This Minor Cryptocurrency Is On Track To Smash Bitcoin In 2020

Litecoin

For discussion about Litecoin, the leading cryptocurrency derived from Bitcoin. Litecoin is developed with a focus on speed, efficiency, and wider initial coin distribution through the use of scrypt-based mining.
[link]

Day 1180 - Barter is still useless

We need to incentivize players to use the barter function, otherwise it'll just be another feature that 99.9% of players don't use. Don't worry - even with incentives, your normal ruble based market won't see any visible impact. Don't worry - RMT issues aren't related to barter. RMT sellers buy the expensive ruble based offers/drop bitcoins in raid/do a labs raid together while using cheats/give gearsets inraid. Barter trades don't have any possibilities of being used nefariously, ESPECIALLY since item being sold as barter and item being asked in exchange BOTH have to be FIR.

Solution(And/Or)

  1. Remove/drastically lower fees for barter trades - barter is already painful for sellers and buyers. Fee removal will lead to potentially cheaper barter offers, which makes the market experience more dynamic.
  2. Make barter offers take up a separate sales slot - barter will always take longer to sell due to less visibility, less convenience for buyers, and not many will have the exact items you require ready to pay as FiR. So, having a barter offer take up a different slot so that you can still sell other items for rubles would be a nice QoL change.
  3. Make the estimated total value of the asking item shown for barters accurate to the current flea average prices, to make actual cheaper offers obvious.
  4. Fix the regression bug that removed item name previews on the flea list. Since couple months ago, we can no longer see what items are required for the barter unless we mouse over the "?" icon. We used to see the item names without having to mouseover it.
I feel that barter is much more "personal" and interactive than a plain ruble based transaction 24/7. I'd like to see it get expanded more as a game feature rather than some annoyance that we have to block out using "remove barter offers" from the filter every time.
submitted by mark3236 to EscapefromTarkov [link] [comments]

Help recovering from old wallet.dat for an old friend.


Hey all,
I've been in the Bitcoin space since early 2012.
I have a situation that I would love to get some assistance with, I will explain the situation momentarily. Please do not message me and ask me for the wallet.dat file it's not going to happen.
TL;DR
I have an old wallet.dat file from late 2012 or early 2013 from a coin I sold to a friend. Tried to recover the coins in 2018 and failed, later found out that someone had access to the computer and could have easily stole them. Would the current Bitcoin Core be able to read an old wallet.dat file, and is there any way to easily view the balance of a 2012 wallet.dat file without having to load the entire blockchain?
In the early days of Bitcoin as many of you OG's know, the only option to securely store your coins was to use the default Bitcoin wallet in a wallet.dat file. A friend of mine was really wanted to invest in Bitcoin but didn't know how, so I sold one to him because I didn't want him to get screwed. I installed Bitcoin QT on their home laptop, had him write down the password on a piece of paper and had him put a backup of the wallet.dat file onto a USB.
Fast forward to when the price went to $20k plus, he calls me up super excited and said he wanted to sell his coin because he could use the money and I encouraged it because from my prior experience I knew the momentum was unsustainable and I had sold a few coins of my own.
Anyway, I go over to his house and we huddle around his computer. He tells me that he upgraded the hard drive in his computer and gave me his old one and I went back to my house to get an external hard drive reader. I came back, booted up his old drive and remembered that we would have to let it sync up in order to get the coins out, and on his internet that wasn't going to happen anytime soon. He gave me the hard drive and I went home and left on Bitcoin QT overnight and in the morning I was shocked to see that there were no transactions on the wallet. Quick note, he had the wallet password in a file on his documents titled "Bitcoin Wallet Password.txt". smh.
I started to panic, and I realized how bad this looked on me. I called him and told him that there were no coins on there and asked if he had his USB stick and he told me he had lost it years ago. I frantically looked through all of my old wallet files to find any transaction that could link to his address, to show that his coins were still in there. After a while I realized I had sent the coins from the now defunct btc-e.com, and had no way to check up on the coins.
I did everything in my ability to try to recover lost data from the hard drive to no avail. I asked him if anyone else has had access to his computer, and then asked him how he replaced his hard drive because I know him well enough to know he wouldn't pull apart a laptop to replace the hard drive. He told me he took it to a shop to have it replaced a few months earlier. I suspect that I'm either trying to view the wallet incorrectly or whoever replaced his hard drive snooped on his hard drive, stole the coins and replaced the wallet.dat file and generated a new one. I have to admit, I was relieved a little bit to have an explanation to coins not being there but I could imagine he thinks I may have had something to do with it. I made a few more attempts over the years whenever I was reminded of the situation to no avail.
We kind of fell out after that and haven't spoken in a while. Recently, I saw a post on his Facebook that his wife is pregnant they are having a baby, and that's why I'm here. I would love nothing more than to be able to message him and let him know that I have 11 grand waiting for him, because I'm certain the money would mean the world to him during such a stressful time.
Any help or insights would be incredibly helpful and appreciated.
submitted by Good-Exercise to Bitcoin [link] [comments]

Collapse of MakerDAO Keepers: $4.5M lost & how to become a Keeper to earn 13%+ liquidation penalties by providing liquidity to MakerDAO Keeper Pool.

