5 Bitcoin Mining Profit Calculators Blocks Decoded

Weekly Wrap: This Week In Chainlink September 28 - October 4

Weekly Wrap: This Week In Chainlink September 28 - October 4

Chainlink Hackathon - Congratulations to the Winners of the Chainlink Virtual Hackathon 2020

Thanks to all #Chainlink Hackathon participants and congrats to the winners! Devs showcased a wide range of new Chainlink functions:
- P2P car rental platform using a @Tesla API
- Yield farming RPG game
- AMM insurance market
- decentralized library & more

Announcements and Integrations 🎉

WBTC's $1 billion+ in Bitcoin will now gain additional security using Chainlink's Proof of Reserve capability. We're thrilled to be working with @BitGo to enable greater transparency & therefore more usability for WBTC as a form of collateral across DeFi.

Crypto-fiat payment provider @AlchemyPay is integrating Chainlink price feeds into its payments & upcoming DeFi platform. This ensures that users receive the fair market when interacting with DeFi dApps or making retail crypto payments on Alchemy Pay.

Gaming platform Planetarium is integrating Chainlink into @NineChronicles to power cross-game Metaverse communication, in-game commodity pricing, and secure trading of in-game items, with additional plans to use Chainlink VRF to create unique NFT-backed in-game items.

DeFi platform @strongblock_io has integrated Chainlink’s ETH/USD & LINK/ETH Price Reference Data feeds live on mainnet to calculate its staking rewards. This ensures that all rewards issued to StrongBlock users are accurately & transparently distributed.

Blockchain platform @blockstack is integrating Chainlink as its go-to oracle solution to empower universally connected smart contracts. Blockstack devs will have access to any API, Sybil resistant nodes, live decentralized price oracles for DeFi and more.

Private synthetic asset DeFi platform @OffshiftXFT has integrated Chainlink's BTC/USD and XAU/USD Price Feeds live on Testnet to serve as decentralized reference prices for users minting, burning, and trading its privacy-preserving zkAssets.

DeFi platform @OfficialCentaur integrates Chainlink VRF to add enhanced transparency. Chainlink VRF's provably fair source of RNG enables unbiased random selection of sale participants, leveling the playing field for all.

New Chainlink Node operator Inotel is now live on mainnet helping secure Chainlink's Price Reference Data for DeFi developers. Inotel brings DevOps experience as a PoS validatonode operator on 9 other Web3 networks, helping secure millions in USD value.

Featured Videos & Educational Pieces 🎥

Chainlink's oracle network unlocks new markets for insurance + expands DeFi’s footprint. @avivahl from @Gartner_Inc highlights how organizations like @ArbolMarket use Chainlink rainfall data to give farmers access to parametric weather insurance contracts.

Data providers use Chainlink to sell data/APIs to multiple blockchains in under an hour, from existing APIs & without running any additional software. Many have then launched Chainlink Nodes in a few hours, to sell signed data directly to smart contracts.

Rewatch our live Q&A with TrustSwap CEO, Jeff Kirdeikis. We will be speaking about TrustSwap's recent integration of Chainlink and its use of decentralized oracles to grow the DeFi ecosystem.

Rewatch our a live Q&A with the Aavegotchi team. We speak about Aavegotchi's recent integration of Chainlink VRF and its use of decentralized oracles to grow the NFT ecosystem. Come learn more about NFTs / crypto-collectibles, Aavegotchi and more.

SmartCon Videos are now ALL available. Watch them here


Upcoming Events 📅

Are you interested in hosting your own meetup? Apply to become a Chainlink Community Advocate today: https://events.chain.link/advocate

Chainlink Labs is hiring to build Chainlink’s network: Check out these open roles 👩‍💼

View all open roles at https://careers.smartcontract.com
Are there other community content and celebrations that we missed? Post them in the comments below! ⤵️
submitted by linkedkeenan to Chainlink [link] [comments]

BTC to AED and Exchange into Cash Instantly

People who invest in bitcoins also want to use it in their daily life. They want to know the ways by which they can easily spend their bitcoins to pay for a bill, to buy something, or use it in the hour of an emergency. If you are a resident of the United Arab Emirates and want to convert your bitcoin to its local currency and then cash it out quickly, then worry not as you can do that easily. For this, you would need a reliable exchange service that facilitates you to exchange, sell, or buy your digital currency.
As of today, 1 BTC value is 41,883.35 AED. However, the rates fluctuate every day. So it is up to you to decide the day when you want to convert your bitcoins to AED. The value of bitcoins has increased drastically as compared to 2010. It is only a matter of time that it will be more valuable than now. For this reason, many people are now investing in this cryptocurrency, and many are also entering the field of bitcoin mining. Bitcoinscashout provides the currency converter calculated, which you can use to find the current value rates easily. You should always select the time when you can gain the most profit out of it.
It is of utmost importance that you always select a reputable exchange website. Make sure that you don’t become the victim of their scam. That is why choosing how to withdraw money from coinbase is a wise choice as they have many customers from all over the world, and they assure safe and secure money conversion or transfer. This website is also user friendly that you can use without any problem. They provide the best rates without any hidden fees. You can easily convert your digital currency to the local currency of UAE; Dirhams or transfer it into your bank account in less time.
Another advantage is that you don’t have to go through any long verification of ID. You can exchange your bitcoins anonymously. You also get the highest value and gain profit fast. They offer premier service, which guarantees customer satisfaction. Hence many people recommend using this exchange trade site.
Accessible Exchange Process
So, you first have to go to the exchange option and bitcoin chicago exchange . There you will see the option where you have to select the amount that you desire to exchange. Then, select the currency. Further, you would have to select the method through which you want to get paid. Enter all the details accurately and recheck the account details. Lastly, click the order now button. After a while, you will receive the exchanged amount in your bank account. You can easily cash out the money from your bank and use it as per your preference.
You will be able to receive your money without paying any fees. This exchange is credible, and you can proceed with it without any doubt. You don’t have to worry about being scammed by anyone. Just provide your details accurately so that you receive it in the desired account. It is a convenient place where you can sell, buy, or exchange your cryptocurrency efficiently. It is quick, as well as highly reliable. Users can operate it with full convenience. In case you face any issue, you can contact the team and resolve all your queries. Enter your name, email address, and your message about the problem that you are facing. Their expert team will help you out in any way they can, guide you through the process, and your exchange will proceed and will be completed successfully.
submitted by junadhassan to u/junadhassan [link] [comments]

Step by Step Guide to Starting Smart Mining of ViaBTC

Step by Step Guide to Starting Smart Mining of ViaBTC
In order to help our miners to get the best possible profits, now we present you the step by step guide to starting Smart Mining of ViaBTC. No time for hesitation, try Smart Mining now!
Smart mining consists of two different mining modes, namely as “Manual Switch” and “Auto Switch”.
Auto Switch provides an automated way of profitable mining using the designated algorithm to monitor the real-time status of possible returns. In comparison to manual switch, it’s more flexible and easier to keep tracking of your mining returns.
1.
Enable Auto Switch
It now supports BTC、BCH and BSV, besides, your assets in your account can also be converted into BTC on an hourly basis automatically.
Before enabling auto switch mode, you’re required to configure smart mining URL: stratum+tcp://bitcoin.viabtc.com:3333;
Enable Manual Switch
This supports Bitcoin pool (BTC, BCH, BSV, FCH) and Ethereum pool (ETH, ETC).
One-click switch address is different from the stratum URL for a specified coin. Details for one-click switch URL are listed as following: BTC/BCH/BSV/FCH: stratum+tcp://bitcoin.viabtc.com:3333 ETH/ETC: stratum+tcp://ethereum.viabtc.com:3333 Noted: Port 25 or 443 is available as an alternative option.
2.
Go to www.viabtc.com then click [Settings] from the drop-down menu on your right hand side.
https://preview.redd.it/6rvece3anm551.png?width=1400&format=png&auto=webp&s=bf1365d690542a9d49712fecf1c117e5e94c74f4
Click [Switch mining pool] under the [Mining Settings] to select a new coin type.

https://preview.redd.it/8ag76racnm551.png?width=1400&format=png&auto=webp&s=2b79ffb7dfde4e0b7ab51bb584815a1b8b91f30c
Select “Mode” and “Coin Type”
https://preview.redd.it/7zmjh3ienm551.png?width=1400&format=png&auto=webp&s=2c2ff5f99265402def95717f4a28de71ffe17b32
Frequently Asked Questions
What is the unique feature of Auto Switch compares to Manual Switch? It’s more flexible and easy to set up, SHA-256 mining algorithm compatible.
How long will it take to be activated after enabling Auto Switch? Once Auto Switch is on, system will monitor the possible return rate of all compatible coins using a designated algorithm and switch to the one with higher profits, you may go to the Pool panel for more accurate mining status.
Why I can’t see my earnings increased after enabling Auto Switch mode? Auto Switch mode demands high-efficiency when it switch between the current mined coins to the new one with possible high returns, specified using designated algorithm and current difficulty, thus it’s not a guarantee pass for high returns when “Auto Switch” is on.
Is there any requirements of MIN. limit of hashrate before enabling Auto Switch? There is no minimum limit of hashrate in your account before enabling Auto Switch in your account.
Which type of coins are supported in Auto Switch mode? Currently all types of coins in Bitcoin Pool are supported in Auto Switch mode, including BTC, BCH and BSV.
When will the mining rewards distributed to my account? Rewards distribution are varies for different mining modes, and distribution time remained unchanged compares to the one in Manual Switch mode.
Can I use part of hashrate to mine a designated coin after enabling Auto Switch? After enabling Auto Switch, hashrate connecting to your account will switch from one to the other automatically using a designated algorithm.
Will I receive hashrate fluctuation notification after enabling Auto Switch? You’re required to set hashrate fluctuation notification for all compatible coins by the time enabling Auto Switch, more detailed guideline can be found here.
How to check your current mining preference?
Go to www.viabtc.com first then enter [Pool] panel to check your current mining preference.
When should I change my mining preference?
It is recommended to use profit calculator to get a general idea of the theoretical earnings outcome when selecting mining preference.
submitted by ViaBTC to BitcoinMining [link] [comments]

