9 Best Bitcoin Mining Pools: Legit Sites ( Companies)

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CRYPTOCURRENCY BITCOIN

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

submitted by adrian_morrison to BlockchainNews [link] [comments]

Top 10 Ways to Earn Bitcoin in 2020

Top 10 Ways to Earn Bitcoin in 2020

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Back in 2018, the most popular way to earn bitcoin seemed to be through Initial Coin Offerings (ICOs). Over $6 billion was raised in Q1 2018 for crypto projects — many with just a white paper and a website. Business was good for founders and investors until the end of 2018 when scammers were the only ones laughing. Most investors lost money, and capital investments into ICO dropped 97%. Companies like TruStory even launched whose sole mission was to stop ICO scams from happening. By Q1 2019, less than $900 million was raised through ICOs —with regulation being the coup de gras.
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So where has all the momentum shifted? The second wave of crypto projects will undoubtedly reward profits over potential. This article examines the top ways you can earn bitcoin in 2020 — from faucets and bitcoin mining to crypto savings accounts. The biggest winners of 2020 will likely fall into one of the following 10 categories. The strategy that is right for you will depend on your skills, network, access to capital, location, risk tolerance and investment timeline.

#1 - Holding
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Arguably the best way to make money on Bitcoin is to buy it and hold it for many years. Smart investors rely on a strategy called Dollar Cost Averaging (DCA) to reduce market volatility. This works by investing a fixed amount on a regular schedule, ie $100 once a week for 10 weeks, which helps offset the crypto market volatility. The hard part is being patient with the investment and resisting the urge to daytrade or sell too quickly.

#2 - Lending
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A number of fintech companies like BlockFi and BitBond now offer the ability to earn interest on your crypto holdings. Interest rates range start around 8% and can go as high as 20% for trusted lenders. The interest clients earn typically compounds monthly, although these returns mimic that of the S&P 500 so this is considered a low risk/reward option.

#3 - Day Trading
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A common way to earn Bitcoin trading is through trading cryptocurrencies on exchanges using 1X to as high as 100X leverage. Traders can also bet on the index of any crypto on sites like eToro or Robinhood. Daytraders will trade based on charts and trends, and try to grow their portfolio.
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Another much safer form of arbitrage is dropshipping. You can source products on Amazon or from sites like Oberlo who will help you find the right products to buy. You can build an e-commerce store using Shopify or just sell on eBay. If you have a store and supply chain already, it's easy to start accepting Bitcoin using a payment gateway like CoinPayments or BitPay.
Other peer-to-peer exchanges like Paxful, Purse and Redeeem allow you to trade gift cards and other digital and physical goods for bitcoin.

#4 - Gambling
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Gambling with Bitcoin is highly addictive, risky, largely unregulated, and offers the biggest and fastest financial volatility. Some popular crypto gambling sites include CloudBet, BetOnline, FortuneJack, Bovada, BetUS and hundreds of others. For more rankings, click here.

#5 - Mining
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Despite the fact that over 80% of Bitcoin has already been mined, bitcoin mining is still a $4 billion annual industry. Since mining was intentionally developed to require advanced hardware, it's an expensive process that requires large mining facilities to be profitable. For this reason, most large-scale mining operations are located in China where electricity is cheap.
To be successful, individual miners are forced to join collective mining pools like MinerGate or simply mine as a fun hobby with Coinmine or Homeyminer and not worry about the ROI. To learn more, click here.

#6 - Faucets
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A faucet is just a website that gives free coins to every visitor for staying on the site or engaging with content. Some examples are Cointiply, FreeBitcoin, SatoshiQuiz and others. Keep in mind, a satoshi represents roughly 0.00000001 bitcoin, so 100 satoshi is about 1 penny. It would take 100 correct trivia answers on SatoshiQuiz to make $1 USD. It's far more profitable to own a Bitcoin faucet and make money on advertisements.

#7 - Services
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There are dozens of job boards online where you can earn bitcoin for a variety of independent contractor services. Many clients on Upwork, Freelancer and other non-crypto platforms will gladly 15% discounts or more if they can pay their freelancers in bitcoin and avoid the costs of the marketplace. Other more dedicated sites are listed below.
Jobs4Bitcoin — Reddit job board for bitcoin tasks
AngelList — Job board for crypto companies and projects
Earn.com — Earn bitcoin while learning about crypto
CryptoGrind — Escrow for bitcoin freelancers
CryptoJobs — Job board for bitcoin freelancers
Coinality — Job board for crypto freelancers
Bitfortip — Earn bitcoin for helping people Indeed — Job board for crypto companies BitWage — HR services for paying in crypto XBTFreelancer — Freelancers get paid in bitcoin

#8 - Exchanges
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The simplest and lowest-cost exchange is a Bitcoin ATM. As of January 2019, there were 4,213 Bitcoin or cryptocurrency ATMs worldwide. With many countries like Venezuela, Argentina and Nigeria experiencing hyperinflation, the world's 2.3 billion unbanked people will continue to demand bitcoin and stablecoins as hedges against inflation. The estimated startup costs for a Bitcoin ATM is about $25,000 per location, according to CoinATMRadar.
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Building a crypto exchange or peer-to-peer trading platform will be a more expensive way to earn bitcoin as an exchange. This requires building a website, hosting wallets on the blockchain, building security protocols, creating KYC/AML policies, accepting crypto payments, building two sides of a marketplace, and a little marketing, branding and legal work. Some examples of successful P2P trading platforms are Paxful, Purse and Redeeem.
The fiat to crypto exchanges like Gemini, Coinbase and Kraken usually require venture funding, large engineering teams and banking partnerships for proper custody of the funds. Fiat exchanges also have to register as a Money Services Business (MSB). For a full list of fiat exchanges, click here.

#9 - Affiliate Rewards
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Affiliate programs in crypto are endless, and they can come in many different shapes and sizes. Products like Lolli and Pei will reward you with bitcoin cashback everywhere you shop. Exchanges like Changelly will give you a percentage of their fee revenue for referring clients. Wallets like Abra will give you $25 for each signup. The optimal strategy is picking a familiar product that you know and love. For a list of affiliate programs, click here.

#10 - Content
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Bitcoin is King. Content is King. So Bitcoin Content must be God. The ability to research, write and publish high-quality content on Bitcoin, blockchain and cryptocurrencies will be a highly coveted asset in 2020. It's free to start a Medium blog, video blog or podcast and share your ideas to passionate audiences on Facebook, Twitter, Reddit or Quora. Try to build an audience first then turn on AdSense or activate other partnerships to start collecting passive revenue for your content.
submitted by levi_d-19 to Redeeem [link] [comments]

