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The first pure mined ERC20 Token for Ethereum, using the soliditySHA3 hashing algorithm. This is a smart contract which follows the original Satoshi Nakamoto whitepaper to form a fundamentally sound trustless currency. This combines the scarcity and fair distribution model of Bitcoin with the speed and extensibility of the Ethereum network. Thus, it is named 0xBitcoin or 0xBTC where 0x represents the Ethereum Network and ecosystem.

I'm a minor looking to exchange bitcoin and other cryptocurrencies for fiat, is there any hope for me or am I just limited to trading crypto for crypto for now?

Hi all,
I've gotten into cryptocurrencies recently, thought it could be interesting to invest what little money I have and try to make some more, yknow, just a teen trying to make a quick buck
However, since I'm under 18, I haven't managed to find any website that allows minors to withdraw fiat currencies without having to give a valid ID, so I'm kind of screwed here. I could ask my mother to help with that, but she clearly told me that she did not care if i was "wasting my money" but she refused to know anything about what i was doing, even when I told her I was getting my bitcoin from mining with stormgain or from tv-two. So, not an option either. Coinbase doesn't let T0 users deposit their bitcoin, Kraken doesn't allow fiat withdrawal to users with a starter account, and Stormgain is only for trading and mining, so I'm a little lost
Is there any place I can withdraw fiat from bitcoin at market price? Or will I have to wait until I turn 18 to get any profit out? Thanks in advance!
submitted by T4t0_Ch4n to Bitcoin [link] [comments]

Bitcoin Will Appreciate Unless Something Goes Really Wrong—Price Expected To Double (current BTC/USD price is $9,657.84)

Latest Bitcoin News:
Bitcoin Will Appreciate Unless Something Goes Really Wrong—Price Expected To Double
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

1/21/2018 Bitcoin Private Update

We have many updates for the community after this weekend, so we decided to write up an official statement on our progress:
The Bitcoin Private/ZClassic Team
submitted by BitcoinPrivate to BitcoinPrivate [link] [comments]


BetTronLive is using blockchain technology because of its transparency and security. It creates a pioneering gaming ecosystem which links all participants in real time.
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Join our community: Keep updated on announcements: Visit our Website: Whitepapers & Summaries (Multilingual):
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submitted by totol02 to altcoin_news [link] [comments]

Significant bitscoin events of 2016 that bitscoiners pointedly ignored

With 2016 about to end, it may be time to list the significant events of 2016 in Bitscoin Space.
We may let them list the events that they remember because they were supposed to be Good for Bitscoin. It is up to us to remember those that they pretended not to notice. Such as:
What else?
submitted by jstolfi to Buttcoin [link] [comments]

My suggestion to Bitfinex on what to do next

First off, before I get into some specific recommendations, I'd like to state my OPINION that the situtation IS manageable. Right now BFX has lost 119k coins worth roughly ~60m. Due to how they handled open positions for non-affected accounts, many users were likely rekt in the volatility swing. At last count BFX had ~40m in USD margin funding outstanding... they may have benefitted to the tune of millions from forced liquidations. BFX may also hold a non-negligible sum (millions $) of Ethereum Classic, which has dramatically soared in price over the past 48 hours on insanely high volume. As one of the worlds largest, and likely profitable, Bitcoin companies, BFX is likely valued north of $200m if they can salvage their brand (feel free to disagree with me on that, but I'm not off by far).
Given these strengths I think there's a path forward for BFX where they can make customers whole over time, in a completely transparent way, and survive as a company.
  1. Maintain the level of transparency Zane is demonstrating, it's relieving a lot of the fear and uncertainty. Sure it sucks, but at least we know exactly how much is sucks and conspiracy theories are not flying (yet).
  2. Keep withdrawals/deposits closed for now, but allow trading to resume and users to access their accounts and survey damage. This high volatility represents precious fees you need to be collecting.
  3. Figure out what happened security wise and be working to get deposits/withdrawals ready as soon as can be done safely. Allow non effected currencies (ETH, ETHC, LTC, USD etc...) to be deposited/withdrawal.
  4. Release information on the % of Bitcoin holdings that were lost, there needs to be a decision made quickly on how to handle customer losses... do you silo losses to hacked addresses or do you socialize losses? I (personally) think if hacked bitcoin represent less than 20% of deposits, you consider socializing losses until full repayment is possible. If 50%+, I think you consider silo'ing losses to the compromised addresses until they can be repaid in whole.
  5. Issue an IOU coin with a fixed btc or usd "face" value. Allocate some % of trading fees, or margin lending fees, as regular dividends to the IOU coin, allow the IOU coin to be traded freely amongst users and a market price to form on BFX. BFX can purchase the IOU back at any time at its Face value (say 1 IOU for 1 BTC) Effectively this IOU will be treated like a bond, as confidence grows in your ability to payout for IOU holders, the value of the IOU will approach its face value... users who need liquidity most will be able to sell NOW at a steeper discount to those who are willing to speculate on seeing full face value. Be 100% transparent with the entire accounting process behind this...
  6. Get creative with revenue streams, depending on how many people owned that 120k btc, you now have a built in customer base of 10's of thousands (my guess) who will evangelize your products if it means more fees generated and faster repayment for them. This means add new crypto and fiat currency pairs, allow users higher leverage trading products, trade high fee products like mining derivatives or legal crypto-equity (Overstock's T0 financial products for example).
If executed well I think this starts to narrow that gap fairly quickly and users could be repaid in less than two years. Bitfinex would have an amazing reputation as the exchange that did what ever it took to make their customers whole while maintaining their integrity.
It's late and I've been up all night so this might read partially incoherent, but I think there is a path forward. Thoughts on this? Suggestions of you own?
submitted by davidbaileybtcmedia to Bitcoin [link] [comments]