Need help with a coding solution to determine a users electric transmission rate

Hi all, i've built a web app for bitcoin miners, called the "Bitcoin Cost Estimator” that I would like to adapt for use in solar power. Unfortunately it's only half baked. It uses the NREL API to pull a users electric generation rate based on their address, but without pulling their transmission rate, it's only one half of the true data. I do understand there are intricacies involved here, not everybody pays the same rate for their electricity... utilities charge more if you use more, and it depends on time of day... i just want to get a more accurate number. It does have "estimator" in the title, but as of now it has no way of calculating the transmission charges, only generation... Can anybody help me find an API or an algorithmic method that would allow me to grab the transmission rates by address, zip code, latitude longitude... or some other criteria?
Before someone says something like “just input your rate per KwH” let me tell you, I meet 2-3 people per day who have no clue what their true electric rate is. I sell solar power, and i look at a lot of electric bills, let me give you an example.
Im looking at an Eversource bill right now, displaying a generation rate of 8.53 cents per kilowatt hour, this customer used 1310 kilowatt hours in a month, and has an electric bill of 247.38... if you do the math, 8.53 cents * 1310 does not equal 247.48, it equals 111.74, so often times I’ll walk into a customers home and they say "what are you offering for an electric rate? Because I pay 8.5 cents" and i have to explain to them that with a $247.38 bill, at 1310 kilowatts, their electric rate is closer 18.88 cents. (247.38/1310 = 18.88) if i deduct the connection charge (23.75) we get 223.63, which would actually be a better number to do the math on, because you will always pay a connection fee regardless, even if you unplug everything and use no electricity for the month, you will always pay a service charge just to be connected to the grid. sooo... 223.63/1310 = 17.07 cents/KwH.
Looking over countless bills, I can tell you that number is always somewhere between 17 and 20 cents here in my state, so that's the degree of accuracy i'm looking for... its not 100% accurate, its a spread, but it's far more accurate than doing the math at 8.5 cents. The delivery rates (at least here in CT) are also broken down by kilowatt hour. When i look at the number of people who think their electric rate is something other than what it is, it gives me pause looking at bitcoin mining calculators... How many CT residents are looking at a bitcoin mining calculator and entering 8.5 cents per KwH instead of 17-20 cents per KwH? (I mean obviously nobody is mining bitcoin in CT but still...)
when it comes to delivery the customer on this bill pays the utility company...
2.6 cents/KwH --- transmission charge
3.4 cents/KwH --- distributed charge per KwH
.13 cents/KwH --- Electric system improvement
.2 cents/KwH --- revenue adjustment mechanism
.015 cents/KwH --- CTA charge per KwH
1.08 cents/KwH --- FMCC delivery charge
1.02 cents/KwH --- combined public benefits charge
(These are the pieces missing from my code)
These combined add around 8.5 cents/KwH to his total electric rate... 8.5+8.5 = 17 cents. The connection charge is the only part of the bill not directly linked to KwH usage.
I don't know what the structure is for other bills in other utility districts, but I assume the dataset exists, cause i'm looking at it on my bill, and I look at it on my customers bills every day.
I do have a brute force solution, which would involve looking at a utility bill for every district in the country, and hard coding all of those charges i see from sample bills into the algorithm... the obvious problem with this is that as utility companies raise their rates, I would have to stay on top of that and frequently edit the code...
My algorithm is to collect the users address, convert it to longitude/latitude for my API to digest, then make a get request to the API for the generation rate (not transmission rate) at those coordinates.
Then the bitcoin math... Not to go too in-depth, but it pulls the hashrate, calculates how many KwH needed for any given miner to hash enough to mine one bitcoin (hashes to mine 1 block divided by 12, I understand bitcoin are mined by the block, it’s an abstraction) etc etc.
The point here is to build something idiot proof... there is a large population of people who are incapable of entering their price per kilowatt hour into a calculator, because they literally do not know what their price per KwH is...they just think that they do. They think it’s half of what it is. This demographic makes up about 50-60% of people I meet who want to go solar. (This may be unbelievable to coders, but not to a solar salesman)
I know bitcoin miners are smarter than your average Joe, but people who want to save on their electric bill are generally not well versed in electricity, and I would like my algorithm to have applications beyond the crypto space.
Furthermore, there’s a million bitcoin mining calculator that ask you to put in your price per KwH... the idea here is to build something different.
Not interested in answers along the line of “can’t be done” or “why not just input your price per KwH like any other bitcoin calculator”, so if that’s all you’ve got for me, please save your keystrokes.
submitted by Baconbits1204 to webdev [link] [comments]

GLD Token Features

GLD Token Features
Greetings! 🤗 In this post, we will tell you about GLD token and its features.
Token is a specialized accounting unit used to display the balance of crypto assets, that is, bitcoins or some kind of altcoins. Simply put, any cryptocurrency with which the speculator and investor wants to work is calculated in tokens.
Another area of active use of the term “token” refers to the release of new altcoins, and more specifically, to the #ICO procedure. Here, tokens denote coins that exist as part of a blockchain project, for the full completion of which an ICO is carried out.
The organizers announce the initial issue of coins, which are not yet #cryptocurrency. These are #tokens. Investors are buying up the amount of assets set by the developers and in this way give the missing funds. After the official presentation of the launch of the blockchain project, tokens are accepted into the overall rating of the cryptocurrency market and become full-fledged altcoins. Now you cannot call such coins tokens, since they are already becoming full-fledged cryptocurrencies.
💰 Goldario Token (GLD)
GLD Token is an #ERC20 token deployed on the #Ethereum #blockchain network that works as a financial instrument offering a digitized share in the underlying gold and emerald mines and in-house jewellery production for the world market. The token can serve as a store of value while also enabling peer to peer exchange of value in a blockchain-based trustless environment.
💰 Features of GLD token:
  • Scalability. GLD Token is capable of handling any amount of transactional volume— all the time— without having the chances of the network getting down or showing any sign of sluggishness.
  • Decentralization. GLD Token is decentralized and community-owned.
  • Security. It uses Ethereum based PoW consensus for transaction confirmation, ensuring that no hacker or bad actors can manipulate any transaction.
  • Minimal Fees. It will enable users to send, receive or perform any GLD Tokens operations at minimal costs.
  • Exchangeable. GLD Token can easily be exchanged for USD, EURO and Pound, as well as Gems and Jewellery via the Goldario Platform.
  • Passive Income by purchasing and holding GLD Token.
  • Utility. GLD Token has a direct utility within the Goldario ecosystem whereby it can be exchanged against precious metals and stones.
  • Easy Transactions. All you need is a ERC20 Token supporting wallet.
  • Transparency. Open access to information at all times ensures a fully transparent process, accurate data records and equal terms for everyone.
Read more about GLD Token here: https://office.goldario.com/register
🔔 Subscribe to see all the important posts about the Goldario project!
Buy GLD Tokens NOW! 🔥
https://preview.redd.it/vgfy7ps2fzx41.png?width=1200&format=png&auto=webp&s=700a480d721011afd733b1be535d6a83348c8ad6
submitted by VS_community to Goldario [link] [comments]

Where is Bitcoin Going and When?

Where is Bitcoin Going and When?

The Federal Reserve and the United States government are pumping extreme amounts of money into the economy, already totaling over $484 billion. They are doing so because it already had a goal to inflate the United States Dollar (USD) so that the market can continue to all-time highs. It has always had this goal. They do not care how much inflation goes up by now as we are going into a depression with the potential to totally crash the US economy forever. They believe the only way to save the market from going to zero or negative values is to inflate it so much that it cannot possibly crash that low. Even if the market does not dip that low, inflation serves the interest of powerful people.
The impending crash of the stock market has ramifications for Bitcoin, as, though there is no direct ongoing-correlation between the two, major movements in traditional markets will necessarily affect Bitcoin. According to the Blockchain Center’s Cryptocurrency Correlation Tool, Bitcoin is not correlated with the stock market. However, when major market movements occur, they send ripples throughout the financial ecosystem which necessary affect even ordinarily uncorrelated assets.
Therefore, Bitcoin will reach X price on X date after crashing to a price of X by X date.

Stock Market Crash

The Federal Reserve has caused some serious consternation with their release of ridiculous amounts of money in an attempt to buoy the economy. At face value, it does not seem to have any rationale or logic behind it other than keeping the economy afloat long enough for individuals to profit financially and politically. However, there is an underlying basis to what is going on which is important to understand in order to profit financially.
All markets are functionally price probing systems. They constantly undergo a price-discovery process. In a fiat system, money is an illusory and a fundamentally synthetic instrument with no intrinsic value – similar to Bitcoin. The primary difference between Bitcoin is the underlying technology which provides a slew of benefits that fiat does not. Fiat, however, has an advantage in being able to have the support of powerful nation-states which can use their might to insure the currency’s prosperity.
Traditional stock markets are composed of indices (pl. of index). Indices are non-trading market instruments which are essentially summaries of business values which comprise them. They are continuously recalculated throughout a trading day, and sometimes reflected through tradable instruments such as Exchange Traded Funds or Futures. Indices are weighted by market capitalizations of various businesses.
Price theory essentially states that when a market fails to take out a new low in a given range, it will have an objective to take out the high. When a market fails to take out a new high, it has an objective to make a new low. This is why price-time charts go up and down, as it does this on a second-by-second, minute-by-minute, day-by-day, and even century-by-century basis. Therefore, market indices will always return to some type of bull market as, once a true low is formed, the market will have a price objective to take out a new high outside of its’ given range – which is an all-time high. Instruments can only functionally fall to zero, whereas they can grow infinitely.
So, why inflate the economy so much?
Deflation is disastrous for central banks and markets as it raises the possibility of producing an overall price objective of zero or negative values. Therefore, under a fractional reserve system with a fiat currency managed by a central bank – the goal of the central bank is to depreciate the currency. The dollar is manipulated constantly with the intention of depreciating its’ value.
Central banks have a goal of continued inflated fiat values. They tend to ordinarily contain it at less than ten percent (10%) per annum in order for the psyche of the general populace to slowly adjust price increases. As such, the markets are divorced from any other logic. Economic policy is the maintenance of human egos, not catering to fundamental analysis. Gross Domestic Product (GDP) growth is well-known not to be a measure of actual growth or output. It is a measure of increase in dollars processed. Banks seek to produce raising numbers which make society feel like it is growing economically, making people optimistic. To do so, the currency is inflated, though inflation itself does not actually increase growth. When society is optimistic, it spends and engages in business – resulting in actual growth. It also encourages people to take on credit and debts, creating more fictional fiat.
Inflation is necessary for markets to continue to reach new heights, generating positive emotional responses from the populace, encouraging spending, encouraging debt intake, further inflating the currency, and increasing the sale of government bonds. The fiat system only survives by generating more imaginary money on a regular basis.
Bitcoin investors may profit from this by realizing that stock investors as a whole always stand to profit from the market so long as it is managed by a central bank and does not collapse entirely. If those elements are filled, it has an unending price objective to raise to new heights. It also allows us to realize that this response indicates that the higher-ups believe that the economy could crash in entirety, and it may be wise for investors to have multiple well-thought-out exit strategies.