Coin Rehabbing: The Art and Science. Chapter 1: Adopting a Coin

Welcome friend!
So you want to rehab a coin, eh? Decided that cryptocurrency is your game, and you're going to play it by finding something out there which already exists but is falling apart, and turn it around and make it Bitcoin 2.0, right?
Live the dream! But do it safely and carefully. I'll tell you how, for free (no guarantees of success; just my best guesses and personal experience so far; tanstaafl <=> you get what you pay for). No subscription, just read this. Why? I like to talk about what I like to do. And this is something I find very fun to do. After all, it's mostly been a hobby for me on the side.
"Coin rehabbing" is an idea I started to have around 2015, looking around at the explosion of coins and the low market caps of many of them as well as how many were dying off due to being abandoned. This made it so that it felt like you could just pick any idea you could think of: red, cat, dragon, whatever, and there's some clonecoin or something which is branded with it and many of them were cheap enough that buying 1% or something wasn't necessarily a big deal.
Now, I'll note that deciding to do a "coin rehabbing" approach is very different from a diversified, passive approach, which would take a little bit of a lot of these and 'forget' about them (but of course, not really forget or else would lose the value...). That latter, conservative and straightforward approach is one I would strongly recommend as a starting point to a newbie into cryptocurrency, after first starting with a basic starting coin or two (not that I'm giving investing advice, of course; heaven forfend!).
Coin rehabbing should be a decidedly advanced technique more for experts, or at least, more journeyman level than apprentice, although I'll admit I had no great knowledge when I started.
The switch from a passive to active investor can be fairly subtle or gradual in cryptocurrency. For me, it was rather intertwined almost from the very start with NYAN, although for many more coins I bought a tiny bit and did nothing with it. But with NYAN, I was doing the coin-a-day series at the time, and so published a piece on /cryptocurrency about it right from the start. I believe that post probably made some impact both then and at the time, even though it was not at all obvious to me at that time.
Of course, with cryptocurrency and Reddit, commenting about a cryptocurrency one owns is enough to at least make it grey if one is a passive or active investor (or gambler) at that point.
Regardless, for the rest of this and eventually these, I'll presume the reader has a basic familiarity but can always expand further upon request in comments or messages and may edit further later.
Okay, so, onto the heart of the matter: making your choice. I'd known there was Bitcoin for a while, and was gradually becoming aware there were a lot more coins out there. I figured there might actually be something of value somewhere, and a lot of them seemed pretty interesting, so I decided to just start looking around. I strongly recommend this approach. Start to read about as many different coins out there as you can. Produce write-ups. Publish those write-ups. Get feedback on them. Repeat. No buying or selling necessary or even particularly desirable until one has done this research (this despite my earlier claim that a person should be somewhat experienced; I'll say that it's the technical experience and not the size of the transaction (though perhaps its complexity sometimes, but just the basics are fine to start - I've never done a multisig yet myself) which is important). In fact, based on what I've found in the stock market, I feel like I was able to far more dispassionately observe it before I was betting it, just as one would expect.
The barrier to entry is very low to start to get involved with a coin, but it can be fairly high to maintain a presence with a coin, or it can be fairly low, depending on the approach one takes. Personally, I don't bother to follow almost anything at this point, just because I'm doing other things for the most part, but if I had more free time I'd definitely look at what is going on with a few different coins. But I think it makes sense to start to talk to a few different coins you're interested in just to get a feel for the variety and similarity of different communities and figure out what sort of opportunities interest you. The great thing about volunteer work is there's often plenty of it to go around. The less fortunate thing about it is there is still often a surprisingly large amount of politics going on.
Personally, I chose a "deadcoin" to adopt both because I wanted the ultimate challenge and also because I figured it would give me the best tabula rasa since no one would oppose anything I wanted to do with the coin, since there was no one else interested. Of course, this is a very slight exaggeration since there were some who still held coins at that point and of course there was Prohashing still running the pool and Cryptsy still listing the coin. I think it was about as close to a minimum viable coin as possible at that point. Technically, it would be possible to restart a coin from a stored blockchain even after the mining went down and the exchange was lost by restarting mining oneself and paying for a listing (or making an exchange, but that's a whole different type of challenge of even greater magnitude which I personally intend to never attempt myself). But I'm lazier than that, and since there were coins that had it anyhow, I didn't see any reason to bother with that. Besides, I didn't have any coins which I'd been running a node of and had some chain stored I wanted to revive.
I strongly recommend not doing what I did, in many ways, but that one included, because it is a much greater challenge. I think it's a better idea to be a "junior partner" type of position with a small coin that you like rather than trying to rekindle a fading ember. When you do well, you do better than you would've otherwise: the only money I've ever taken out of cryptocurrency has been from Nano (né Raiblocks), where I was a passive investor for over a year, not even realizing it was still alive after getting a bunch for free on the original faucet (I actually kind of needed the distraction at the time anyhow; rather enjoyed listening to X Minus One and playing ReCaptcha; international street and forest and such is actually kind of cool to see). That was in a lot of ways a complete strike of luck, but at the same time, it's one I wouldn't have been in the position to get lucky on if it hadn't been for the fact that I'd been writing and publishing my thoughts about cryptocurrency and what it should be, in that case, that transaction costs should be low or free if possible.
This is the key I think: as you look among these many options, what do you value? Not simply in the concept of trying to figure out the beauty contest of what other people will value, but what do you value? This is really the question, because since this is gambling and playing around with the very concept of value, it's pretty important by starting to define it for oneself.
To me, a long-term, forthright and frankly simple approach is the key. I'm lazy. I want things to be easy. Trying to trick people is not easy. Trying to trick people in cryptocurrency is especially not easy (despite how easy Buttcoin makes it look) as they're a group used to being tricked (as contradictory as that seems to the claim it's not easy to trick them, resolved: there is a stream of easy marks but I don't think the regulars are easy marks). And I'm not interested in having a lot of features to maintain and bugs to fix from those features and vanity changes or obfuscatory changes. That's all just a bunch of extra work.
Other than being honest and easy, I wanted to find a coin with a capped supply. I find the concept of a fixed supply of tokens of value very interesting since it takes away one of the core concepts of what we're used to with currency. I wanted to be able to have a million somethings myself, so it should have at least like 100+ of them so that I could always maintain at least that amount fairly reasonably.
And I was lucky enough to be in the right time and place to be looking at NYAN with its max supply of 337 million coins and thinking to myself that a million of them certainly looked pretty affordable. So I decided to adopt it. There wasn't one moment, at least that I can recall now, where I decided this, but as I bought more and learned more I decided I wanted to see where it could go. I haven't always been able to put as much time and effort into it as I would have liked but it's managed to survive, which I attribute mostly to having chosen well initially (and, most importantly and perhaps related: from the surprisingly large number of other people who have helped out before and after I got involved) rather than any particularly spectacular skill or decision making after, apart from perhaps patience and sustained interest.
In particular, I rather like having a clonecoin. It's well understood, which helps on absolutely everything from maintenance to listing to mining. It's true that it doesn't given any particular special advantages or different tech, but at the same time, it doesn't get any special disadvantages either. In cryptocurrency, I think that sort of "herd immunity" is more important than trying to be trailblazing, despite the fact that Nano/Raiblocks and many of the other currently most successful coins are not clones (and yet at least a couple are, which are generally now not thought of as clones since they exceed at least their direct ancestor now (Litecoin and Monero are the ones that come to mind, from Tenebrix and Bytecoin iirc as I'm too lazy to look up)).
That is one coin rehabbing selection I did that I would recommend to others who want an easy approach rather than a hard approach. And, conversely, it's an area where I gave myself a handicap instead of some "ultimate challenge". I knew that if I went for some huge challenge from the technical side it was extremely unlikely to survive. Instead, I wanted just an economic challenge rather than a technical one: how does a market cap, or more generally, the valuation of a coin rise over time? Sounds fairly simple, but is the key to a lot of cryptocurrency, and involves most of the rest of it.
It's led me to believing that the community is the basis of both the technical and financial results (on the latter, at least ultimately; more short-term wandering speculation without any particular interest certainly can have a major impact as well but for the most part my guess is that the market of a cryptocurrency will tend to reflect the financial interest and strength of the community behind it over the long-term), as I saw my own interest drive the price as I bid myself up trying to buy up as much NYAN as I could particularly in the first couple months I got involved at the start of 2015 (and bidding against some others from time to time), and then my lack of extra money to keep bidding at that rate and increasing the price eventually coincide with a sudden massive sale that ended that first initial bull market of the revival in early March 2015. For a long time, the chart of NYAN was basically a chart of my own financial health. In a lot of ways, it still is, but not as a result of me being the primary buyer at this point (I don't think; haven't logged into Cryptopia in quite a while; I suspect my last bids at this level whenever I placed them were filled and someone else is currently at this price as it's often been for a while now). Eventually, of course, for a coin to be meaningful, it probably should have more than one buyer, but NYAN survived with mostly me as the majority of its market for some time. Long enough there were certainly points I considered it a potential concern, but I was in no rush to do outreach marketing for a lot of reasons, particularly the many, many risks. Besides, I've always tried to stay fine with the idea that the coin can completely fail, because, of course, it can. So a lack of demand isn't particularly concerning when it happens or a massive sale, as I tend to expect them. Frankly, the rises should be more concerning, as they're the biggest opportunity for mistake and when it's most important to try to make sure people aren't making rash decisions or getting reckless. I regret not having shouted warnings in here more about a likely bubble during the last rise, which peaked at the start of this year but after such a long drought I'd been hopeful that it was less of a bubble than it appears obvious as in hindsight.
Okay, that's rather rambly and could really use an edit rather than a publish, but if I save for editing, I'll never do the rewrite and won't publish, and if I publish, I may someday revise and perhaps it'll be of some use or interest in current form so...here it is! I assert this is of no value whatsoever and thus is provided for no cost. I also assert it thus has no warranty, you shouldn't trade based on it, and you just generally should live a safe and cautious life, eat your vegetables, and live to a ripe old age comfortably and happily.
Chapter Motto (to be lovingly stolen from GoT House words): Growing Strong
submitted by coinaday to nyancoins [link] [comments]