Why so much speculation

Short answer
If people are incapable of estimating the correct number logically, the only method to the answer is by genetic algorithm where cloud wisdom hopefuly takes time to solve and volatility is inevitable.
Long answer
Believe it or not, the valuation of a currency-purpose asset is in fact much easier than the valuation of a stock. To be a currency-purpose asset, a somewhat universal valuation opinion must be among the mass. For a stock, on the contrary, one needs to evaluate many factors such as marketing/product/… and people have different opinions about the possible gain of a stock.
Every asset has a production cost, the piece of paper of stock certificate has little production cost. For currency-purpose asset, the production cost is thought to be independent of W-questions such as "who produces this asset", "where is this asset produced", "how many sale a producer has done", …etc. It is this property that the so-called universal opinion is formed. Money is also supposed not to have capital gain like stocks such as "I will have a generous dividend next year", so there is indeed not a "calculate the present value of all future gain by having a stock" but a "global understanding of the cost to fake/rollback/cheat a trust" for currency-purpose asset.
Story 1 Assume all miners calculate the production cost in the coming 8 years and users are not investors. Let's express price in real term so that weird fiat monetary policy has nothing to do with the following argument we shall focus on.
The equation for cost of the production is 0 = KI + sum(KT - ( F+C(t, t+2)) * P, from t to t+2)
Therefore P = K * (T + I/210000 * 2 )/(F + C(2.41, 4.41)). Note that C(2.41, 4.41)=7.4515 so the miner will sell at least at this price. A user, as a non-investor who never cares P, may buy the coin from the miner and sell the coin for a merchant service/goods who will adjust the service bitcoin-nominated price with P accordingly. For your curiosity, by current data, the P by Story 1 is 3.49444E+11 Joule.
Is the Story 1 reallistic ? Not at all.
What about a miner who is thinking to run the business till t1=3 only. Then C(2.41, 3)=12.5 and this miner can undercut other miners in Story 1. Every users, as non-investors, do not care any bit about P because the user will always need to commit the same real-term service price from the merchant. Being undercut means death, so all the miners will split the pricing logic so that two P numbers, one for time 2.41 to 3, the other for 3 to 4.41; for your curiosity, C(3, 4.41) = 5.3413
Story 2 As the miners competition settled down, the P is not constant any more; there will be two P numbers, one, being lower, for time 2.41 to 3, the other, being higher, for 3 to 4.41.
Is the Story 2 reallistic ? Not at all.
What about a user who starts noticing that the P will increase and being investors is a good deal. While this user may observe the increasing of P empirically but never logically understanding, knowing nothing about math and miners' plan, this user will speculate between market price of P; he might buy at 5000 and see it explode at 10000 and take profit at 6000 (in USD term) and has no idea the 5000 may be much lower than the correct number. Should the P is pricing at the correct number so that there is no room between the two P, speculators are gone and people are comfortable the stable price with store-of-value and media-of-exchange.
Is the Story 2 realistic ? Not at all.
What about a hobby miner wants to be investor too and starts mining from time 2.41 to 3 and never sell all the coins for users but only pay partially little for the electricity while price bullish and keep the rest coins as investment for himself after time 3 ?
Story 3 Being also speculation. While other users investors may increase the volatility (mainly because being without fundamental knowledge but rather TA or market-sentiment orientated traders), this move will shrink the room between the two P and therefore decrease the volatility of P. So the ratio of time 2.41-to-3 miners to time 2.41-to-4.41 miners increases up to the two P are equal then no more new miners of such plan.
Is the Story 3 realistic ? Not at all.
What about there are miners/investors for all possible time frame t0 to t1 in the future ?
Story 4 Therefore, the only setting where no arbitrage for miners and investors is such that P=KT/F and the graph of (Kt + K ) / K is like this.
We know T and F and the ratio of Kt/K, but what is exactly K ?
No one really knows. K could be low or high, one can only guess by observation. We know the difficulty is proportional to hash rate and hash rate is proportional to Kt and K. So you can see the graph of difficulty to have a guess of K. Should the two graph looks similar, we know people are finally logical and feel delight. By the difficulty graph and miners' time frame to amortize fixed cost so that it can be averaged out, taking the current global hash as K and updating it as time goes by may be a good guess. For your curiosity, currently KT/F is 2.13007E+12 Joule.
BUT. It is not logical to assume people are all logical. If people are never logical and never investors, a graph of KT/( F + C(t, t+1) ) which is increasing till KT/F shall resemble the graph of P. If some people are logical and some are not, the empirical graph will be hysterical around and between.
I tend not to comment about pricing in public. But since I know wall street and I know what wall street knows, feeling sad about the mass, bear me. I thought these information could leak to the mass if there were future contracts after each halving date, but no luck for such contracts.
Credit: not me. I knew this long after someone knew it.
submitted by LucSr to BitcoinDiscussion [link] [comments]

Ariel Ling, COO of ( Exchange, Shared Insights of Crypto Industry (Part IV)