Economic Analysis of Bitcoin

The reason why the Fed is so aggressively inflating the economy is due to fears that it will collapse forever or never rebound. As such, coupled with a global depression, a huge demand will appear for a reserve currency which is fundamentally different than the previous system. Bitcoin, though a currency or asset, is also a market. It also undergoes a constant price-probing process. Unlike traditional markets, Bitcoin has the exact opposite goal. Bitcoin seeks to appreciate in value and not depreciate. This has a quite different affect in that Bitcoin could potentially become worthless and have a price objective of zero.
Bitcoin was created in 2008 by a now famous mysterious figure known as Satoshi Nakamoto and its’ open source code was released in 2009. It was the first decentralized cryptocurrency to utilize a novel protocol known as the blockchain. Up to one megabyte of data may be sent with each transaction. It is decentralized, anonymous, transparent, easy to set-up, and provides myriad other benefits. Bitcoin is not backed up by anything other than its’ own technology.
Bitcoin is can never be expected to collapse as a framework, even were it to become worthless. The stock market has the potential to collapse in entirety, whereas, as long as the internet exists, Bitcoin will be a functional system with a self-authenticating framework. That capacity to persist regardless of the actual price of Bitcoin and the deflationary nature of Bitcoin means that it has something which fiat does not – inherent value.
Bitcoin is based on a distributed database known as the “blockchain.” Blockchains are essentially decentralized virtual ledger books, replete with pages known as “blocks.” Each page in a ledger is composed of paragraph entries, which are the actual transactions in the block.
Blockchains store information in the form of numerical transactions, which are just numbers. We can consider these numbers digital assets, such as Bitcoin. The data in a blockchain is immutable and recorded only by consensus-based algorithms. Bitcoin is cryptographic and all transactions are direct, without intermediary, peer-to-peer.
Bitcoin does not require trust in a central bank. It requires trust on the technology behind it, which is open-source and may be evaluated by anyone at any time. Furthermore, it is impossible to manipulate as doing so would require all of the nodes in the network to be hacked at once – unlike the stock market which is manipulated by the government and “Market Makers”. Bitcoin is also private in that, though the ledge is openly distributed, it is encrypted. Bitcoin’s blockchain has one of the greatest redundancy and information disaster recovery systems ever developed.
Bitcoin has a distributed governance model in that it is controlled by its’ users. There is no need to trust a payment processor or bank, or even to pay fees to such entities. There are also no third-party fees for transaction processing. As the ledge is immutable and transparent it is never possible to change it – the data on the blockchain is permanent. The system is not easily susceptible to attacks as it is widely distributed. Furthermore, as users of Bitcoin have their private keys assigned to their transactions, they are virtually impossible to fake. No lengthy verification, reconciliation, nor clearing process exists with Bitcoin.
Bitcoin is based on a proof-of-work algorithm. Every transaction on the network has an associated mathetical “puzzle”. Computers known as miners compete to solve the complex cryptographic hash algorithm that comprises that puzzle. The solution is proof that the miner engaged in sufficient work. The puzzle is known as a nonce, a number used only once. There is only one major nonce at a time and it issues 12.5 Bitcoin. Once it is solved, the fact that the nonce has been solved is made public.
A block is mined on average of once every ten minutes. However, the blockchain checks every 2,016,000 minutes (approximately four years) if 201,600 blocks were mined. If it was faster, it increases difficulty by half, thereby deflating Bitcoin. If it was slower, it decreases, thereby inflating Bitcoin. It will continue to do this until zero Bitcoin are issued, projected at the year 2140. On the twelfth of May, 2020, the blockchain will halve the amount of Bitcoin issued when each nonce is guessed. When Bitcoin was first created, fifty were issued per block as a reward to miners. 6.25 BTC will be issued from that point on once each nonce is solved.
Unlike fiat, Bitcoin is a deflationary currency. As BTC becomes scarcer, demand for it will increase, also raising the price. In this, BTC is similar to gold. It is predictable in its’ output, unlike the USD, as it is based on a programmed supply. We can predict BTC’s deflation and inflation almost exactly, if not exactly. Only 21 million BTC will ever be produced, unless the entire network concedes to change the protocol – which is highly unlikely.
Some of the drawbacks to BTC include congestion. At peak congestion, it may take an entire day to process a Bitcoin transaction as only three to five transactions may be processed per second. Receiving priority on a payment may cost up to the equivalent of twenty dollars ($20). Bitcoin mining consumes enough energy in one day to power a single-family home for an entire week.

Trading or Investing?

The fundamental divide in trading revolves around the question of market structure. Many feel that the market operates totally randomly and its’ behavior cannot be predicted. For the purposes of this article, we will assume that the market has a structure, but that that structure is not perfect. That market structure naturally generates chart patterns as the market records prices in time. In order to determine when the stock market will crash, causing a major decline in BTC price, we will analyze an instrument, an exchange traded fund, which represents an index, as opposed to a particular stock. The price patterns of the various stocks in an index are effectively smoothed out. In doing so, a more technical picture arises. Perhaps the most popular of these is the SPDR S&P Standard and Poor 500 Exchange Traded Fund ($SPY).
In trading, little to no concern is given about value of underlying asset. We are concerned primarily about liquidity and trading ranges, which are the amount of value fluctuating on a short-term basis, as measured by volatility-implied trading ranges. Fundamental analysis plays a role, however markets often do not react to real-world factors in a logical fashion. Therefore, fundamental analysis is more appropriate for long-term investing.
The fundamental derivatives of a chart are time (x-axis) and price (y-axis). The primary technical indicator is price, as everything else is lagging in the past. Price represents current asking price and incorrectly implementing positions based on price is one of the biggest trading errors.
Markets and currencies ordinarily have noise, their tendency to back-and-fill, which must be filtered out for true pattern recognition. That noise does have a utility, however, in allowing traders second chances to enter favorable positions at slightly less favorable entry points. When you have any market with enough liquidity for historical data to record a pattern, then a structure can be divined. The market probes prices as part of an ongoing price-discovery process. Market technicians must sometimes look outside of the technical realm and use visual inspection to ascertain the relevance of certain patterns, using a qualitative eye that recognizes the underlying quantitative nature
Markets and instruments rise slower than they correct, however they rise much more than they fall. In the same vein, instruments can only fall to having no worth, whereas they could theoretically grow infinitely and have continued to grow over time. Money in a fiat system is illusory. It is a fundamentally synthetic instrument which has no intrinsic value. Hence, the recent seemingly illogical fluctuations in the market.
According to trade theory, the unending purpose of a market or instrument is to create and break price ranges according to the laws of supply and demand. We must determine when to trade based on each market inflection point as defined in price and in time as opposed to abandoning the trend (as the contrarian trading in this sub often does). Time and Price symmetry must be used to be in accordance with the trend. When coupled with a favorable risk to reward ratio, the ability to stay in the market for most of the defined time period, and adherence to risk management rules; the trader has a solid methodology for achieving considerable gains.
We will engage in a longer term market-oriented analysis to avoid any time-focused pressure. The Bitcoin market is open twenty-four-hours a day, so trading may be done when the individual is ready, without any pressing need to be constantly alert. Let alone, we can safely project months in advance with relatively high accuracy. Bitcoin is an asset which an individual can both trade and invest, however this article will be focused on trading due to the wide volatility in BTC prices over the short-term.

Technical Indicator Analysis of Bitcoin

Technical indicators are often considered self-fulfilling prophecies due to mass-market psychology gravitating towards certain common numbers yielded from them. They are also often discounted when it comes to BTC. That means a trader must be especially aware of these numbers as they can prognosticate market movements. Often, they are meaningless in the larger picture of things.
  • Volume – derived from the market itself, it is mostly irrelevant. The major problem with volume for stocks is that the US market open causes tremendous volume surges eradicating any intrinsic volume analysis. This does not occur with BTC, as it is open twenty-four-seven. At major highs and lows, the market is typically anemic. Most traders are not active at terminal discretes (peaks and troughs) because of levels of fear. Volume allows us confidence in time and price symmetry market inflection points, if we observe low volume at a foretold range of values. We can rationalize that an absolute discrete is usually only discovered and anticipated by very few traders. As the general market realizes it, a herd mentality will push the market in the direction favorable to defending it. Volume is also useful for swing trading, as chances for swing’s validity increases if an increase in volume is seen on and after the swing’s activation. Volume is steadily decreasing. Lows and highs are reached when volume is lower.
Therefore, due to the relatively high volume on the 12th of March, we can safely determine that a low for BTC was not reached.
  • VIX – Volatility Index, this technical indicator indicates level of fear by the amount of options-based “insurance” in portfolios. A low VIX environment, less than 20 for the S&P index, indicates a stable market with a possible uptrend. A high VIX, over 20, indicates a possible downtrend. VIX is essentially useless for BTC as BTC-based options do not exist. It allows us to predict the market low for $SPY, which will have an indirect impact on BTC in the short term, likely leading to the yearly low. However, it is equally important to see how VIX is changing over time, if it is decreasing or increasing, as that indicates increasing or decreasing fear. Low volatility allows high leverage without risk or rest. Occasionally, markets do rise with high VIX.
As VIX is unusually high, in the forties, we can be confident that a downtrend for the S&P 500 is imminent.
  • RSI (Relative Strength Index): The most important technical indicator, useful for determining highs and lows when time symmetry is not availing itself. Sometimes analysis of RSI can conflict in different time frames, easiest way to use it is when it is at extremes – either under 30 or over 70. Extremes can be used for filtering highs or lows based on time-and-price window calculations. Highly instructive as to major corrective clues and indicative of continued directional movement. Must determine if longer-term RSI values find support at same values as before. It is currently at 73.56.
  • Secondly, RSI may be used as a high or low filter, to observe the level that short-term RSI reaches in counter-trend corrections. Repetitions based on market movements based on RSI determine how long a trade should be held onto. Once a short term RSI reaches an extreme and stay there, the other RSI’s should gradually reach the same extremes. Once all RSI’s are at extreme highs, a trend confirmation should occur and RSI’s should drop to their midpoint.

Trend Definition Analysis of Bitcoin

Trend definition is highly powerful, cannot be understated. Knowledge of trend logic is enough to be a profitable trader, yet defining a trend is an arduous process. Multiple trends coexist across multiple time frames and across multiple market sectors. Like time structure, it makes the underlying price of the instrument irrelevant. Trend definitions cannot determine the validity of newly formed discretes. Trend becomes apparent when trades based in counter-trend inflection points continue to fail.
Downtrends are defined as an instrument making lower lows and lower highs that are recurrent, additive, qualified swing setups. Downtrends for all instruments are similar, except forex. They are fast and complete much quicker than uptrends. An average downtrend is 18 months, something which we will return to. An uptrend inception occurs when an instrument reaches a point where it fails to make a new low, then that low will be tested. After that, the instrument will either have a deep range retracement or it may take out the low slightly, resulting in a double-bottom. A swing must eventually form.
A simple way to roughly determine trend is to attempt to draw a line from three tops going upwards (uptrend) or a line from three bottoms going downwards (downtrend). It is not possible to correctly draw a downtrend line on the BTC chart, but it is possible to correctly draw an uptrend – indicating that the overall trend is downwards. The only mitigating factor is the impending stock market crash.