TL;DR - join waitlist for MakerDAO Keeper Pool to earn yield on DAI/ETH/USDC/USDT/Chai/sUSD/cDAI from liquidation penalties and ETH/DAI arbitrage profits earned in collateral auctions by the Keeper Pool (zero fee pool, non-custodial of course:) - https://docs.google.com/forms/d/e/1FAIpQLSfekQcjT5up5Uh2W_C2W0U5zJ5miLd5ott_87CW8-dDH75TZg/viewform
________
Unfortunately, many of us became victims of MakerDAO collateral auctions market. This market was brought to its knees today, resulting in:
1) Losses affecting some of the MakerDAO Vault holders (borrowers of DAI from the Multi-Collateral DAI system), and
2) Losses affecting 100% of MKR token holders, - minting enough MKR and selling them for DAI to cover the missing DAI in the system. The auctions will begin on Wednesday, March 18, 2020.
For the last 14 hours I've been focusing on determining the root cause of the problem, and determining WHAT CAN I DO? to prevent this collapse from ever happening again.
Collapse of the MakerDAO Auctions.
Losses above is a result of a short-term monopoly in the auction market of collateral liquidation of MakerDAO vaults becoming under-collateralized with price of collateral (ETH, BAT) on the decline. This monopoly existed for ~3.5 hours this morning, allowing a single Keeper to buy close to $4.5M worth of ETH in exchange for ~0 DAI + gas fees.
The collapse negatively affected two classes of market participants:
1) Victim class #1: MCD Vault holders who were being liquidated between ~10am EST until ~1pm EST
Please meet Paul, one of the people who lost money. Read his story:
https://www.reddit.com/MakerDAO/comments/fhn1qn/complete_vault_liquidation_no_eth_left/
If you still didn't get it, please meet BitBurst who lost his life savings today:
https://www.reddit.com/MakerDAO/comments/fhs7kp/just_got_100_liquidated_with_my_1713_eth_cdp_fck/
Want more? One of us with a Reddit handle 'phyzled' is calling for help:
https://www.reddit.com/MakerDAO/comments/fhrjxp/help_complete_liquidation/
Even 'Bitcoin_Bender' is threatened. Not just him but his life and his family are going downhill:
https://www.reddit.com/MakerDAO/comments/fhupn8/total_liquidation_mkr_holders_should_take/
2) Victim class #2: MKR holders who will be diluted on Wednesday, March 18th as a result of Flop auction - minting new MKR tokens and selling them at an auction until the auction proceeds cover the missing DAI ($4.5M DAI at the time of this writing).
WHAT HAPPENED?
Prior to ~10am EST, there were a lot of Keepers bidding against each other for collateral at 13% liquidation penalty. Keepers are software bots which monitor Vaults and participate in auctions for collateral of borrowers who became under-collateralized. Operators of such bots are incentivized with mandatory 13% liquidation penalty imposed on Vault collateral upon liquidation.
https://docs.makerdao.com/auctions/the-auctions-of-the-maker-protocol
https://docs.makerdao.com/smart-contract-modules/collateral-module/flipper-detailed-documentation
However, after 10am EST, a single liquidation auction bot was able to bid at 0 DAI (or slightly above) PER EACH COLLATERAL ETH BEING AUCTIONED, AND WIN THE AUCTION. As a result, this Keeper was effectively steal $4M worth of ETH collateral because the auction was designed to raise at least 4M DAI in exchange for the ETH that was auctioned during liquidations, however all except one Keepers stopping their operations, there was only one bidder. Any price above 0 would be accepted. As a result, but the Vault holders who supposed to receive some ETH back, never got any ETH back > making the effective liquidation penalty to over 50% instead of 13%.
Why did the Keeper's market collapse? Why most Keepers stop operating?
Unfortunately, most Keepers stopped operating this morning due to the following reasons:
Root cause #1: Catastrophic liquidity crunch. Keepers simply ran out of DAI to bid in the collateral auctions due to
1.a I believe some Keepers were unable to continue Keeper operations due to inability to liquidate ETH fast enough for DAI.
1.b Some Keepers shut down due to squeeze (bought ETH for 170 DAI, and hours later can only sell for 130 DAI at a loss - which is way more than 13% liquidation penalty).
Root cause #2: Network congestion. This brought many Keepers to its knees. Even with liquidity, many were unable participating in auctions due to stuck transactions & high gas costs. In addition, issues like longer client sync times + some Ethereum clients (like Parity) sufferring from known problems of keeping transactions stuck in Mempool for a very, very long time, amplified this problem.
PROPOSED SOLUTION - MakerDAO Keeper Pool.
Why don't we pool our liquidity (non-custodial pool, Uniswap-style) and give Keepers some competition!?
To prevent more people from losing their funds, I decided to fund development of a MakerDAO Keeper Pool, which will allow anybody to become a Keeper and participate in liquidations of collateral (to earn 13% liquidation penalty).
Background: During today’s Community Call (5 hours and still ongoing at the time of this writing), multiple members of the Maker community stressed importance of increasing # of Keepers servicing the MCD system in order to prevent yet another collapse of the Keepers market as it happened today.
To improve maturity of the Keepers market, increase the collective liquidity used by Keeper’s, engineers at Protofire.io (developers of MakerDAO governance dashboard https://mkrgov.science, Solhint - Solidity Linter https://github.com/protofire/solhint, maintainers of Gnosis Conditional Exchange https://github.com/protofire/gnosis-conditional-exchange) and risk team + engineering team at Atomica.org (developers of Atomica.org/unwind/) launched emergency efforts to ship one or more of the following ASAP:
  1. Web-based MakerDAO Keeper. Perform liquidations of 3rd party collateral from your browser as a Keeper. Earn 13% liquidation penalty.
  2. Open Source Keeper Templates. Run your own Keeper Bot on AWS - 1-click Installer for a MakerDAO Keeper Bot (open source Amazon Machine Image).
  3. Non-custodial MakerDAO Keeper Pool. Earn yield on DAI/ETH/USDC/USDT/cDAI/Chai from a pool running multiple Keeper bots servicing MakerDAO ecosystem. Join/Exit/Add/Withdraw DAI/ETH/USDC/USDT/cDAI/Chai, and earn 100% of liquidation penalties earned by the Keeper (zero fee pool).
Ultimately, we aim to:
- Upgrade the MakerDAO Keeper Pool to be a Keeper of Last Resort. Think of a Keeper backed by on-chain, guaranteed liquidity AND configured to participate in auctions with bids of at least 0.85 of the current ETH-DAI market price, as reported by oracles. So long as the Keeper Pool is operating, no Keeper will be able to take advantage of the system and cause yet another collapse of the MakerDAO Collateral Auction markets.
- Ship 3rd party JavaScript / npm library + Android/iOS SDKs to embed Web-based Keeper or MakerDAO Keeper Pool join/exit/add/withdraw liquidity into your own dApp, protocol, product or service.
If anyone is interested in developing/observing/joining MakerDAO Keeper Pool (for example by running their own Keeper using hardened AWS AMI template, or by providing liquidity (DAI/ETH/USDC/USDT/cDAI/Chai) to a Keeper Pool) - feel free to join our working group working to ship a MakerDAO Keeper Pool ASAP - https://docs.google.com/forms/d/e/1FAIpQLSfekQcjT5up5Uh2W_C2W0U5zJ5miLd5ott_87CW8-dDH75TZg/viewform
Its not about what DeFi can do for you. It is about what YOU can do for DeFi.
submitted by renatco to ethereum [link] [comments]

Introducing the #SendNodes Contest with Kusama and Avado

Introducing the #SendNodes Contest with Kusama and Avado

Introducing the #SendNodes Contest with Kusama and Avado


https://preview.redd.it/8rodjuurdtr41.png?width=1999&format=png&auto=webp&s=20a11bc1f439155d7a0d4b110d554ddae4824d94