Ariel Ling, as the co-founder and COO of (, was invited to the interview by Fred Schebesta, the CEO of Crypto Finder ( Ariel has 18-year progressive executive experience in strategic planning, business development, budgeting and financial analysis risk management, regulatory program implementation, and process improvement for operational efficiency. She has an in-depth understanding of capital market products (stocks, fixed income, foreign exchange) in financial services and the development of international banking strategic trends (M&A, market structure, regulatory reforms and their impact). Her lustrous career on Wall Street made this interview a popular link on YouTube.
F: Do you believe this going to help bring more institutions into the space?
A: I am not very familiar with TokenSoft. It really depends on who are the backers, institutional backers of this venture. If the institutional backers of this venture are well regarded, are reputable, absolutely. Because at the end of day if you look at the value chain, the exchanges they are doing trading, they are doing broker dealer, they are doing wallet management themselves, and they are doing custody themselves. It becomes very nebulous. So for TokenSoft, they understand security token, which means under my prediction, it’s completely regulated just like securities. For securities, you must have a custody, and you must have a clearing house. Those are inevitable. So for them, they want to take a step ahead, and I also think that’s a smart move.
F: And we had T0 exchange launched just last week as well. Let’s get back to that question. From a broader base of adoption in the space, for 2019, Ariel, what’s your prediction in where those are going to be cleaned up?
A: I can’t predict the regulatory progress because it really comes down to how each step the government takes; sometimes it takes longer, and sometimes it takes shorter. And when the lawmaking takes place, it always takes more time to get implemented.
F: Yes. And we also talked about the digital asset, the tokenization of asset.
A: Yeah, when I’m looking at it, there are people always saying there’s coin, and there’s token. So I like to use the word: digital asset. So there’s one aspect of currency coin. Those are typical like Bitcoin, Ethereum, and stable coins. So their functionality is actually getting interesting. The origin of Bitcoin is really a payment processing platform. So their development is kind of like FX. You can either hold it, hoping the value goes up, or use it to buy product and services. So they’re like foreign currencies. And there is the other aspect, securitized token. So the token itself would present, whether equity or debt, certain percentage of the underlying project or underlying venture. So for those, as long as they pass certain security test, they are treated as securities. From security trading perspective, if you look at how the Wall Street is structured, and how the US equity trading market is structured, it’s very simple. №1, You must have a broker dealer license in order to take the client order and to put on the risk; №2, all what exchanges do is order matching, and then providing liquidity to the market right? On the primary market it’s IPO, while on the secondary market it’s trading. And after the exchanges trade it, execute it, and then the clearing house comes in to make sure the books and records are verified. Money is moved from the banks to the brokerage accounts. And then the custody piece is that everybody can pick their own custody to hold the assets. So those are the components where I think for the US, the regulator has to make a very strong distinction between what will be subjected on CFCT, what is currency, or what is commodity, and then the rest of it falls under the SEC regime and what it takes — Is it the same as equity or slightly different? This I would think is similar to UK where the FCA has to think about as well. That leads to an interesting dynamic about utility token. This is where I don’t have a particular view, because utility token value is very diminished if you take the token outside of this particular platform. So it is designed to be used on a platform. So this is where I am actually interested in. I want to see how that gets developed from a regulatory perspective. And from a perspective, we put actually a bit more stringent requirement on ourselves. When we list a utility token and when we design it, we just follow the security markets. For example in US, that’s why you need a trusted custody structure just to support that. And in, it’s crypto to crypto; there is no fiat. So that aspect diminishes a little bit. And from a market trading manipulation surveillance perspective which is very heavy for equity, for example, if you trade anything, the regulator will get your report in real time, knowing every single step. So nobody could actually manipulate the market. We also take the same stand for our exchange. We monitor the volume, and we monitor trading behavior. If there’s someone abusing the market, meaning a robot or anything, we identify the account, we notify the account owners, saying whether it is wash trade or whether this is artificially to jag up the price and then dump it, and we give the time to correct. And if he/she doesn’t, we basically freeze the account. So the users can see that it is a fair market. We have probably applied this called market manipulation kind of rule. This is very classical for equity trading. Every single exchange must demonstrate the capability and behavior to do that.
F: OK. Two last things. You have been through four crises as you said through, like the dot-com bubble, Sarbanes Oxley, Lehman Brother collapse and European financial crisis. From your experience seeing all the rise and bust, where do you think we’re at in the cryptocurrency market.
A: I think this goes back to the trading aspect, depending on whether this is a V down or a U down or U curve. So the U curve is basically when the market collapses, it takes a longer time to find a bottom. It takes a longer time for the market to find the equilibrium. And once they find it, they rise up. Or, it’s like a quick collapse. It’s down very fast and reaches the bottom. And then, there’s some catalyst event, either catalyst from a market structure, or catalyst from the market expansion itself. Suddenly it gives a boost. And then it bounces right back up. So when I look at what is happening with digital asset or crypto trading, it’s a bubble to the extent, but it’s also a market correction. And I always compare this to the internet bubble to some extent, because I remember very vividly when I first started working in 1999 on the Wall Street, the Internet was so hot that you could get an IPO without even having a website. And Nasdaq peaked in basically 2000. But then, it collapsed. It took until 2015 for Nasdaq to reach back to the last peak. So you can see how many bubbles right about dot-com because people literally just forget about the economic valuation, the intrinsic business model that kind of aspects of it. So when you look at what happened in the crypto, the Bitcoin peaked at December of 2017. Around that period, there were many many projects that could raise money so easily. This is what we call air-projects. Do they really have fundamentals? Do they really have a viable business model? Do they really have a solid user base? If they do not have those three, then you would expect what would happen when people recognize the value of that token is not sustainable, going back to my finance view. When people see through that, with Bitcoin itself it’s going through a hard time, the rest of the altcoins are actually crushing a lot more dramatically than Bitcoin. So where do we see the balance, it is just my personal view that there are couple economic theories, and one of the theories is about cost. In the financial crisis, the worst, darkest day of banking crisis is the Lehman collapse. I was right in Lehman when they fell off the cliff. And then the domino went from Lehman to Morgan to every single bank. Every single bank felt the pressure. The bank stocks got depressed so hard. At that time one of the things from investors, especially those really smart traditional investors, was looking at the book value. So if the bank stock price, was lower than a quarter of book value, of course it was a value play. It’s below the cost, basically. So you go back to Bitcoin. Assuming it costs 3,000 dollars to mine a Bitcoin, maybe that’s where certain value investor will hold a view like from a valuation perspective that if the valuation is lower than what it takes to make it, it can be called a good value. So this is where it goes back to the market that from a trading perspective, the volatility you could see where there might be some breakthrough of different resistance levels. But at the end of day, it’s all about finding the equilibrium from a valuation perspective. When it hits there, then you will see the value investors come in. If it’s cheaper enough, there are more people who will probably look into it. So when it’s 20,000 for Bitcoin, do you know how many people can afford it? Maybe not, but what if it’s getting down 4000, 3000, and especially for certain countries are way more developed than certain countries, where people understand the liquidity and usage behind Bitcoin like you can use it, you can buy piece of coffee from Starbucks. Then it comes down to the value. So right now I think it really goes back to the fundamental from a finance perspective. It’s finding the valuation, the intrinsic value. Whether it’s currency token, or it’s an altcoin from a security type of token perspective.
F: Alright Ariel. That was incredible. We asked everybody on the show that what the price they think is going to be of Bitcoin on New Year’s Eve 2019 the clock strikes 12:00. We had a whole series of predictions last year in US dollars. What’s your prediction for the price of Bitcoin?
A: I think right now… hmm the Bitcoin right now is what? 35 hundred?
F: We are trading at 3468 dollars.
A: I don’t know. It’s crazy. I actually really like Bitcoin. I mean I like Bitcoin more now because it’s cheaper and I can buy it. But when you look at it before the crisis hit, I already hoped by the end of year if they could get back to 5000 I would be really happy, because it’s pretty much a psychologic level.
F: Okay.
A: Let’s hope for that.
F: Awesome. Ariel, thank you again for coming on to the show, and your incredible insight into the Wall Street market right now. And do check out guys on! We’ve got margin trading and some derivatives coming up, some new improvements we can see on the platform. Thank you very much again Ariel! We will see you guys TOMORROW!
submitted by BitMax_Support to BitMax [link] [comments]

