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Bitcoin versus Bitcoin Scrypt (BTC vs BTCS) CryptoRival
Place of cryptocurrency in the portfolio of a modern investor
Hello! 👋🏻 In this post, we will tell you about the place of cryptocurrencies in the portfolio of a modern investor. 📌 Previously, cryptocurrencies were perceived by many as just a toy for enthusiasts who, for some reason, do not like modern money. 💰 Now, cryptocurrencies have become full-fledged money for many, with excellent potential for investing not only in coins but also in the projects themselves, which offer their revolutionary solutions. 🔹 The principle of digital money boils down to the fact that only occasionally some cryptocurrencies can have an additional emission. Most of the coins are only produced in limited quantities. 🔹 Here you can draw an analogy with gold. In the world, its quantity is limited, but it is a valuable asset that will always have a high value and will inevitably grow in value over time. 💎 This is how Bitcoin is perceived by many. And if you look at the chart of Bitcoin and gold, you can find many similarities. 📈 In addition to Bitcoin, there are many other altcoins that tend to grow in value. This was the case, for example, with ETH, which has grown by over 1000% over several years. 💰 Thus, in the long term, the cryptocurrency levels out in price and has the potential for growth and contributes to the diversification of the investor's portfolio. Therefore, cryptocurrency has great investment potential and should be in the portfolio of every investor. 🔹 PYRK is a crypto coin based on such projects as Dash and Digibyte and has a high degree of anonymity (Privatesend). 🔹 PYRK is a highly technological coin with a number of unique solutions, including a triple mining algorithm (SHA256, Scrypt, and X11), instant transaction via InstantSend, etc. 🔹 In addition, PYRK is attractive by the possibility of generating passive income through the deployment of masternodes. Purchase PYRK here: http://pyrk.org/ https://preview.redd.it/bapt7gw83tf51.png?width=1200&format=png&auto=webp&s=a87ea34023d403dca84e272011686f00d9ba1463
Bitcoin mining is a bit more than just number crunching
The charming cryptocurrency and the many ideas that surface in the minds of the observers typically surround couple of apparent concerns - how does it enter being and what about its flow? The response, nevertheless, is uncomplicated. Bitcoins need to be mined, in order to make the cryptocurrency exist in the Bitcoin market. The mystical developer of Bitcoin, Satoshi Nakamoto, imagined a method to exchange the important cryptocurrencies online, by getting rid of the need for any central organization. For Bitcoins, there's an alternative method to hold the essential records of the deal history of the whole blood circulation, and all this is handled through a decentralized way. The journal that helps with the procedure is called the "blockchain". The essence of this journal may need lots of newsprint for appearing frequently at all popular Bitcoin news. Blockchain broadens every minute, existing on the makers associated with the big Bitcoin network. Individuals might question the credibility, even credibility, of these deals and their recordings into Blockchain. This too is nevertheless warranted, through the procedure of Bitcoin mining. Mining allows production of brand-new Bitcoin and assembling deals to the journal. Mining basically involves fixing of complex mathematical estimations, and the miners utilize enormous computing power to resolve it. The private or 'swimming pool' that resolves the puzzle, positions the subsequent block and wins a benefit too. And, how mining can prevent double-spending? Practically every 10 minutes, impressive deals are mined into a block. So, any disparity or illegitimacy is entirely dismissed. For Bitcoins, mining is not mentioned in a conventional sense of the term. Bitcoins are mined by using cryptography. A hash function described as "double SHA-256" is used. However how tough is it to mine Bitcoins? This can be another inquiry. This depends a lot on the effort and computing power being used into mining. Another element worth pointing out is the software application procedure. For each 2016 blocks, problem involved in mining of Bitcoins is changed by itself just to keep the procedure. In turn, the rate of block generation is kept constant. A Bitcoin problem chart is an ideal procedure to show the mining trouble in time. The trouble level changes itself to increase or down in a straight proportional way, depending upon the computational power, whether it's being sustained or removed. As the variety of miners increase, portion of revenues been worthy of by the individuals decrease, everybody winds up with smaller sized pieces of the revenues. Having private economies and neighborhoods, cryptocurrencies like Dogecoin, Namecoin or Peercoin, are called Altcoins. You can easily track your different cryptocurrency by using reputable portfolio trackers.These are options to Bitcoin. Practically like Bitcoins, these 'cousins' do have a substantial fan-following and enthusiasts who are eager to take a deep plunge into the big ocean and start to mine it. Algorithms used for Altcoin mining are either SHA-256 or Scrypt. Numerous other ingenious algorithms exist too. Alleviate, price and simpleness can render it possible to mine Altcoins on a PC or by using unique mining software application. Altcoins are a bit 'down to earth' compared to Bitcoins, yet changing them into huge dollars is a little challenging. Cryptocurrency enthusiasts can simply hope, if a few of them might witness the comparable huge popularity!
Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity
https://preview.redd.it/nt1qbc9cq4221.png?width=572&format=png&auto=webp&s=d867a4c98e7ab7e9c37c7dc23cc7fb251a5ecec7 https://cryptoiq.co/burstcoin-burst-a-dark-horse-that-could-become-a-major-cryptocurrency-the-king-of-proof-of-capacity/ Currently the cryptocurrency space is flooded with copycat coins and initial coin offering (ICO) tokens, most of which are moving steadily down the ranks on CoinMarketCap as the bear market of 2018 continues. This bear market is weeding out cryptocurrencies that have little long term potential, and cryptocurrencies that have strong communities and unique technology are rising to the top. Burstcoin (BURST) is one such cryptocurrency that is rising to the top, like cream in a glass of fresh milk. This is because the Burstcoin community is filled with diehard Cypherpunks, and BURST is the king of Proof of Capacity. Back in the middle of October 2018 BURST was at #248 on CoinMarketCap, which was before the ‘nuclear’ bear market took effect, where the support level was broken due to the Bitcoin Cash hard fork, Bakkt delaying the launch of physical Bitcoin futures, and the Securities and Exchange Commission (SEC) initiating its first civil enforcement penalties against ICOs. BURST has decreased in price like every other cryptocurrency, but is rising relative to other cryptocurrencies, and as of 3 December 2018 sits at #199 on CoinMarketCap with a market cap of USD 13.5 million. This increase in the price of BURST relative to other cryptocurrencies is due to Burstcoin’s unique technology. Burstcoin is the king of Proof of Capacity, a mining algorithm that uses the hard drive, versus raw computational power like with Proof of Work, and is much more energy efficient than Proof of Work. Proof of Capacity works by writing cryptographic hashes to an allotted segment of a hard drive called a plot. This plot is then read during mining to find the correct cryptographic hash, and whoever finds the cryptographic hash the fastest receives the block reward. More hard drive space dedicated to the plot equals more cryptographic hashes available, making it easier to find an answer and earn the BURST block reward. Currently 1TB generates 1-2 BURST per day, and even though this is only equivalent to about a penny, it is all profit since reading the plot file requires a negligible amount of energy, and BURST miners can use their computer for other activities without impediment. Compare this to Proof of Work, which slows down personal computers and costs more electricity than the cryptocurrency it mines. BURST is one of the only cryptocurrencies that can be profitably mined on personal computers. Further, unlike with Proof of Work where specialized mining equipment is required like application specific integrated circuits (ASICs), anyone with a computer or even mobile phone can mine BURST, and if they decide to stop mining BURST they can simply delete their plot file and use the hard drive space for other things. This is unlike ASICs, which cannot be used for anything but mining, so if someone decides to stop mining they lose all the money invested into the ASIC. The ease of mining and negligible energy usage has led to the formation of a strong BURST mining community, with over 200,000 TB securing the BURST network. This is equivalent to hundreds of thousands of personal computers. The expansive mining community gives BURST value, and some of these miners are blockchain developers, and they have been building a full suite of technology based on the Burstcoin blockchain. CloudBurst immutably stores files directly on the Burstcoin blockchain, for a small 1-time fee. Real blockchain storage is a rarity in the cryptocurrency world. The file will be stored as long as the Burstcoin blockchain exists, which is the foreseeable future and beyond considering the expansive BURST mining community. Cloudburst would be useful if you lost your computer and all of your backups in a natural disaster like a hurricane, and is a more secure solution than cloud storage like Google. Also, the Burstcoin wallet can be used to easily issue cryptocurrencies that are based off of the Burstcoin blockchain, and there is a decentralized exchange built-in to the wallet to trade these crypto assets. Cryptocurrency scalability is a problem even for major cryptocurrencies like Bitcoin and Ethereum, but Burstcoin has tackled and solved this problem with the launch of the Dymaxion. The scalability of the Dymaxion is so powerful that it can handle all the non-cash transactions in the world. This is done via the utilization of tangle-based lightning networks on top of the Burstcoin blockchain. Transactions done via the Dymaxion are instant, with no fees and practically no energy expenditure. The Dymaxion gives Burstcoin the room to grow as much as it needs to. When people look for the cryptocurrencies that will survive long term, it can be confusing due to the 2,000+ cryptocurrencies listed on CoinMarketCap. However, it is clear that cryptocurrencies with truly unique and useful technology, as well as strong communities will always be around and gain value long term relative to all the ICOs and copycats. Bitcoin is the king of SHA-256, Litecoin is the king of Scrypt, Ethereum is the king of blockchain-based dApps, Dogecoin is the king of the shibes on Reddit, Dash is the King of X11, Monero is the king of privacy coins, IOTA is the king of Directed Acyclic Graphs (DAGs), and Burstcoin is the king of Proof of Capacity. These kings of cryptocurrency will definitely be the winners and survivors when the fallout from the ICO apocalypse is over. This is for educational purposes only and is not investment advice. We are not paid by BURST to write this article.
Why Verge Needs DigiShield NOW! And Why DigiByte Is SAFE!
Hello everyone, I’m back! Someone asked a question recently on what exactly happened to XVG – Verge and if this could be a problem for DGB – DigiByte - Here: DigiByte vs Verge It was a great question and there have been people stating that this cannot be a problem for us because of DigiShield etc… with not much explanation after that. I was curious and did a bit more investigating to figure out what happened and why exactly it is that we are safe. So take a read.
Some Information on Verge
Verge was founded in 2014 with code based on DogeCoin, it was initially named DogeCoinDark, it later was renamed Verge XVG in 2016. Verge has 5 mining algorithms as does DigiByte. Those being:
However, unlike DigiByte those algorithms do not run side by side. On Verge one block can only be mined by a single algorithm at any time. This means that each algorithm takes turns mining the chain.
