! I can buy the dips sell the peaks and have more BTC! Lets load the 2.5btc I have onto poloniex! Sell peak but it keeps climbing... “FUCK! gotta get it back before it goes to 10k! Whew. Still have 2.45 BTC. FUCK! Its dropping! Get it out before it goes to zero!” Yea I turned that 2.5 BTC into .4 BTC. No joke. I think I ended up throwing it onto SWC and losing it once it was almost gone. I honestly forget. I had nothing when it finally hit 20k other than some shit alts worth about 800$ at most (worth 35$ now but they still reside in my locked poloniex account, maybe I will give poloniex my ID if they ever become worth more than 1k) So I am now annoyed I didnt turn every free dollar I had into BTC. I didnt trust the guy enough and to be fair I would have been using the money I play with. Had I met the guy a year earlier (know what I know of him now) I would probably have just locked it all up and sat around waiting. I never really get my act together in 2017. I continuously log just enough hours to get by. I just dont care. I just want a way out of this. I catch myself saying “I hate playing poker” and sometime around the end of 17 or early 2018 I start trying to censor myself and quit saying that. Saying it will only make it fester deeper. I have to retrain myself to love poker. I remember the days of playing 18-24 hours straight because I love playing. I love watching for everything I can find to get an edge. I love a situation to present itself where I can step out of line. But now I just sit down and count the minutes before I can tell myself “way to go! You put in an 8 hour shift lets pack it in!” I leave good games often times. I celebrate when games break. This is where I am mentally while I play. I cant break out of it. Late in 2017 a close friend of mine passes away. Will call him J. He was the guy who gave me a place to stay after the shutdown in Joplin. I was still doing oxy and he never once touched the stuff knowing what has happened to me. He doesnt judge me, he is somewhat of an enabler I suppose. He just drinks does shitty coke sometimes and has a script of adderol and xanax. Literally never once does he do any with me (ive warned him xanax and opiates will kill you if you mix, which is likely part of the reason he never did it) He was a marginal poker player (relative to modern game, he was just good enough to beat the rake live but he had too many pit leaks) and took great pride in being my friend (I was the slayer in the area for years leading up to this, anyone considered the best in their area can relate, you just have the respect of the local poker community). One of my earlier live poker memories involved him. I am like 18 or 19 playing a 1-2 game at a small casino and he was there with a friend. They were the good players in the game at the time. They were having a few drinks eating nice food and laughing having a good time. I remember thinking that I want this lifestyle. Care free gambling fast paced lifestyle. I had told him this story years later and he just ate it up, constantly tried to get me to rebound, but as I have stated many many times in the last few of these I have basically waved my white flag and accepted the result of my fall. Anyhow after living with him we always talk every few months at minimal and have something to eat when we see each other at the casino. He was somewhat disingenuous sounding he was so nice and honestly it got to a point it started rubbing me the wrong way. I still talk to him of course but less frequently. In December of 2017 I get a phone call from my friend who owns the restaurant and he is distraught. He has been at the hospital and J has passed away. The back story on this is he had gotten a phone call from old friend who was getting out of prison in Arizona with no where to go (a female). J being as nice a guy as he is drives the 20+ hours to get her and gives her a place to stay. Well shes a junky and actually convinces J to do opiates/heroin. He overdoses and dies. I hadnt talked to him in a few months. I regret it. Had I known I would have beaten him senseless and got him to quit before things actually get bad. Going to his funeral hit me up side the head too. The way I started feeling he was disingenuous just got destroyed. I cant fathom as many people showing up to my funeral with as nice of things to say. I wrote something to say but opt out after a few people say everything I had written (except better). I regret not saying them anyways. I think I still have what I wrote tucked away with the card and his money clip that made its way to me. I stumbled across his casino players card in a box one day and it resides in my wallet ever since. This was the first close friend that has passed away in my life, knock on wood. It woke me up a bit and caused a lot of self reflection because I felt I had let him down. I lived a few miles from him and didnt drop in to see him, didnt stay in contact as well as I should have. All because I felt he was disingenuously nice when he was actually just nice, which is actually because I am a cynical hermit who hates social life these days. That was the real reason I didnt stay closer. Him being too nice was just my excuse to blow him off essentially. Only other thing I can add is that chick he helped out didnt even go to his funeral and on top of that had tried to take his truck and clean his house out. Junkies are the worst. I was a junky but I proudly say I never robbed anyone or cost anyone anything other than emotional distress, which isnt much of a brag obviously. 