The intelligent investors guide to cryptocurrency: Part 3a - The value proposition

*Introductions: I'm joskye. A cryptocurrency investor and SDC holder. *
...
Hi again. This is the third part in our ongoing series on how to trade better and determine intelligent investments in cryptocurrency for the future.
In part 3 I will now discuss Cryptocurrency valuations, price metrics and identifying coins of value, worth holding.
...
What makes a coin worth holding: The value proposition
What makes anything worth holding? How much of themselves is a person willing to put into it - that's how much.
Cryptocurrency is largely driven by faith. It is a speculative enterprise i.e. people mostly put money into cryptocurrencies believing they will go up in value in the future; their plan to sell at a higher price when it does.
Currently most cryptocurrencies serve no function than being currencies in themselves. Unfortunately these currencies are largely not recognised by governments, most institutional investors or companies are legitimate stores of value or legitimate currencies of transaction. As such legislation and rules around the world regarding them vary considerably and are often absent.
There are very few cryptocurrencies that have legitimised backing, are insured or supported by enterprises that are insured for their loss and essentially there is little to protect you if you lose money through them.
So why do people bother putting money into cryptocurrencies it in the first place?
If the present and future value of a cryptocurrency is driven purely by speculation then you are essentially gambling by putting your money to buy that coin and joining the pool of other gamblers who are doing so. You are essentially joining a ponzi scheme and waiting game hoping you've gotten in early enough and convinced enough people to buy more of the asset you hold at slightly higher prices until a price is reached that you can cash out at (or until that thing becomes so big that everyone starts using it as their store of value).
This type of dynamic essentially underpins the mentality of most investments and trades i.e. buy low and sell high. I'd like to add buy early for investors since buying during a low in an already established asset may be setting yourself up for being forced to sell at a lower low later (especially if you don't understand the fundamentals of that asset).
If however the present or future value of a cryptocurrency is driven by some service other than speculation which can attract and drive fiat currency into it's ecosystem then it is potentially valuable.
I.e. will people actually use their USD/Yuan/Euro/GBP/Yen/INR etc to actually purchase the coin in question to do something useful with it (other than gamble on it's future price).
There are some cryptocurrencies which satisfy this criteria:
...
Bitcoin
It is not a currency, it is a remittance system and store of value. It has a reputation increasingly to being seen as a digital version of gold.
Bitcoin has the cultural and historical advantage of being the first cryptocurrency. It is also still the largest cryptocurrency by a long way with the largest marketcap i.e. price per bitcoin [$952 as of writing] x the number of bitcoin in circulation [16,074,687] which is $15.3 billion. Compare to it's next biggest competitor Ethereum which has a marketcap of $700 million (i.e. only 4.57% of Bitcoin's).
Bitcoin's value proposition is that it is a store of value. It may not be able to sustain this without significant upgrades to it's underlying software.
...
Monero (XMR)
Bitcoin does not have anonymity inherently built into it's software. Therefore if you buy and sell Bitcoin especially on cryptocurrency exchanges (where user registration is required), it is possible to trace whom Bitcoin is being transferred from and to.
For this reason I see Monero as Bitcoin + anonymity. I.e. it's value proposition is as store of hidden wealth. I also believe it does not have the issues that bitcoin does namely, same level of mainstream recognition, spotlight of regulatory awareness and developers do seem to be more focused on achieving better scalability and transaction times (it already does 10-20 minute verification time vs bitcoins 1 hour) which gives it better potential as a currency presently compared to Bitcoin.
-This sort of market cap dwarfs gold. However this type of up-scaled usability will not occur until the transaction verification times are much faster (nanoseconds) and the protocol is enhanced to cope with much larger transactions volumes and frequency at that speed; We are a long way off that.
I do believe fiat stored in Bitcoin will gradually transfer into Monero boosting it's value. I am not sure Monero though can presently bring fresh fiat currency (USD, Yuan etc) into it's ecosystem beyond outsider speculation in future price.
It is not unique in it's function or potential value proposition. My warning about holding Monerofor the long term is that it has competition for it's function not just from Bitcoin itself but from other anonymous coins such as Zcash, DASH (which provides instantaneous settlement) and SDC. Perhaps more importantly, Ethereum (ETH) is now planning to implement optional anonymity (via zSNARKs) in it's transaction network; if it does when combined with Ethereum's own functionality and well defined development roadmap (that will likely several second verification times in late 2017) would render XMR potentially redundant.
...
Ethereum (ETH)
The value proposition for Ethereum is that it allows for complex, trustless settlement systems to be built on it. This is a huge deal because the scope of applications is wide and although the technology needs to mature (to support greater transaction volume, frequency and more secure functionality) the sheer amount of fiat such a platform could attract through conversion of traditional centralised settlement and contract services to more secure decentralised platforms is very huge.
...
Shadowcash (SDC)
The value proposition is a double escrow, fully anonymous, decentralised privacy platform which incorporates private chat, private marketplace and secure, trustless private settlement system into one platform that is fully integrated into it's own blockchain.
Shadowcash already has multiple features that make it an excellent store of value: Low coin supply, potential for great demand, near instantaneous transaction verification times, ability to earn interest for simply holding it.
Shadowcash is incredibly easy to use and is heavily focused on usability. This is absolutely essential to it's end users: customers who seek convenient easy and speedy secure anonymous transaction. This will be a dream come true for traditional users of darknet markets.
To explain why lets elaborate on traditional darknet markets where in order to transact anonymously you have to:
1. Download the TOR browser. 2. Learn how to use it. 3. Buy XMR or Bitcoin. 4. Learn how to transact with these coins *safely* (yes this is still an issue with XMR in spite of it's built in privacy). 5. Learn how to and where to find reliable secure darknet markets. 6. Create accounts on these markets to access them *and* 7. Have faith that the websites and the highly centralised (and thus much more vulnerable) servers hosting those markets you use will not get shut down, not disappear with your money and not betray your transaction details and potentially identities to the authorities should they be infiltrated by them. 
Whereas with Shadowcash's market place this process will become:
1. Download the Shadowcash Umbra client (https://shadowproject.io/en/gettingstarted) 2. Buy some SDC on an exchange and transfer it to your Umbra client. 3. Browse the Shadowcash marketplace and transact securely, safely and anonymously. 
In summary I think Shadowcash can be a very useful application as a privacy platform for private communications and transactions.
...
ICONOMI (ICN)
Those two points constitute it's value proposition. By nature of the way it works it has an easily identifiable P/E ratio based on the amount used to create the fund ($10.5 million) against the current value of that fund based on it's
...
Summary lessons
The first rule in investing or trading in a given cryptocoin is deciding if it has a value proposition:
1. *Can it draw fiat currency (USD, Euro, Yuan etc) in such a way as to give it a valuation that is fully independent of pure speculation?* 2. *Is it unique?* 3. *Is it rare?* A limited supply with a low or negative inflation rate will lead to increasing price as demand goes up. 4. Are there significant risks associated with the value proposition? 
In the next article I will cover lesson 3b: Price metrics and valuations. It will be much shorter I promise but equally informative and we will cover topics such as price determination, impact of speculation, price manipulation, whales and their impact and the impact of bitcoin on the entire cryptocurrency ecosystem.
Finally just to really hammer it home; why am I posting this on the Shadowcash subreddit?
It is because Shadowcash is the best cryptocurrency investment of 2016 and I believe it will be again by March 2017.
...
References:
1. Crypto-Currency Market Capitalizations, https://coinmarketcap.com/, Last Checked 30/01/2017 2. What is the value of all the Gold in the world? http://onlygold.com/Info/All-The-Gold-In-The-World.asp, Last Checked 30/01/2017. 3. ICONOMI Cryptocurrencies Index (ICNX) 21 December 2016 Rebalancing, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-21-december-2016-rebalancing-transformation-into-iconomi-8e31e48493ab#.sptgljv1c 4. ICNx trend chart, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-30-november-2016-monthly-rebalancing-update-3402866243d9#.kw7g4fqcd, Last updated 30th Nov 2017 5. Shadowcash (SDC) - The billion dollar baby!, https://medium.com/@paradox_/shadowcash-sdc-the-billion-dollar-baby-6b86f0660739#.ypz9yme5a, Last updated 16 August 2016. 
...
Disclaimer: I am not responsible for your financial decisions, nor am I advising you take a particular financial position. Rather I am sharing my experiences and hoping you form your own opinions and insights from them. Full disclosure: I have long positions in Ethereum (ETH), Shadowcash (SDC), ICONOMI (ICN), Augur (REP) and Digix (DGD).
submitted by joskye to Shadowcash [link] [comments]