Prior to the latest fork there was not a single line of code that forced any algo rotation. They all run in parallel but of course in the end only one block can be accepted at given height which is obvious. After the fork algo rotation is forced so only 6 blocks with the same algo out of any 10 blocks can be accepted. - srgn_
Mining Verge and The Exploit
What happened then was not a 51% attack per say, but the attacker did end up mining 99% of all new blocks so in fact he did have power of over 51% of the chain. The way that Verge is mined allowed for a timestamp exploit. Every block that is mined is dependent on the previous blocks for determining the algorithm to be used (this is part of the exploit). Also, their mining difficulty is adjusted every block (which last 30 seconds also part of the exploit). Algorithms are not picked but in fact as stated previously compete with one another. As for difficulty:
Difficulty is calculated by a version of DGW which is based on timestamps of last 12 blocks mined by the same algo. - srgn_
This kind of bug is very serious and at the foundation of Verge’s codebase. In fact, in order to fix it a fork is needed, either hard fork or soft fork! What happened was that the hacker managed to change the time stamps on his blocks. He introduced a pair of false blocks. One which showed that the scrypt mining algorithm had been previously used, about 26 mins before, and then a second block which was mined with scrypt. The chain is set up so that it goes through the 5 different algorithms. So, the first false block shows the chain that the scrypt algorithm had been used in the recent past. This tricks it into thinking that the next algorithm to be used is scrypt. In this way, he was essentially able to mine 99% of all blocks.
Pairs of blocks are used to lower the difficulty but they need to be mined in certain order so they can pass the check of median timestamp of last 11 blocks which is performed in CBlock::AcceptBlock(). There is no tricking anything into thinking that the next algo should be x because there is no algo picking. They all just run and mine blocks constantly. There is only lowering the difficulty, passing the checks so the chain is valid and accepting this chain over chains mined by other algos. - segn_
Here is a snippet of code for what the time stamps on the blocks would look like:
SetBestChain: new best=00000000049c2d3329a3 height=2009406 trust=2009407 date=04/04/18 13:50:09 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000a307b54dfcf height=2009407 trust=2009408 date=04/04/18 12:16:51 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=00000000196f03f5727e height=2009408 trust=2009409 date=04/04/18 13:50:10 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=0000000010b42973b6ec height=2009409 trust=2009410 date=04/04/18 12:16:52 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000e0655294c73 height=2009410 trust=2009411 date=04/04/18 12:16:53 ProcessBlock: ACCEPTED (scrypt)
Here’s the first falsified block that was introduced into the XVG chain – Verge-Blockchain.info As you can see there is the first fake block with a time stamp of 13:50:09 for example and the next is set to 12:15:51, the following two blocks are also a fraudulent pair and note that the next block is set to 12:16:52. So essentially, he was able to mine whole blocks - 1 second per block!
This exploit was brought to public attention by ocminer on the bitcointalk forums. It seems the person was a mining pool administrator and noticed the problem after miners on the pool started to complain about a potential bug. What happened next was that Verge developers pushed out a “fix” but in fact did not really fix the issue. What they did was simply diminish the time frame in which the blocks can be mined. The attack still was exploitable and the attacker even went on to try it again! “The background is that the "fix" promoted by the devs simply won't fix the problem. It will just make the timeframe smaller in which the blocks can be mined / spoofed and the attack will still work, just be a bit slower.” - ocminer Ocminer then cited DigiShield as a real fix to the issue! Stating that the fix should also stipulate that a single algo can only be used X amount of times and not be dependent on when the algo was last used. He even said that DigiByte and Myriad had the same problems and we fixed them! He cited this github repo for DigiByte:
It seems that the reason that this exploit was so lucrative was because the difficulty adjustment parameters were not enough to reduce the rewards the attacker recieved. Had the rewards per block adjusted at reasonable rate like we do in DGB then at least the rewards would have dropped significantly per block. The attacker was able to make off with around 60 million Verge which equals about 3.6 million dollars per today’s prices. The exploit used by the attacker depended on the fact that time stamps could be falsified firstly and secondly that the difficulty retargeting parameters were inadequate. Let’s cover how DigiShield works more in detail. One of the DigiByte devs gave us this post about 4 years ago now, and the topic deserves revisiting and updates! I had a hard time finding good new resources and information on the details of DigiShield so I hope you’ll appreciate this review! This is everything I found for now that I could understand hopefully I get more information later and I’ll update this post. Let’s go over some stuff on difficulty first then I’ll try giving you a way to visualise the way these systems work. First you have to understand that mining difficulty changes over time; it has to! Look at Bitcoin’s difficulty for example – Bitcoin difficulty over the past five months. As I covered in another post (An Introduction to DigiByte Difficulty in Bitcoin is readjusted every 2016 blocks which each last about 10 mins each. This can play out over a span of 2 weeks, and that’s why you see Bitcoin’s difficulty graph as a step graph. In general, the hash power in the network increases over time as more people want to mine Bitcoin and thus the difficulty must also increase so that rewards are proportional. The problem with non-dynamic difficulty adjustment is that it allows for pools of miners and or single entities to come into smaller coins and mine them continuously, they essentially get “free” or easily mined coins as the difficulty has not had time to adjust. This is not really a problem for Bitcoin or other large coins as they always have a lot of miners running on their chains but for smaller coins and a few years ago in crypto basically any coin other than Bitcoin was vulnerable. Once the miners had gotten their “free coins” they could then dump the chain and go mine something else – because the difficulty had adjusted. Often chains were left frozen or with very high fees and slow processing times as there was not enough hash power to mine the transactions. This was a big problem in the beginning with DigiByte and almost even killed DogeCoin. This is where our brilliant developers came in and created DigiShield (first known as MultiShield). These three articles are where most of my information came from for DigiShield I had to reread a the first one a few times to understand so please correct me if I make any mistakes! They are in order from most recent to oldest and also in order of relevance.
DigiShield is a system whereby the difficulty for mining DigiByte is adjusted dynamically. Every single block each at 15 seconds has difficulty adjusted for the available hashing power. This means that difficulty in DigiByte is as close as we can get to real time! There are other methods for adjusting difficulty, the first being the Bitcoin/Litecoin method (a moving average calculated every X number of blocks) then the Kimoto Gravity Well is another. The reason that DigiShield is so great is because the parameters are just right for the difficulty to be able to rise and fall in proportion to the amount of hash power available. Note that Verge used a difficulty adjustment protocol more similar to that of DigiByte than Bitcoin. Difficulty was adjusted every block at 30 seconds. So why was Verge vulnerable to this attack? As I stated before Verge had a bug that allowed for firstly the manipulation of time stamps, and secondly did not adjust difficulty ideally. You have to try to imagine that difficulty adjustment chases hashing power. This is because the hashing power on a chain can be seen as the “input” and the difficulty adjustment as the corresponding output. The adjustment or output created is thus dependent on the amount of hashing power input. DigiShield was designed so that increases in mining difficulty are slightly harder to result than decreases in mining difficulty. This asymmetrical approach allows for mining to be more stable on DigiByte than other coins who use a symmetrical approach. It is a very delicate balancing act which requires the right approach or else the system breaks! Either the chain may freeze if hash power increases and then dumps or mining rewards are too high because the difficulty is not set high enough! If you’ve ever taken any physics courses maybe one way you can understand DigiShield is if I were to define it as a dynamic asymmetrical oscillation dampener. What does this mean? Let’s cover it in simple terms, it’s difficult to understand and for me it was easier to visualise. Imagine something like this, click on it it’s a video: Caravan Weight Distribution – made easy. This is not a perfect analogy to what DigiShield does but I’ll explain my idea. The input (hashing power) and the output (difficulty adjustment) both result in oscillations of the mining reward. These two variables are what controls mining rewards! So that caravan shaking violently back and forth imagine those are mining rewards, the weights are the parameters used for difficulty adjustment and the man’s hand pushing on the system is the hashing power. Mining rewards move back and forth (up and down) depending on the weight distribution (difficulty adjustment parameters) and the strength of the push (the amount of hashing power input to the system). Here is a quote from the dev’s article. “The secret to DigiShield is an asymmetrical approach to difficulty re-targeting. With DigiShield, the difficulty is allowed to decrease in larger movements than it is allowed to increase from block to block. This keeps a blockchain from getting "stuck" i.e., not finding the next block for several hours following a major drop in the net hash of coin. It is all a balancing act. You need to allow the difficulty to increase enough between blocks to catch up to a sudden spike in net hash, but not enough to accidentally send the difficulty sky high when two miners get lucky and find blocks back to back.” AND to top it all off the solution to Verge’s time stamp manipulation bug is RIGHT HERE in DigiShield again! This was patched and in Digishield v3 problems #7 Here’s a direct quote: “Most DigiShield v3 implementations do not get data from the most recent blocks, but begin the averaging at the MTP, which is typically 6 blocks in the past. This is ostensibly done to prevent timestamp manipulation of the difficulty.” Moreover, DigiShield does not allow for one algorithm to mine more than 5 blocks in a row. If the next block comes in on the same algorithm then it would be blocked and would be handed off to the next algorithm. DigiShield is a beautiful delicate yet robust system designed to prevent abuse and allow stability in mining! Many coins have adopted out technology!
Verge Needs DigiShield NOW!
The attacker has been identified as IDCToken on the bitcointalk forums. He posted recently that there are two more exploits still available in Verge which would allow for similar attacks! He said this: “Can confirm it is still exploitable, will not abuse it futher myself but fix this problem immediately I'll give Verge some hours to solve this otherwise I'll make this public and another unpatchable problem.” - IDCToken DigiShield could have stopped the time stamp manipulation exploit, and stopped the attacker from getting unjust rewards! Maybe a look at Verge’s difficulty chart might give a good idea of what 1 single person was able to do to a coin worth about 1 billion dollars.