2018 starts and I have been decreasing my methadone every week for about 3-4 months now. I am on a low dose. Makes sleeping at night hard (get restless legs and sneezy). So I am having a few drinks any time I am at the casino playing (still just two days a week for the most part) to help get through those late night sessions when its worn off and I feel crummy. I get down to 15mg then 10mg and in March of 2018 I get asked if I wanna work for a week with my crypto friend. His friend is setting up a farm with 500 miners and needs help. I agree. The pay is in excess of the work (in my opinion) at 3k and I have no expenses, but I dont argue obviously. Before we leave town I have to pick up my week of methadone (at 4mg now) and so I do that. I never take any of them, I have the box still. Never opened it. They remain at my apartment as a reminder, the box carrying the 6 doses and a stack of receipts for every 75$ week that I kept in the box, several years worth, at least 9-10k worth of receipts, and that shits CHEAP compared to oxy. So I am finally off of opiates. I take kratom still but its essentially non addictive in comparison. Ill cede that I am reliant on kratom but if it disappeared tomorrow I wouldnt panic, I would be fine. So I fly to Denver with my friend and meet his friends half brother who was instructed to rent a box truck and the three of us were to drive from Denver to Washington carrying like half a million dollars worth of hardware. Its early March, the roads arent exactly great. Half brother of his friend rents a truck with no middle seat though. Its absolutely miserable. Whoever sat middle was sitting like a fem boy legs closed and knees up high from the drive shaft hump. It was un fucking real how uncomfortable the middle was. So like I stated the roads were not great, we drove on ice for 5-6 hours straight (while my crypto friend did about 30 minutes of it before I decided I value my life and banned him from driving, he was literally doing over 70 on this ice sheet when I checked the gauge. I forget what he said, I will fail to make it sound as good but he said that he is protected and can not die, if we wreck he wont get hurt because of some universe stipulation that protects him. He said we would get hurt but he wouldnt. *** Ok here is what he said. “quantum immortality. if i die in this universe, my conciousness will shift to others where i am still alive” He just couldnt assure us ours would. I end up driving like 18 of the 24 (one shot) hours it took as letting crypto friend drive was out. We make it set up a farm over a couple days then we go to Vegas. Not only do we go to Vegas but we fly a private jet. Not only do we take a private jet but his buddy has all four of us our own room at the Bellagio for 5-6 days. I remember having a 4500$ win at Bellagios 500$ cap 2-5 game... ran pretty salty. I only remember one hand worth bringing up, but I closed action and called 400$ pre with 67o with 3 others all in. Just flop 77X and send me the money. (Was drinking, gamble gamble). I cold called that also, some fish had opened massive and a 300$ stack just ripped a 400$ stack rejammed and I had called out of bb knowing fish will call off his 400~. This is actually a leak I have in poker. I will go over it because it has history. Dating back to online my biggest leak was playing vs short stacks. Everyones biggest leak obv (6m setting). There were a few min buyers on Carbon and I got to the point I put them in pre every time they opened my bb from button, so long as they opened 75%+ from button or close to it. This has carried with me live, if I can gamble 3-4 ways (4 specifically) I will basically do it any time its 100bb~ or less with about 40% of hands if I can close action safely. I am a bit of a degenerate in this sense. I will flip for 1k if I have 10k to my name. It mostly came as a way to loosen up tables (the flipping blind preflop) at my local casino with players who give action. I am pretty snug in general but I cant refuse a flip when it presents itself and I cant refuse a fun gamble with short stacks. I spend the month in Vegas during WSOP and run absurdly bad. Lose every big pot I play it seems. Switch to PLO the last half of the month and go a week straight without tripling my buy in up at any point. Just insane. Looking back I play rather poorly in PLO. I have been spoiled with my PLO games back home (which have been dead for about a year) and could get away with playing 50% of hands and no one ever bet big draws or anything not the nuts basically. I didnt adjust at all is what the issue was. Was just a frustrating month. So I return and take a stake from a friend. I barely play still. Same ole same ole. The last thing I will cover for this section is an incident late in 2018. One of the girls who is the floor at my local casino takes kratom also, we talk about it a fair amount. She has some 10mg percocets (mini oxycontins essentially) she gives me two of them. I havent had one in several years. I have been off methadone for 6-8 months at the time. I am eager to feel what I felt all those years ago, having no tolerance. So I take them home even though I know I shouldnt. I get home and take both of them. What transpires is almost depressing. It frustrates me to no end that I realized that I have no desire for these. It affirms that all the money I flushed wasnt about the high, it was about the not withdrawing. I basically stated this in an earlier post but this is the event that I learned this from. I dont even enjoy it. I just sink knowing that I gave my life away for these. I have never recovered thanks to pain killers. Never once after 2011 have I ever looked in the mirror and said “finally, I have finally recovered what I fucked off”. I am going to finish this thread off on the next post most likely. It will likely be long and take me a while to compose as it will cover my current year, and put a bow on it. The story basically climaxes a couple posts back, these surely have slowly lost their luster but I will finish them anyways. Nothing exciting about hearing about a guy who can beat games but wont sit in the chair to do it. Its a bit more upbeat in 2019 though andd I feel my future is bright and redemption nears though. I dont think I would have written these if not for a change of mentality recently, so look forward to a positive summary next post.