Released List of Satoshi Roundtable Attendees Gathering this Weekend

Satoshi Roundtable II
This weekend a group of blockchain and bitcoin industry leaders gather again for the Satoshi Roundtable ( retreat. Participants in the second Satoshi Roundtable include developers, CEOs, investors, adopters and influencers from the blockchain and bitcoin world.
The retreat is limited to approximately 75 attendees and designed to encourage organic, participant-driven discussion free of the distractions of a conference.
Sessions include several topics of overall blockchain interest and a roundtable discussion on bitcoin capacity.
Please provide any suggestions you have for areas of discussion/ focus.
Partial list of confirmed participants:
Gabriel Abed, CEO, Bitt Charles Allen, CEO, BTCS Gavin Andresen, MIT / Bitcoin Foundation Adam Back, President, Blockstream David Bailey, CEO, yBitcoins Mike Belshe, CEO, BitGo Patrick Byrne, CEO, Overstock / T0 Michael Cao, CEO, zoomhash Dave Carlson, CEO, Mega Big Power Daniel Castagnoli, CCO Exodus Sam Cole, CEO, KNC Miner Matt Corallo, Core Developer Luke Dashjr, Core Developer Anthony Di Iorio, CDO-Toronto Stock Exchange, Founder-Ethereum/Decentral/Kryptokit Joe Disorbo, CEO, Webgistix Jason Dorsett, Early Adopter Evan Duffield, FoundeLead Scientist, Dash Andrew “Flip” Filipowski, Partne Co-Founder, Tally Capital Thomas France, Founder, Ledger Jeff Garzik, Founder, Bloq Yifo Guo, Tech Develope Early Adopter David Johnston, Chairman, Factom Samy Kamkar, Super Hacker Alyse Killeen, Partner, Venture Capital Investor Jason King, Founder, Unsung Mike Komaransky, Cumberland Mining Peter Kroll, Founder, Bobby Lee, CEO, BTC China, Vice-Chairman of the Board, Bitcoin Foundation Charlie Lee, Director of Engineering, Coinbase/Founder of Litecoin Eric Lombrozo, Founder, Ciphrex Corp / Developer Marshall Long, CTO, Final Hash Matt Luongo, CEO, Fold Jake Mazulewicz, Ph.D. JMA Associates (guest speaker) Human performance researcher Halsey Minor, CEO, Uphold / Founder of CNet Alex Morcos, Hudson Trading/ Core Developer Neha Narula, MIT, Director of DCI – Digital Currency Initiative Dawn Newton, Co-Founder, COO, Netki Justin Newton, Founder CEO, Netki Stephen Pair, Co-FoundeCEO, BitPay Inc. Michael Perklin, President, C4 – CryptoCurrency Certification Consortium / Board Member, Bitcoin Foundation Alex Petrov, CIO, BitFury Phil Potter, CFA, Bitfinex Francis Pouliot, Director, Bitcoin Embassy, Board Member, Bitcoin Foundation JP Richardson, Chief Technical Officer, Exodus Jamie Robinson, QuickBt Jez San, Angel Investor Marco Santori, Partner, Pillsbury Scott Scalf, EVP/Head of Tech Team, Alpha Point Craig Sellars, CTO, Tether Ryan Shea, Co-Founder, One Name Greg Simon, CEO & Co-Founder Ribbit! Me / President, Bitcoin Association Paul Snow, CEO Factom, Texas Bitcoin Conference Riccardo Spagni, Monero Nick Spanos, Founder, Bitcoin Center NYC Elizabeth Stark, Co-Founder & CEO, Lightning Marco Streng, CEO, Genesis Mining Nick Sullivan, CEO, ChangeTip Paul Sztorc, Truthcoin Michael Terpin, CEO, Transform Group Peter Todd, Core Developer Joseph Vaughn Perling, New Liberty Dollar Roger Ver, CEO, Memory Dealers / Aaron Voisine, CEO, Breadwallet Zooko Wilcox, CEO, Z Cash Shawn Wilkinson, Founder, Storj Micah Winkelspecht, CEO, Gem
Also, representatives from Blockchain, Bain Capital Ventures, Mycelium, Fidelity Investments and others.
submitted by bruce_fenton to Bitcoin [link] [comments]

XMR-Stak - proudly XMR-only mining network stack (and CPU miner)

I want to show off what I was working on for the past 7 weeks or so. Just to clarify (there seems to be a lot of "give me money" posts around here recently), it will be FOSS. This is not some kind of crowd funding attempt.
Of course the purpose of this topic is to gage interest - I want to be sure that it is worth my time to polish up "own-use grade" into release grade software, so if you like what you see please upvote and make a noise.