Edit - Made a few mistakes in understanding how Verge is mined I've updated the post and left the mistakes visible. Nothing else is changed and my point still stands Verge could stand to gain something from adopting DigiShield! Hi, I hope you’ve enjoyed my article! I tried to learn as much as I could on DigiShield because I thought it was an interesting question and to help put together our DGB paper! hopefully I made no mistakes and if I did please let me know. -Dereck de Mézquita I'm a student typing this stuff on my free time, help me pay for school? Thank you! D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g https://digiexplorer.info/address/D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
Note: New Reddit look may not highlight links. See old look here. A copy is hosted on GitHub for better reading experience. Check it out, contains photo of the month! Also on Medium
dcrd: Significant optimization in signature hash calculation, bloom filters support was removed, 2x faster startup thanks to in-memory full block index, multipeer work advancing, stronger protection against majority hashpower attacks. Additionally, code refactoring and cleanup, code and test infrastructure improvements. In dcrd and dcrwallet developers have been experimenting with new modular dependency and versioning schemes using vgo. @orthomind is seeking feedback for his work on reproducible builds. Decrediton: 1.2.1 bugfix release, work on SPV has started, chart additions are in progress. Further simplification of the staking process is in the pipeline (slack). Politeia: new command line tool to interact with Politeia API, general development is ongoing. Help with testing will soon be welcome: this issue sets out a test plan, join #politeia to follow progress and participate in testing. dcrdata: work ongoing on improved design, adding more charts and improving Insight API support. Android: design work advancing. Decred's own DNS seeder (dcrseeder) was released. It is written in Go and it properly supports service bit filtering, which will allow SPV nodes to find full nodes that support compact filters. Ticket splitting service by @matheusd entered beta and demonstrated an 11-way split on mainnet. Help with testing is much appreciated, please join #ticket_splitting to participate in splits, but check this doc to learn about the risks. Reddit discussion here. Trezor support is expected to land in their next firmware update. Decred is now supported by Riemann, a toolbox from James Prestwich to construct transactions for many UTXO-based chains from human-readable strings. Atomic swap with Ethereum on testnet was demonstrated at Blockspot Conference LATAM. Two new faces were added to contributors page. Dev activity stats for May: 238 active PRs, 195 master commits, 32,831 added and 22,280 deleted lines spread across 8 repositories. Contributions came from 4-10 developers per repository. (chart)
Hashrate: rapid growth from ~4,000 TH/s at the beginning of the month to ~15,000 at the end with new all time high of 17,949. Interesting dynamic in hashrate distribution across mining pools: coinmine.pl share went down from 55% to 25% while F2Pool up from 2% to 44%. [Note: as of June 6, the hashrate continues to rise and has already passed 22,000 TH/s] Staking: 30-day average ticket price is 91.3 DCR (+0.8), stake participation is 46.9% (+0.8%) with 3.68 million DCR locked (+0.15). Min price was 85.56. On May 11 ticket price surged to 96.99, staying elevated for longer than usual after such a pump. Locked DCR peaked at 47.17%. jet_user on reddit suggested that the DCR for these tickets likely came from a miner with significant hashrate. Nodes: there are 226 public listening and 405 normal nodes per dcred.eu. Version distribution: 45% on v1.2.0 (up from 24% last month), 39% on v1.1.2, 15% on v1.1.0 and 1% running outdaded versions.
Obelisk team posted an update. Current hashrate estimate of DCR1 is 1200 GH/s at 500 W and may still change. The chips came back at 40% the speed of the simulated results, it is still unknown why. Batch 1 units may get delayed 1-2 weeks past June 30. See discussions on decred and on siacoin. @SiaBillionaire estimated that 7940 DCR1 units were sold in Batches 1-5, while Lynmar13 shared his projections of DCR1 profitability (reddit). A new Chinese miner for pre-order was noticed by our Telegram group. Woodpecker WB2 specs 1.5 TH/s at 1200 W, costs 15,000 CNY (~2,340 USD) and the initial 150 units are expected to ship on Aug 15. (pow8.com – translated) Another new miner is iBelink DSM6T: 6 TH/s at 2100 W costing $6,300 (ibelink.co). Shipping starts from June 5. Some concerns and links were posted in these twothreads.
A new mining pool is available now: altpool.net. It uses PPLNS model and takes 1% fee. Another infrastructure addition is tokensmart.io, a newly audited stake pool with 0.8% fee. There are a total of 14 stake pools now. Exchange integrations:
Upbit added DCKRW and DCUSDT pairs. A user reported that DCR deposits and withdrawals are now available.
CoinEx announced the launch of DCBTC and DCBCH pairs.
Bleutrade added DCUSDT pair. Note their reply to our tweet. It was the first exchange to list Decred minutes after launch.
Brazilian exchange OmniTradeadded DCBRL fiat pair following a poll. Worth noting that it is one of the first to integrate Trezor sign-in.
There are reports that DCR was added to Abucoins and Tor Exchange but we don't know much about them.
OpenBazaar released an update that allows one to trade cryptocurrencies, including DCR. @i2Rav from i2trading is now offering two sided OTC market liquidity on DCUSD in #trading channel. Paytomat, payments solution for point of sale and e-commerce, integrated Decred. (missed in April issue) CoinPayments, a payment processor supporting Decred, developed an integration with @Shopify that allows connected merchants to accept cryptocurrencies in exchange for goods.
michae2xl: Voto Legal: CEO Thiago Rondon of Appcívico, has already been contacted by 800 politicians and negotiations have started with four pre-candidates for the presidency (slack, source tweet)
Blockfolio rolled out Signal Beta with Decred in the list. Users who own or watch a coin will automatically receive updates pushed by project teams. Nice to see this Journal made it to the screenshot! Placeholder Ventures announced that Decred is their first public investment. Their Investment Thesis is a clear and well researched overview of Decred. Among other great points it noted the less obvious benefit of not doing an ICO:
By choosing not to pre-sell coins to speculators, the financial rewards from Decred’s growth most favor those who work for the network.
One project that stands out at #Consensus2018 is @decredproject. Not annoying. Real tech. Humble team. #BUIDL is strong with them. (@PallerJohn)
Token Summit in New York, USA. @cburniske and @jmonegro from Placeholder talked "Governance and Cryptoeconomics" and spoke highly of Decred. (twitter coverage: 12, video, video (from 32 min)) Campus Party in Bahia, Brazil. João Ferreira aka @girino and Gabriel @Rhama were introducing Decred, talking about governance and teaching to perform atomic swaps. (photos) Decred was introduced to the delegates from Shanghai's Caohejing Hi-Tech Park, organized by @ybfventures. Second Decred meetup in Hangzhou, China. (photos) Madison Blockchain in Madison, USA. "Lots of in-depth questions. The Q&A lasted longer than the presentation!". (photo) Blockspot Conference Latam in Sao Paulo, Brazil. (photos: 1, 2) Upcoming events:
The Long-Term Bullish Case for Decred by Ben Davidow (medium.com)
Hardware Companies Are Launching Dedicated ASIC Miners for Decred (btcmanager.com)
Iterative Capital partner Chris Dannen and journalist Ben Schiller speak with Marco and Jonathan from Decred at Consensus 2018 (soundcloud)
Decred Review: What is DCR, the Decred Community & Possible Challenges by BitBoy Crypto (youtube)
Decred Founder: Bitcoin Paved Way, Phase 2 Will Shock You! (Marco Peereboom) by Pure Blockchain Wealth (youtube)
Decred & Blocknet: Revolutionary governance for every community feat. JZ at Consensus 2018 (youtube)
Decred coin - Will it be better than Bitcoin? by Bitassist (youtube)
Community stats: Twitter 39,118 (+742), Reddit 8,167 (+277), Slack 5,658 (+160). Difference is between May 5 and May 31. Reddit highlights: transparent up/down voting on Politeia, combining LN and atomic swaps, minimum viable superorganism, the controversial debate on Decred contractor model (people wondered about true motives behind the thread), tx size and fees discussion, hard moderation case, impact of ASICs on price, another "Why Decred?" thread with another excellent pitch by solar, fee analysis showing how ticket price algorithm change was controversial with ~100x cut in miner profits, impact of ticket splitting on ticket price, recommendations on promoting Decred, security against double spends and custom voting policies. @R3VoLuT1OneR posted a preview of a proposal from his company for Decred to offer scholarships for students. dcrtrader gained a couple of new moderators, weekly automatic threads were reconfigured to monthly and empty threads were removed. Currently most trading talk happens on #trading and some leaks to decred. A separate trading sub offers some advantages: unlimited trading talk, broad range of allowed topics, free speech and transparent moderation, in addition to standard reddit threaded discussion, permanent history and search. Forum: potential social attacks on Decred. Slack: the #governance channel created last month has seen many intelligent conversations on topics including: finite attention of decision makers, why stakeholders can make good decisions (opposed to a common narrative than only developers are capable of making good decisions), proposal funding and contractor pre-qualification, Cardano and Dash treasuries, quadratic voting, equality of outcome vs equality of opportunity, and much more. One particularly important issue being discussed is the growing number of posts arguing that on-chain governance and coin voting is bad. Just a few examples from Twitter: Decred is solving an imagined problem (decent response by @jm_buirski), we convince ourselves that we need governance and ticket price algo vote was not controversial, on-chain governance hurts node operators and it is too early for it, it robs node operators of their role, crypto risks being captured by the wealthy, it is a huge threat to the whole public blockchain space, coin holders should not own the blockchain. Some responses were posted here and here on Twitter, as well as this article by Noah Pierau.
The month of May has seen Decred earn some much deserved attention in the markets. DCR started the month around 0.009 BTC and finished around 0.0125 with interim high of 0.0165 on Bittrex. In USD terms it started around $81 and finished around $92, temporarily rising to $118. During a period in which most altcoins suffered, Decred has performed well; rising from rank #45 to #30 on Coinmarketcap. The addition of a much awaited KRW pair on Upbit saw the price briefly double on some exchanges. This pair opens up direct DCR to fiat trading in one of the largest cryptocurrency markets in the world. An update from @i2Rav:
We have begun trading DCR in large volume daily. The interest around DCR has really started to grow in terms of OTC quote requests. More and more customers are asking about trading it.
Like in previous month, Decred scores high by "% down from ATH" indicator being #2 on onchainfx as of June 6.