The intelligent investors guide to cryptocurrency: Part 3a - The value proposition

Introductions: I'm joskye. A cryptocurrency investor and holder.
...
 
Hi again. This is the third part in our ongoing series on how to trade better and determine intelligent investments in cryptocurrency for the future.
 
 
In part 3 I will now discuss Cryptocurrency valuations, price metrics and identifying coins of value, worth holding:
 
...
 
What makes a coin worth holding: The value proposition
 
What makes anything worth holding? How much of themselves is a person willing to put into it - that's how much.
Cryptocurrency is largely driven by faith. It is a speculative enterprise i.e. people mostly put money into cryptocurrencies believing they will go up in value in the future; their plan to sell at a higher price when it does.
Currently most cryptocurrencies serve no function than being currencies in themselves. Unfortunately these currencies are largely not recognised by governments, most institutional investors or companies are legitimate stores of value or legitimate currencies of transaction. As such legislation and rules around the world regarding them vary considerably and are often absent.
There are very few cryptocurrencies that have legitimised backing, are insured or supported by enterprises that are insured for their loss and essentially there is little to protect you if you lose money through them.
 
So why do people bother putting money into cryptocurrencies it in the first place?
 
 
If the present and future value of a cryptocurrency is driven purely by speculation then you are essentially gambling by putting your money to buy that coin and joining the pool of other gamblers who are doing so. You are essentially joining a ponzi scheme and waiting game hoping you've gotten in early enough and convinced enough people to buy more of the asset you hold at slightly higher prices until a price is reached that you can cash out at (or until that thing becomes so big that everyone starts using it as their store of value).
 
This type of dynamic essentially underpins the mentality of most investments and trades i.e. buy low and sell high. I'd like to add buy early for investors since buying during a low in an already established asset may be setting yourself up for being forced to sell at a lower low later (especially if you don't understand the fundamentals of that asset).
 
If however the present or future value of a cryptocurrency is driven by some service other than speculation which can attract and drive fiat currency into it's ecosystem then it is potentially valuable.
 
I.e. will people actually use their USD/Yuan/Euro/GBP/Yen/INR etc to actually purchase the coin in question to do something useful with it (other than gamble on it's future price).
 
There are some cryptocurrencies which satisfy this criteria:
 
...
 
Bitcoin
It is not a currency, it is a remittance system and store of value. It has a reputation increasingly to being seen as a digital version of gold.
 
 
 
 
 
Bitcoin has the cultural and historical advantage of being the first cryptocurrency. It is also still the largest cryptocurrency by a long way with the largest marketcap i.e. price per bitcoin [$952 as of writing] x the number of bitcoin in circulation [16,074,687] which is $15.3 billion. Compare to it's next biggest competitor Ethereum which has a marketcap of $700 million (i.e. only 4.57% of Bitcoin's).
 
 
 
 
Bitcoin's value proposition is that it is a store of value. It may not be able to sustain this without significant upgrades to it's underlying software.
 
...
 
Monero (XMR)
Bitcoin does not have anonymity inherently built into it's software. Therefore if you buy and sell Bitcoin especially on cryptocurrency exchanges (where user registration is required), it is possible to trace whom Bitcoin is being transferred from and to.
 
 
For this reason I see Monero as Bitcoin + anonymity. I.e. it's value proposition is as store of hidden wealth. I also believe it does not have the issues that bitcoin does namely, same level of mainstream recognition, spotlight of regulatory awareness and developers do seem to be more focused on achieving better scalability and transaction times (it already does 10-20 minute verification time vs bitcoins 1 hour) which gives it better potential as a currency presently compared to Bitcoin.
 
 
I do believe fiat stored in Bitcoin will gradually transfer into Monero boosting it's value. I am not sure Monero though can presently bring fresh fiat currency (USD, Yuan etc) into it's ecosystem beyond outsider speculation in future price.
 
 
It is not unique in it's function or potential value proposition. My warning about holding Monero for the long term is that it has competition for it's function not just from Bitcoin itself but from other anonymous coins such as Zcash, DASH (which provides instantaneous settlement) and SDC. Perhaps more importantly, Ethereum (ETH) is now planning to implement optional anonymity (via zSNARKs) in it's transaction network; if it does when combined with Ethereum's own functionality and well defined development roadmap (that will likely several second verification times in late 2017) would render XMR potentially redundant.
 
...
Ethereum (ETH)
The first cryptocurrency which was built with the specific intent of incorporating 'smart contracts' into it's platform.
 
 
The value proposition for Ethereum is that it allows for complex, trustless settlement systems to be built on it. This is a huge deal because the scope of applications is wide and although the technology needs to mature (to support greater transaction volume, frequency and more secure functionality) the sheer amount of fiat such a platform could attract through conversion of traditional centralised settlement and contract services to more secure decentralised platforms is very huge.
 
 
...
 
PARTICL (PART) (formerly Shadowcash SDC)
The value proposition is a double escrow, fully anonymous, decentralised privacy platform which incorporates private chat, private marketplace and secure, trustless private settlement system into one platform that is fully integrated into it's own blockchain.
 
 
Particl has multiple features that make it an excellent store of value: Low coin supply, potential for great demand, near instantaneous transaction verification times, ability to earn interest for simply holding it.
 
Particl is incredibly easy to use and is heavily focused on usability. This is absolutely essential to it's end users: customers who seek convenient easy and speedy secure anonymous transaction. This will be a dream come true for traditional users of darknet markets.
 