Join the competition on Vyper


Introduction to Kusama, AVADO and Nodes
What is Kusama?
Many of you may be aware of Kusama, but for those of you who are new, welcome! Kusama a scalable, multichain network for radical innovation. The network is a development environment for teams who want to move fast and innovate, or prepare for deployment on Polkadot. Some of these teams building on Kusama include Acala, building a custom blockchain for DeFi; and Chainlink, building a blockchain dedicated to its Oracle network. Kusama was founded in 2019 by Gavin Wood, co-founder and original CTO of Ethereum, and is maintained by the same teams that are behind Polkadot. Kusama is a project of Web3 Foundation, a Swiss foundation that funds research and development teams building the technology stack of the decentralized web. Web3 Foundation works with best-in-class entities such as Parity Technologies to build Kusama and foster development of the services and applications that will run on it.
What is AVADO?
AVADO is a pre-configured blockchain computer. Our focus is to make it as easy as possible to run your plug and play blockchain node. AVADO is hardware equipped with an operating system allowing you to deploy a Kusama node, Sentry node, or a node on the Westend testnet with a click of a button. You can even run them all at the same time if you’d like. In addition, we created the Run Your Own (RYO) Cloud, allowing every AVADO user to participate in and give others access to the packages running on your AVADO. You can see on status.cloud.ava.do which packages are available. In other words, a decentralized AWS.With many different hardware alternatives and prices, AVADO makes sure everyone can find what best suits their needs. See below for the #SendNodes prizes from AVADO!
What are nodes used for on Kusama?
Kusama is constructed and operated by a large network of nodes. These nodes, similar to nodes on the bitcoin network, help to provide decentralization and stability to the network. Nodes can be “full nodes”, which host a full record of the Kusama blockchain but do not participate in validating the transactions of the network. On the other hand, nodes can also be run as “validators”, which help contribute to running the network and verifying the accuracy of transactions. Validator nodes require much more technical knowledge to operate, so we highly encourage you to run a full node unless you’re an advanced software developer. This contest is meant to help you learn how to participate in Kusama as a full node or validator node, and thus, begin owning and operating a true piece of the network!
Contest Overview
Introducing #SendNodes, Kusama’s and AVADO’s social media competition for spinning up nodes, tweeting screenshots of your nodes and asking friends to “#SendNodes” back. The competition runs from April 9th to May 6th. Winners will be announced from Kusama's Twitter on May 7th. Don't know how to spin up a node? Below are links to guides and tutorials you can use. For this contest there is also a #SendNodes Telegram channel where you can ask questions or you can ask questions on Kusama’s subreddit. For #SendNodes, you can spin up a full, validator or sentry node. See options and tutorials below.
Contest Options:
Option 1 - Spin up a full node (Technical Level: Low-Medium)
Follow these directions carefully:
https://wiki.polkadot.network/docs/en/maintain-sync
Option 2 - Spin up a validator node (Technical Level: Very Advanced). In addition to your validator node, you can spin up a sentry node and connect it to your validator node.
Follow this guide: https://wiki.polkadot.network/docs/en/maintain-guides-how-to-validate-kusama
OR
Watch this tutorial: https://www.youtube.com/watch?v=ejgPSwdLj5o&feature=youtu.be
OR
Follow this workshop: https://github.com/wpank/KusamaValidatorWorkshop
For questions, please go to our #SendNodes Telegram: https://t.me/joinchat/FdnVPhrxoshwV7an5fohLA
Prizes
GRAND PRIZE
Prize: i5 Avado computer
AND
1000 $KSM
2ND PLACE
Prize: 50% off coupon for an Avado box of your choice
AND
500 $KSM
3RD PLACE
Prize: 25% off coupon for an Avado box of your choice
AND
250 $KSM
4TH PLACE
Prize: 25% off coupon for an Avado box of your choice
AND
100 $KSM
5TH to 30TH PLACE
Prize: 50 $KSM
How Will Prizes be Awarded?
You will accumulate points for completing tasks in Vyper. At the end of the competition, Viper’s random winner selector will select a first place, second place, third place, forth place, and 25 additional winners. Although the winners will be randomly selected, the API is set up to award those who have completed the most tasks and accumulated the most points.
Timeline
Start: Today (April 9th, 2020)
End: All submissions are due at 00:00 UTC on May 6th, 2020.
Winners will be announced from Kusama's Twitter on May 7th.
Rules
DO NOT CHEAT! If you are caught cheating you will be disqualified.
Have fun
Make sure to tweet your node(s) before the end of May 6th.
Twitter Submission Guidelines
Every eligible entry is required to submit their node on Twitter.
Please tag both #SendNodes, u/Kusamanetwork and u/avadocloud in your submission tweet.
If you have any questions, please ask them in the #SendNodes Telegram channel.
Compete for Points and Prizes on Vyper
During this competition all points will be accumulated on Vyper. Besides deploying nodes you can receive points for completing other tasks like attending a crowdcast, liking someone elses node, asking someone to send you a node, etc. At the end, 29 winners will receive $KSM and swag. Check out the tasks on Vyper: https://vy.lc/124563jvqwg
See our terms and conditions
submitted by Danceswithunicorns3 to Kusama [link] [comments]

Introducing the #SendNodes Contest with Kusama and Avado

Introducing the #SendNodes Contest with Kusama and Avado

Introducing the #SendNodes Contest with Kusama and Avado

https://preview.redd.it/hy7q19ejdtr41.png?width=1999&format=png&auto=webp&s=8d83252373860e4b08c594c0e3f883435ae20c6e

Join the competition on Vyper


Introduction to Kusama, AVADO and Nodes
What is Kusama?
Many of you may be aware of Kusama, but for those of you who are new, welcome! Kusama a scalable, multichain network for radical innovation. The network is a development environment for teams who want to move fast and innovate, or prepare for deployment on Polkadot. Some of these teams building on Kusama include Acala, building a custom blockchain for DeFi; and Chainlink, building a blockchain dedicated to its Oracle network. Kusama was founded in 2019 by Gavin Wood, co-founder and original CTO of Ethereum, and is maintained by the same teams that are behind Polkadot. Kusama is a project of Web3 Foundation, a Swiss foundation that funds research and development teams building the technology stack of the decentralized web. Web3 Foundation works with best-in-class entities such as Parity Technologies to build Kusama and foster development of the services and applications that will run on it.
What is AVADO?
AVADO is a pre-configured blockchain computer. Our focus is to make it as easy as possible to run your plug and play blockchain node. AVADO is hardware equipped with an operating system allowing you to deploy a Kusama node, Sentry node, or a node on the Westend testnet with a click of a button. You can even run them all at the same time if you’d like. In addition, we created the Run Your Own (RYO) Cloud, allowing every AVADO user to participate in and give others access to the packages running on your AVADO. You can see on status.cloud.ava.do which packages are available. In other words, a decentralized AWS.With many different hardware alternatives and prices, AVADO makes sure everyone can find what best suits their needs. See below for the #SendNodes prizes from AVADO!
What are nodes used for on Kusama?
Kusama is constructed and operated by a large network of nodes. These nodes, similar to nodes on the bitcoin network, help to provide decentralization and stability to the network. Nodes can be “full nodes”, which host a full record of the Kusama blockchain but do not participate in validating the transactions of the network. On the other hand, nodes can also be run as “validators”, which help contribute to running the network and verifying the accuracy of transactions. Validator nodes require much more technical knowledge to operate, so we highly encourage you to run a full node unless you’re an advanced software developer. This contest is meant to help you learn how to participate in Kusama as a full node or validator node, and thus, begin owning and operating a true piece of the network!
Contest Overview
Introducing #SendNodes, Kusama’s and AVADO’s social media competition for spinning up nodes, tweeting screenshots of your nodes and asking friends to “#SendNodes” back. The competition runs from April 9th to May 6th. Winners will be announced from Kusama's Twitter on May 7th. Don't know how to spin up a node? Below are links to guides and tutorials you can use. For this contest there is also a #SendNodes Telegram channel where you can ask questions or you can ask questions on Kusama’s subreddit. For #SendNodes, you can spin up a full, validator or sentry node. See options and tutorials below.
Contest Options:
Option 1 - Spin up a full node (Technical Level: Low-Medium)
Follow these directions carefully:
https://wiki.polkadot.network/docs/en/maintain-sync
Option 2 - Spin up a validator node (Technical Level: Very Advanced). In addition to your validator node, you can spin up a sentry node and connect it to your validator node.
Follow this guide: https://wiki.polkadot.network/docs/en/maintain-guides-how-to-validate-kusama
OR
Watch this tutorial: https://www.youtube.com/watch?v=ejgPSwdLj5o&feature=youtu.be
OR
Follow this workshop: https://github.com/wpank/KusamaValidatorWorkshop
For questions, please go to our #SendNodes Telegram: https://t.me/joinchat/FdnVPhrxoshwV7an5fohLA
Prizes
GRAND PRIZE
Prize: i5 Avado computer
AND
1000 $KSM
2ND PLACE
Prize: 50% off coupon for an Avado box of your choice
AND
500 $KSM
3RD PLACE
Prize: 25% off coupon for an Avado box of your choice
AND
250 $KSM
4TH PLACE
Prize: 25% off coupon for an Avado box of your choice
AND
100 $KSM
5TH to 30TH PLACE
Prize: 50 $KSM
How Will Prizes be Awarded?
You will accumulate points for completing tasks in Vyper. At the end of the competition, Viper’s random winner selector will select a first place, second place, third place, forth place, and 25 additional winners. Although the winners will be randomly selected, the API is set up to award those who have completed the most tasks and accumulated the most points.
Timeline
Start: Today (April 9th, 2020)
End: All submissions are due at 00:00 UTC on May 6th, 2020.
Winners will be announced from Kusama's Twitter on May 7th.
Rules
DO NOT CHEAT! If you are caught cheating you will be disqualified.
Have fun
Make sure to tweet your node(s) before the end of May 6th.
Twitter Submission Guidelines
Every eligible entry is required to submit their node on Twitter.
Please tag both #SendNodes, u/Kusamanetwork and u/avadocloud in your submission tweet.
If you have any questions, please ask them in the #SendNodes Telegram channel.
Compete for Points and Prizes on Vyper
During this competition all points will be accumulated on Vyper. Besides deploying nodes you can receive points for completing other tasks like attending a crowdcast, liking someone elses node, asking someone to send you a node, etc. At the end, 29 winners will receive $KSM and swag. Check out the tasks on Vyper: https://vy.lc/124563jvqwg
See our terms and conditions
submitted by Danceswithunicorns3 to dot [link] [comments]