David Vorick (@taek) published lots of insights into the world of ASIC manufacturing (reddit). Bitmain replied. Bitmain released an ASIC for Equihash (archived), an algorithm thought to be somewhat ASIC-resistant 2 years ago. Threepure PoWcoins were attacked this month, one attempting to be ASIC resistant. This shows the importance of Decred's PoS layer that exerts control over miners and allows Decred to welcome ASIC miners for more PoW security without sacrificing sovereignty to them. Upbit was raided over suspected fraud and put under investigation. Following news reported no illicit activity was found and suggested and raid was premature and damaged trust in local exchanges. Circle, the new owner of Poloniex, announced a USD-backed stablecoin and Bitmain partnership. The plan is to make USDC available as a primary market on Poloniex. More details in the FAQ. Poloniex announced lower trading fees. Bittrex plans to offer USD trading pairs. @sumiflow made good progress on correcting Decred market cap on several sites:
speaking of market cap, I got it corrected on coingecko, cryptocompare, and worldcoinindex onchainfx, livecoinwatch, and cryptoindex.co said they would update it about a month ago but haven't yet I messaged coinlib.io today but haven't got a response yet coinmarketcap refused to correct it until they can verify certain funds have moved from dev wallets which is most likely forever unknowable (slack)
About This Issue
Some source links point to Slack messages. Although Slack hides history older than ~5 days, you can read individual messages if you paste the message link into chat with yourself. Digging the full conversation is hard but possible. The history of all channels bridged to Matrix is saved in Matrix. Therefore it is possible to dig history in Matrix if you know the timestamp of the first message. Slack links encode the timestamp: https://decred.slack.com/archives/C5H9Z63AA/p1525528370000062 => 1525528370 => 2018-05-05 13:52:50. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Your feedback is precious. You can post on GitHub, comment on Reddit or message us in #writers_room channel. Credits (Slack names, alphabetical order): bee, Richard-Red, snr01 and solar.
Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity
https://preview.redd.it/3avf5qg5r4221.png?width=572&format=png&auto=webp&s=b54fac16e32a99f2eb544a5ec9f6439b2915a06d https://cryptoiq.co/burstcoin-burst-a-dark-horse-that-could-become-a-major-cryptocurrency-the-king-of-proof-of-capacity/ Currently the cryptocurrency space if flooded with copycat coins and initial coin offering (ICO) tokens, most of which are moving steadily down the ranks on CoinMarketCap as the bear market of 2018 continues. This bear market is weeding out cryptocurrencies that have little long term potential, and cryptocurrencies that have strong communities and unique technology are rising to the top. Burstcoin (BURST) is one such cryptocurrency that is rising to the top, like cream in a glass of fresh milk. This is because the Burstcoin community is filled with diehard Cypherpunks, and BURST is the king of Proof of Capacity. Back in the middle of October 2018 BURST was at #248 on CoinMarketCap, which was before the ‘nuclear’ bear market took effect, where the support level was broken due to the Bitcoin Cash hard fork, Bakkt delaying the launch of physical Bitcoin futures, and the Securities and Exchange Commission (SEC) initiating its first civil enforcement penalties against ICOs. BURST has decreased in price like every other cryptocurrency, but is rising relative to other cryptocurrencies, and as of 3 December 2018 sits at #199 on CoinMarketCap with a market cap of USD 13.5 million. This increase in the price of BURST relative to other cryptocurrencies is due to Burstcoin’s unique technology. Burstcoin is the king of Proof of Capacity, a mining algorithm that uses the hard drive, versus raw computational power like with Proof of Work, and is much more energy efficient than Proof of Work. Proof of Capacity works by writing cryptographic hashes to an allotted segment of a hard drive called a plot. This plot is then read during mining to find the correct cryptographic hash, and whoever finds the cryptographic hash the fastest receives the block reward. More hard drive space dedicated to the plot equals more cryptographic hashes available, making it easier to find an answer and earn the BURST block reward. Currently 1TB generates 1-2 BURST per day, and even though this is only equivalent to about a penny, it is all profit since reading the plot file requires a negligible amount of energy, and BURST miners can use their computer for other activities without impediment. Compare this to Proof of Work, which slows down personal computers and costs more electricity than the cryptocurrency it mines. BURST is one of the only cryptocurrencies that can be profitably mined on personal computers. Further, unlike with Proof of Work where specialized mining equipment is required like application specific integrated circuits (ASICs), anyone with a computer or even mobile phone can mine BURST, and if they decide to stop mining BURST they can simply delete their plot file and use the hard drive space for other things. This is unlike ASICs, which cannot be used for anything but mining, so if someone decides to stop mining they lose all the money invested into the ASIC. The ease of mining and negligible energy usage has led to the formation of a strong BURST mining community, with over 200,000 TB securing the BURST network. This is equivalent to hundreds of thousands of personal computers. The expansive mining community gives BURST value, and some of these miners are blockchain developers, and they have been building a full suite of technology based on the Burstcoin blockchain. CloudBurst immutably stores files directly on the Burstcoin blockchain, for a small 1-time fee. Real blockchain storage is a rarity in the cryptocurrency world. The file will be stored as long as the Burstcoin blockchain exists, which is the foreseeable future and beyond considering the expansive BURST mining community. Cloudburst would be useful if you lost your computer and all of your backups in a natural disaster like a hurricane, and is a more secure solution than cloud storage like Google. Also, the Burstcoin wallet can be used to easily issue cryptocurrencies that are based off of the Burstcoin blockchain, and there is a decentralized exchange built-in to the wallet to trade these crypto assets. Cryptocurrency scalability is a problem even for major cryptocurrencies like Bitcoin and Ethereum, but Burstcoin has tackled and solved this problem with the launch of the Dymaxion. The scalability of the Dymaxion is so powerful that it can handle all the non-cash transactions in the world. This is done via the utilization of tangle-based lightning networks on top of the Burstcoin blockchain. Transactions done via the Dymaxion are instant, with no fees and practically no energy expenditure. The Dymaxion gives Burstcoin the room to grow as much as it needs to. When people look for the cryptocurrencies that will survive long term, it can be confusing due to the 2,000+ cryptocurrencies listed on CoinMarketCap. However, it is clear that cryptocurrencies with truly unique and useful technology, as well as strong communities will always be around and gain value long term relative to all the ICOs and copycats. Bitcoin is the king of SHA-256, Litecoin is the king of Scrypt, Ethereum is the king of blockchain-based dApps, Dogecoin is the king of the shibes on Reddit, Dash is the King of X11, Monero is the king of privacy coins, IOTA is the king of Directed Acyclic Graphs (DAGs), and Burstcoin is the king of Proof of Capacity. These kings of cryptocurrency will definitely be the winners and survivors when the fallout from the ICO apocalypse is over. This is for educational purposes only and is not investment advice. We are not paid by BURST to write this article.
Bitcoin Mining - A Development That Involves a Bit More Than Number Crunching
The attractive cryptocurrency and therefore the varied thoughts that occur within the minds of the onlookers usually surround few obvious queries - however, will it inherit being and what about its circulation? the solution, however, is simple. Bitcoins must be deep-mined, so as to form the cryptocurrency exist within the Bitcoin market. The mysterious creator of Bitcoin, Satoshi Nakamoto, visualized a way to exchange the dear cryptocurrencies on-line, by doing away with the need for any centralized establishment. For Bitcoins, there are an alternate thanks to holding the required records of the group action history of the complete circulation, and everyone this can be managed via a suburbanized manner. The ledger that facilitates the method is thought because of the "blockchain". The essence of this ledger would possibly need heaps of newspaper for showing frequently in any respect common Bitcoin news. Blockchain expands each minute, existing on the machines concerned within the large Bitcoin network. Individuals could question the validity, even legitimacy, of those transactions and their recordings into Blockchain. This too is but even, through the method of Bitcoin mining. https://www.bitcoin24mining.com/ Mining allows the creation of latest Bitcoin and collecting transactions to the ledger. Mining basically entails finding of advanced mathematical calculations, and therefore the miners use huge computing power to resolve it. The individual or 'pool' that solves the puzzle, place the following block and wins a bequest too. And, however, mining will avoid double-spending? virtually every ten minutes, outstanding transactions are deep-mined into a block. So, any inconsistency or illegitimacy is totally dominated out. For Bitcoins, mining isn't spoken of during an ancient sense of the term. Bitcoins are deep-mined by utilizing cryptography. A hash operate termed as "double SHA-256" is utilized. However troublesome is it to mine Bitcoins? this may be another question. This relies lots on the hassle and computing power being utilized into mining. Another issue value mentioning is that the packaging protocol. For every 2016 blocks, issue entailed in the mining of Bitcoins is adjusted by itself merely to take care of the protocol. In turn, the pace of block generation is unbroken consistent. A Bitcoin issue chart may be an excellent live to demonstrate the mining issue over time. The issue level adjusts itself to travel up or down during a directly proportional manner, looking at the processing power, whether or not it's being fuelled or set out. because the range of miners rises, the share of profits merited by the participants diminish, everybody finishes up with smaller slices of the profits. Having individual economies and communities, cryptocurrencies like Dogecoin, Namecoin or Peercoin, are known as Altcoins. These are alternatives to Bitcoin. Virtually like Bitcoins, these 'cousins' do have a large fan-following and aficionados WHO are keen to require a deep plunge into the massive ocean and start to mine it. Algorithms utilized for Altcoin mining are either SHA-256 or Scrypt. Many alternative innovative algorithms exist too. Ease, affordability, and ease will render it possible to mine Altcoins on a computer or by using special mining package. Altcoins are a touch 'down to earth' compared to Bitcoins, nonetheless remodeling them into pile may be a very little troublesome. Cryptocurrency buffs will simply hope, if a number of them may witness the equivalent astronomical fame!