Time Symmetry Analysis of Bitcoin

Time is the movement from the past through the present into the future. It is a measurement in quantified intervals. In many ways, our perception of it is a human construct. It is more powerful than price as time may be utilized for a trade regardless of the market inflection point’s price. Were it possible to perfectly understand time, price would be totally irrelevant due to the predictive certainty time affords. Time structure is easier to learn than price, but much more difficult to apply with any accuracy. It is the hardest aspect of trading to learn, but also the most rewarding.
Humans do not have the ability to recognize every time window, however the ability to define market inflection points in terms of time is the single most powerful trading edge. Regardless, price should not be abandoned for time alone. Time structure analysis It is inherently flawed, as such the markets have a fail-safe, which is Price Structure. Even though Time is much more powerful, Price Structure should never be completely ignored. Time is the qualifier for Price and vice versa. Time can fail by tricking traders into counter-trend trading.
Time is a predestined trade quantifier, a filter to slow trades down, as it allows a trader to specifically focus on specific time windows and rest at others. It allows for quantitative measurements to reach deterministic values and is the primary qualifier for trends. Time structure should be utilized before price structure, and it is the primary trade criterion which requires support from price. We can see price structure on a chart, as areas of mathematical support or resistance, but we cannot see time structure.
Time may be used to tell us an exact point in the future where the market will inflect, after Price Theory has been fulfilled. In the present, price objectives based on price theory added to possible future times for market inflection points give us the exact time of market inflection points and price.
Time Structure is repetitions of time or inherent cycles of time, occurring in a methodical way to provide time windows which may be utilized for inflection points. They are not easily recognized and not easily defined by a price chart as measuring and observing time is very exact. Time structure is not a science, yet it does require precise measurements. Nothing is certain or definite. The critical question must be if a particular approach to time structure is currently lucrative or not.
We will measure it in intervals of 180 bars. Our goal is to determine time windows, when the market will react and when we should pay the most attention. By using time repetitions, the fact that market inflection points occurred at some point in the past and should, therefore, reoccur at some point in the future, we should obtain confidence as to when SPY will reach a market inflection point. Time repetitions are essentially the market’s memory. However, simply measuring the time between two points then trying to extrapolate into the future does not work. Measuring time is not the same as defining time repetitions. We will evaluate past sessions for market inflection points, whether discretes, qualified swings, or intra-range. Then records the times that the market has made highs or lows in a comparable time period to the future one seeks to trade in.
What follows is a time Histogram – A grouping of times which appear close together, then segregated based on that closeness. Time is aligned into combined histogram of repetitions and cycles, however cycles are irrelevant on a daily basis. If trading on an hourly basis, do not use hours.
  • Yearly Lows (last seven years): 1/1/13, 4/10/14, 1/15/15, 1/17/16, 1/1/17, 12/15/18, 2/6/19
  • Monthly Mode: 1, 1, 1, 1, 2, 4, 12
  • Daily Mode: 1, 1, 6, 10, 15, 15, 17
  • Monthly Lows (for the last year): 3/12/20 (10:00pm), 2/28/20 (7:09am), 1/2/20 (8:09pm), 12/18/19 (8:00am), 11/25/19 (1:00am), 10/24/19 (2:59am), 9/30/19 (2:59am), 8/29,19 (4:00am), 7/17/19 (7:59am), 6/4/19 (5:59pm), 5/1/19 (12:00am), 4/1/19 (12:00am)
  • Daily Lows Mode for those Months: 1, 1, 2, 4, 12, 17, 18, 24, 25, 28, 29, 30
  • Hourly Lows Mode for those Months (Military time): 0100, 0200, 0200, 0400, 0700, 0700, 0800, 1200, 1200, 1700, 2000, 2200
  • Minute Lows Mode for those Months: 00, 00, 00, 00, 00, 00, 09, 09, 59, 59, 59, 59
  • Day of the Week Lows (last twenty-six weeks):
Weighted Times are repetitions which appears multiple times within the same list, observed and accentuated once divided into relevant sections of the histogram. They are important in the presently defined trading time period and are similar to a mathematical mode with respect to a series. Phased times are essentially periodical patterns in histograms, though they do not guarantee inflection points
Evaluating the yearly lows, we see that BTC tends to have its lows primarily at the beginning of every year, with a possibility of it being at the end of the year. Following the same methodology, we get the middle of the month as the likeliest day. However, evaluating the monthly lows for the past year, the beginning and end of the month are more likely for lows.
Therefore, we have two primary dates from our histogram.
1/1/21, 1/15/21, and 1/29/21
2:00am, 8:00am, 12:00pm, or 10:00pm
In fact, the high for this year was February the 14th, only thirty days off from our histogram calculations.
The 8.6-Year Armstrong-Princeton Global Economic Confidence model states that 2.15 year intervals occur between corrections, relevant highs and lows. 2.15 years from the all-time peak discrete is February 9, 2020 – a reasonably accurate depiction of the low for this year (which was on 3/12/20). (Taking only the Armstrong model into account, the next high should be Saturday, April 23, 2022). Therefore, the Armstrong model indicates that we have actually bottomed out for the year!
Bear markets cannot exist in perpetuity whereas bull markets can. Bear markets will eventually have price objectives of zero, whereas bull markets can increase to infinity. It can occur for individual market instruments, but not markets as a whole. Since bull markets are defined by low volatility, they also last longer. Once a bull market is indicated, the trader can remain in a long position until a new high is reached, then switch to shorts. The average bear market is eighteen months long, giving us a date of August 19th, 2021 for the end of this bear market – roughly speaking. They cannot be shorter than fifteen months for a central-bank controlled market, which does not apply to Bitcoin. (Otherwise, it would continue until Sunday, September 12, 2021.) However, we should expect Bitcoin to experience its’ exponential growth after the stock market re-enters a bull market.
Terry Laundy’s T-Theory implemented by measuring the time of an indicator from peak to trough, then using that to define a future time window. It is similar to an head-and-shoulders pattern in that it is the process of forming the right side from a synthetic technical indicator. If the indicator is making continued lows, then time is recalculated for defining the right side of the T. The date of the market inflection point may be a price or indicator inflection date, so it is not always exactly useful. It is better to make us aware of possible market inflection points, clustered with other data. It gives us an RSI low of May, 9th 2020.
The Bradley Cycle is coupled with volatility allows start dates for campaigns or put options as insurance in portfolios for stocks. However, it is also useful for predicting market moves instead of terminal dates for discretes. Using dates which correspond to discretes, we can see how those dates correspond with changes in VIX.
Therefore, our timeline looks like:
  • 2/14/20 – yearly high ($10372 USD)
  • 3/12/20 – yearly low thus far ($3858 USD)
  • 5/9/20 – T-Theory true yearly low (BTC between 4863 and 3569)
  • 5/26/20 – hashrate difficulty halvening
  • 11/14/20 – stock market low
  • 1/15/21 – yearly low for BTC, around $8528
  • 8/19/21 – end of stock bear market
  • 11/26/21 – eighteen months from halvening, average peak from halvenings (BTC begins rising from $3000 area to above $23,312)
  • 4/23/22 – all-time high
Taken from my blog: http://aliamin.info/2020/
submitted by aibnsamin1 to Bitcoin [link] [comments]

Forbes solves the "Impossible Triangle" problem

Forbes solves the

https://preview.redd.it/crbhgda6c0651.png?width=640&format=png&auto=webp&s=522357d06b1f3c893f996dbd3b79aab5461e4dfb
Blockchain has been described as an omnipotent technology since its inception. It is expected to affect all walks of life and even reshape production relations. However, blockchain itself has a technical bottleneck called "Impossible Triangle", which is still far from its potential. The so-called "Impossible Triangle" of blockchain, also known as the "ternary paradox", means that no matter which consensus mechanism is adopted by blockchain network to determine the generation mode of new blocks, it cannot take into account the three requirements of throughput, security and decentralization at the same time.
For example, bitcoin can theoretically guarantee security and decentralization on the basis of large amount of computing power. But the disadvantage is that it is difficult to improve throughput, slow speed and high cost. EOS, which is said to take improving throughput as an important technological breakthrough, adopts the consensus mechanism of dpos, greatly reducing the number of nodes and being criticized for sacrificing the essence of decentralization. Although the "king of ten thousand chains" Ethereum has the partition technology as the solution of capacity expansion, it can't fall down because of the technical difficulty.
Forbes uses "zero knowledge proof" technology, greatly improves throughput without sacrificing decentralization, and solves the "Impossible Triangle" problem that has plagued the blockchain industry for many years.
1、 Zero knowledge proof
First, we introduce the concept of lower zero knowledge proof. Zero knowledge proof, as the name implies, is not only to fully prove that they are the legitimate owners of certain rights and interests, but also not to disclose relevant information - that is to say, the "knowledge" to the outside world is "zero". The certifier proves to the verifier and makes him believe that he knows or has some information, but the proving process cannot disclose any information to the verifier.
Case 1: a wants to prove to B that he has the key of a room. Suppose that the room can only open the lock with the key, and no other method can open it. There are two ways:
① A shows the key to B, and B uses the key to open the lock of the room, so as to prove that a has the correct key of the room.
② B. make sure that there is an object in the room. A opens the door of the room with his own key, and then takes the object out and shows it to B, so as to prove that he does have the key of the room.
The second method belongs to zero knowledge proof. Its advantage is that in the whole process of proof, B can never see the appearance of the key, thus avoiding the leakage of the key.
Case 2: there is a circular corridor. The exit and the entrance are the same, but there is a door that can only be opened with a key somewhere in the middle of the corridor. A needs to prove to B that he has the key to the door. With zero knowledge proof, B looks at a entering the corridor from the entrance and then going out of the corridor from the exit. At this time, B does not get any information about the key, but it can completely prove that a has the key.
https://preview.redd.it/psbzg9ylc0651.png?width=571&format=png&auto=webp&s=6d58835a211e4d391112cf39720f4aaecda869f6
A large number of facts prove that zero knowledge proof is very useful in cryptography. If zero knowledge proof can be used for verification, many problems will be solved effectively. So how does Forbes use zero knowledge proof to improve TPS?
2、 Second floor expansion
It is difficult to solve the "Impossible Triangle" problem if you directly modify the blockchain architecture itself to improve the throughput. After all, the more nodes, it is very difficult to improve the TPS technology on the premise of decentralization. But Forbes thought of the "curve saving the nation" scheme, that is, without changing the blockchain itself, to improve the TPS by setting the second layer architecture.
Here is a case in life:
If the Forbes public chain is regarded as a real-life bank, and the transfer operation is carried out on the Forbes public chain, it is like handling the transfer business in the bank's counter, but the difference is that the bank is centralized and the blockchain is decentralized.
In the case of few people, it's easy for users to handle the transfer business in the bank, but once there are more people, it's easy to form a long queue, which makes the users in the back have a long wait. Blockchain is like a bank. When there are more people in the transfer queue, there will be a block. So to improve the throughput of blockchain is how to improve the speed of bank transfer business.
But the bank is so big. There are so many bank staff (you can compare the bank staff to the nodes of the blockchain). It is very difficult for the bank to improve the speed of handling the transfer business. This makes the people behind the line angry, but they have no choice.
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Finally, one of the people at the back of the line couldn't bear to wait. He stood up and said, "we can't wait. We have to find ways to improve our efficiency." And they said to him, you are not a banker. What can you do. So, the man said confidently, "let's see my operation and cooperate with me.".
Only the person pulls out a book for bookkeeping, starts from the fifth person in line, records the balance of each person's account after transfer in detail, and then asks each person to confirm that the note book is authorized by hand print. Then after the last person records, he gets an account book for recording the final balance of the owner's account. Although there is no specific transfer record in this account book, it is recorded accurately Record the balance of each person's transfer. Although some people transfer to each other many times, no matter how many times they transfer, people only care about the balance of their final account
After that person's statistics, just in time, the fourth person in line finished the transfer at the bank. Then he walked into the bank with this account book and said that this was the account balance after the fifth person started the transfer of all the people. The bank only needs to change the account balance of these people in the system.
At the first sight of the bank, it's not easy. The staff swiped it and changed all the balances of these accounts at once, so that the bank's handling of transfer business increased by several hundred times.
This is how Forbes is implemented. By setting the second level node, which is called relay, let relay collect the account transfer information of queued users and verify the user's signature. After calculation, integrate the token balance information of the final address into the Merkel tree and submit it to the chain, and then process it at one time.
We call this method of improving the block chain TPS "the second layer expansion".
At first glance, this scheme is perfect, but there are various problems in practical operation. For example:
  1. How can the bank believe that the person with the final account book actually counts the transfer requests of all the queuers?
  2. What if this person, because of personal grudges, intentionally misses the statistics for those who don't like it?
  3. What if this person secretly changes the account balance on the way to the bank?
At this time, zero knowledge proof will be of great use.