To explain why lets elaborate on traditional darknet markets where in order to transact anonymously you have to:
1. Download the TOR browser. 2. Learn how to use it. 3. Buy XMR or Bitcoin. 4. Learn how to transact with these coins *safely* (yes this is still an issue with XMR in spite of it's built in privacy). 5. Learn how to and where to find reliable secure darknet markets. 6. Create accounts on these markets to access them *and* 7. Have faith that the websites and the highly centralised (and thus much more vulnerable) servers hosting those markets you use will not get shut down, not disappear with your money and not betray your transaction details and potentially identities to the authorities should they be infiltrated by them. 
Whereas with Particl's market place this process will become:
1. Download the Particl client. 2. Buy some PART on an exchange and transfer it to your Umbra client. 3. Browse the Particl marketplace and transact securely, safely and anonymously. 
 
 
In summary I think Particl can be a very useful application as a privacy platform for private communications and transactions.
 
...
 
ICONOMI (ICN)
Those two points constitute it's value proposition. By nature of the way it works it has an easily identifiable P/E ratio based on the amount used to create the fund ($10.5 million) against the current value of that fund based on it's
 
...
 
Summary lessons
 
The first rule in investing or trading in a given cryptocoin is deciding if it has a value proposition:
 
1. *Can it draw fiat currency (USD, Euro, Yuan etc) in such a way as to give it a valuation that is fully independent of pure speculation?* 2. *Is it unique?* 3. *Is it rare?* A limited supply with a low or negative inflation rate will lead to increasing price as demand goes up. 4. Are there significant risks associated with the value proposition? 
 
 
In the next article I will cover lesson 3b: Price metrics and valuations. It will be much shorter I promise but equally informative and we will cover topics such as price determination, impact of speculation, price manipulation, whales and their impact and the impact of bitcoin on the entire cryptocurrency ecosystem!
...
 
References:
1. Crypto-Currency Market Capitalizations, https://coinmarketcap.com/, Last Checked 30/01/2017 2. What is the value of all the Gold in the world? http://onlygold.com/Info/All-The-Gold-In-The-World.asp, Last Checked 30/01/2017. 3. ICONOMI Cryptocurrencies Index (ICNX) 21 December 2016 Rebalancing, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-21-december-2016-rebalancing-transformation-into-iconomi-8e31e48493ab#.sptgljv1c 4. ICNx trend chart, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-30-november-2016-monthly-rebalancing-update-3402866243d9#.kw7g4fqcd, Last updated 30th Nov 2017 5. Shadowcash (SDC) - The billion dollar baby!, https://medium.com/@paradox_/shadowcash-sdc-the-billion-dollar-baby-6b86f0660739#.ypz9yme5a, Last updated 16 August 2016. 
...
 
Further articles in this series:
 
"The intelligent investors guide to cryptocurrency"
 
Part 0 -
Part 1 -
Part 2 -
Part 3a -
Part 3b -
Part 4 -
Part 5 -
Part 6 -
Part 7a -
 
"The intelligent investors guide to Particl -"
 
 
Full disclosure/Disclaimer: At time of original writing I had long positions in Ethereum (ETH), Shadowcash (SDC), Iconomi (ICN), Augur (REP) and Digix (DGD). All the opinions expressed are my own. I cannot guarantee gains; losses are sustainable; do your own financial research and make your decisions responsibly. All prices and values given are as of time of first writing (Midday 30th-Dec-2016).
 
Second disclaimer: Please do not buy Shadowcash (SDC), the project has been abandoned by it's developers who have moved on to the Particl Project (PART) (www.particl.io). The PARTICL crowd fund and SDC 1:1 token swap completed April 15th. You can still exchange SDC for PART but only if it was acquired prior to 15th April 2017 see: https://particl.news/a-community-driven-initiative-e26724100c3a for more information.
 
Addendum: Article updated 23-11-2017 to edit references to SDC (changed to Particl where relevant to reflect updated status) and clean up formatting.
submitted by joskye to Particl [link] [comments]

The intelligent investors guide to cryptocurrency: Part 3a - The value proposition