Achieving consensus in distributed systems – that chink in the armor hasn't gone away
First a disclosure: My name is Will, I founded Novauri, and our team is building a service that will allow users to buy and sell bitcoin in the US while keeping full control of their private keys as a mandatory design element, not an option. Please SIGN UP for our US only closed beta test in 2015 here. It's super fast, takes 20 seconds, and we'll guarantee no transaction fees for the life of your account. Plus our rates will be highly competitive. Read all about it on the website! I don’t like marketing, I intensely hate the spam I see on the forums, so my approach is going to be to write (semi) intelligent posts and hopefully gain customers through interaction and discourse, as opposed to spamming it up with astroturf and pictures of hipsters having fun that you could be like if you used our product. Now… my thoughts. Proof of work – a tragedy of the commons Not very long ago a mining pool called ghash.io reached 55% bitcoin mining power. It’s widely known that POW suffers from the tragedy of the commons. Mining is SHA256x2, which makes it really simple to build coin flipping application specific integrated circuits (ASICs) that run this faster than general purpose processors. This creates an economic incentive towards centralization where miners who can access the best ASICs first have a major advantage in hashing power per dollar. Pools, a solution to a market demand that exacerbates the problem A second problem is a solution to an economic demand, the existence of mining “pools”. Because a block is solved only every 10 minutes, as bitcoin scales, it becomes increasingly unlikely to ever solve a block by yourself, even with substantial processing power. Mining pools allow the “little guys” to participate too and contribute their hashing power to a pool of miners. This way they receive a portion of any block solved by the pool, enabling a steady and more consistent return on their investment in hardware, facilities and electricity. Yet while pools solve a problem, they create a second issue, the centralization of mining power by pool operators. Because the blocks are “solved” by the managing pool directly, this gives the pool the same controls and ability to act poorly as if they had the hardware themselves. One might argue that market forces will naturally correct things if a mining pool approaches 51%, but this has been disproven in practice with ghash.io. Selfish miners using ghash.io essentially put the entire system in dire peril by letting ghash.io reach 55%. They waited for others to “go first” before switching pools. This is the very definition of “tragedy of the commons”. I would argue it was only the price of bitcoin that changed the miners’ behavior, and reviewing the charts shows that the prices did not lead the mining power concentrations at all, which also defies common wisdom, but in reality is entirely true. P2P pool is a great idea, but it has not offered the same economic benefits to miners as other privately run pools on a balance sheet. Until it does, don't look there for a long term answer. Miners are trying to make a return, and if a pool gives them an advantage, most will use that pool over P2P. Mining is not a charity. Proof of state – lack consensus and bring monopoly issues Some might point to proof of stake as a potential solution (POS). Put very simply, POS is where by virtue of the fact that you own X virtual currency, you have a proportionate chance to win a vote or tiebreaker when confirming transactions. Unfortunately, POS fails to provide a disincentive to fork and suffers from the monopoly problem. Ownership carries voting rights, and there is nothing wasted (no work) by voting for both sides of a fork. There is no consensus, so POS systems are generally hybrid models where POW is used to achieve consensus of forks regardless. POS also has a monopoly problem, which are as serious as POW’s problems. So solving bitcoin's problems with POS seems like a dead end. Very smart people have tried, and so far nothing viable has materialized that is stable enough to be trusted with something as mature and valuable as bitcoin. So… let’s relist all of the bad news!!!
POW suffers from the tragedy of the commons, in that economies of scale right now favor centralization of mining power, yet this same centralization threatens security, which hurts everyone including the centralizing miner. What’s worse are mining pools which serve a valid purpose (normalizing rewards for mining) but compound the issue of centralization.
POS fails because of monopolies and lack of consensus when forks occur.
Solutions thus far are myopic, influenced by personal interests or blimp sized egos (I am one to talk), and are often more academic than pragmatic. Most are just to complicated to work or to be implemented safely without years of refinement in an alt coin. Well, is there hope? What is the practical thing to do? Should we do nothing? I would argue that there are three problems we must solve at once, and all three problems are very much interrelated. It’s one @[email protected]@ of a puzzle. We need to: 1) Make pooled mining uneconomical 2) Figure out a way to make small scale mining cost advantageous 3) Do 1 and 2 but allow normalized returns for little guys so they can run a small business or profitable hobby, without it being a lottery ticket. Some say that a 51% issue would not be the end because we would know very quickly who the bad actor is and could react accordingly. I’m a little more concerned. A real shakeup in the core of bitcoin would shake confidence, and could set us back years. I feel we should as a community put a much higher priority on finding a practical, viable solution. Nothing academic, nothing incredibly complicated, but something that can shift the economics of the situation and solve the three problems listed above. While we have plenty of issues around individual usability, this is, in my humble opinion, the largest remaining vulnerability in bitcoin today. So… what to do? How do we solve all three of these problems at once? What are the possible combinations of solutions that work? Let me take a stab at it… 1) Deterring pooled mining Let’s give more serious consideration to two-phase mining. The idea is to keep (SHA256(SHA256(header))) and add a requirement for (SHA256(SIG(header, privkey))), requiring the block to be signed with the private key of the miner. This kills pooled mining, dead. Miners can solve SHA256x2 but the pool needs the miner’s private key to sign the block header, which would allow the miner to steal the reward, which kills pools very fast. 2) Disincentivizing centralization of mining power 2a) Small scale heat recovery systems We need to get people thinking about small scale heat recovery systems built around mining hardware. This will allow mining activity to serve as a source of heat in cold climates, or perform work where heat is required. One example might be liquid submersion of the asic or heatsinks couples with a pump, radiator and fan in small, modular design might be economically viable. Electric heat is used very commonly, and when powered from clean power sources like solar, geothermal, nuclear (yes, nuclear I would count in the “clean” bucket) and wind, the net is a zero emission system that heats like an electric heater but adds security to the financial system in return, and generates profit for the beneficiary. 2b) Rotating or amorphous block hashing algorithms Another possibility is to rotate or add complexity to the hash algorithms used to solve blocks. Instead of SHA256x2, perhaps SHA256x2 is rotated with scrypt? Perhaps there are many algorithms that rotate to add even more complixity. This would at a minimum make it much harder to design ASICs, and would institute a memory requirement as well. This would at least close the gap between specialized mining operations and home hobbyists. The problem is, what miner in their right mind would go with a hard fork in this direction? This is likely unviable because of economics. 2a is probably the way to go. Is there a 2c or d? 3) Normalizing returns The issue here is that coinbase generation in a decentralized model is like winning the lottery. Your 2a heater would be unlikely to ever solve a block in it’s lifetime. So this last issue is even harder to solve than 2. 3 is the reason mining pools were created in the first place. How do you increase reward frequency while lowering reward to generate a more predictable return? Or maybe we are asking the wrong question or thinking in the wrong direction or dimension? Is there a way to centralize and normalize rewards in a safer way? Could the heater's price be subsidized by the mining activity if that activity was safely hard wired in the heater's hardware to pay block rewards to the reseller or manufacturer? Could electricity rates be offset by rewards going to electricity companies as a subsidy to completely smooth out the return on investment for a bitcoin heater? That last one is tough and would need a really great strategy to reach a critical mass. Does anyone smarter than me have an idea? This is really the problem. It’s three interrelated issues. In closing, sign up for our closed US beta. There are still some spots left. We're poor but talented and our hearts are in the right place. Thank you!
The pools are all reporting the wrong network data (I hope its this - but the rate of discovery of blocks by pools would suggest otherwise)”
(https://bitcointalk.org/index.php?topic=583449.msg6782852#msg6782852) -2192: “New source (0.8.8.1) is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit." (https://bitcointalk.org/index.php?topic=583449.msg6788812#msg6788812) [eizh makes official announce of last miner optimization, it is may 17th] -2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038) [wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools] -2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|" (https://bitcointalk.org/index.php?topic=583449.msg6806946#msg6806946) -2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro" (https://bitcointalk.org/index.php?topic=583449.msg6808548#msg6808548) -2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486" (https://bitcointalk.org/index.php?topic=583449.msg6829109#msg6829109) -2756: “So... ALL Pools have 50KH/s COMBINED. Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?” (https://bitcointalk.org/index.php?topic=583449.msg6829977#msg6829977) -2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.” (https://bitcointalk.org/index.php?topic=583449.msg6830012#msg6830012) -2765: “Penalty for too large block size is disastrous in the long run. Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.” (https://bitcointalk.org/index.php?topic=583449.msg6830475#msg6830475) -2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes." (https://bitcointalk.org/index.php?topic=583449.msg6830710#msg6830710) -3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin. To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially." (https://bitcointalk.org/index.php?topic=583449.msg6845545#msg6845545) [tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project] -3044: "image" (https://bitcointalk.org/index.php?topic=583449.msg6845986#msg6845986) [Monero added to coinmarketcap may 21st 2014] -3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)." (https://bitcointalk.org/index.php?topic=583449.msg6846509#msg6846509) [random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)] -3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam. In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa). Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet." (https://bitcointalk.org/index.php?topic=583449.msg6846638#msg6846638) [An answer to those trolls saying Monero has no innovation/unique feature] -3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself." (https://bitcointalk.org/index.php?topic=583449.msg6846676#msg6846676) -3119: “image” [included for the lulz] -3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs." (https://bitcointalk.org/index.php?topic=583449.msg6848006#msg6848006) [the initial "core team" so far, eizh post] -3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085) [fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading] -3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526) [fluffy again, worth to read it too, so follow link, don’t be lazy] -3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.” (https://bitcointalk.org/index.php?topic=583449.msg6857197#msg6857197) [flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner] -3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded. I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy." (https://bitcointalk.org/index.php?topic=583449.msg6857796#msg6857796) [smooth takes the opportunity to remember the need of bigger target block] -3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373” [wolf0 makes public his open source optimized miner] -3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools." (https://bitcointalk.org/index.php?topic=583449.msg6861193#msg6861193) [tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it] -3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693) [fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins] -3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one. I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw). Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar. The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized. That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have." (https://bitcointalk.org/index.php?topic=583449.msg6863720#msg6863720) [smooth vision of a true p2p currency] -3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth." (https://bitcointalk.org/index.php?topic=583449.msg6865061#msg6865061) [smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances] -3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them." [fluffy-troll] -3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do"" (https://bitcointalk.org/index.php?topic=583449.msg6878244#msg6878244) [Major FUD troll in the topic. One of the hardest I’ve ever seen] -3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants. Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking. Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures. This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)." (https://bitcointalk.org/index.php?topic=583449.msg6883525#msg6883525) [Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on] -3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars." (https://bitcointalk.org/index.php?topic=583449.msg6886770#msg6886770) [Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies] -3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412) [partnership with i2p] -4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373” (https://bitcointalk.org/index.php?topic=583449.msg6993812#msg6993812) [super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining] -4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here: logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately." (https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497) [Jun 2nd 2014] -5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0” (https://bitcointalk.org/index.php?topic=583449.msg7130160#msg7130160) [4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner] -5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724" (https://bitcointalk.org/index.php?topic=583449.msg7198061#msg7198061) [miner optimization is an endless task] -5464: "I have posted a proposal for fixed subsidy: https://bitcointalk.org/index.php?topic=597878.msg7202538#msg7202538" (https://bitcointalk.org/index.php?topic=583449.msg7202776#msg7202776) [Nice charts and discussion proposed by tacotime, worth reading it] -5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default." (https://bitcointalk.org/index.php?topic=583449.msg7234475#msg7234475) [Now you can recover your wallet with a 24 word seed] -5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623) [Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)] -6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715) [Monero missives: CryptoNote peer review starts whitepaper reviewed)] -7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333) [android monero widget built] This is a dense digest of the first several thousand messages on the definitive Monero thread. A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
30th April: First NoodleDoodle's miner optimization.