What do you mean by a network stack? What's wrong with the current one?

Network stack is essentially all the logic that lives between the hashing code and the output to the pool. While the software that I'm writing currently has a CPU miner on top, there is no reason why it can't be modified to hash through GPU.
Current stack used by the open source CPU miner and some GPU miners has been knocking around since 2011. Its design is less than ideal - command line args put a limit on how complex the configuration can get, and the flawed network interaction design means that it needs to keep talking to the pool (keep-alive) to detect that it is still there.
Most importantly though, the code was designed for Bitcoin. Cryptonight coins have hashing speeds many orders of magnitude slower, which leads to different design choices. For example both BTC and XMR have 32 bit nonce. That means you have slightly over 4 billion attempts to find a block and you need to add fudge code in BTC that is not needed in XMR.

CPU mining performance

I started off with Wolf's hashing code, but by the time I was done there are only a couple lines of code that are similar.
Performance is nearly identical to the closed source paid miners. Here are some numbers:

Output samples

One of the most annoying things for me about the old mining stack was that it kept spewing huge amounts of redundant information. XMR-Stak prints reports when you request it to do so instead. Here they are (taken from the X5650 system running on Arch).
HASHRATE REPORT | ID | 2.5s | 60s | 15m | ID | 2.5s | 60s | 15m | | 0 | 38.3 | 38.3 | 38.3 | 1 | 38.4 | 38.4 | 38.4 | | 2 | 38.4 | 38.3 | 38.3 | 3 | 38.4 | 38.4 | 38.4 | | 4 | 38.3 | 38.3 | 38.3 | 5 | 38.4 | 38.4 | 38.4 | | 6 | 38.3 | 38.3 | 38.3 | 7 | 38.4 | 38.4 | 38.4 | | 8 | 40.0 | 40.0 | 40.0 | 9 | 40.1 | 40.1 | 40.1 | | 10 | 40.0 | 40.0 | 40.0 | 11 | 40.1 | 40.1 | 40.1 | ----------------------------------------------------- Totals: 467.0 467.0 467.0 H/s Highest: 467.0 H/s 
Since this is a CLI server it is very uniform as you would expect. You can also see that some threads would gain 1.5H/s if they were on better NUMA nodes.
RESULT REPORT Difficulty : 8192 Good results : 316 / 316 (100.0 %) Avg result time : 17.9 sec Pool-side hashes : 2588672 Top 10 best results found: | 0 | 516321 | 1 | 488669 | | 2 | 391229 | 3 | 384157 | | 4 | 380941 | 5 | 379807 | | 6 | 347487 | 7 | 292038 | | 8 | 246997 | 9 | 244569 | Error details: Yay! No errors. 
And last one:
CONNECTION REPORT Connected since : 2016-12-19 20:21:38 Pool ping time : 141 ms Network error log: Yay! No errors. 
Sample config file is as follows:

Low power mode

This is a bit of an academic exercise, showing why I don't believe that memory latency is be-all and end-all of PoW. Idea is very simple. We do two hashes at a time, we double the performance (as we have more time to load data from L3). We are of course still constrained by the L3 cache, but FPGAs with 50-100MB of on-chip memory are out already.

Some things for the future

Let me know what you think.
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submitted by fireice_uk to Monero [link] [comments]

Is it time to counter ASICs?

My understanding is that Scrypt was intended to resist ASICs and allow GPUs to be used for mining. It is clear that Scrypt ASICs exist and are currently in use. Rather than try and make an exhaustive list of the possible Scrypt miners in existence I’ll just list one to be used as a reference point.
KnCMiner Titan >= 100Mh/s @ $10,000
You will note that it is currently pre-order only, but based on things like:
It makes sense that the developers would use the miners first before selling them off. Just imagine being in their position, why would you sell something that you could use to make more money yourself? Instead they mine with it until they either have another generation of devices and/or the difficulty has increased enough that they can profit more from selling them.
To quote from deadhand-:
“Imo, ASICs ultimately only benefit those who manufacture and develop them. They'll be the first to mine with them, and only once they've made enough profit, then they'll start shipping them out. Those who are lucky enough to actually receive the ASICs first will make the most profits (if any, at that point), and the BTC or DOGE that they used to actually buy the ASICs will likely be more valuable at that point anyway than the mining rewards they'd receive as a result of getting the ASICs.”
There have been previous discussion on the topic, both within Dogecoin community and elsewhere, which usually have no reason present for not switching other than wait and see if ASICs are developed.
From my understanding there is no benefit to ASICs taking over mining. Given what happened to Bitcoin it is fair to say that ASICs will completely destroy GPU mining and will increase in efficiency by several orders of magnitude regularly. That means miners will constantly need to be buying new rigs just to stay on the right order of magnitude. Since ASICs cannot be used for anything else they will be thrown out. In contrast GPUs do not increase by such large amounts (more like 20-30%) so a generation or two old may still be viable and the GPUs can be used for gaming (even sold to gamers) after mining.
GPUs and such are obviously more commonly found in households and helps keep mining democratized.
If one argues that none of that matters then why bother with Scrypt at all? Simply use SHA256 and the several generations of ASICs.
I have heard the point used that ASICs will bring in more miners. Seems more likely that it will bring in different miners and the current GPU miners will all leave. A few may convert, but I doubt a significant percentage.
Others mention that the difficulty being increased is beneficial to the currency. Seems like the only benefit to a higher difficulty is that it makes it harder to take over the network and perform 51% attacks and such. Keep in mind that is not just a function of the difficulty, but rather the number of machines in network of average size. Simply raising the number does not solve that problem as more powerful machines will require a similar scale to take over the network. Meaning if the Dogecoin network is currently composed of 50,000 identical machines and has a difficulty of 1,000 it would take just over 25,000 to take over. Whereas if the network were comprised of 50,000 identical ASICs with some high difficulty like 100,000 it would still take just over 25,000 machines.
Seems like having those machines be democratized and less likely to be owned by large businesses is half the point of these currencies.
Additionally, it is clear that the producers of ASICs who mine with the machines and then sell them when they are less useful are gaining the most from the system. Not all that different from the flawed fiat currencies where the rich/banks who get money first benefit from it before inflation (excellent summary). Perhaps one of the ASIC farms?
Given that ASICs benefit a select few primarily and cause a pointless and endless arms race it seems rather silly not to try and avoid the ASIC take over all together. Seems more sensible to convert to Scrypt-N or similar (see Vertcoin or even Quark)
Would be interesting to see how much the nethash rate would drop if the change was made.
submitted by boombatower to dogecoin [link] [comments]