Collapse of MakerDAO Auctions: $4.5M lost & how to become a Keeper to earn 13%+ liquidation penalties by providing liquidity to MakerDAO Keeper Pool.

TL;DR - join waitlist for MakerDAO Keeper Pool to earn yield on DAI/ETH/USDC/USDT/Chai/sUSD/cDAI from liquidation penalties and ETH/DAI arbitrage profits earned in collateral auctions by the Keeper Pool (zero fee pool, non-custodial of course:) - https://docs.google.com/forms/d/e/1FAIpQLSfekQcjT5up5Uh2W_C2W0U5zJ5miLd5ott_87CW8-dDH75TZg/viewform
________
Unfortunately, many of us became victims of MakerDAO collateral auctions market. This market was brought to its knees today, resulting in:
1) Losses affecting some of the MakerDAO Vault holders (borrowers of DAI from the Multi-Collateral DAI system), and
2) Losses affecting 100% of MKR token holders, - minting enough MKR and selling them for DAI to cover the missing DAI in the system. The auctions will begin on Wednesday, March 18, 2020.
For the last 14 hours I've been focusing on determining the root cause of the problem, and determining WHAT CAN I DO? to prevent this collapse from ever happening again.
Collapse of the MakerDAO Auctions.
Losses above is a result of a short-term monopoly in the auction market of collateral liquidation of MakerDAO vaults becoming under-collateralized with price of collateral (ETH, BAT) on the decline. This monopoly existed for ~3.5 hours this morning, allowing a single Keeper to buy close to $4.5M worth of ETH in exchange for ~0 DAI + gas fees.
The collapse negatively affected two classes of market participants:
1) Victim class #1: MCD Vault holders who were being liquidated between ~10am EST until ~1pm EST
Please meet Paul, one of the people who lost money. Read his story:
https://www.reddit.com/MakerDAO/comments/fhn1qn/complete_vault_liquidation_no_eth_left/
If you still didn't get it, please meet BitBurst who lost his life savings today:
https://www.reddit.com/MakerDAO/comments/fhs7kp/just_got_100_liquidated_with_my_1713_eth_cdp_fck/
Want more? One of us with a Reddit handle 'phyzled' is calling for help:
https://www.reddit.com/MakerDAO/comments/fhrjxp/help_complete_liquidation/
Even 'Bitcoin_Bender' is threatened. Not just him but his life and his family are going downhill:
https://www.reddit.com/MakerDAO/comments/fhupn8/total_liquidation_mkr_holders_should_take/
2) Victim class #2: MKR holders who will be diluted on Wednesday, March 18th as a result of Flop auction - minting new MKR tokens and selling them at an auction until the auction proceeds cover the missing DAI ($4.5M DAI at the time of this writing).
WHAT HAPPENED?
Prior to ~10am EST, there were a lot of Keepers bidding against each other for collateral at 13% liquidation penalty. Keepers are software bots which monitor Vaults and participate in auctions for collateral of borrowers who became under-collateralized. Operators of such bots are incentivized with mandatory 13% liquidation penalty imposed on Vault collateral upon liquidation.
https://docs.makerdao.com/auctions/the-auctions-of-the-maker-protocol
https://docs.makerdao.com/smart-contract-modules/collateral-module/flipper-detailed-documentation
However, after 10am EST, a single liquidation auction bot was able to bid at 0 DAI (or slightly above) PER EACH COLLATERAL ETH BEING AUCTIONED, AND WIN THE AUCTION. As a result, this Keeper was effectively steal $4M worth of ETH collateral because the auction was designed to raise at least 4M DAI in exchange for the ETH that was auctioned during liquidations, however all except one Keepers stopping their operations, there was only one bidder. Any price above 0 would be accepted. As a result, but the Vault holders who supposed to receive some ETH back, never got any ETH back > making the effective liquidation penalty to over 50% instead of 13%.
Why did the Keeper's market collapse? Why most Keepers stop operating?
Unfortunately, most Keepers stopped operating this morning due to the following reasons:
Root cause #1: Catastrophic liquidity crunch. Keepers simply ran out of DAI to bid in the collateral auctions due to
1.a I believe some Keepers were unable to continue Keeper operations due to inability to liquidate ETH fast enough for DAI.
1.b Some Keepers shut down due to squeeze (bought ETH for 170 DAI, and hours later can only sell for 130 DAI at a loss - which is way more than 13% liquidation penalty).
Root cause #2: Network congestion. This brought many Keepers to its knees. Even with liquidity, many were unable participating in auctions due to stuck transactions & high gas costs. In addition, issues like longer client sync times + some Ethereum clients (like Parity) sufferring from known problems of keeping transactions stuck in Mempool for a very, very long time, amplified this problem.
PROPOSED SOLUTION - MakerDAO Keeper Pool.
Why don't we pool our liquidity (non-custodial pool, Uniswap-style) and give Keepers some competition!?
To prevent more people from losing their funds, I decided to fund development of a MakerDAO Keeper Pool, which will allow anybody to become a Keeper and participate in liquidations of collateral (to earn 13% liquidation penalty).
Background: During today’s Community Call (5 hours and still ongoing at the time of this writing), multiple members of the Maker community stressed importance of increasing # of Keepers servicing the MCD system in order to prevent yet another collapse of the Keepers market as it happened today.
To improve maturity of the Keepers market, increase the collective liquidity used by Keeper’s, engineers at Protofire.io (developers of MakerDAO governance dashboard https://mkrgov.science, Solhint - Solidity Linter https://github.com/protofire/solhint, maintainers of Gnosis Conditional Exchange https://github.com/protofire/gnosis-conditional-exchange) and risk team + engineering team at Atomica.org (developers of Atomica.org/unwind/) launched emergency efforts to ship one or more of the following ASAP:
  1. Web-based MakerDAO Keeper. Perform liquidations of 3rd party collateral from your browser as a Keeper. Earn 13% liquidation penalty.
  2. Open Source Keeper Templates. Run your own Keeper Bot on AWS - 1-click Installer for a MakerDAO Keeper Bot (open source Amazon Machine Image).
  3. Non-custodial MakerDAO Keeper Pool. Earn yield on DAI/ETH/USDC/USDT/cDAI/Chai from a pool running multiple Keeper bots servicing MakerDAO ecosystem. Join/Exit/Add/Withdraw DAI/ETH/USDC/USDT/cDAI/Chai, and earn 100% of liquidation penalties earned by the Keeper (zero fee pool).
Ultimately, we aim to:
- Upgrade the MakerDAO Keeper Pool to be a Keeper of Last Resort. Think of a Keeper backed by on-chain, guaranteed liquidity AND configured to participate in auctions with bids of at least 0.85 of the current ETH-DAI market price, as reported by oracles. So long as the Keeper Pool is operating, no Keeper will be able to take advantage of the system and cause yet another collapse of the MakerDAO Collateral Auction markets.
- Ship 3rd party JavaScript / npm library + Android/iOS SDKs to embed Web-based Keeper or MakerDAO Keeper Pool join/exit/add/withdraw liquidity into your own dApp, protocol, product or service.
If anyone is interested in developing/observing/joining MakerDAO Keeper Pool (for example by running their own Keeper using hardened AWS AMI template, or by providing liquidity (DAI/ETH/USDC/USDT/cDAI/Chai) to a Keeper Pool) - feel free to join our working group working to ship a MakerDAO Keeper Pool ASAP - https://docs.google.com/forms/d/e/1FAIpQLSfekQcjT5up5Uh2W_C2W0U5zJ5miLd5ott_87CW8-dDH75TZg/viewform
Its not about what DeFi can do for you. It is about what YOU can do for DeFi.
submitted by renatco to defi [link] [comments]