11th May: First Monero exchanger
13th May: Open source pool code is ready.
16th May: First pool mined block.
19th May: Monero in poloniex
20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
25th May: partnership with i2p
28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
4th June: Claymore's open source GPU miner.
10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
March 2015 – tail emission added to code
March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
Viacoin is an open source cryptocurrency project, based on the Bitcoin blockchain. Publicly introduced on the crypto market in mid 2014, Viacoin integrates decentralized asset transaction on the blockchain, reaching speeds that have never seen before on cryptocurrencies. This Scrypt based, Proof of Work coin was created to try contrast Bitcoin’s structural problems, mainly the congested blockchain delays that inhibit microtransaction as this currency transitions from digital money to a gold-like, mean of solid value storage. Bitcoin Core developers Peter Todd and Btc have been working on this currency and ameliorated it until they was able to reach a lightning fast speed of 24 second per block. These incredible speeds are just one of the features that come with the implementation of Lightning Network, and and make Bitcoin slow transactions a thing of the past. To achieve such a dramatic improvement in performance, the developers modified Viacoin so that its OP_RETURN has been extended to 80 bytes, reducing tx and bloat sizes, overcoming multi signature hacks; the integration of ECDSA optimized C library allowed this coin to reach significant speedup for raw signature validation, making it perform up to 5 times better. This will mean easy adoption by merchants and vendors, which won’t have to worry anymore with long times between the payment and its approval. Todd role as Chief Scientist and Advisor has been proven the right choice for this coin, thanks to his focus on Tree Chains, a ground breaking feature that will fix the main problems revolving around Bitcoin, such as scalability issues and the troubles for the Viacoin miners to keep a reputation on the blockchain in a decentralized mining environment. Thanks to Todd’s expertise in sidechains, the future of this crypto currency will see the implementation of an alternative blockchain that is not linear. According to the developer, the chains are too unregulated when it comes to trying to establish a strong connection between the operations happening on one chain and what happens elsewhere. Merged mining, scalability and safety are at risk and tackling these problems is mandatory in order to create a new, disruptive crypto technology. Tree Chains are going to be the basis for a broader use and a series of protocols that are going to allow users and developers to use Viacoin’s blockchain not just to mine and store coins, but just like other new crypto currencies to allow the creation of secure, decentralized consensus systems living on the blockchain The commander role on this BIP9 compatible coin’s development team has now been taken by a programmer from the Netherlands called Romano, which has a great fan base in the cryptocurrency community thanks to his progressive views on the future of the world of cryptos. He’s in strong favor of SegWit, and considers soft forks on the chain not to be a problem but an opportunity: according to him it will provide an easy method to enable scripting upgrades and the implementation of other features that the market has been looking for, such as peer to peer layers for compact block relay. Segregation Witness allows increased capacity, ends transactions malleability, makes scripting upgradeable, and reduces UTXO set. Because of these reasons, Viacoin Core 0.13 is already SegWit ready and is awaiting for signaling. Together with implementation of SegWit, Romano has recently been working on finalizing the implementation of merged mining, something that has never been done with altcoins. Merged mining allows users to mine more than one block chain at the same time, this means that every hash the miner does contributes to the total hash rate of all currencies, and as a result they are all more secure. This release pre-announcement resulted in a market spike, showing how interested the market is in the inclusion of these features in the coin core and blockchain. The developer has been introducing several of these features, ranging from a Hierarchical Deterministic key (HD key) generation that allows all Viacoin users to backup their wallets, to a compact block relay, which decreases block propagation times on the peer to peer network; this creates a healthier network and a better baseline relay security margin. Viacoin’s support for relative locktime allows users and miners to time-lock a transaction, this means that a new transaction will be prevented until a relative time change is achieved with a new OP code, OP_CHECKSEQUENCEVERITY, which allows the execution of a script based on the age of the amount that is being spent. Support for Child-Pays-For-Parent procedures in Viacoin has been successfully enabled, CPFP will alleviate the problem of transactions that stuck for a long period in the unconfirmed limbo, either because of network bottlenecks or lack of funds to pay the fee. Thanks to this method, an algorithm will selects transactions based on federate inclusive unconfirmed ancestor transaction; this means that a low fee transaction will be more likely to get picked up by miners if another transaction with an higher fee that speeds its output gets relayed. Several optimizations have been implemented in the blockchain to allow its scaling to proceed freely, ranging from pruning of the chain itsel to save disk space, to optimizing memory use thanks to mempool transaction filtering. UTXO cache has also been optimization, further allowing for significant faster transaction times. Anonymity of transaction has been ameliorated, thanks to increased TOR support by the development team. This feature will help keep this crypto currency secure and the identity of who works on it safe; this has been proven essential, especially considering how Viacoin’s future is right now focused on segwit and lightning network . Onion technology used in TOR has also been included in the routing of transactions, rapid payments and instant transaction on bi directional payment channels in total anonymity. Payments Viacoin’s anonymity is one of the main items of this year’s roadmap, and by the end of 2017 we’ll be able to see Viacoin’s latest secure payment technology, called Styx, implemented on its blockchain. This unlinkable anonymous atomic payment hub combines off-the-blockchain cryptographic computations, thanks to Viacoin’s scriptin functionalities, and makes use of security RSA assumptions, ROM and Elliptic Curve digital signature Algorithm; this will allow participants to make fast, anonymous transfer funds with zero knowledge contingent payment proof. Wallets already offer strong privacy, thanks to transactions being broadcasted once only; this increases anonymity, since it can’t be used to link IPs and TXs. In the future of this coin we’ll also see hardware wallets support reaching 100%, with Trezor and Nano ledger support. These small, key-chain devices connect to the user’s computer to store their private keys and sign transactions in a safe environment. Including Viacoin in these wallets is a smart move, because they are targeted towards people that are outside of hardcore cryptocurrency users circle and guarantees exposure to this currency. The more casual users hear of this coin, the faster they’re going to adopt it, being sure of it’s safety and reliability. In last October, Viacoin price has seen a strong decline, probably linked to one big online retailer building a decentralized crypto stock exchange based on the Counterparty protocol. As usual with crypto currencties, it’s easy to misunderstand the market fluctuations and assume that a temporary underperforming coin is a sign of lack of strength. The change in the development team certainly helped with Viacoin losing value, but by watching the coin graphs it’s easy to see how this momentary change in price is turning out to be just one of those gentle chart dips that precede a sky rocketing surge in price. Romano is working hard on features and focusing on their implementation, keeping his head low rather than pushing on strong marketing like other alt coins are doing. All this investment on ground breaking properties, most of which are unique to this coin, means that Viacoin is one of those well kept secret in the market. Minimal order books and lack of large investors offering liquidity also help keep this coin in a low-key position, something that is changing as support for larger books is growing. As soon as the market notices this coin and investments go up, we are going to see a rapid surge in the market price, around the 10000 mark by the beginning of January 2018 or late February. Instead of focusing on a public ICO like every altcoin, which means a sudden spike in price followed by inclusion on new exchanges that will dry up volume, this crypto coin is growing slowly under the radar while it’s being well tested and boxes on the roadmap get checked off, one after the other. Romano is constantly working on it and the community around this coin knows, such a strong pack of followers is a feature that no other alt currency has and it’s what will bring it back to the top of the coin market in the near future. His attitude towards miners that are opposed to SegWit is another strong feature to add to Viacoin, especially because of what he thinks of F2Pool and Bitmain’s politics towards soft forks. The Chinese mining groups seem scared that once alternative crypto coins switch to it they’re going to lose leveraging power for what concerns Bitcoin’s future and won’t be able to speculate on the mining and trading market as much as they have been doing in the past, especially for what concerns the marketing market. It’s refreshing to see such dedication and releases being pushed at a constant manner, the only way to have structural changes in how crypto currencies work can only happen when the accent is put on development and not on just trying to convince the market. This strategy is less flashy and makes sure the road is ready for the inevitable increase in the userbase. It’s always difficult to forecast the future, especially when it concerns alternative coins when Bitcoin is raising so fast. A long term strategy suggestion would be to get around 1BTC worth of this cryptocoin as soon as possible and just hold on it: thanks to the features that are being rolled in as within 6 months there is going to be an easy gain to be made in the order of 5 to 10 times the initial investment. Using the recent market dip will make sure that the returns are maximized. What makes Viacoin an excellent opportunity right now is that the price is low and designed to rise fast, as its Lightning Network features become more mainstream. Lightning Network is secure, instant payment that aren’t going to be held back by confirmation bottlenecks, a blockchain capable to scale to the billions of transactions mark, extremely low fees that do not inhibit micropayments and cross-chain atomic swap that allow transaction across blockchain without the need of a third party custodians. These features mean that the future of this coin is going to be bright, and the the dip in price that started just a while ago is going to end soon as the market prepares for the first of August, when when the SegWit drama will affect all crypto markets. The overall trend of viacoin is bullish with a constant uptrend more media attention is expected , when news about the soft fork will spread beyond the inner circle of crypto aficionados and leak in the mainstream finance news networks. Solid coins like Viacoin, with a clear policy towards SegWit, will offer the guarantees that the market will be looking for in times of doubt. INVESTMENT REVIEW Investment Rating :- A+ https://medium.com/@VerthagOG/viacoin-investment-review-ca0982e979bd
DASH Instamine to compare, DASH being first mover advantage in X11 & personal opinions
Dear dashpay community For those that doubt or question Dashes integrity compared to Bitcoin, regarding the instamine and Evan Duffield having too much Dash on the pre-mine event. If you think about Bitcoin, We didn't know for a long time and we are still not 100% sure of the creators Identity as some are doubting Craig Wright, because Satoshi Nakamoto sounds a Japanese name. As for DASH at least we know who the creator is from the start and what he plans to do with it, regarding the fact that its ‘not’ his coins but like a business account, putting it towards more DAO (Decentralized Autonomous Organizations) in the name of DASH. Irrespective of what he has in DASH, compare that to the roughly 10% that Satoshi Nakamoto has, technically Satoshi could, if he wanted to, dump his coins, crashing the market overnight!. But at least the amount Evan has wouldn’t shake the market as much as Satoshi Nakamoto, as Evans dashes volume is far less and his identity is at least known, so people wouldn’t forgive him easily if he turned rogue, which I believe is highly unlikely. In my opinion (Ive heard his speech on DASH Detailed) he is a passionate man who created DASH out of a vision and necessity to combat the many problems he see’s in Bitcoin. Also, if you think about it, there is technically nothing stopping any very large investor shorting out, shocking the charts moving the market downwards, possibly triggering panic selling scaring the 'Longers' to exit, pushing price down even further; so I don't see why Evan should be singled out compared to anyone else. In my opinion, ‘aggressive’ speculators are annoying to a asset if there are too many as they create heavy volatility on the market charts. They are ‘Shorters’ (as I like to call it) in it for ‘shorts’ for quick and often greedy profit (Though they are the ones that take the greatest investment risks and therefore get burned easily). The ‘Longers’ on the other hand are the ones that bring stability to the market charts, they are in it for... 1: Because they care about DASH, 2: They see it as ‘currency of the future’ and therefore want to see there purchasing power rise with deflation (Compared to the rubbish Inflation of national fiat currencies) & 3: They want to give it ‘value’ to show and help attract new comers to DASH. I'm proud to say I'm a ‘Longer’ on DASH!. It very important to note DASH is not a ‘copy’ of Bitcoin in terms of its Algorithm (Though its still PoW), having a first mover advantage in which the X11 was specifically created for DASH. X11 is much MORE secure than the NSA’s SHA256 algorithm. Ref: https://blockgen.net/sha256-vs-scrypt-vs-x11-algorithms/ DASH has got new innovative ideas progressing much faster in percentage in a short space of time of its existence compared to Bitcoins progression over the last 8 ¼ years of its existence. Its not impossible, but I could see some Bitcoin Devs defecting to develop for DASH, because of this ongoing scaling debate; though I wouldn’t like to see that, as I still love Bitcoin, but love DASH also. If theres anything inaccurate with what Ive said please mention. Thoughts and opinions?