https://preview.redd.it/25p5vrb9d0651.png?width=599&format=png&auto=webp&s=9d07cb226d1f6f318703c76c5f4d9000b370145a
3、 Zero knowledge proof + second layer expansion + smart contract
To solve the above problems is actually to solve the problem of trust. The bank is not stupid. It's OK to let the bank send its own staff. Each staff sent by the bank will issue a "work permit" and an open box with a lock before departure. When you count transfers for people in line, the account book is safe, because people will supervise him. When you count the last person, the staff will put the account book into a locked box and close it. In this way, on the way to the bank, the staff can't do evil and modify the account data. After arriving at the bank, the bank only recognizes the "work permit" and confirms that it is its own staff. Without opening the locked box, it can be determined that this person is indeed trustworthy.
It can be seen that in the whole process, the bank gets ZERO account information, but believes that the transfer data counted by this person is safe and reliable, which is zero knowledge proof.
The principle of Forbes technology is exactly the same. The main chain will use the zero knowledge circuit to generate the certificate called proof. When relay counts the transfer information of users, it will finally package and submit the general ledger Merkel tree, and use proof to encrypt. After the main chain sees the encrypted package, it will use proof to decrypt, perform the calculation of modifying the address token balance, and then broadcast to the whole node.
But there is still a problem that hasn't been solved, that is, what should staff do if they intentionally miss the bookkeeping of people who don't look good? Or the staff ask for a tip from the user. If they don't tip, they don't charge. What should we do?
In fact, it's also easy to handle. People who miss the account or are asked for tips will definitely complain to the bank angrily. After the bank checks, they only need to deduct the balance of the staff's account.
Here Forbes will arrange smart contracts on the main chain, and require the added relay to mortgage a sufficient number of GFS on the main chain. If relay misses the user transfer request or intentionally increases the transfer fee, the main chain will deduct the pledge GFS of relay through the smart contract to compensate the user's loss.
See here, congratulations on finally understanding the technical solution of Forbes to improve TPS. Under the support of huge distributed mining pool, Forbes not only has a large number of nodes to provide ultra-high security and decentralization, but also uses zero knowledge proof + second expansion + smart contract to easily increase TPS to more than 10000, which solves the "Impossible Triangle" problem of blockchain.
I think you must have noticed the details of the pledge of GFS by relay. If smart people don't explain, they can predict the future value of GFS from the details.
submitted by forbeschain to u/forbeschain [link] [comments]

5 Reasons why you should go for cryptocurrency

The global economy is inevitably moving towards a digital eco-system. From investment to money transfer, everything is going paperless.
The global economy is inevitably moving towards a digital eco-system. From investment to money transfer, everything is going paperless. The newest and most promising addition to the digital payment sector is cryptocurrency.
A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information. Cryptocurrency is defined by Investopedia.com as a decentralized “digital or virtual currency that uses cryptography for security” making it difficult to counterfeit. Since it is not issued by a central authority, governments can’t take it away from you.
Over the last couple of years, digital currency has been rapidly gaining the public eye. Here are some good reasons behind it.
  1. Fraud-proof: When cryptocurrency is created, all confirmed transactions are stored in a public ledger. All identities of coin owners are encrypted to ensure the legitimacy of record keeping. Because the currency is decentralized, you own it. Neither government nor bank has any control over it.
  2. Identity Theft: The ledger ensures that all transactions between “digital wallets” can calculate an accurate balance. All transactions are checked to make sure that the coins used are owned by the current spender. This public ledger is also referred to as a “transaction blockchain”. Blockachain technology ensures secure digital transactions through encryption and “smart contracts” that make the entity virtually unhackable and void of fraud. With security like this, blockchain technology is poised to impact nearly every segment of our lives.
  3. Instant Settlement: Blockchain is the reason why cryptocurrency has any value. Ease of use is the reason why cryptocurrency is in high demand. All you need is a smart device, an internet connection and instantly you become your own bank making payments and money transfers.
  4. Accessible: There are over two billion people with access to the Internet who don't have rights to use to traditional exchange systems. These individuals are clued-in for the cryptocurrency market.
  5. You are the owner: There is no other electronic cash system in which your account is owned by you. How it started? Bitcoin was the first decentralized cryptocurrency introduced in 2009. Bitcoin uses the blockchain technology and has outperformed gold generating a 155% annualized gain over gold’s 6% annualized loss over the last 5 years. Its price in July 2010 at 0.06/coin USD is now worth over 4000.00/coin USD today, making it one of the biggest investment phenomenon in modern history. Since 2009 blockchain technology has gained momentum. Not only because of the tremendous spike in Bitcoin’s worth, but also through an increased awareness of its importance and greater trust among the investors. Recently, major banking institutions and technology companies such as Intel, Barclays or Walmart have invested their time and money into the promise of cryptocurrencies like Bitcoin and Ethereum. This has led to countries with weakening currencies to adopt digital currency to take the place of traditional notes that have depreciated. Some of these early adopter countries include Brazil, Colombia, Turkey and Venezuela. Wealthy countries are also exploring adopting cryptocurrency as legal tender. According to a report by Bloomberg, the central banks of Japan, European Union and Holland are currently conducting research projects and trials on digital currencies. India Impact
The cryptocurrency revolution is also spreading to India, where Prime Minister Narendra Modi has reduced circulation of cash bills to steer the country towards electronic payment ratification. The Reserve Bank of India is now looking into the newest wave of the future -- cryptocurrency. A year ago, the Indian government decided to take harsh measures against “black money”, funds earned on the black market on which income and other taxes have been evaded, and tax evasion by removing two of their highest value banknotes from circulation resulting in removing over 22 billion banknotes in circulation. As a result, citizens worried about losing their savings, switched to cryptocurrency to preserve their funds resulting in a trading volume spike of cryptocurrency. Since cryptocurrency is decentralized, Indian regulators are currently working on a legal framework regulating cryptocurrencies such as Bitcoin as well as the central bank of India is developing their own blockchain resulting in its very own cryptocurrency that will be called “Lakshmi”. Blockchain technology has also enabled companies to change the way they operate digitally. Through Initial Coin offerings (ICOs) companies are offering their digital tokens for sale. While many companies raising funds through ICOs are unregulated and lack validity, companies such as 1World Online, an established Silicon Valley company, already have a working product.
The blockchain economy is worth more than 100 billion dollars to date and the future of its adoption is being championed by people around the world and companies, such as 1World Online, that are using tokens to enhance their platforms--and reward users. India, with its large base of consumers, engineers, and entrepreneurs, is poised to become a world leader as more and more blockchain participation, investment, development, and mining occurs within its borders. Are you ready to join the future of the online economy?
Feel free to contact for further enquiry.
submitted by anoukbonami to InvestmentEducation [link] [comments]