*Introductions: I'm joskye. A cryptocurrency investor and SDC holder. *
...
Hi again. This is the third part in our ongoing series on how to trade better and determine intelligent investments in cryptocurrency for the future.
In part 3 I will now discuss Cryptocurrency valuations, price metrics and identifying coins of value, worth holding.
...
What makes a coin worth holding: The value proposition
What makes anything worth holding? How much of themselves is a person willing to put into it - that's how much.
Cryptocurrency is largely driven by faith. It is a speculative enterprise i.e. people mostly put money into cryptocurrencies believing they will go up in value in the future; their plan to sell at a higher price when it does.
Currently most cryptocurrencies serve no function than being currencies in themselves. Unfortunately these currencies are largely not recognised by governments, most institutional investors or companies are legitimate stores of value or legitimate currencies of transaction. As such legislation and rules around the world regarding them vary considerably and are often absent.
There are very few cryptocurrencies that have legitimised backing, are insured or supported by enterprises that are insured for their loss and essentially there is little to protect you if you lose money through them.
So why do people bother putting money into cryptocurrencies it in the first place?
If the present and future value of a cryptocurrency is driven purely by speculation then you are essentially gambling by putting your money to buy that coin and joining the pool of other gamblers who are doing so. You are essentially joining a ponzi scheme and waiting game hoping you've gotten in early enough and convinced enough people to buy more of the asset you hold at slightly higher prices until a price is reached that you can cash out at (or until that thing becomes so big that everyone starts using it as their store of value).
This type of dynamic essentially underpins the mentality of most investments and trades i.e. buy low and sell high. I'd like to add buy early for investors since buying during a low in an already established asset may be setting yourself up for being forced to sell at a lower low later (especially if you don't understand the fundamentals of that asset).
If however the present or future value of a cryptocurrency is driven by some service other than speculation which can attract and drive fiat currency into it's ecosystem then it is potentially valuable.
I.e. will people actually use their USD/Yuan/Euro/GBP/Yen/INR etc to actually purchase the coin in question to do something useful with it (other than gamble on it's future price).
There are some cryptocurrencies which satisfy this criteria:
...
Bitcoin
It is not a currency, it is a remittance system and store of value. It has a reputation increasingly to being seen as a digital version of gold.
Bitcoin has the cultural and historical advantage of being the first cryptocurrency. It is also still the largest cryptocurrency by a long way with the largest marketcap i.e. price per bitcoin [$952 as of writing] x the number of bitcoin in circulation [16,074,687] which is $15.3 billion. Compare to it's next biggest competitor Ethereum which has a marketcap of $700 million (i.e. only 4.57% of Bitcoin's).
Bitcoin's value proposition is that it is a store of value. It may not be able to sustain this without significant upgrades to it's underlying software.
...
Monero (XMR)
Bitcoin does not have anonymity inherently built into it's software. Therefore if you buy and sell Bitcoin especially on cryptocurrency exchanges (where user registration is required), it is possible to trace whom Bitcoin is being transferred from and to.
For this reason I see Monero as Bitcoin + anonymity. I.e. it's value proposition is as store of hidden wealth. I also believe it does not have the issues that bitcoin does namely, same level of mainstream recognition, spotlight of regulatory awareness and developers do seem to be more focused on achieving better scalability and transaction times (it already does 10-20 minute verification time vs bitcoins 1 hour) which gives it better potential as a currency presently compared to Bitcoin.
-This sort of market cap dwarfs gold. However this type of up-scaled usability will not occur until the transaction verification times are much faster (nanoseconds) and the protocol is enhanced to cope with much larger transactions volumes and frequency at that speed; We are a long way off that.
I do believe fiat stored in Bitcoin will gradually transfer into Monero boosting it's value. I am not sure Monero though can presently bring fresh fiat currency (USD, Yuan etc) into it's ecosystem beyond outsider speculation in future price.
It is not unique in it's function or potential value proposition. My warning about holding Monerofor the long term is that it has competition for it's function not just from Bitcoin itself but from other anonymous coins such as Zcash, DASH (which provides instantaneous settlement) and SDC. Perhaps more importantly, Ethereum (ETH) is now planning to implement optional anonymity (via zSNARKs) in it's transaction network; if it does when combined with Ethereum's own functionality and well defined development roadmap (that will likely several second verification times in late 2017) would render XMR potentially redundant.
...
Ethereum (ETH)
The value proposition for Ethereum is that it allows for complex, trustless settlement systems to be built on it. This is a huge deal because the scope of applications is wide and although the technology needs to mature (to support greater transaction volume, frequency and more secure functionality) the sheer amount of fiat such a platform could attract through conversion of traditional centralised settlement and contract services to more secure decentralised platforms is very huge.
...
Shadowcash (SDC)
The value proposition is a double escrow, fully anonymous, decentralised privacy platform which incorporates private chat, private marketplace and secure, trustless private settlement system into one platform that is fully integrated into it's own blockchain.
Shadowcash already has multiple features that make it an excellent store of value: Low coin supply, potential for great demand, near instantaneous transaction verification times, ability to earn interest for simply holding it.
Shadowcash is incredibly easy to use and is heavily focused on usability. This is absolutely essential to it's end users: customers who seek convenient easy and speedy secure anonymous transaction. This will be a dream come true for traditional users of darknet markets.
To explain why lets elaborate on traditional darknet markets where in order to transact anonymously you have to:
1. Download the TOR browser. 2. Learn how to use it. 3. Buy XMR or Bitcoin. 4. Learn how to transact with these coins *safely* (yes this is still an issue with XMR in spite of it's built in privacy). 5. Learn how to and where to find reliable secure darknet markets. 6. Create accounts on these markets to access them *and* 7. Have faith that the websites and the highly centralised (and thus much more vulnerable) servers hosting those markets you use will not get shut down, not disappear with your money and not betray your transaction details and potentially identities to the authorities should they be infiltrated by them. 
Whereas with Shadowcash's market place this process will become:
1. Download the Shadowcash Umbra client (https://shadowproject.io/en/gettingstarted) 2. Buy some SDC on an exchange and transfer it to your Umbra client. 3. Browse the Shadowcash marketplace and transact securely, safely and anonymously. 
In summary I think Shadowcash can be a very useful application as a privacy platform for private communications and transactions.
...
ICONOMI (ICN)
Those two points constitute it's value proposition. By nature of the way it works it has an easily identifiable P/E ratio based on the amount used to create the fund ($10.5 million) against the current value of that fund based on it's
...
Summary lessons
The first rule in investing or trading in a given cryptocoin is deciding if it has a value proposition:
1. *Can it draw fiat currency (USD, Euro, Yuan etc) in such a way as to give it a valuation that is fully independent of pure speculation?* 2. *Is it unique?* 3. *Is it rare?* A limited supply with a low or negative inflation rate will lead to increasing price as demand goes up. 4. Are there significant risks associated with the value proposition? 
In the next article I will cover lesson 3b: Price metrics and valuations. It will be much shorter I promise but equally informative and we will cover topics such as price determination, impact of speculation, price manipulation, whales and their impact and the impact of bitcoin on the entire cryptocurrency ecosystem.
Finally just to really hammer it home; why am I posting this on the Shadowcash subreddit?
It is because Shadowcash is the best cryptocurrency investment of 2016 and I believe it will be again by March 2017.
...
References:
1. Crypto-Currency Market Capitalizations, https://coinmarketcap.com/, Last Checked 30/01/2017 2. What is the value of all the Gold in the world? http://onlygold.com/Info/All-The-Gold-In-The-World.asp, Last Checked 30/01/2017. 3. ICONOMI Cryptocurrencies Index (ICNX) 21 December 2016 Rebalancing, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-21-december-2016-rebalancing-transformation-into-iconomi-8e31e48493ab#.sptgljv1c 4. ICNx trend chart, https://medium.com/iconominet/iconomi-cryptocurrencies-index-icnx-30-november-2016-monthly-rebalancing-update-3402866243d9#.kw7g4fqcd, Last updated 30th Nov 2017 5. Shadowcash (SDC) - The billion dollar baby!, https://medium.com/@paradox_/shadowcash-sdc-the-billion-dollar-baby-6b86f0660739#.ypz9yme5a, Last updated 16 August 2016. 
...
Further articles in this series:
Part 1- - The intelligent investors guide to cryptocurrency: Part 1 - Sell your profits and make back the principle ASAP. https://www.reddit.com/Shadowcash/comments/5l0heb/the_intelligent_investors_guide_to_cryptocurrency/
Part 2 - - The intelligent investors guide to cryptocurrency: Part 2 - FOMO My friend, My enemy. Make fear of missing out, work for you. https://www.reddit.com/Shadowcash/comments/5l67rn/the_intelligent_investors_guide_to_cryptocurrency/
Part 3a - - The intelligent investors guide to cryptocurrency: Part 3a - The value proposition https://www.reddit.com/Shadowcash/comments/5lhh6m/the_intelligent_investors_guide_to_cryptocurrency/
Part 3b -
...
Disclaimer: All prices and values given are as of time of writing (Midday 08-Jan-2016). I am not responsible for your financial decisions, nor am I advising you take a particular financial position. Rather I am sharing my experiences and hoping you form your own opinions and insights from them. Full disclosure: I have long positions in Ethereum (ETH), Shadowcash (SDC), ICONOMI (ICN), Augur (REP) and Digix (DGD).
submitted by joskye to CryptoMarkets [link] [comments]

Continue:Chinese Comments for《Why against SegWit and Core? Jiang Zhuo’er, who invested millions in mining, gives his answers.》