Will mining Litecoins make me more money than Bitcoins? (Answer: YES)
Hi, I have held Bitcoins for a while and have recently started converting them to Litecoins. I would like to share why. I think a lot of the activity in this subreddit is from people realizing that GPU mining of Bitcoin is becoming unprofitable; you are looking to Litecoin as your latest venture. If that's what you're here for, then you're on the right track! Litecoin is by far the most popular alternative cryptocurrency, and for very good reason. It holds strong to the core architecture of the Bitcoin, inheriting most of Bitcoin's codebase. This is a good thing. Where it differs, it differs in well thought and beneficial ways. Where it doesn't, it inherits the time tested strengths of Bitcoin. In particular, there are four times more Litecoins that will be generated than Bitcoins. Also, the target time for new blocks is every 2.5 minutes instead of Bitcoin's 10 minutes. This means that transaction verifications start happening faster. The big difference though is that Litecoin's proof of work algorithm is Scrypt. Scrypt replaces Bitcoin's SHA-256. This is a major change which affects the type of computers that can be used for mining. Bitcoin over the next half a year will become almost entirely mined by ASICs because GPU miners are so much less efficient at computing Bitcoin's SHA-256 algorithm. The difficulty will become so high that GPU miners will actually lose money to electricity costs. On the other hand, Litecoin's Scrypt algorithm is specifically designed to be hard to make an efficient ASIC for. Scrypt is meant to work efficiently on general purpose computing hardware, so your GPU will not have unfair competition against it. Not only that, but Litecoins are already consistently more profitable to mine than Bitcoins. If you watch the charts here, you'll very often find Litecoins producing 10-30% better yields than Bitcoin. And that's only at the current exchange rates! I personally find Litecoins to be undervalued relative to Bitcoin by a very large margin. This is for multiple reasons. First, Litecoins are much newer and have had very little media attention. Second, Litecoins are still in very early stages in terms of market support. You could think of Bitcoin currently as a toddler and Litecoin as an infant (with other altcoins being still in the womb and looking for a reason to be birthed). Bitcoin can now be easily exchanged with most major world currencies and there is a growing network of tools which make it easier, more secure, and cheaper than credit for merchants to accept Bitcoins even if all they want is their normal national currency. Litecoin is just now growing similar support, but it is coming! It is already easy to exchange your Bitcoins for Litecoins through btc-e.com and I expect the better Bitcoin exchanges and merchant services will adopt Litecoin support as interest continues to rise. When it's ready, we'll see a wave of value increase similar to what Bitcoin has seen. I have seen a lot of people question why Litecoin or any altcoin needs to exist outside of Bitcoin and had to question it a lot myself before I jumped into Litecoins because I didn't see many good arguments out there. Most were based on poor assumptions of the fundamentals of the architectures and didn't really establish a solid ground for the longterm coexistence of multiple cryptocurrencies. Then I realized that it is important for at least two cryptocurrencies which are secured by different classes of hardware to exist because it provides greater security and stability to the system of cryptocurrencies as a whole. For one, it makes the total available computing power for securing the networks greater which improves their total security. Mining is how cryptocurrencies are secured, and the more mining there is the more reliable their transaction systems are. For two, it ensures that markets can't be brought to a halt if there's a temporary issue with one cryptocurrency. Finally, a coin which can be secured with general purpose hardware (that is, Litecoin) is harder for governments to regulate against because it means that EVERYONE can mine them no matter what; governments won't ban general purpose computers, but they might ban crypto-hashing ASICs (and there are already countries which are unable to import the existing ASICs). Imagine when all exchanges and merchant tools integrate Bitcoin and Litecoin, and cryptocoins are accepted everywhere. You can hold both and be sure that you're always able to buy groceries on the spot. Even if a bug causes a blockchain fork on one of the networks and merchants start holding transactions for them temporarily, your phone's cryptocoin app could just say "Bitcoins temporarily unstable. Use Litecoins instead?" You walk home with bread and don't have to hope you still have cash. So my best recommendation for you is to mine and (mostly) hold Litecoins. Spend them whenever you can, but replace what you spend by exchanging your national currency for more Litecoins. If you can afford to, buy as much as you can of Bitcoins and Litecoins with your national currency. Personally, I am mostly buying Litecoins because I think they're more undervalued than Bitcoins. P.S.: I go into more depth on why cryptocoin diversity is good and why it's good to have a coin which is efficient to mine on GPUs in my earlier posts on Cryptocurrency Market Evolution and the Long Term Future of Cryptocurrencies. EDIT: A few days after I posted this a Venezuelan posted asking about Litecoin. In Venezuela, exchange of currencies (Bolivar to USD, for example) is illegal and it makes ordering anything internationally near-impossible. They are also unable to import ASICs. In the thread they discussed mining Litecoins in order to provide a means of converting their local currency to something which could be exchanged internationally legally. This is a perfect example of where Bitcoins can't help but Litecoins really shine. EDIT 2: Litecoins are trading around $4 each. I recently wrote about why I think Litecoins are still undervalued. EDIT 3: Litecoins are now valuable enough and the mining levels are high enough that the network is becoming pretty secure. Now is the perfect time to get more people to accept Litecoins for goods and services. If you're excited by the freedom, convenience, and security that Litecoins and Bitcoins are giving to people of the world and you want to spread the word and make them more useful, ask everyone you shop with to accept Litecoins.
Good morning! I put 10-11 hours into the mining pool yesterday, so I wasn't able to post any thoughts then. I'm working to get the system as debugged as possible before a demo on Thursday to some miners.
Altcoins changing algorithms
Did you know that altcoins can randomly change algorithms? Neither did I. Apparently, some coins have code in them to automatically switch algorithms at a certain block number. You can be mining a coin, and then suddenly the next block isn't compatible with your equipment. I actually had to add a new error message to the system of "algorithm changed" to deal with this issue. It seems that many of these changes are to move from scrypt to other algorithms. To me, that seems like a huge mistake that will cause most of those coins to die. With scrypt, you have many GPUs and ASICs available to mine the coin, and will achieve a much higher hashrate. Changing to an "ASIC-resistant" algorithm lowers the barrier to entry to bad people. Some of these coins have current hashrates as low as 20Mh. That means that anyone can 51% attack the network from scratch with just 20Mh, or about $6000 at today's prices of graphics cards. They can just move onto the next coin after that. Meanwhile, coins that stick with algorithms where ASICs exist don't have this problem because ASICs are hard to obtain and are useless if the coin is killed.
Price uptick to begin momentarily
I suggested earlier this week that the price uptick in anticipation of the upcoming auction should begin today. Sure enough, the price rose $10 overnight, although 2% is hardly proof of any trend. I would expect price rises to continue later today. The price will reach a high either on Thursday or Friday, with perhaps the second-highest volatility in bitcoin's history on Friday. It's unlikely that volatility will ever surpass that Mt Gox crash in April 2013 where technically the price fell to $50, although nobody was actually able to buy at that price since the system was inaccessible. Friday is one of those days like November 18 where the price could be rising $100/hr at times. Expect a correction next weekend. As to what the ending price of the auction will be, that's a little harder to say. My first thought last week was around $1k for the highest bid, and some people in /bitcoinmarkets had suggested that, too. However, since there are so many blocks for sale, it's possible that the average price could be $800, while the highest price is an outlier. Why would I suggest that people would bid so high? Because this is the upward side of the bubble cycle. These investors can read lowstrife's and moral_agent's charts and recognize that $1k is below the all-time-high of the previous cycle, which means that it would be unprecedented for bitcoins to ever fall below that figure again as this cycle ramps up. I do not believe that the price will close above the all-time-high because there is no reason to buy so many bitcoins now when the money can be invested in stocks and then the bitcoins purchased later at the same price.
More evidence of a tech bubble
The latest evidence of a tech bubble, which I mentioned last time, is in the form of a company called Uber. Uber develops software that allows people to hire unlicensed private cars for transportation. Taxi drivers staged a demonstration in protest of the company. If people thought that bitcoins were a risky business to be in, I can't think of many business models that have more legal hurdles than that one. Despite that the company will likely be sued out of existence after the first accident, they are valued at $18m. It seems that anyone can just throw together an app today and get VC money with no realistic business model. "Yo," at least, does have a "viable" model - sell the company to facebook for a few million bucks, then create a new app and do it again.