Just re-released my iOS Application Crypto Portfolio & Alt Tracker

Hey everyone, if this isn't allowed, please feel free to remove it. I couldn't find info on posting this sort of thing.

I just launched my new app Crypto Portfolio & Alt Tracker. I started building this a couple of years ago as a pet project. At the time, I couldn't find any apps that would track all the various wallets I was mining to in one place. This filled that "Void" for me, and I hope it can for you as well. I just relaunched the app with a new visual design using a minimalistic approach, and support for a lot more coins, which is why I decided to share. If you'd like to read the full description, feel free to read it below. I'd appreciate any constructive feedback you have for me :).

Check it out here: https://apps.apple.com/us/app/altrackeid1257198262

Altracker is a read-only cryptocurrency portfolio tracker, with automatic and manual sync.

KEY FEATURES

• Automatic value updates through syncing with the blockchain (For supported coins)

• Updated wallet values, and coin prices for over 5,000 coins

• Keep it simple – a clean and simple UI

• Everything is saved on YOUR private iCloud account.

• Profit/Loss proportionate to the value of the coin, and the number of coins you own

• No Ads


Altracker has manual tracking support for over 5 thousand cryptocurrencies, and automatic sync support for -

- Ethereum (ETH)
- Bitcoin (BTC)
- Ripple (XRP)
- Basic Attention Token (BAT)
- Litecoin (LTC)
- Stellar (XLM)
- Tron (TRX)

with more coming in the near future!

YOUR DATA BELONGS TO YOU

Everything is in your personal iCloud account, and only people with access to your iCloud account can see the data.
submitted by bctopics to EtherMining [link] [comments]

Full overview of Eth 2.0 & 1.x roadmaps from Messari

Full section on Messari's Ethereum trends for 2020 here

ETH 2.0 Research/Governance/Roadmap at a glance

If history is any guide, we’re not going to see ETH 2.0 until 2022 at the earliest, even if the earliest phases of “Serenity” begin getting pushed in mid-2020. ETH 2.0’s rollout breaks down into seven (7!!!) phases and brings with it the promise of staking, sharding, a new virtual machine, and more dancing badgers.
(One of our analysts, Wilson Withiam, put together an excellent overview of both the ETH 2.0 and ETH 1.x roadmaps for this report. They are critical to track and understand at a high-level given how much Ethereum’s performance will affect other competitive projects and most of the DeFi and Web 3 infrastructure. So these next two sections are longer and more technical.)
Here’s what you need to know about the current game plan for crypto’s largest platform.
Phase 0 marks the launch of the “beacon chain”, which will serve as the backbone for a new blockchain. The beacon chain will manage network validators (large early stakers like ConsenSys) and ultimately assign validators to individual shards (slicing the new blockchain into smaller chunks is a key, difficult, controversial scaling decision that’s been made). The new chain will support Ethereum’s new proof-of-stake consensus mechanism, and offer inflation rewards with new ETH2 for those that pony up and lock 32 ETH1 tokens into an irreversible contract. That one way bridge into the new system is also contentious, but it means ETH1 supply will start getting “effectively burned” once token holder begin claiming beacon chain validator slots. Initial reports claimed Jan. 3 as a realistic launch date (lol). It will be amazing to see this launched by end of June.
Phase 1 will introduce 64 individual shard chains (reduced from 1,024!!!) to the network, with the option to increase the total down the road as the design gets tested. The Ethereum elite see sharding as the “key to future scalability” as shards can parallelize transaction processing, something that could improve network performance and reduce individual validator’s costs (good for decentralization). It comes with big risk: this is still theoretical. No network the size of Ethereum has successfully sharded its blockchain. In Phase 1, shard chains will only contain simple data sets (no smart contracts or transaction executions) to test the system’s structure. As with Phase 0, the beacon chain will continue to run in parallel with ETH 1.x throughout the phase. Don’t expect Phase 1 anytime before 2021.
Phase 2 marks the full launch of the ETH2 chain, allowing for on-chain contract execution and introducing the new eWASM virtual machine (dubbed EVM 2.0). At this point, existing dApps can start migrating their contracts from ETH 1.x to a specific shard (one shard per contract) in the new network. Storage rent, charging contract owners for storing data on the network (more on this below), is in the cards as well, which would require mass contract rewrites. Even though Phase 2 intends to replace the original Ethereum blockchain entirely, ETH 1.x may still live on as a shard within ETH2. (How confused are you by now? See why bitcoin will still dominate the macro narrative for a while?) A late 2021 release for Phase 2 is optimistic. Before the end of 2022 would be a win.
The final four phases are less defined, and without an attached timeline:
Phase 3 implements state-minimized clients (because stateless clients are just too much). Phase 4 allows for cross-shard transactions. Phase 5 improves network security and the availability of data proofs. Phase 6 introduces meta-shards, as in “shards within shards within shards,” for near-infinite scaling. If you’re scratching your head and are sadistic enough to read more, the Sharding Wiki page does note, “this may be difficult.”
Scaling and compilation efficiencies aside, the most notable change in Ethereum’s metamorphosis is the transition from proof-of-work to proof-of-stake. PoW is the more battle tested security model for blockchain networks, while PoS may prove to be more efficient but with new and less obvious attack vectors. For the more technical, we recommend reading Bison Trails’ Viktor Bunin on the subject of PoS security threats.
Past research has also shown PoS requires an extra layer of “trust” vs. PoW, to help nodes sync to the network. Most models share specific characteristics to address this trust issue, such as allowing for a dynamic set of validators (rotate your security), promoting token holder participation in consensus, and assessing steep penalties (slashing) for any network participant that violates the protocol guidelines. ETH 2.0 will function similarly, but may be able to learn from other PoS networks (and their R&D) as well as those come live and see real world issues. As Vitalik points out, recent research in PoS resulted in “great theoretical progress,” But...
Listen, we're talking about practice. Not a game. Not a game. Not a game. We're talking about practice. Not a game….Practice? We're talking about practice, man? We're talking about practice. We're talking about practice. We ain't talking about the game. We're talking about practice, man.
Vitalik was eight when this happened, so the clip might help and prove metaphoric.