Yesterday,The article “Why against SegWit and Core? Jiang Zhuo’er, who invested millions in mining, gives his answers.” caused a lot debates here. For the further communication between China and west, I’ll conclude some informations about the article, then translate some of the Chinese comments & opinions on this article.
BitKan is a famous platform bases on China, we offer all the information in crypto currency industry, including market data, all news resources in the world, price monitor, P2P bitcoins exchange,etc. BitKan is available in multilingual versions and you can try it out and also join the heated discussion here:BITKAN
BItKan just here to offer an exchange of information. We are not Jiang Zhuo'er or in any way associated with him.
Here is the original article(Chinese Version): https://bitkan.com/news/topic/25747 Here is the original article(English Version): https://bitkan.com/news/topic/25778 Here is the discussion on reddit/bitcoin: https://np.reddit.com/Bitcoin/comments/5egroc/why_against_segwit_and_core_jiang_zhuoer_who/ Here is the discussion on reddit/btc: https://www.reddit.com/btc/comments/5eh2cc/why_against_segwit_and_core_jiang_zhuoer_who/
Let’s see what Chinese comments under the article (post on BitKan Chinese news page):
Against
独行
If the writer does not want to see him nailed up on the pillar of humiliation, go learn some economics, plow through Satoshi’s whitepaper again esp. the economic logics in it. Also the writer needs to learn coding so as to avoid a mentality of a liberal art student. TBH your article is getting dramatic. 1. 1) Core never said the block size will stay at 1 MB, SegWit is a robust strategy at this moment. 2. 2) Your so-called HK consensus is nothing but a paper with seals from a few pools, a one-sided opinion. It’s not consensus. 3. 3) What an interesting conspiracy theory, you sound like the rest of the world is against China. How sick is that? Bitcoin has no national boundaries.
lxq990061
Back in 1840 in San Francisco, miners got rich with gold. But many more joined the game later on and with more ppl leaving the west empty-handed. How tragic. This is history, just like the one happening with Bitcoin. It was the pubs and inns opened near the gold mines earned real money: like the platforms today. Devs at Core are just like the merchants back in the day sipping their tea and trash-talking. But Core is indeed stupid: an 8-year long decentralized system requires support from a 95%? Some serious shit in their head.
讨厌装逼犯
You guys trash talk everyday non-stop...be quiet! This kind of argument cannot convince anyone. Harsh words+personall attacks just make it more chaotic. Politics...parties...freedom...conspiracy: disgusting. And this kind of article? Who you can convince? This is not the day 1 of the debate. True decision makers already have it in their mind. You ordinary ppl can change nothing even if you are convinced. My guess is whoever writes this kind of story must be someone who enjoys being worshiped by ppl on top of the ranks of “revolution”. You just like to quench your own thirst for fame. Worst case has nothing to do with tech, it’s a match for computation power, capital and strength. System set that C.power decides so let it be. Bitcoin will take on its due course no matter what. The disgusting part is the incitation, the manipulation of ppl’s emotions, and cap everything “a matter of revolution”. We Chinese ppl know this too well. Scaling is no longer about tech, but winning. Is it meaningful? The shame is not with the devs, they (inl. Core and BU) contributed their wisdom and labor. The real shame is with you talkers who humiliate ppl. You are so good, why not show me your money? Bitcoin is a merely 10B system, go buy it. If you cannot, just don’t trash talk.
idgui.com
1) lots of companies and apps are waiting for segwit, and OP is not against segwit, then https://bitcoincore.org/en/segwit_adoption/ why not implement it in the easiest way? SF is quite close , as long as enough miners support. HF egwit delivers community splitting risks. 2) LN can be decentralized enough should there be enough LN nodes. It won’t be concentrated on a handful of nodes. We can implement some limits on the main chain if we see an inclination toward centralization, such as higher tx fee for big nodes to limit big centralized LN node. 3) Main chain tx fee won’t be ridiculously high. If it does, miners get RICH, no? now we have 4% in tx fee, raise by 25 times you get more reward from it than the block reward. Then it’s acceptable even now, let alone future. Big amount tx are few. Small amount can be offchain, on LN or on sidechains. 4) SegWit has been thoroughly tests, and it’s a SF, compatible to previous nodes. There won’t be a major issue. Any code has risks, can you call BU risk-free? It depends on the level of risk. Segwit SF is acceptable, at most rolling back to 0.13.0, and segwit can increase little by little, not a sudden change. BU’s HF is different, with risks of splitting the entire ecosystem. 5) Miners have freedom of voting, but do consider the interests at large. You must represent the interests of the entire ecosystem, at least try to. We need decentralized nodes and unified ecosystem. SF segwit needs to be activated under consensus, and we can wait. HF needs even greater consensus or we risk losing it all. If we cannot have enough consensus for either HF or SF segwit, then we should let the SF segwit happen, since it has no risks of destruction.
Maybe I wrote it in bad order, let me edit it in the future. Don’t jump to conclusion OP. Segwit should be activated in the future.
Support
gjw
Core knows nothing about the spirit of contract. They ignore their public ann. a few months ago. A direct scaling is the simplest and most effective way of solving our urgent problem. Why roll out this thing that requires long-time testing? To have a worldwide success for Bitcoin, you need to provide ppl with access at low costs. It’s just like Internet. Core either has a vicious intention or has no faith in Bitcoin. If one day Bitcoin is being used by 9 digits of ppl, the main chain block size cannot be enough even at 100 MB. Micro payment still needs to go through something like LN. What’s the meaning of keeping the block size at 1MB? 7 years ago the block size was set at 1MB, what’s the hardware like 7 years ago? What the growth of bandwidth and storage in 7 years? 10 years or 20 years from now? The main battlefield of Bitcoin is in China. We Chinese ppl should not be satisfied with mining a few coins or gamble on a few exchanges. Take the responsibility and obligation of contribution. But, words are so much cheaper than codes. We need advanced devs for the main battlefield.
changyong
I appreciate Jiang Zhuo’er’s main points, they coincide with my opinions on the Chengdu blockchain conference: 1. scaling, segwit and LN should all be implemented. 2.it is highly wrong to make the main chain a settlement network 3. LN and the main chain are for different purposes and should not be inter-placeable. 4. main chain jam is driving towards LN Matthew Effect and monopolies. 5. miner decision is most rational and trust-worthy 6. tech and propaganda monopolies are endangering the whole system 7. SF increases long-term systemic debt and risks
A supplementary 8 points 1. blocksize cannot meet with the market demand for a long time---this is no less significant of a tech loophole. So a HF is a worthy action. 2. HF is an important instrument for Bitcoin to metabolize. Demonizing HF is suicidal. 3. The lack of incentives for devs and the centralization of tech are the paramount systemic risks at this moment 4. BU is a good start for competition, which will eliminate tech centralization. 5. HF scaling will not change the current landscape of profits and power, turning the main chain into a settlement network will. The latter carries great risks of Bitcoin failure. 6. Demonizing HF is a coverup for the changes and risks associated with the settlement network roadmap. 7. Democracy of Bitcoin requires ration, not loyalty and passion from the Bitcoiners, else, we are en route dictatorship. 8. For the sake of the wealth and energy you put into this, plz resort to reason, not blind worshipping and personal attacks.
myx
If you can compete with confidence, do compete under the same level of consensus. Bitcoin is the flapship of cryptos. An easy HF and an influential forked chain in the aftermath can be catastrophic. Miners can benefit in the short run after the spilitting. But in the long run, we all lose. A lowered threshold in anticipation of an easier fork is much worse than staying put. Based on Boss Jiang’s statement, 95% consensus can produce a 5% forked chain...then there will always be minority miners forking. In the end, the recognition of Bitcoin comes from users. Self-important forks by some miners are nothing but Alts. We have enough alts, no? So, 95%+ consensus is the only way to maintain unification. A coin without support from most of the users is an alt! Miners do get to decide, but the ultimate right is with the users’ recognition! If a 95%+ consensus is with a solution, then the rest minority do not matter. So, a solution without a high degree of consensus in a way is splitting the ecosystem. If BU dares not to bring up a 95% threshold, and in your own words, if a 51% HF is enough for a HF...you will end up splitting the ecosystem! Boss Jiang is a miner, and he feels he’s investing bigly, and he gets to decide. But in fact you are just for profit, not some Samaritan. Miners are just making profits on the most-recognized coin. Nothing to do with ethics. But a fair competition, by your own words, must be on the same criteria. Just like the 270 electoral votes in US presidential election. A common threshold. So, if BU wants to compete with segwit, do so under the same level of consensus. Any solution under a 95% consensus is just trolling for your own cowardice!
indexindex