Crypto-Currency: A Guide to Common Tax Situations

STATUS: Majority of questions have been answered. If yours got missed, please feel free to post it again.
Introduction
All,
Based on the rapid increase in popularity and price of bitcoin and other crypto currencies (particularly over the past year), I expect that lots of people have questions about how crypto currency will impact their taxes. This thread attempts to address several common issues. I'm posting similar versions of it here, in several major crypto subs, and eventually in the weekly "tax help" threads personalfinance runs.
I'd like to thank the /personalfinance mod team and the /tax community for their help with this thread and especially for reading earlier versions and offering several valuable suggestions/corrections.
This thread is NOT an endorsement of crypto currency as an investing strategy. There is a time and a place to debate the appropriateness of crypto as part of a diversified portfolio - but that time is not now and that place is not here. If you are interested in the general consensus of this sub on investing, I would urge you to consult the wiki while keeping in mind the general flowchart outlining basic steps to get your finances in order.
Finally, please note that this thread attempts to provide information about your tax obligations as defined by United States law (and interpreted by the IRS under the direction of the Treasury Department). I understand that a certain portion of the crypto community tends to view crypto as "tax free" due to the (actual and perceived) difficulty for the IRS to "know" about the transactions involved. I will not discuss unlawfully concealing crypto gains here nor will I suggest illegal tax avoidance activities.
The Basics
This section is best for people that don't understand much about taxes. It covers some very basic tax principles. It also assumes that all you did during the year was buy/sell a single crypto currency.
Fundamentally, the IRS treats crypto not as money, but as an asset (investment). While there are a few specific "twists" when it comes to crypto, when in doubt replace the word "crypto" with the word "stock" and you will get a pretty good idea how you should report and pay tax on crypto.
The first thing you should know is that the majority of this discussion applies to the taxes you are currently working on (2017 taxes). The tax bill that just passed applies to 2018 taxes (with a few very tiny exceptions), which most people will file in early 2019.
In general, you don't have to report or pay taxes on crypto currency holdings until you "cash out" all or part of your holdings. For now, I'm going to assume that you cash out by selling them for USD; however, other forms of cashing out will be covered later.
When you sell crypto, you report the difference between your basis (purchase price) and proceeds (sale price) on Schedule D. Your purchase price is commonly referred to as your basis; while the two terms don't mean exactly the same thing, they are pretty close to one another (in particular, there are three two ways to calculate your basis - your average cost, a first-in, first-out method, and a "specific identification" method. See more about these here and here). EDIT - you may not use average cost method with crypto - see here. If you sell at a gain, this gain increases your tax liability; if you sell at a loss, this loss decreases your tax liability (in most cases). If you sell multiple times during the year, you report each transaction separately (bad news if you trade often) but get to lump all your gains/losses together when determining how the trades impact your income.
One important thing to remember is that there are two different types of gains/losses from investments - short term gains (if you held an asset for one year or less) and long term gains (over one year; i.e. one year and one day). Short term gains are taxed at your marginal income rate (basically, just like if you had earned that money at a job) while long term gains are taxed at lower rates.
For most people, long term capital gains are taxed at 15%. However, if you are in the 10% or 15% tax bracket, congrats - your gains (up to the maximum amount of "unused space" in your bracket) are tax free! If you are in the 25%, 28%, 33%, or 35% bracket, long term gains are taxed at 15%. If you are in the 39.6% bracket, long term gains are taxed at 20%. Additionally, there is an "extra" 3.8% tax that applies to gains for those above $200,000/$250,000 (single/married). The exact computation of this tax is a little complicated, but if you are close to the $200,000 level, just know that it exists.
Finally, you should know that I'm assuming that you should treat your crypto gains/losses as investment gains/losses. I'm sure some people will try and argue that they are really "day traders" of crypto and trade as a full time job. While this is possible, the vast majority of people don't qualify for this status and you should really think several times before deciding you want to try that approach on the IRS.
"Cashing Out" - Trading Crypto for Goods/Services
I realize that not everyone that "cashes out" of crypto does so by selling it for USD. In fact, I understand that some in the crypto community view the necessity of cashing out itself as a type of myth. In this section, I discuss what happens if you trade your crypto for basically anything that isn't cash (minor sidenote - see next section for a special discussion on trading crypto for crypto; i.e. buying altcoins with crypto).
The IRS views trading crypto for something of value as a type of bartering that must be included in income. From the IRS's perspective, it doesn't matter if you sold crypto for cash and bought a car with that cash or if you just traded crypto directly for the car - in both cases, the IRS views you as having sold your crypto. This approach isn't unique to crypto - it works the same way if you trade stock for something.
This means that if you do trade your crypto for "stuff", you have to report every exchange as a sale of your crypto and calculate the gain/loss on that sale, just as if you had sold the crypto for cash.
Finally, there is one important exception to this rule. If you give your crypto away to charity (one recognized by the IRS; like a 501(c)(3) organization), the IRS doesn't make you report/pay any capital gains on the transaction. Additionally, you still get to deduct the value of your donation on the date it was made. Now, from a "selfish" point of view, you will always end up with more money if you sell the crypto, pay the tax, and keep the rest. But, if you are going to make a donation anyway, especially a large one, giving crypto where you have a big unrealized/untaxed gain is a very efficient way of doing so.
"Alt Coins" - Buying Crypto with Crypto
The previous section discusses what happens when you trade crypto for stuff. However, one thing that surprises many people is that trading crypto for crypto is also a taxable event, just like trading crypto for a car. Whether you agree with this position or not, it makes a lot of sense once you realize that the IRS doesn't view crypto as money, but instead as an asset. So to the IRS, trading bitcoin for ripple isn't like trading dollars for euros, but it is instead like trading shares of Apple stock for shares of Tesla stock.
Practically, what this means is that if you trade one crypto for another crypto (say BTC for XRP just to illustrate the point), the IRS views you as doing the following:
  • Selling for cash the amount of BTC you actually traded for XRP.
  • Owing capital gains/losses on the BTC based on its selling price (the fair market value at the moment of the exchange) and your purchase price (basis).
  • Buying a new investment (XRP) with a cost basis equal to the amount the BTC was worth when you exchanged them.
This means that if you "time" your trade wrong and the value of XRP goes down after you make the exchange, you still owe tax on your BTC gain even though you subsequently lost money. The one good piece of news in this is that when/if you sell your XRP (or change it back to BTC), you will get a capital loss for the value that XRP dropped.
There is one final point worth discussing in this section - the so called "like kind exchange" rules (aka section 1031 exchange). At a high level, these rules say that you can "swap" property with someone else without having to pay taxes on the exchange as long as you get property in return that is "like kind". Typically, these rules are used in real estate transactions. However, they can also apply to other types of transactions as well.
While the idea is simple (and makes it sound like crypto for crypto should qualify), the exact rules/details of this exception are very fact specific. Most experts (including myself, but certainly not calling myself an expert) believe that a crypto for crypto swap is not a like kind exchange. The recently passed tax bill also explicitly clarifies this issue - starting in 2018, only real estate qualifies for like kind exchange treatment. So, basically, the vast majority of evidence suggests that you can't use this "loophole" for 2017; however, there is a small minority view/some small amount of belief that this treatment would work for 2017 taxes and it is worth noting that I'm unaware of any court cases directly testing this approach.
Dealing with "Forks"
Perhaps another unpleasant surprise for crypto holders is that "forks" to create a new crypto also very likely generate a taxable event. The IRS has long (since at least the 1960s) held that "found" money is a taxable event. This approach has been litigated in court and courts have consistently upheld this position; it even has its own cool nerdy tax name - the "treasure trove" doctrine.
Practically, what this means is that if you owned BTC and it "forked" to create BCH, then the fair market value of the BCH you received is considered a "treasure trove" that must be reported as income (ordinary income - no capital gain rates). This is true whether or not you sold your BCH; if you got BCH from a fork, that is a taxable event (note - I'll continue using BTC forking to BCH in this section as an example, but the logic applies to all forks).
While everything I've discussed up to this point is pretty clearly established tax law, forks are really where things get messy with taxes. Thus, the remainder of this section contains more speculation than elsewhere in this post - the truth is that while the idea is simple (fork = free money = taxable), the details are messy and other kinds of tax treatment might apply to forks.
One basic practical problem with forks is that the new currency doesn't necessarily start trading immediately. Thus, you may have received BCH before there was a clear price or market for it. Basically, you owe tax on the value of BCH when you received it, but it isn't completely clear what that value was. There are several ways you can handle this; I'll list them in order from most accurate to least accurate (but note that this is just my personal view and there is ongoing disagreement on this issue with little/no authoritative guidance).
  • Use a futures market to determine the value of the BCH - if reliable sources published realistic estimates of what BCH will trade for in the future once trading begins, use this estimate as the value of your BCH. Pros/cons - futures markets are, in theory, pretty accurate. However, if they are volatile/subject to manipulation, they may provide an incorrect estimate of the true value of BCH. It would suck to use the first futures value published only to have that value plummet shortly thereafter, leaving you to pay ordinary income tax but only have an unrealized capital loss.
  • Wait until an exchange starts trading BCH; use the actual ("spot" price) as the value. Pros/cons - spot prices certainly reflect what you could have sold BCH for; however, it is possible that the true value of the coin was highelower when you received it as compared to when it started trading on the exchange. Thus this method seems less accurate to me than a futures based approach, but it is still certainly fairly reasonable.
  • Assume that the value is $0. This is my least preferred option, but there is still a case to be made for it. If you receive something that you didn't want, can't access, can't sell, and might fail, does it have any value? I believe the answer is yes (maybe not value it perfectly, but value it somewhat accurately), but if you honestly think the answer is no, then the correct tax answer would be to report $0 in income from the fork. The IRS would be most likely to disagree with this approach, especially since it results in the least amount of income reported for the current year (and the most favorable rates going forward). Accordingly, if you go this route, make extra sure you understand what it entails.
Note, once you've decided what to report as taxable income, this amount also becomes your cost basis in the new crypto (BCH). Thus, when you ultimately sell your BCH (or trade it for something else as described above), you calculate your gain/loss based on what you included in taxable income from the fork.
Finally, there is one more approach to dealing with forks worth mentioning. A fork "feels" a lot like a dividend - because you held BTC, you get BCH. In a stock world, if I get a cash dividend because I own the stock, that money is not treated as a "treasure trove" and subject to ordinary income rates - in most cases, it is a qualified dividend and subject to capital gain rates; in some cases, some types of stock dividends are completely non taxable. This article discusses this idea in slightly more detail and generally concludes that forks should not be treated as a dividend. Still, I would note that I'm unaware of any court cases directly testing this theory.
Ultimately, this post is supposed to be practical, so let me make sure to leave you with two key thoughts about the taxation of forks. First, I believe that the majority of evidence suggests that forks should be treated as a "treasure trove" and reported as ordinary income based on their value at creation and that this is certainly the "safest" option. Second, out of everything discussed in this post, I also believe that the correct taxation of forks is the murkiest and most "up for debate" area. If you are interested in a more detailed discussion of forks, see this thread for a previous version of this post discussing it at even more length and the comments for a discussion of this with the tax community.
Mining Crypto
Successfully mining crypto coins is a taxable event. Depending on the amount of effort you put into mining, it is either considered a hobby or a self-employment (business) activity. The IRS provides the following list of questions to help decide the correct classification:
  • The manner in which the taxpayer carries on the activity.
  • The expertise of the taxpayer or his advisors.
  • The time and effort expended by the taxpayer in carrying on the activity.
  • Expectation that assets used in activity may appreciate in value.
  • The success of the taxpayer in carrying on other similar or dissimilar activities.
  • The taxpayer’s history of income or losses with respect to the activity.
  • The amount of occasional profits, if any, which are earned.
If this still sounds complicated, that's because the distinction is subject to some amount of interpretation. As a rule of thumb, randomly mining crypto on an old computer is probably a hobby; mining full time on a custom rig is probably a business.
In either event, you must include in income the fair market value of any coins you successfully mine. These are ordinary income and your basis in these coins is their fair market value on the date they were mined. If your mining is a hobby, they go on line 21 (other income) and any expenses directly associated with mining go on schedule A (miscellaneous subject to 2% of AGI limitation). If your mining is a business, income and expenses go on schedule C.
Both approaches have pros and cons - hobby income isn't subject to the 15.3% self-employment tax, only normal income tax, but you get fewer deductions against your income and the deductions you get are less valuable. Business income has more deductions available, but you have to pay payroll (self-employment) tax of about 15.3% in addition to normal income tax.
What if I didn't keep good records? Do I really have to report every transaction?
One nice thing about the IRS treating crypto as an asset is that we can look at how the IRS treats people that "day trade" stock and often don't keep great records/have lots of transactions. While you need to be as accurate as possible, it is ok to estimate a little bit if you don't have exact records (especially concerning your cost basis). You need to put in some effort (research historical prices, etc...) and be reasonable, but the IRS would much rather you do a little bit of reasonable estimation as opposed to just not reporting anything. Sure, they might decide to audit you/disagree with some specifics, but you earn yourself a lot of credit if you can show that you honestly did the best you reasonably could and are making efforts to improve going forward.
However, concerning reporting every transaction - yes, sorry, it is clear that you have to do this, even if you made hundreds or thousands of them. Stock traders have had to go through this for many decades, and there is absolutely no reason to believe that the IRS would accept anything less from the crypto community. If you have the records or have any reasonable way of obtaining records/estimating them, you must report every transaction.
What if I don't trust you?
Well, first let me say that I can't believe you made it all the way down here to this section. Thanks for giving me an honest hearing. I would strongly encourage you to go read other well-written, honest guides. I'll link to some I like (both more technical IRS type guides and more crypto community driven guides). While a certain portion of the crypto community seems to view one of the benefits of crypto as avoiding all government regulation (including taxes), I've been pleasantly surprised to find that many crypto forums contain well reasoned, accurate tax guides. While I may not agree with 100% of their conclusions, that likely reflects true uncertainty around tax law that is fundamentally complex rather than an attempt on either end to help individuals unlawfully avoid taxes.
IRS guides
Non-IRS guides
submitted by Mrme487 to personalfinance [link] [comments]

Info about my experience with Cloud Mining. Hashflare.io and Genesis Mining.