2 ETH 1.x Research/Governance/Roadmap at a glance.

Ok, one more. Bear with us. Let’s reiterate, ETH 2.0 is a brand new blockchain. It’s going to be a chaotic and high-risk transition. In the meantime, the existing network needs to run existing applications (particularly financial settlements for DeFi transactions). More critical upgrades are needed in the current system.
To that end, ETH 1.x devs have three goals to boost performance and reduce blockchain bloat: (1) introduce client optimizations that increase transaction capacity; (2) cap disk space requirements and prune old, memory-sucking data (so running a node is less expensive and more decentralized); and (3) upgrade the EVM to eWASM, a newer open standard for code compilers that simplifies debugging, and is also used by all the newer smart contract platforms. ETH 1.x developers have decided to split the major tasks amongst four working groups:

Core developers intend to introduce most of these implementations through a series of hard forks, the latest of which activated just over a week ago (Istanbul, Dec. 7). However, Istanbul’s second phase, tentatively scheduled for Q2 next year, has Ethereans at each other’s throats. The controversy boils down to the fork’s inclusion of ProgPoW, an ASIC-resistant hashing algorithm designed to replace Ethereum’s current algo. ProgPoW aims to even the playing field for GPU miners and ward off the entrance of potential ASIC competitors. The miners like that. But many miners and investors see ProgPoW as a threat to their investments. For miners, the change would shift the power dynamic away from mining farms and render expensive, specialized mining hardware useless. Ethereum (and ERC-20) investors intent on securing their assets might balk because ASIC miners typically prop up hash rates (overall chain security) and their costs “naturally create a price-floor for ASK prices of miners’ sell-orders.”
This saga is far from over. The infighting will likely continue leading up to ProgPoW’s activation date mid-next year, and presents the strongest potential for a network split since “The DAO” fork that spawned Ethereum Classic. The looming transition to ETH 2.0 (and proof-of-stake) will likely deter investor pushback, because it’s a short-term battle in a war the miners are ultimately going to lose, anyway.
Unless the roadmap changes back to supporting a hybrid PoW/PoS system, of course, but... Oh my god, I’m just kidding. This section is mercifully over.
submitted by CryptigoVespucci to ethereum [link] [comments]

Epic Cash Vitex Exchange AMA

What is EPIC CASH?
Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money:
1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved;
2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services;
3. Unit of Account — the unit by which the value of a thing is accounted for and compared.
Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list
Oleg✌🏻
Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself?
Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide.
Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year.
JLong I am John, Doing the general engineering and managerial work
Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years.
Oleg✌🏻 nice to meet you🙂
Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September.
Yoga Dude Great to meet everyone :)
Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about?
Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine.
Oleg✌🏻 Look like a real Bitcoin🙂
Yoga Dude with privacy and fungibility 😄
Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins?
Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses.
Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin?
Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value.
Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time.
Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam?
Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs.
Yoga Dude Yes, all that ☝️😄
Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for?
Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments.
Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms?
Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC.
Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable.
Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂
Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash?
Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄
Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team.
Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto?
Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals.
Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet.
Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward?
Yoga Dude First and foremost, we are focused on security and usability.
We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it.
We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability.
And of course we are constantly looking to add more exchanges both with and without KYC.
Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be?
Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life.
Yoga Dude The idea is to be able to access Epic Cash from any platform and device
Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate.
Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash?
Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊
Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world!
Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer.
AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ?
Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins.
Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet.
Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency.
Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible.
Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much?
Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction.
Joxes It is a pleasure.
When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far?
We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term?
Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it.
S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash?
Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50
Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home?
Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers
Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS.
Does your GREAT PROJECT have plan about TOKEN BURN?
Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place.
Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more?
Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔
kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain?
Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have.
Dr Mönica Hello sir @maxfreeman4 @Johnsstec @Yogadude
Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm???
Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action.
Oleg✌🏻 Perfect! It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
submitted by EpicCashFrodo to epiccash [link] [comments]

Removed comments/submissions for /u/The__Chaos

Hi The__Chaos, you're not shadowbanned, but 7 of your most recent 61 comments/submissions were removed (either automatically or by human moderators).

Comments:

fnyqfl8 in worldnews on 20 Apr 20 (1pts):
Bad bot
dkuemhi in BitcoinMarkets on 28 Jul 17 (1pts):
The bcc price won't be more than 10% of btc.
dkucluz in BitcoinMarkets on 28 Jul 17 (1pts):
Bitfinex

Submissions:

8ie5c8 in ethereum on 10 May 18 (1pts):
Which desktop wallet does everyone use? Cause the mist wallet isn't syncing on the light mode for a month now and I don't have enough space to download the whole blockchain.
7pu78a in Bitcoin on 12 Jan 18 (1pts):
Which website to check for finding out by how long x sat/byte fee transaction will confirm?
6zg912 in PHP on 11 Sep 17 (0pts):
Phpmyadmin "No privileges" for user on Linux system
6qxs1s in BitcoinMarkets on 01 Aug 17 (1pts):
When will bitfinex be crediting bcc into our account?
I'm a bot. My home is at /CommentRemovalChecker - check if your posts have been removed! (How to use)
Help us expose and stand up to social media bias and censorship!
submitted by MarkdownShadowBot to CommentRemovalChecker [link] [comments]

If I livestreamed the setup and execution of doing a 51% attack against the testnet for the sake of education would anyone watch?

Edit: Doing it. Next week i'm going to attack the coin Einsteinium on their main net, no testnet because that's not very cool (the specific coin may change to a bigger one), Oct 13, 3:00 CDT, 4:00 EDT 1:00 PST
Event:https://www.twitch.tv/events/NyJSsF3hQkGHdnsKA2f4JQ
Channel: https://www.twitch.tv/geocold/
If anyone wants a twitter based reminder of when it's happening, i'll tweet out an hour before I go live and when I go live.
https://twitter.com/geocold51
Update:I've compiled a few coins and I'm setting up pooled mining right now. I'll briefly go over how I did all this on stream but I'm doing it beforehand because it takes a long time to compile coin (like a half hour) and it takes hours for the wallets to sync.
Thank you to everyone who has donated. I have like $800 total now so we can attack a few coins. Thank you to everyone who has donated.