The scaling debate involves 1)scaling for Bitcoin’s future and 2)breaking dev monopoly. Dev is the easiest part to control than hashing powers and users, literally the weakest part in the decentralization course of Bitcon. Spend 7 or 8 digits of USD on core devs, then you can control a multi-billion level product...that’s a good bargin for numerous capitals. Devs must realize that they can be abandoned should they do harm to Bitcoin in exchange of their own interests. Not just Core, but every dev team should understand this. BS’ investment must go burn, so as to make it a good example for future players.
Others
Tips: ID name “sfire” is the writer Jiang Zhuoer.
bikanyong to sfire
Hi Jiang I got 2 questions for you: 1. 1) apart from using high tx fee to chase tx to the LN, what’s the highlight of LN per se that draws tx? 2. 2) You mentioned LN will become a giant-dominated market based on Matthew Effect. Is our main chain facing the same risks?
sfire to bikanyong
Yes. LN is a secondary network with no need to broadcast network-wide. So LN has more frequent tx than the main chain. Small amount fast payment can be allowed. There is a price for not broadcasting network-wide: serious centralization risks (as seen in the article). So it can only be used for auxiliary purposes, but not as a foundation. The main chain is free from this risk becoz all miners on the main chain are equal. Gov may shut down 99% of the miners while the remaining 1% could still be handling tx. LN differentiates nodes with big ones and small ones. In the end, the big ones may end up huge and be banned by the gov. With the remaining allowed un-compliant small nodes, you cannot (very possibly) find a route of transfer in the LN, causing you failures in transfers.
bikanyongto sfire
You mean: Nodes on the main chain are equal, while in the LN, big nodes are more powerful than the small ones. Or put it another way: the nodes on the current main chain are inter-dependent, while they could get competitive against each other on the LN.---is it ok to put it like this?
sfire to bikanyong
It’s not that big nodes on the LN have more power, but connects more users. E.g. many ppl may, for the sake of their rate and service, connect to a giant “Coin-Pay or Coin-Pal” kind of node. If they want to transfer to users on another node called “Coin-Wechat”, they have to go through a route provided by “Coin-Pal”. Then, the giant node “Coin-Pal” bans you, leaving you in de facto ban from transfers to most ppl on the LN.
kok99999 to bikanyong
LN changes the topology of the network, and changes the whole game.
独行
Just becoz you need to enlarge the userbase, you need to scale up? It’s hilarious. The transfer of tx requires cost. No matter how wide is the highway, you don’t charge ppl, you will have a heave traffic. Via the market’s hand, only big amount tx are allowed on the chain---this does not affect the liquidity of onchain assets.
sfire to 独行
You can go offer some advice to the gov and ask them not to build up our infrastructure, since it’s so costy. Just charge ppl money, how convenient is that? Only luxury cars are allowed on the road....this does not affect the vitality of the city.
wz to 独行
What you are saying is not market’s hand. Leaving ppl with no choice is a market behavior? Free competition is the market’s hand.
无名 to 独行
No hard facts other than trashing ppl...no reasoning...these resemble your Core masters.
BTC专业工
I just wanna say: Hail to Multi-Party system! One-Party Dictatorship is doomed.
mellowtone
Support miners, support PoW and computational-power-consensus is the real consensus.
pyjx306
If tx fee goes up, I will quit.
savage
Since Core is so determined to castrate the main chain and revolution miners out, why did they set the 95% threshold? Core has no computation power, and they are so confident that miners will load their heads with enough shit and support Core?
sfire
It’s just a routine to set the 95% threshold for SF. If Core does not use the figure, the anti-Core voice will only grow, furthering their success rate down.
amo1998
95% could be of more complicated reasons. I think BS should have taken into consideration that they control at least 5% of the C.power. (S pool and BTCC pool). If I were BS, I’d have a contingency plan for worst-case scenario. Even 95% means we fail, we BS will not allow for a HF. We can also bash you from a moral high ground and accuse the onchain scailing side.
caitong
I cannot tell which one is better, HF first or SegWit first...both seemed to be practical and dangerous. But both sides have their own political agenda---that’s for sure. We avg. Joes prefer that, no matter what solution taken or risks what come along, just march on. We cannot stay here and die.
wz
No development=you will be taken by someone else. The network jam is significantly hindering its future. SegWit and LN cannot be replacements for a HF, Core knows that, but they still want to use them to replace a HF solution. Bitcoin is not the only cryptocurrency out there. No user, no value.
yangzi666
Still, no matter what solution, if we have 2 chains and 2 Bitcoins, there will be chaos esp. for newbies. Miners and exchanges will take side and cause even greater chaos. Attention ppl: those were bashing Bitcoin with short positions all day long are now also in favor of THAT solution! Newton had it: I can calculate the motion of heavenly bodies, but not the madness of people! HF is not a good solution at this moment. No matter which one, there must be no risk of forking into 2 chains---that qualifies an option on the table.
wz
SegWit and LN are not the replacement of a HF. Core has their own interests. You ostrich ppl just keep your heads in the sand, the risks won’t go away.
yangzi666 reply wz
1)I am no osrich. I will not be speaking here if I had my head in the sand, esp. at the risks of your bashings. 2)I oppose the risks of Bitcoin forking into 2 coins: you need to live longer to have the experience of humanity. 3)Seriously suggest you guys use some mild words, don’t be so dramatic. Just get your opinions clear no matter what you are proposing. Don’t just attack other ppl and their solutions. And plz don’t use harsh words. I believe we miners have wisdom. Given time, just wait and see the chart.
睿思通-专注比特币交易平台开发
Only miners, who invested millions-worth of personal wealth, the sunk cost, cannot leave like a bitcoiner, thus can be qualified as the Bitcoin’s safe guards.
nodouble
Scaling is what all users want. We just have different opinions on the solution we choose. It’s hard to judge Core’s manipulation, but they do oppose a simple direct scaling. They broke the deal with pools and manipulated the public opinion. You do see these as facts. You know about IT and finance, and probably with your butt on finance. You earn monopoly profits that others cannot touch. Bitcoin is the genius, the genesis of this sick market. Core’s segwit and LN are in fact copying financial sector’s monopoly nature to Bitcoin, and with an overly engineered tech threshold to solidify the position of interest groups like Blockstream. The scaling of the main chain, a market that naturally embraces users, will bring the disillusionment of LN, a market naturally forcing users. The conflict of opinions is in fact the fight of power of at a certain level. For Bitcoin, it’s Satoshi’s brilliant design and judgment that has it: we let the miners decide. This is also most reasonable in reality. Like you said, should we realize it, we are all happy.
idgui.com
1) I’m pro segwit and LN, segwit solves a lot of historical problems and improves efficiency; LN provides greater room for timely confirmations and high frequency tx. [reply] good, welcome for your choice on segwit+LN. It’s good improvement for the development of the ecosystem. Segwit has a good structure for app developments. LN can realized second-level confirmation and low tx fee that everyone wants.
2) Miners being trust-worthy don’t mean all miners can tell the future. Miners are trust-worthy because they see profits. They analyze the interests of all parties. Their behavioral pattern is predictable. [reply] There are short-term interests and long-term interests. Not all miners are limited to those before their eyes or those in their dreams. Only when interests short-term and long-term are consistent can they be predicted. But you cannot do that now. Also, different miners have different standards of judgement.
3) ETH HFed many times, not produced a forked chain only once, why? Because this very HF violates the basic principle of cryptocurrency: immutability of blockchain. That’s why ppl reject ETH and would welcome ETC. Then you have trades and markets and price and miners. Previously loyal miners can turn. That’s why I say Chandler’s statement was irrational. Just don’t talk about loyalty and friendship when it comes to cryptos, just talk about interests. [reply] There’re active and forced HFs. We had one in our history. Along with the later HFs of ETH, they are all bug-fixes that serves only good. But the in the ETH/ETC case, the HF was to find the stolen coins, not for a bug fix: an active HF. Active HF has great potential for splitting the ecosystem, and forced ones are safe. HF scaling is apparently an active HF. Blocksize limit is not an imperative bug fix target; and HF scaling is not necessarily good for everyone, at least it raise the bar to run a full node.
4) Landscape of interests: I’m saying the interests and decision-making patterns of all parties in the system (miners, corps, users, investors, devs) stay the same, not that all interests should remain the same. HF scaling produces no change to the original running mechanism, so the landscape does not change. Even if ETH forked into 2, their interests are in the same old landscape and an Alt relationship between each other. [reply] You are not aware of the dangers and harms of a split ecosystem. You should read some other articles first. A split is not just about simply see another Alt, it’s overwhelming.
END
Thanks for our translator David.
submitted by BitKan to Bitcoin [link] [comments]

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