[uncensored-r/Bitcoin] It's in times like these that education is necessary

The following post by jonat3 is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link: Bitcoin/comments/7r1eah
The original post's content was as follows:
Playlist with Andreas Antonopoulos as well as a few other classics. Is meant for people completely new to bitcoin.
Took quite awhile to assemble this playlist. Playlist is in chronological order. Watch in that sequence. Adjust playing speed in youtube to suit your needs.
Consider this page 1 in a series. May be updated from time to time.
Who is in control
How does it work
Security (and who's backing it)
By the love of God, watch first video entirely (click link in description once you understand). Don't be goxxed!
Some videos about bitcoin being a bubble
Some basic economics
Networks (!!!)
Why Bitcoin
Altcoins vs Bitcoin
Worried about high fees or the slow transactions? See the motivation behind the fee structure (pay special attention to the last video)
Important classics about the theory of money
Early classics (last video is gold :p)
Important backdrop for why bitcoin emerged starring Stefan Molyneux and Mike Maloney
Bitcoin's larger importance with Andreas Antonopoulos
Banking and Blockchain with Andreas Antonopoulos
Consumer protection
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

What is Bitcoin? A Step-By-Step Guide For Beginners An in-depth guide by BlockGeeks

An in-depth guide by BlockGeeks
Content available at:
If you want to know what is Bitcoin, how you can get it and how it can help you, without floundering into technical details, this guide is for you. It will explain how the system works, how you can use it for your profit, which scams to avoid. It will also direct you to resources that will help you store and use your first pieces of digital currency.
What is Bitcoin in a nutshell Small wonder that Bitcoin emerged in 2008 just after Occupy Wall Street accused big banks of misusing borrowers’ money, duping clients, rigging the system, and charging boggling fees. Bitcoin pioneers wanted to put the seller in charge, eliminate the middleman, cancel interest fees, and make transactions transparent, to hack corruption and cut fees. They created a decentralized system, where you could control your funds and know what was going on.
Bitcoin has come far in a relatively short time. All over the world, companies, from REEDS Jewelers, a large jewelry chain in the US, to a private hospital in Warsaw, Poland, accept its currency. Billion dollar businesses such as Dell, Expedia, PayPal, and Microsoft do, too. Websites promote it, publications such as Bitcoin Magazine publish its news, forums discuss cryptocurrency and trade its coins. It has its application programming interface (API), price index, and exchange rate.
Problems include thieves hacking accounts, high volatility, and transaction delays. On the other hand, people in third world countries may find Bitcoin their most reliable channel yet for giving or receiving money.
What is Bitcoin in-depth? At its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or cash. You can also use Bitcoin (or BTC), where you refer the purchaser to your signature, which is a long line of security code encrypted with 16 distinct symbols. The purchaser decodes the code with his smartphone to get your cryptocurrency. Put another way; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services.The transaction gains its security and trust by running on a peer-to-peer computer network that is similar to Skype, or BitTorrent, a file-sharing system.
Bitcoin Transactional properties:
1.) Irreversible: After confirmation, a transaction can‘t be reversed. By nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. If you send money, you send it. Period. No one can help you, if you sent your funds to a scammer or if a hacker stole them from your computer. There is no safety net.
2.) Pseudonymous: Neither transactions or accounts are connected to real world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters. While it is usually possible to analyze the transaction flow, it is not necessarily possible to connect the real world identity of users with those addresses.
3.) Fast and global: Transaction is propagated nearly instantly in the network and are confirmed in a couple of minutes. Since they happen in a global network of computers they are completely indifferent of your physical location. It doesn‘t matter if I send Bitcoin to my neighbour or to someone on the other side of the world.
4.) Secure: Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of big numbers makes it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox.
5.) Permissionless: You don‘t have to ask anybody to use cryptocurrency. It‘s just a software that everybody can download for free. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper.
Judd Bagley: What is BlockchainThe creator of bitcoin figured out a way to let two entities confidently trade directly with one another, without the need to rely on all these intermediaries. The key is mathematics. As long as we both trust in math, we can be confident the exchange to occur as expected.
Bitcoin uses public key cryptography and an innovative approach to bookkeeping to achieve the authorization, balance verification, prohibition on double spending, delivery of assets and record inalterability described above. And it happens in near real time at no cost.
Cryptography ensures authorization. You need a private key to transact. And your key is complex enough that it would take the best computer longer than the earth has existed to crack it. In other words, it’s essentially unhackable.
– Director of Communications at and Chief Evangelist at
Where can I find Bitcoins? First, we would recommend you read this in-depth guide for buying Bitcoin.
You can get your first bitcoins from any of these four places.
A cryptocurrency exchange where you can exchange ‘regular’ coins for bitcoins, or for satoshis, which are like the BTC-type of cents. Resources: Coinbase and LocalBitcoins in the US & Canada, and BitBargain UK and Bittylicious in the UK. A Bitcoin ATM (or cryptocurrency exchange) where you can change bitcoins or cash for another cryptocurrency. Resources: Your best bets are BTER and CoinCorner A classified service where you can find a seller who will help you trade bitcoins for cash. Resources: The definitive site is LocalBitcoins. You could sell a product or service for bitcoins. Resources: Sites like Purse. Caution! Bitcoin is notorious for scams, so before using any service look for reviews from previous customers or post your questions on the Bitcoin forum.
How does Bitcoin work? Without getting into the technical details, Bitcoin works on a vast public ledger, also called a blockchain, where all confirmed transactions are included as so-called ‘blocks.’ As each block enters the system, it is broadcast to the peer-to-peer computer network of users for validation. In this way, all users are aware of each transaction, which prevents stealing and double-spending, where someone spends the same currency twice. The process also helps blockchain users trust the system.
“Unlike traditional currencies, which are issued by central banks, Bitcoin has no central monetary authority. Instead it is underpinned by a peer-to-peer computer network made up of its users’ machines, akin to the networks that underpin BitTorrent, a file-sharing system, and Skype, an audio, video and chat service. Bitcoins are mathematically generated as the computers in this network execute difficult number-crunching tasks, a procedure known as Bitcoin “mining”. The mathematics of the Bitcoin system were set up so that it becomes progressively more difficult to “mine” Bitcoins over time, and the total number that can ever be mined is limited to around 21 million. There is therefore no way for a central bank to issue a flood of new Bitcoins and devalue those already in circulation.”
What is Bitcoin? A Step-By-Step Guide For BeginnersSave How can I store my bitcoins? To see how the system works, imagine someone called Alice who’s trying out Bitcoins. She’d sign up for a cryptocurrency wallet to put her bitcoins in.
The Bitcoin Wallets
There are three different applications that Alice could use.