Edit: I think I’ll do it in like a week against a small coin like Einsteinium or the like. I might also set it up so if you donate a dollar to the stream you can send me some text that I’ll throw into my forked chains overriding transaction and give that money to the EFF (and pay for the minimal cost of renting hashing power). Stay tuned.
I'm considering doing a live stream of all the setup and execution of doing a 51% attack against against the bitcoin testnet so that people can see how it works in real life, not in theory. I'd also discuss how the attack works and every concept encountered along the way. I'd also talk about the security implications and how some coins go about preventing such attacks, the pros and cons of such tactics, etc.
Edit: Could also just attack a small cap coin. That would let me get into some interesting game theory from an attackers perspective about what coins they want to attack, what exchanges, in what order, and what would deter them. Which is equally interesting. One thing people don't often mention is the importance of the depth of a given coins trading books because with many coins there is so little liquidity that an attacker could only sell a few thousand dollars worth of the coin before crashing its price and making subsequent cycles of the attack hard.
Second edit: I realize I mistitled this and just said "the testnet" I was originally referring to the bitcoin testnet.
submitted by team-periwinkle to CryptoCurrency [link] [comments]

Transcript of discussion between an ASIC designer and several proof-of-work designers from #monero-pow channel on Freenode this morning

[08:07:01] lukminer contains precompiled cn/r math sequences for some blocks: https://lukminer.org/2019/03/09/oh-kay-v4r-here-we-come/
[08:07:11] try that with RandomX :P
[08:09:00] tevador: are you ready for some RandomX feedback? it looks like the CNv4 is slowly stabilizing, hashrate comes down...
[08:09:07] how does it even make sense to precompile it?
[08:09:14] mine 1% faster for 2 minutes?
[08:09:35] naturally we think the entire asic-resistance strategy is doomed to fail :) but that's a high-level thing, who knows. people may think it's great.
[08:09:49] about RandomX: looks like the cache size was chosen to make it GPU-hard
[08:09:56] looking forward to more docs
[08:11:38] after initial skimming, I would think it's possible to make a 10x asic for RandomX. But at least for us, we will only make an ASIC if there is not a total ASIC hostility there in the first place. That's better for the secret miners then.
[08:13:12] What I propose is this: we are working on an Ethash ASIC right now, and once we have that working, we would invite tevador or whoever wants to come to HK/Shenzhen and we walk you guys through how we would make a RandomX ASIC. You can then process this input in any way you like. Something like that.
[08:13:49] unless asics (or other accelerators) re-emerge on XMR faster than expected, it looks like there is a little bit of time before RandomX rollout
[08:14:22] 10x in what measure? $/hash or watt/hash?
[08:14:46] watt/hash
[08:15:19] so you can make 10 times more efficient double precisio FPU?
[08:16:02] like I said let's try to be productive. You are having me here, let's work together!
[08:16:15] continue with RandomX, publish more docs. that's always helpful.
[08:16:37] I'm trying to understand how it's possible at all. Why AMD/Intel are so inefficient at running FP calculations?
[08:18:05] midipoet ([email protected]/web/irccloud.com/x-vszshqqxwybvtsjm) has joined #monero-pow
[08:18:17] hardware development works the other way round. We start with 1) math then 2) optimization priority 3) hw/sw boundary 4) IP selection 5) physical implementation
[08:22:32] This still doesn't explain at which point you get 10x
[08:23:07] Weren't you the ones claiming "We can accelerate ProgPoW by a factor of 3x to 8x." ? I find it hard to believe too.
[08:30:20] sure
[08:30:26] so my idea: first we finish our current chip
[08:30:35] from simulation to silicon :)
[08:30:40] we love this stuff... we do it anyway
[08:30:59] now we have a communication channel, and we don't call each other names immediately anymore: big progress!
[08:31:06] you know, we russians have a saying "it was smooth on paper, but they forgot about ravines"
[08:31:12] So I need a bit more details
[08:31:16] ha ha. good!
[08:31:31] that's why I want to avoid to just make claims
[08:31:34] let's work
[08:31:40] RandomX comes in Sep/Oct, right?
[08:31:45] Maybe
[08:32:20] We need to audit it first
[08:32:31] ok
[08:32:59] we don't make chips to prove sw devs that their assumptions about hardware are wrong. especially not if these guys then promptly hardfork and move to the next wrong assumption :)
[08:33:10] from the outside, this only means that hw & sw are devaluing each other
[08:33:24] neither of us should do this
[08:33:47] we are making chips that can hopefully accelerate more crypto ops in the future
[08:33:52] signing, verifying, proving, etc.
[08:34:02] PoW is just a feature like others
[08:34:18] sech1: is it easy for you to come to Hong Kong? (visa-wise)
[08:34:20] or difficult?
[08:34:33] or are you there sometimes?
[08:34:41] It's kind of far away
[08:35:13] we are looking forward to more RandomX docs. that's the first step.
[08:35:31] I want to avoid that we have some meme "Linzhi says they can accelerate XYZ by factor x" .... "ha ha ha"
[08:35:37] right? we don't want that :)
[08:35:39] doc is almost finished
[08:35:40] What docs do you need? It's described pretty good
[08:35:41] so I better say nothing now
[08:35:50] we focus on our Ethash chip
[08:36:05] then based on that, we are happy to walk interested people through the design and what else it can do
[08:36:22] that's a better approach from my view than making claims that are laughed away (rightfully so, because no silicon...)
[08:36:37] ethash ASIC is basically a glorified memory controller
[08:36:39] sech1: tevador said something more is coming (he just did it again)
[08:37:03] yes, some parts of RandomX are not described well
[08:37:10] like dataset access logic
[08:37:37] RandomX looks like progpow for CPU
[08:37:54] yes
[08:38:03] it is designed to reflect CPU
[08:38:34] so any ASIC for it = CPU in essence
[08:39:04] of course there are still some things in regular CPU that can be thrown away for RandomX
[08:40:20] uncore parts are not used, but those will use very little power
[08:40:37] except for memory controller
[08:41:09] I'm just surprised sometimes, ok? let me ask: have you designed or taped out an asic before? isn't it risky to make assumptions about things that are largely unknown?
[08:41:23] I would worry
[08:41:31] that I get something wrong...
[08:41:44] but I also worry like crazy that CNv4 will blow up, where you guys seem to be relaxed
[08:42:06] I didn't want to bring up anything RandomX because CNv4 is such a nailbiter... :)
[08:42:15] how do you guys know you don't have asics in a week or two?
[08:42:38] we don't have experience with ASIC design, but RandomX is simply designed to exactly fit CPU capabilities, which is the best you can do anyways
[08:43:09] similar as ProgPoW did with GPUs
[08:43:14] some people say they want to do asic-resistance only until the vast majority of coins has been issued
[08:43:21] that's at least reasonable
[08:43:43] yeah but progpow totally will not work as advertised :)
[08:44:08] yeah, I've seen that comment about progpow a few times already
[08:44:11] which is no surprise if you know it's just a random sales story to sell a few more GPUs
[08:44:13] RandomX is not permanent, we are expecting to switch to ASIC friendly in a few years if possible
[08:44:18] yes
[08:44:21] that makes sense
[08:44:40] linzhi-sonia: how so? will it break or will it be asic-able with decent performance gains?
[08:44:41] are you happy with CNv4 so far?
[08:45:10] ah, long story. progpow is a masterpiece of deception, let's not get into it here.
[08:45:21] if you know chip marketing it makes more sense
[08:45:24] linzhi-sonia: So far? lol! a bit early to tell, don't you think?