Well I was looking at Genesis because I do like getting a daily payout and from all the calculations it seems like it should be profitable now. The only reason I am writing this is to share my story. I don't completely agree that they are a Ponzi scheme. I bought a contract with Hashflare.io. I was skeptical and I still paid roughly $2,000 for 17.5TH/s of hash around April of 2017.
I made very good money. Hashflare.io was accurate with saying that you get your investment back within about 100 days. I was making about .08BTC a month and that was about $650 each month. I kept making that same amount for a little over a year. I made a ton and that was not including holding onto the Bitcoins and the price appreciating, which it did big time. With fees and all it made me cash. HOWEVER ONE THING DID DISAPPOINT ME.
I am greedy and wanted my contract to run smooth to a T. I bought the contract with Hashflare.io saying that it was a LIFETIME contract. I never imagined that my daily payout from what was mined would be less then my daily maintenance fee. WELL AS SOME OF YOU MAY KNOW IT DID HAPPEN. I stopped getting my payouts in July of 2018. It happened with both Hashlfare.io and Genesis mining customers. Not only did I stop getting payouts, but they also cancelled my contract. I was always kind of confused because I clearly remember them saying that the contracts were a LIFETIME, then when I looked under the section of the website that showed my purchase it showed my start date and also a expiration date. The expiration date was a few months more then one year from the start date. IT DISAPPOINTED ME. I kind of figured that even if the payouts stopped that since it was a LIFETIME contract once the daily mining amount increased above the maintenance fee I would start getting daily income again. Again as I have stated that did not happen.
In the end I really do not have any real complaints. I made about $13,000 dollars from investing $2,000. I could have made way more(like $6000 more) if I solid out when Bitcoin hit $20k and then kept being smart with keeping and selling my Bitcoins as the priced moved around. I CAN NOT COMPLAIN STILL. So now I want to try it out again. Genesis seems very worth it, but again I am skeptical. Genesis is offering 10TH/s for only $500 dollars AND I get 25% off so it would only cost $375. I am worried my calculations won't work out and I will make very little. Maybe they will stop paying out much sooner then what happened with Hashlare.io, but I am still seriously considering it. I AM NOT EVEN CONSIDERING HASHFLARE.IO. I do not know why probably because they went back on what they made it all seem like. ALSO Genesis is much cheaper. I'LL see what I decide. I figure if I do it i can't lose a ton of money. Maybe I'll lose $200 well maybe even $300, but I doubt it. I should make something. I JUST WANT TO MAKE CLEAR THOUGH that I really do not think that either of these places are Ponzi schemes. I think sometimes it pays sometimes it does not.
What I will be clear about is that I am not happy with the transparency of Genesis mining. THEY NEED A CALCULATOR TO SHOW ESTIMATED PROFITS, NOTHING GUARANTEED BUT A HUGE HELP. Hashflare.io also does not provide a calculator nor did they in the past when I signed up. BUT Hashflare.io did state in multiple sections that you were guaranteed to get your investment back in 100 days, that was based on their current numbers regarding mining output and overall profitability. I really wish Genesis did the same, at least.
If I give it a try I will come back and post something about how my experience is going and how much payout I am receiving. Best of luck everyone and best of luck to Crypto.
submitted by HalfPlum5890 to GenesisMining [link] [comments]

5 things hardly anyone knows about the BMP project

1. The BMP is the most secure public voting system ever build.

Because all BMP actions are weighted by hashpower and is the first system capable of adding all the Bitcoin SHA-256 hashpower (BTC+BCH+BSV) at the same time. Then, BMP computes more hashpower than BTC or any other crypto.

2. BMP is a legitimately and neutral place.

Open-source, free, politically neutral, hashpower calculation is fair and accurate, each miner or pool can use it independently, without permission. Fully compatible with the whitepaper vision, specifically the last two sentences.

3. BMP is decentralized and indestructible as Bitcoin blockchain.

100% on-chain. It is designed to be deployed on multiple independent servers, and will display the same information at all times. No dependencies, except Bitcoin clients.

4. Votes can be modified while the voting is open.

You can vote more than once, the BMP only computes the last vote for each miner. This allows for discovering consensus, thinking, negotiating and rectifying. Because we learn in the process.

5. Miners can delegate % of hashpower in any address.

With power_by_opreturn coinbase signaling, any solo-miner or pool can delegate arbitrary percentages of his hashpower in any address. And without interfering with mining operations.
This allows for the participation of the entire community: mining partners/associates, small miners, pool miners, developers, researchers, operators, communicators and other key professionals (if miners want). In this way, the BMP is an indestructible pressure cooker, containing controversies, without split, by voting with hashpower, stably, as whitepaper says, legitimately, ad-infinitum.

And this is just the minimum viable beta. If you look the BMP protocol you will see that it is a powerful base system ready for building a next-level organization, as never seen before.
submitted by Ozn0g to btc [link] [comments]

GPU Mining Crash Course - START HERE!

Welcome All to the GPUMining Crash Course!
With the increase in prices in cryptocurrency, a lot of people are getting back into mining and a lot of people are brand new to the concept overall. So, I quickly wrote this crash course to help you understand what to expect and how to successfully mine your first cryptocurrency. This crash course isn't gonna have all of the fluff you'd see in a normal publication. This is just everything you need to know to get up and running on your first cryptocurrency mining rig.

What is cryptocurrency mining?

One of the main things about cryptocurrencies is that they are "decentralized". Sounds great, but WTF does that even mean? Well, the easiest way to explain it is...
You know how if you want to send your friend/family money digitally, you can do so through your bank. Your bank likely takes a transaction fee and in a few days they will transfer the money. Since cryptocurrencies are decentralized, they don't have a bank or organization to fulfill the transfer of money. Instead, they outsource the computing power of their cryptocurrency network to miners (soon to be you). These miners are verifying transactions, securing the blockchain, and powering the cryptocurrency's specific network among other things. As an incentive, the miners collect transaction fees on the transactions that they verify and collect block rewards while new currency is still being introduced into the ecosystem.

What kind of rig should I build?

You can mine cryptocurrencies using your CPU, GPU, FPGA, or ASIC, but this is a GPU Mining subreddit, so I will cater this to GPUs.
For building a great all-around GPU rig, there are two models of GPUs that I'd recommend:
Both of these GPUs have solid hashrates across most mining algorithms and for a decent price! You should be able to find both of these kinds of GPUs used for around $200-$250 each, which is a great price if you know what happened during the last mining craze! ($200 GPUs were out of stock everywhere and people were reselling them for $600+ each)
There are also plenty of great AMD GPUs for mining, but I've worked mostly with Nvidia so that's why both of my recommendations are Nvidia and not AMD.
Other parts to your rig that you'll need are listed below. Most of these can be pieces of crap and are just needed to make the rig actually run, but the one spot you DON'T want to cheap out on is the power supply unit. A decent power supply unit will keep your home from burning down while also keeping your rigs up and running smoothly. Here are my recommendations:

She's built, now what?

Now you need to do a few things. I am a Windows miner, so I will be speaking to Windows here:
  1. Update Windows - Do all of the updates. Just do it.
  2. Update Drivers - Go to the EVGA website and download GeForce experience. It will keep your GPU drivers up to date.
  3. Go to Windows Device Manager and make sure all of your GPUs show up under "Display Adapters". If it is there, but it isn't showing the Name/Model of the GPU as the name, right click it and select "Update Driver". This should fix it.
Assuming you've done all of this, you're ready to download a mining application.

Mining Software

There are tons to choose from! Claymore, Phoenix, EWBF, LolMiner, etc... It can be overwhelming pretty quickly since they all have different algorithm support, speeds, efficiencies, and a whole lot more. On top of that, in order to get them running you need to set up batch files to call the proper exe, point you to the correct pool, and a whole bunch of other stuff that can be confusing to a new user. Not to mention, you will probably need a separate miner, config file, batch file, etc. for each different algorithm that you're interested in mining on.
Instead, I recommend that you download a miner management software that will take care of most of this tedious work for you. There are a few in the sidebar, but the /GPUMining favorite is AIOMiner. It was developed by our very own community member, xixspiderxix with the intention of making mining as easy as possible to do and without any fees. It supports over 100 different algorithms, so you'll be able to mine nearly ANY cryptocurrency you'd like. Just download it from their website and it will take you through a quick tutorial to help you get set up! You can also connect your rig to their website for remote monitoring and control. You've probably seen a few of their posts around this subreddit.
Other Windows mining softwares include:
Note: Many mining softwares have fees built into them. Most are around 1%, but can go as high as 5% or greater! You want a mining software with little or no fees at all so that you get to keep as much cryptocurrency as possible. These fees aren't something you actively pay, the software will automatically take it by mining on the developers behalf for a given amount of time and then switching back to mining on your own behalf. So, please be diligent in the software that you evaluate and make sure it is reputable.

I keep hearing about NiceHash. What is that?

The asshole of the mining industry. Jk, but not really.
NiceHash is a software program that allows you to sell your rig's hashing power to someone on their marketplace. They market themselves as profitable mining, but you're not really mining. You're selling your power in exchange for Bitcoin.
They did a great job telling people that with them, you're always mining the most profitable coin, but that's just not true. Since it is a mining marketplace, they make you mine whatever their most expensive contract is. If their contracts are below market prices, then you're not operating as efficiently and profitably as you could be.
NiceHash also has a sketchy history, which continues to this day. In 2017, they were hacked and lost $65M worth of Bitcoin. No one got paid out for MONTHS and many of their executives conveniently resigned. Their platform is also used to destroy cryptocurrencies. Since people are able to purchase mining power on their platform, people have used their platform to purchase enough mining power to control individual cryptocurrencies and duplicate coins, which increased the malicious user's wealth while completely destroying the integrity of the coin's blockchain. HoriZEN (formerly ZenCash), Ethereum Classic, and many other great cryptocurrencies have been the victim of NiceHash's platform.
For this and many other reasons, we highly recommend that you stay AWAY from Nicehash. We understand that it is extremely easy to use and you get paid in bitcoin, but they are destroying the industry with their greed and lack of motivation to change their platform for the protection of cryptocurrencies.