Full client – This is like a standalone email server that handles all aspects of the process without relying on third-party servers. Alice would control her whole transaction from beginning to end by herself. Understandably, this is not for beginners. Lightweight client – This is a standalone email client that connects to a mail server for access to a mailbox. It would store Alice’s bitcoins, but it needs a third-party-owned server to access the network and make the transaction. Web client – This is the opposite of “full client” and resembles webmail in that it totally relies on a third-party server. The third party replaces Alice and operates her entire transaction. You’ll find wallets that come in five main types: Desktop, mobile, web, paper and hardware. Each of these has its advantages and disadvantages.
How do I buy and sell stuff with Bitcoins? Here’s the funny thing with Bitcoins: there are no physical traces of them as of dollars. All you have are only records of transactions between different addresses, with balances that increase and decrease in their records that are stored on the blockchain.
To see how the process works, let’s return to Alice.
Example of a Bitcoin transaction
Alice wants to use her Bitcoin to buy pizza from Bob. She’d send him her private “key,” a private sequence of letters and numbers, which contains her source transaction of the coins, amount, and Bob’s digital wallet address. That “address” would be another, this time, the public sequence of letters and numbers. Bob scans the “key” with his smartphone to decode it. At the same time, Alice’s transaction is broadcast to all the other network participants (called “nodes”) on her ledger, and, approximately, ten minutes later, is confirmed, through a process of certain technical and business rules called “mining.” This “mining” process gives Bob a score to know whether or not to proceed with Alice’s transaction.
The transaction between Alice and Bob
What is Mining? Mining, or processing, keep the Bitcoin process secure by chronologically adding new transactions (or blocks) to the chain and keeping them in the queue. Blocks are chopped off as each transaction is finalized, codes decoded, and bitcoins passed or exchanged.
Miners can also generate new bitcoins by using special software to solve cryptographic problems. This provides a smart way to issue the currency and also provides an incentive for people to mine.
The reward is agreed-upon by everyone in the network but is generally 12.5 bitcoins as well as the fees paid by users sending transactions. To prevent inflation and to keep the system manageable, there can be no more than a fixed total number of 21 million bitcoins (or BTCs) in circulation by the year 2040, so the “puzzle” gets increasingly harder to solve.
What do I need to know to protect my Bitcoins? Here are four pieces of advice that will help your bitcoins go further.
As you’d do with a regular wallet, only store small amounts of bitcoins on your computer, mobile, or server for everyday uses, and keep the remaining part of your funds in a safer environment.
Backup your wallet on a regular basis and encrypt your wallet or smartphone with a strong password to protect it from thieves (although, unfortunately, not against keylogging hardware or software). Store some of your bitcoins in an offline wallet disconnected from your network for added security. Think of this as a bank, while you, generally, keep only some of your money in your wallet. Update your software. For added protection, use Bitcoins’ multi-signature feature that allows a transaction to require multiple independent approvals to be spent.
Spending some time on these steps can save your money.
We recommend the Nano Ledger S – Hardware Wallet
Nano Ledger S is just as secure as the other two hardware wallets. It is popular because of its relatively low price of $65 compared to its competitors. Being smaller than KeepKey, it is more portable and easier to carry around. It is a hardware wallet that comes at a very competitive price.
What else do I need to know? Protect your address: Although your user identity behind your address remains anonymous, Bitcoin is the most public form of transaction with anyone on the network seeing your balances and log of transactions. This is one reason why you should change Bitcoin addresses with each transaction and safeguard your address. You can also use multiple wallets for different purposes so that your balance and transaction history remain private from those who send you money.
Your confirmation score: As said, you receive a confirmation score of about 10 minutes before you make your purchase. Different wallets have their own reading.
Government taxes and regulations: Government and local municipalities require you to pay income, sales, payroll, and capital gains taxes on anything that is valuable – and that includes bitcoins. The legal status of Bitcoin varies from country to country, with some still banning its use. Regulations also vary with each state. In fact, as of 2016, New York state is the only state with a bitcoin rule, commonly referred to as a BitLicense.As shown in the Table above, zero is the least with the number 3 being the most reliable for average bitcoin transfers. If you’re sending or paying for, something valuable, wait until you, at least, receive a 6.
What are the disadvantages of Bitcoin? Bitcoin got off on the wrong foot by claiming an apocryphal person (or persons), Satoshi Nakamoto as its founder. Nakamoto has never been found.
Regarding more practical concerns, hacking and scams are the norms. They happen at least once a week and are getting more sophisticated. Bitcoin’s software complexity and the volatility of its currency dissuade many people from using it, while its transactions are frustratingly slow. You’ll have to wait at least ten minutes for your network to approve the transaction. Recently, some Reddit users reported waiting more than one hour for their transactions to be confirmed.
Scams to watch out for
The four most typical Bitcoin scams are Ponzi schemes, mining scams, scam wallets and fraudulent exchanges.
Ponzi Scams: Ponzi scams, or high-yield investment programs, hook you with higher interest than the prevailing market rate (e.g. 1-2% interest per day) while redirecting your money to the thief’s wallet. They also tend to duck and emerge under different names in order to protect themselves. Keep away from companies that give you Bitcoin addresses for incoming payments rather than the common payment processors such as BitPay or Coinbase. Bitcoin Mining Scams: These companies will offer to mine outrageous amounts of bitcoin for you. You’ll have to pay them. That’s the last you’ll see of your money (with no bitcoins to show for it, either). Bitcoin Exchange Scams: Bitcoin Exchange Scams offer features that the typical bitcoin wallets don’t offer, such as PayPal/Credit Card processing, or better exchange rates. Needless to say, these scams leave you in the hang while they siphon your dollars. Bitcoin Wallet Scams: Bitcoin scam wallets are similar to online wallets – with a difference. They’ll ask you for your money. If robbers like the amount, that’s the last you’ll see of your deposit. The address, in other words, leads to them, rather than to you. Of all of these, wallet scams are the most popular with scammers managing to pinch millions.
What are the advantages of Bitcoin? The best thing about Bitcoin is that it is decentralized, which means that you can settle international deals without messing around with exchange rates and extra charges. Bitcoin is free from government interference and manipulation, so there’s no Federal Reserve System‍ to hike interest rates. It is also transparent, so you know what is happening with your money. You can start accepting bitcoins instantly, without investing money and energy into details, such as setting up a merchant account or buying credit card processing hardware. Bitcoins cannot be forged, nor can your client demand a refund.
It’s small wonder that users call Bitcoin “Money 2.0” or that Bill Gates called it “a techno tour de force
An in-depth guide by BlockGeeks
Content available at:
submitted by smartspender to u/smartspender [link] [comments]