Just looked up some stats - Bitcoin creates 1800 BTC/ day - I suspect relative to the amount that is liquid, this is a substantial percentage ETH inflation was 25089.36712 eth / day during 2017 - 2018 Just the inflation from those 2 coins alone is $30 mil / day. Imagine the true weight of all the inflation caused by all the various shitcoins + forks does anyone really think 30 mil + is entering the market every day lol.
Hi Bitcoiners! I’m back with the 30th monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in May 2019 Adoption
Bitcoin is improved the idea that cash is any object, or any kind of document, accepted as settlement for items as well as solutions and payment of financial debts in a provided nation or socio-economic collection. Bitcoin uses cryptography, or mathematical formulas, to manage the creation as well as transfer of cash, instead of depending on governments and also main financial authorities. Transfers for finances, sales, purchases or any various other approaches of payment can be refined by anyone, making use of a desktop computer, mobile phone, tablet computer, or laptop. This is all feasible without the requirement for a financial institution to work as an intermediary or taping representative. Nuv Mining Developed in 2009, Bitcoin is a digital money introduced as open resource software program by an MIT trainee called Satoshi Nakamoto. There is much conjecture as to whether Satoshi is an actual person, or a collection of individuals making use of a pseudonym. Bitcoin are produced by a process termed mining, in which specialized computer full complex mathematic equations and also are compensated with a block of bitcoins. This procedure takes around 10 minutes and the current block rewards 25 bitcoins. The block reward will certainly be halved to 12.5 bitcoins in 2017 as well as again around every 4 years thereafter. By 2140 there will be approximately 21 million bitcoins in existence. nuvmining This week has revealed a speedy of task with company owner of all red stripes getting on track with Bitcoin. From small companies in New Orleans, to the Sacramento Kings of the NBA approving Bitcoin for ticket sales and also team materiel, to gambling enterprises in Las vega, Bitcoin is popping up all over. Venture Capitalist Chris Dixon thinks Bitcoin might get to $100,000 if it ends up being the main means of ecommerce (Wired ). The Chief Executive Officer of a major online merchant was priced quote as claiming "Various other stores will certainly not wish to miss out, Bitcoin market is growing by 30% per month." This very same seller saw a 5% boost in sales the very first day it accepted Bitcoin. Zynga Games, among the largest on the internet gaming business, in charge of Farmville, Castleville, and a host of others also began accepting Bitcoin for in game monetary transactions. After the five Large Financial institutions said no to cash from cannabis dispensaries as well as growers, Colorado's lawful cannabis dispensary industry turned to Bitcoin (ZeroHedge ). The Internal Revenue Service has also recently introduced a project that enables tax obligations to be paid with Bitcoin. There has actually been Bitcoin ATM MACHINE's appearing in cities such as Vancouver, Ottawa, and a Bratislava Slovakia mall. Just recently, the New York City Bitcoin ATM was put on hold until a public hearing under the territory of the New York State Division of Financial Solutions can be held. After flirting with the $1,000 worth following the New Year, Bitcoin has actually been gradually trading at around $950 on the Mt. Gox exchange over the last fortnight and is being well supported by the 50 day relocating average indicating Bitcoin is still distinctly favorable. This was shocking to most experts who thought the governing information appearing of China, India, and Russia would certainly rupture Bitcoins bubble. However, Michael Robinson, with over thirty years of experience in market analysis, believes the majority of experts are wrong. He recommends that the strong improvement we saw in very early December, coupled with the consistent assistance of the 50 day moving average, shows Bitcoin is an exceptionally healthy and balanced market, as well as need to only remain to raise in value.
Your Guide to Monero, and Why It Has Great Potential
/////Your Guide to Monero, and Why It Has Great Potential/////
Marketing. It's a dirty word for most members of the Monero community. It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers. This is what makes this an unusual post from a member of the Monero community. This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential. Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome. I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.
Bulletproofs - A Reduction in Transaction Sizes and Fees Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested. Multisig Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero. Kovri Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy. Mobile Wallets There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon. Hardware Wallets Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here. TAILS Operating System Integration Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users. In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow. Mandatory Hardforks Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information. Dynamic fees Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees! Tail Emission and Inflation There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore. Monero Research Lab Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.
///Monero's Technology - Rising Above The Rest///
Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero". Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!. Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself. I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity. A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain. The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes. Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
Major Investors And Crypto Figureheads Are Interested Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments. There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin. Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin. Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero. Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in. The Bitcoin Flaw A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins. CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero. CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range. Monero Has a Relatively Small Marketcap Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit. Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin. For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin. Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money. Technical Analysis There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today. Coinbase Rumours Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading. Monero Is Not an ICO Scam It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases. Monero is a Working Currency, Today Monero is a working currency, here today. The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc. Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin. Monero is the only coin with all the necessary properties to be called true money. Monero is private internet money. Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy. Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us. Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.
///Key Issues for Monero to Overcome///
Scalability While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit. In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node. For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too! Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.
I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so. Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price. I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors. I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ? Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
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