Concluding Thoughts

This is pretty much everything you need to know to get started. We covered the hardware, setting up the software, which software to use, and AIOMiner's tutorial will get you up to speed on how to actually mine the cryptocurrency that you want better than I can explain it, so I'll leave that part to them.
If you have any questions on this crash course, please leave a comment below where myself and other community members will be able to help you out.
submitted by The_Brutally_Honest to gpumining [link] [comments]

Your Guide to Monero, and Why It Has Great Potential

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

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

///Upcoming Developments///

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

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

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

///Speculation///

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

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

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

///Conclusion///

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

Ytaopal Agent Review + Guide

Hey Guys,
after I shipped my last few Hauls via Ytaopal I think I can give a honest Opinion about Ytaopal and can give you some Tips about Ytaopal
If you are using Superbuy, you should check out hyperionfr `s Guide here. Its better and bigger than mine but he only talked about Superbuy as Agent, that inspired me about doing my own little Guide for yall.

Structure

  1. Basics (brought to you by hyperionfr)
  2. How to buy from Taobao, Tmall, Yupoo and more Sources via Ytaopal
  3. Shipping and Customs (+ my Experiences)
  4. My Experiences with Ytaopal (+ compared to Superbuy)

Basics

1. What is an Agent?

tl;dr: An Agent is a commercial Service which lets you buy Items off of Chinese Websites and deliveres them to you. An Agent also sends you Pictures of your Items before shipping and is talking to the Sellers for you. These Services take a small fee for their Service but this is in the most cases absolutely worth it so you should use them.

For new users coming to this sub daily it is hard to directly understand the point of an agent. Be honest, you did not do better in your first days/weeks. So instead of redirecting them to the searchbar just explain it to them in 2 sentences.
The main website we buy our reps from is taobao.com. It is like a amazon or eBay for China - solely for China. The problem that results is that we need a connection between your country and China. You cannot buy from TaoBao directly (for most of the countries) and you probably would not understand anything. So here comes the agent in hand. You browse through your favorite TaoBao shops and find some items you want to buy. Now you do not buy it through TaoBao but through your agent (in our case Ytaopal). Ytaopal now buys this exact item and lets it deliver to their warehouse. You ask for pictures, measurements, exchanges, returns etc. When everything is fine Ytaopal will package everything and deliver it to you. They are the connection between you and TaoBao.
(the longer Text was written by hyperionfr for his Guide)

2. Which agent to use?

As suggested by the Title of the Post, Im using Ytaopal. In my time into Fashionreps I used a few Agents like Superbuy, Basetao, CSSBuy and Ytaopal. None of them is bad but there are some differences in their offerings and prices. For first-time buyers I would suggest going with Superbuy, which is a bit more expensive then the other ones but is the most professional and the most easy to use. In addition, you can find more than enough Guides for buying via Superbuy on this Subreddit.

How to buy from Taobao, Tmall, Yupoo and more Sources via Ytaopal

1. Buying things on Chinese Websites

tl;dr Taobao/Tmall Tutorial:
  1. get a Link for what you want
  2. go to Ytaopal and paste your Link into the Searchbar
  3. Select type and sizing
  4. Click the "Add to Cart" Button
  5. Go into your Cart
  6. Click the Checkout Button
  7. Pay the Items

1.1 Signing Up

Just go to the top-right corner and select "Register". Just put in your email, username and password and you should be fine.

1.2 Finding Items

You can buy Items from many different Chinese Sites. You can find the officially Supported Sites on Ytaopals Homepage, altough its not listed there, you can order from Yupoo and Wechat too.
For finding the Items you want, just take a look into the Subreddit and check out some of the Hauls other Guys did. In most cases you can find a Review of the Item and a Link to the Seller. You can also click some recommended Links on Taobao or explore some sellers on Yupoo.
A big help while checking out Items on Taobao can be u/AColdFloor `s QCSuite Addon which can be found here. It displays the QC Pictures of other Users to you right on the Taobao site. With that, you can check how the Item looks in reality and can decide better.
For Translating Chinese I found Google Translator (for Websites) and Yandex Image OCR (for Pictures) the most useful. Most of the time you can get a Sense of what the Seller is trying to tell you.

1.3 Buying Items

If you found the Items you want, click at the Searchbar at the Homepage of Ytaopal and just Copy your Link into it. If its a Link from a officially Supported Site you can just Click the Options and you see a Picture of your Pick. The Price will also be automatically filled.
If you want to order from CNFashionBuy/CNFashionPub, scroll down at the Articles Site and click the Yupoo link. After you got the Yupoo Link just do the usual Ordering Process through Yupoo (below). When using the CN Sites, set the "Price" to that listed on the Site and set "Shipping" to 0.
If you want to order from Yupoo, paste the Link into the searchbar on the Homepage and the Ytaopal Site will be Blank. Now fill out the Blank Spaces, into "Title" just copy the Name of the Yupoo Album of your desired Item. Prices should be listed somewhere on Yupoo too. Now just fill in the Size you want into the "Comments" field.
If you want to order from WeChat, write an Email towards [[email protected]](mailto:[email protected]) telling them the WeChat Name and the Items you want, try to specify what you want as specific as possible.
How to order from Taobao Imgur Tutorial
How to order from Yupoo Imgur Tutorial

1.4 Paying

Ytaopal uses a Balance System, that means you cant be overcharged and can only pay what you charged up before. All Refunds will be added to your Ytaopal Balance.
To charge up your balance just navigate to the Dashboard of your Ytaopal Account and click "recharge". For adding Money to your Account you can use Debit Cards, Bitcoin, Western Union, Bank Transfer, iDeal, Giropay, Polipayment, Trustpay, EPS, Mistercash, Mybank (France/Belgium/Italy and Luxembourg), Sofort, Safetypay and Multibanco. You can select the amount you want to charge up and the fees for it will be shown below.
If you want to pay with Paypal (which is pretty likely), just write an Email at the Support. They are gonna tell you the Paypal-adress and what you have to do. Paying with Paypal is fee-less and takes 24h at most. (the Support needs to add the Balance manually to your Account)

1.5 the Warehouse

After you ordered your Items, you can see them listed in your Warehouse after they arrive at Ytaopal. The Warehouse lists your Items and shows the Order-Number, Price and Weight.
When your Items are listed in the Warehouse, you can click on "QC Album" (on the Dashboard) or "My QC Pictures" (at the Sidebar) to see the Pictures your Agent took of your Pieces. In my opinion, those pictures are far superior to the QC Pics of Superbuy. (more to my Experiences down below)
Ytaopal Warehouse + QC Pics Imgur Album

2. Getting your Items shipped to you

tl;dr Tutorial:
  1. go to your Warehouse
  2. select the Items you want to ship
  3. click the "Add to package" Button
  4. Fill in your Adress and your favourite shipping method
  5. Pay for your Package
To get your fresh new clothes shipped to you, just go to your Warehouse and tick the Boxes besides the Items you want to ship then click "add new Package" and you will be taken towards the Checkout Screen. There you select your Shipping Adress, Shipping Service (DHL GANG GANG) and Select if you wanted to keep Boxes or throw them away. You should throw them away if you dont need them, that saves you a lot of money and can be benefical with the customs. Underneath you can input some Comments that you want to tell Ytaopal, unless like other Agents Ytaopal will not write those Comments on your Parcel.
Ytaopal shipping Screenshot Imgur

2.1 Declaration

tl;dr Tutorial:
  1. Check the total weight of your Parcel
  2. Check the Customs Regulations about Parcels for your Country
  3. Pick the Price you want to declare your Haul at
  4. Submit your Parcel
  5. Write an Email to the Support including your Parcel-Number and tell them how you want to declare your Items.
  6. Ask the Support to send you the Invoice they put on your Parcel
My Tip for you is to let the Comment Section blank and write an Email to the Support after you submitted your Parcel. When you write an Email you can tell them exactly how you want to declare it. If you dont tell them anything they will declare it at original Pricing so you should at least do it in the Comments if you dont want to write that Email. Also, if you dont tell them anything about the Items inside, they will just put the real Items on the Box (e.g. if you bought 3 Hoodies and 1 Shirt, it will just be declared at 3 Hoodies and 1 Shirt but fitting to the Price you want). If you just say they should declare it to 30$ for example they are gonna fit your Items to 30$ with free Shipping. Depending on your Country, you should probably set it to ~5$ Shipping or how you want. Remember to ask them to send you the Invoice they put on the Parcel.
You will not receive a shipping Refund with Ytaopal, but the Pricing is a good bit cheaper than Superbuys. You can calculate shipping Prices via the Calculator found on their Homepage, remember that this is only accurate with EMS as DHL goes for volumetric weight which you cannot be calculated.

2.2 What happens when the Customs Check my Haul

First Advice, calm down. It is very unlikely that Customs open up your Haul randomly. If you are in a Country of the European Union, Customs cannot open your Parcel without you accepting to open it if its not looking Suspicious.

If you are using DHL, just check the Tracking Site to see your Parcelstatus."Customs status updated" - Your Parcel has been announced to Customs or you need to hand-in a Proof of Worth for your Items. You can see this when clicking on the "+ Button" on the tracking Site.
" Processed for clearance at LEIPZIG - GERMANY " - The Customs started working on your Parcel, nothing bad.
" Clearance event " - Your Parcel is stuck or delayed, most of the time you are fine. If its on this Status for a longer Period of time, call DHL."Clearance processing complete at LEIPZIG - GERMANY " - Your Parcel got through Customs without Problems!
How to do the Proof of Worth:
Obviously, you dont want to pay Taxes so you need to fake the Invoice. The Invoice that Ytaopal sent you is not going to be accepted as such Invoices can easily be faked. So what do you send the Customs then?
Just go to your Paypal recent activities and pick a Payment. Click F12 and edit the Date of the Transaction (to the Date your Parcel was Packed), the Worth (to your declared Value). Just take a Screenshot of your edited Transaction and upload it to DHL4You. You may need to call them and tell them you uploaded it afterwards.
Sometimes they want the Proof of Worth for every single Item, just go to your Parcel on Ytaopal and F12 again. Change the Values of the Items to match the total worth of your Parcel and just send them this Screenshot too.

There are probably Guides for declaration for your specific Countries on the Subreddit, just search them.

3. My Experiences with Ytaopal (+ compared to Superbuy)

In my Experience, Ytaopals Customer Support is the best I ever encountered. Big thanks to Alice and Shmily for helping me out with my Questions and Orders. As you can see in the Pics, I spammed them a little bit and they were very kind and never Rude. Remember Bois, always be nice to your Agent and Sellers, they are getting your Shit for you.
The Emails I wrote to Ytaopal Imgur
Here is a quick comparison between the 2 Agentservices:
Ytaopal Superbuy
- better QC Pics - definetly worse QC pics
- more Personal, worse Website - more automated, better Website
- uses their own Mind instead of just doing what you said - does strictly what you said
- only Beijing-Time Support - 24/7 Support
- fewer Workers, slower when there are more Parcels - more Workers

As seen in the Table, Ytaopal is an Agent which requires you to Contact them a lot to manage your Shipments and Orders. That may be a bit complicated for newcommers, but gives experienced shoppers a lot more "customization".


If you got any more Questions or anything, just write a Comment or send me Message, im glad to help.
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Inside a Bitcoin mine that earns $70K a day - YouTube

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