Cryptocoinsnews rejoices in its luck
The analyst at Cryptocoinsnews apparently reads moral_agent's bubble charts and is highly critical of them, as evidenced in his latest article about bitcoin prices. In it, he gloats that his prediction of a correction to $520 was correct. Of course, if you predict that the price is going to fall every single article, then you will be right at least once (just not when you say that bitcoins will be worth $120 in mid-May). If you do a Google News search for bitcoins, Cryptocoinsnews is getting themselves up in the results with the likes of the Washington Post and the Wall Street Journal. How they do that is a miracle of SEO. I wanted to post a link here to the article that was posted on Friday, but it isn't on their front page anymore. If someone can figure out where that "price report" is, please link to it.
Major League Gaming is a joke. I don't think I've ever watched a Starcraft II tournament of theirs where they have been on-schedule. It happened that ScarlettM was first up, with a game at 5:30pm, on Friday, so I got home and turned on the TV, just to find out that there was lag. So I cut the grass, come back in, and they say they will be ready at 7. I make some pork chops, and now it's an indefinite wait. I turn on an episode of the Amazing Race while eating, and they still have no idea when they will start. Three hours later, around 8:20 or so, they get started. I actually considered going to one of their tournaments in the past, but I feel sorry for the people who got ripped off after paying hundreds of dollars in passes to go to such a poorly organized tournament.
Greetings everyone. I am posting a draft of some of the sections of the new website. They are a work in progress and any input on this content or anything else you would like to see on the new site is appreciated! The website will be focusing on educating investors of all ability so that they can understand the crypto-currency markets and make wise decisions within them. Without this understanding, our markets will not be able to efficiently, and with confidence, allocate capital to the true pillars of this new economy. Note: Most of my updates can be seen directly here. I expect to have this completed by the weekend so that we can hopefully have the new site up and running. Even once up, there will be lots of work to do to really perfect it.
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Released in late June 2013, Cryptogenic Bullion was designed primarily with wealth preservation in mind. With its accelerated mining period, and fast declining inflation, Cryptogenic Bullion is now entering it’s final stage as an interest bearing, low inflation, cryptographic digital asset.
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Quick Information section
What is Cryptogenic Bullion? - Cryptogenic Bullion is a peer-to-peer internet currency that enables instant payments to anyone in the world. Its fundamental specifications enable it to efficiently function as a store of wealth.
Energy and Cost Efficient - Our network requires far less energy than generating hardware-intensive proof-of-work hashes. Proof-of-stake also does away with the ~$1 billion “tax” on the Bitcoin network through proof-of-work blocks.
Higher Security - Maintaining the network through the hybrid proof-of-work/proof-of-stake algorithm reduces the risk of the Selfish-Miner Flaw, 51% attacks, Kimoto Gravity Attack and the block bloating that have been used to exploit other currencies.
Coin Specifications - Cryptogenic Bullion is based on a hybrid Proof of Stake / Proof of Work scrypt algorithm. It has a block interval of 60 seconds and retargets difficulty every 2 blocks. A reward of 1.5% interest is earned by those who maintain a savings of CGB, while 0.5% interest is earned by miners who also help to secure the network.
A Digital Asset - Cryptogenic Bullion is a digital asset with all of the properties of money. Like gold, it is portable, divisible, fungible, scarce, low inflation, durable, non-consumable, and a store of wealth. It can be stored in a private safe and yet transferred across the globe in minutes.
Get Involved - Our community is focused on empowering its members with the knowledge and resources required to quickly spread the benefits of Cryptogenic Bullion to new participants.
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Investor Brief $___ USD/CGB Price $500,000 Market Cap B_____CGB/BTC Price 950,000 CGB Total Supply Last updated: X seconds ago
About CGB: Cryptogenic Bullion is a digital asset with all of the qualities of money. It is a descendant of Bitcoin, but employs an advanced security model which is more efficient and more secure than Bitcoin. The problems of today's debt based fiat currencies find solutions in cutting-edge decentralized cryptographic currencies like Cryptogenic Bullion. Designed to function as a store of wealth, CGB's fundamentals emulate the properties and supply of gold. While Cryptogenic Bullion shares many traits with Bitcoin such as fast global payments, decentralization, pseudo-anonymity, and non-reversible transactions, there are many improvements which allow CGB to more reliably store wealth. A critical requirement for storing wealth is a low inflation rate. Cryptogenic Bullion is a very rare exception in that it has nearly completed its volatile inflationary stage and settled into its maximum yearly inflation rate of 2%. It also allows prudent savers of Cryptogenic Bullion to earn up to 1.5% interest on funds left unspent in their wallets for at least 30 days. Crypto-currencies are finding support among a massive and diverse range of participants. For newcomers, a visit to one of the following pages would be beneficial depending on your current level of understanding and intention. Cryptogenic Bullion emulate the properties of gold, a classic safe-haven asset, and also represents a part of the movement towards a more fair and honest system of money. For more details on why and how, see the Fundamental Knowledge section. To quickly learn more about the crypto-markets, see the Investor Brief section. For analysing market dynamics, see the Market Fundamentals section. Specifications
Proof of Work/Proof of Stake Hybrid
Linear difficulty retarget (every 2 blocks)
60 Second block time
1.5% Annual interest earned
Subsidy halving after every 50k blocks until reward of 0.01
Target ~1,000,000 CGB
0.5% PoW & 1.5% PoS inflation
Based on Peercoin & Novacoin
Team: Fundamental Knowledge: In order to understand the need for cryptographic currencies like Bitcoin and Cryptogenic Bullion, we must consider a number of fundamental challenges with our current financial system, and the solutions that cryptographic currencies provide. The world's currencies are referred to as debt-based fiat currencies because they are not backed by a physical asset like gold, and can burden up to 30 participants with debt for each actual dollar in reserve, creating the potential for bank runs. It helps to realize that when a credit card is used to purchase something, dollars are created , and when you pay it off, dollars are destroyed. This scheme is referred to as fractional reserve banking and can not happen in a digital currency system without the owner's knowledge because the supply is strictly controlled by a decentralized protocol. We are beginning, as a society, to understand the dangers and inefficiencies found in centralized systems as corruptions and self destructive processes manifest themselves with no true remedy. As our society looks for answers, they are being found in technological advances which allow us to connect with each other in more meaningful ways which do not require a third party. Cryptographic currencies provide the convenience of cash, with neither the excessive centralized printing, nor the potential for censorship or sanctions which block the transmission of funds. A new economy is forming with various crypto-currencies attempting to fill different roles within the ecosystem. It is imperative that we capitalize these technologies through careful investment to allow for the necessary development which will enable them to be a major part of modern society. To quickly learn more about the crypto-markets, see the Investor Brief section. Trust in crypto-currencies must begin with a basic understanding of how the system functions and how to use it. Technology has existed for decades now which allow us to verify that a message was signed by an individual. This authentication technology is now used to prove that the holder of a private wallet has sent funds form that wallet to another. Keeping this key secret is the responsibility of each participant and this responsibility is the price for the freedom enabled by cryptographic currencies. Every transaction that has ever occurred is recorded in a distributed ledger which proves the current balance of all wallets in order to validate further transactions. Blocks created every 60 seconds containing all of the new transactions are added to the top of the block chain and further serve to set all previous blocks in "cryptographic" stone. For more details on how CGB's decentralized protocols provide trusted security and honest money, see the Papers and Articles section. In order to get a glimpse of what the future cryptographic currency ecosystem could look like we must accept that there are many different roles to fill, and it is difficult for one currency to efficiently fill all roles. A store of wealth, like Cryptogenic Bullion (CGB), must have a low inflation rate to preserve capital and reduce volatility. Stability can also be encouraged if the bearer is allowed to earn interest on savings stored unspent for a specified length of time. A currency, like Dogecoin (DOGE), must have a higher inflation rate to slightly exceed the adoption rate. This provides liquidity and encourages spending which furthers the expansion of the participant base. A market gateway, like Bitcoin (BTC), must also have a higher inflation rate to match adoption so that liquidity is maintained which enhances the access to each of its markets. The market gateway also insulates the cryptographic currencies and stores of wealth from the market fluctuations caused by volatile shifts in demand for fiat currencies vs. crypto-currencies as a whole. For more information on these dynamics, see the Market Fundamentals section. Frequently Asked Questions: Categories
Bitcoin Plus (XBC) is a PoW/PoS coin and is minable using the Scrypt algorithm. Bitcoin Plus is currently worth $ 4.47 per coin. Bitcoin Price Chart History provides the latest bitcoin price and cryptocurrency prices as well as information about ICOs and the latest ICOs available. You can also view mining equipment benchmarks. Get everything Cryptocurrency at Bitcoin Price Chart History. Compare the two cryptocurrencies Bitcoin (BTC) and Bitcoin Scrypt (BTCS). Algorithm, price, market cap, volume, supply, consensus method, links and more. Get everything Cryptocurrency at Bitcoin Price Chart History. ... Algorithm. Scrypt. Proof Type. PoW. Litecoin Price Charts and History. Check Litecoin's Current Price, Market Cap, Available Supply, and Total Supply. View Litecoin's Current Ranking Among Other Cryptocurrencies. View Percentage Change From 1 Hour, 24 Hours, to 7 Days for Litecoin. View Litecoin's Price Chart and Historical Data ... Bitcoin Scrypt (BTCS) is a PoW coin and is minable using the Scrypt algorithm. Bitcoin Scrypt is currently worth $ 0.01 per coin.
2. Scrypt Algorithm 3. Dagger Hashimoto - Ethash Algorithm 4. X11 Algorithm 5. Cryptonight Algorithm These algorithms play an important role in mining top five cryptocurrencies which are listed above. 💾 DOWNLOAD LINK: https://bit.ly/31mwVo4 🔐 PASSWORD: 222 =====Don't forget===== LIKE COMMENT SHARE SUBSCRIBE Litecoin 2 Year Chart - Unity Ingot https://goo.gl/prVnfg The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes, w... Ethereum vs XRP vs TOP 100 ALL-TIME History CHART (NO BTC) This chart shows the top 100 cryptocurrencies price per day in $USD value, in a time frame from Ma... Bitcoin Mining Software use an algorithm what was hidden from the biggest miner pools due to big loss on their mining servers. Yes,the most of blockchain blocks are hard to decrypt and there is ...