Karatcoin is the perfect place for any investor who wants to keep gold safe in a vault.

Karatcoin is the perfect place for any investor who wants to keep gold safe in a vault.
With very low fees compared to our competitors, Karatcoin is the perfect place for any investor who wants to keep gold safe in a vault.
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Karatcoin’s Platform is directly linked to operational gold mines that will receive financing to help increase their gold production. The more Karatcoin’s financing increases, so will the aggregated gold production of our mines, which in turn will increase the value of circulating Karatcoin tokens. All the mines selected by Karatcoin’s technical and legal team have been carefully analyzed for their production ability, operational background, structural credibility, as well as their financial rating. No third-party intermediary is involved in the selection and vetting process.
White Paper:…/…/docs/KC_WP.pdf
Token sale:
#bitcoin #cryptocurrency #Ethereum #GOLD #ICO #EOS #cryptofever#CryptoNews
submitted by DBlackMoon to u/DBlackMoon [link] [comments]

Bitcoin scaling - BU and the truth. Can you handle it?

What is the truth about the scaling debate?
truth: It is not about scaling but centralization of control. truth: Profit motive protects bitcoin as long as profit is the motive of the miners. If control is the motive we can not rely upon game theory and must view this for what it is. A state sponsored economic terrorist attack.
To understand who and what we are up against you must first understand the secrets of money here is one video of a multi part series that is enlightening and simple to understand.
I believe the big mining pools in china are acting to the benefit of the communist party and have no interest in even their own profit. Because even if they centralized (by making it more difficult for smaller mining rigs and nodes to exist) Bitcoin market cap would not grow and hence they would have the largest slice of an ever decreasing pie. (i.e. financial suicide)
The issues we face are about control not money and therefore the 'market' must step in (nodes users and exchanges). I'm not sure if that is UASF or a POW tweak but it is time to come together as the monopoly of hash power via subsidized electricity and ASIC monopoly must be opposed via an algorithm which evens the playing field.
We should not be afraid of a split and let the market back up progress through node upgrades. Miners CAN NOT overpower nodes + market. let's get this battle over with so we can activate segwit and other changes that allow bitcoin to grow.
submitted by vroomDotClub to Bitcoin [link] [comments]

Help wanted: I'm giving my first bitcoin presentation!

I am assembling my first official presentation on bitcoin/blockchain technology. The audience is technical but may not have any prior knowledge in this area of study. As such, my primary goal is to convey the entire picture somewhat "in a nutshell" so that someone observing the presentation would walk away with a general understanding of how everything works. The amount of time I have allotted is approximately 30 minutes and I plan to find and use visuals for basic concepts.
Listed below is my rough outline that has not yet been translated into a visual story (ie slides). I want to make sure I get the foundation correct first. I am still learning myself, so some of these concepts may not be clear or may even be wrong. I'd greatly appreciate any input or suggestions here. If I'm missing anything major please let me know!
(note: any links provided are for bibliography/source info purposes)
Thank you in advance.
concept A. crypto: private key + public key: ability to communicate securely
concept B. proof-of-work: solve a puzzle (costly), but verify answer quickly
concept C. byzantine generals: reach consensus, eliminate the need for trust
practical uses of bitcoin and blockchain technologies today
EDIT: some improvements/additions
submitted by dusktrader to Bitcoin [link] [comments]

Best Bitcoin Mining Software That Work in 2020 🍓 - YouTube Fast Mining Bitcoins on Phone and Windows Bitcoin Mining Without Any Hardware New Free Bitcoin Mining Site 2020  Earn ... How to Make Money ($2 - $10 Day) Mining Bitcoin with your ... Best Bitcoin Mining Site  Without Investment  Payment ...

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Best Bitcoin Mining Software That Work in 2020 🍓 - YouTube

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