[08:45:35] the diff is coming down
[08:45:41] first few hours looked scary
[08:45:43] I remain skeptical: I only see ASICs being reasonable if they are already as ubiquitous as smartphones
[08:45:46] yes, so far so good
[08:46:01] we kbew the diff would not come down ubtil affter block 75
[08:46:10] yes
[08:46:22] but first few hours it looks like only 5% hashrate left
[08:46:27] looked
[08:46:29] now it's better
[08:46:51] the next worry is: when will "unexplainable" hashrate come back?
[08:47:00] you hope 2-3 months? more?
[08:47:05] so give it another couple of days. will probably overshoot to the downside, and then rise a bit as miners get updated and return
[08:47:22] 3 months minimum turnaround, yes
[08:47:28] nah
[08:47:36] don't underestimate asicmakers :)
[08:47:54] you guys don't get #1 priority on chip fabs
[08:47:56] 3 months = 90 days. do you know what is happening in those 90 days exactly? I'm pretty sure you don't. same thing as before.
[08:48:13] we don't do any secret chips btw
[08:48:21] 3 months assumes they had a complete design ready to go, and added the last minute change in 1 day
[08:48:24] do you know who is behind the hashrate that is now bricked?
[08:48:27] innosilicon?
[08:48:34] hyc: no no, and no. :)
[08:48:44] hyc: have you designed or taped out a chip before?
[08:48:51] yes, many years ago
[08:49:10] then you should know that 90 days is not a fixed number
[08:49:35] sure, but like I said, other makers have greater demand
[08:49:35] especially not if you can prepare, if you just have to modify something, or you have more programmability in the chip than some people assume
[08:50:07] we are chipmakers, we would never dare to do what you guys are doing with CNv4 :) but maybe that just means you are cooler!
[08:50:07] and yes, programmability makes some aspect of turnaround easier
[08:50:10] all fine
[08:50:10] I hope it works!
[08:50:28] do you know who is behind the hashrate that is now bricked?
[08:50:29] inno?
[08:50:41] we suspect so, but have no evidence
[08:50:44] maybe we can try to find them, but we cannot spend too much time on this
[08:50:53] it's probably not so much of a secret
[08:51:01] why should it be, right?
[08:51:10] devs want this cat-and-mouse game? devs get it...
[08:51:35] there was one leak saying it's innosilicon
[08:51:36] so you think 3 months, ok
[08:51:43] inno is cool
[08:51:46] good team
[08:51:49] IP design house
[08:51:54] in Wuhan
[08:52:06] they send their people to conferences with fake biz cards :)
[08:52:19] pretending to be other companies?
[08:52:26] sure
[08:52:28] ha ha
[08:52:39] so when we see them, we look at whatever card they carry and laugh :)
[08:52:52] they are perfectly suited for secret mining games
[08:52:59] they made at most $6 million in 2 months of mining, so I wonder if it was worth it
[08:53:10] yeah. no way to know
[08:53:15] but it's good that you calculate!
[08:53:24] this is all about cost/benefit
[08:53:25] then you also understand - imagine the value of XMR goes up 5x, 10x
[08:53:34] that whole "asic resistance" thing will come down like a house of cards
[08:53:41] I would imagine they sell immediately
[08:53:53] the investor may fully understand the risk
[08:53:57] the buyer
[08:54:13] it's not healthy, but that's another discussion
[08:54:23] so mid-June
[08:54:27] let's see
[08:54:49] I would be susprised if CNv4 ASICs show up at all
[08:54:56] surprised*
[08:54:56] why?
[08:55:05] is only an economic question
[08:55:12] yeah should be interesting. FPGAs will be near their limits as well
[08:55:16] unless XMR goes up a lot
[08:55:19] no, not *only*. it's also a technology question
[08:55:44] you believe CNv4 is "asic resistant"? which feature?
[08:55:53] it's not
[08:55:59] cnv4 = Rabdomx ?
[08:56:03] no
[08:56:07] cnv4=cryptinight/r
[08:56:11] ah
[08:56:18] CNv4 is the one we have now, I think
[08:56:21] since yesterday
[08:56:30] it's plenty enough resistant for current XMR price
[08:56:45] that may be, yes!
[08:56:55] I look at daily payouts. XMR = ca. 100k USD / day
[08:57:03] it can hold until October, but it's not asic resistant
[08:57:23] well, last 24h only 22,442 USD :)
[08:57:32] I think 80 h/s per watt ASICs are possible for CNv4
[08:57:38] linzhi-sonia where do you produce your chips? TSMC?
[08:57:44] I'm cruious how you would expect to build a randomX ASIC that outperforms ARM cores for efficiency, or Intel cores for raw speed
[08:57:48] curious
[08:58:01] yes, tsmc
[08:58:21] Our team did the world's first bitcoin asic, Avalon
[08:58:25] and upcoming 2nd gen Ryzens (64-core EPYC) will be a blast at RandomX
[08:58:28] designed and manufactured
[08:58:53] still being marketed?
[08:59:03] linzhi-sonia: do you understand what xmr wants to achieve, community-wise?
[08:59:14] Avalon? as part of Canaan Creative, yes I think so.
[08:59:25] there's not much interesting oing on in SHA256
[08:59:29] Inge-: I would think so, but please speak
[08:59:32] hyc: yes
[09:00:28] linzhi-sonia: i am curious to hear your thoughts. I am fairly new to this space myself...
[09:00:51] oh
[09:00:56] we are grandpas, and grandmas
[09:01:36] yet I have no problem understanding why ASICS are currently reviled.
[09:01:48] xmr's main differentiators to, let's say btc, are anonymity and fungibility
[09:01:58] I find the client terribly slow btw
[09:02:21] and I think the asic-forking since last may is wrong, doesn't create value and doesn't help with the project objectives
[09:02:25] which "the client" ?
[09:02:52] Monero GUI client maybe
[09:03:12] MacOS, yes
[09:03:28] What exactly is slow?
[09:03:30] linzhi-sonia: I run my own node, and use the CLI and Monerujo. Have not had issues.
[09:03:49] staying in sync
[09:03:49] linzhi-sonia: decentralization is also a key principle
[09:03:56] one that Bitcoin has failed to maintain
[09:04:39] hmm
[09:05:00] looks fairly decentralized to me. decentralization is the result of 3 goals imo: resilient, trustless, permissionless
[09:05:28] don't ask a hardware maker about physical decentralization. that's too ideological. we focus on logical decentralization.
[09:06:11] physical decentralization is important. with bulk of bitnoin mining centered on Chinese hydroelectric dams
[09:06:19] have you thought about including block data in the PoW?
[09:06:41] yes, of course.
[09:07:39] is that already in an algo?
[09:08:10] hyc: about "centered on chinese hydro" - what is your source? the best paper I know is this: https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf
[09:09:01] linzhi-sonia: do you mine on your ASICs before you sell them?
[09:09:13] besides testing of course
[09:09:45] that paper puts Chinese btc miners at 60% max
[09:10:05] tevador: I think everybody learned that that is not healthy long-term!
[09:10:16] because it gives the chipmaker a cost advantage over its own customers
[09:10:33] and cost advantage leads to centralization (physical and logical)
[09:10:51] you guys should know who finances progpow and why :)
[09:11:05] but let's not get into this, ha ha. want to keep the channel civilized. right OhGodAGirl ? :)
[09:11:34] tevador: so the answer is no! 100% and definitely no
[09:11:54] that "self-mining" disease was one of the problems we have now with asics, and their bad reputation (rightfully so)
[09:13:08] I plan to write a nice short 2-page paper or so on our chip design process. maybe it's interesting to some people here.
[09:13:15] basically the 5 steps I mentioned before, from math to physical
[09:13:32] linzhi-sonia: the paper you linked puts 48% of bitcoin mining in Sichuan. the total in China is much more than 60%
[09:13:38] need to run it by a few people to fix bugs, will post it here when published
[09:14:06] hyc: ok! I am just sharing the "best" document I know today. it definitely may be wrong and there may be a better one now.
[09:14:18] hyc: if you see some reports, please share
[09:14:51] hey I am really curious about this: where is a PoW algo that puts block data into the PoW?
[09:15:02] the previous paper I read is from here http://hackingdistributed.com/2018/01/15/decentralization-bitcoin-ethereum/
[09:15:38] hyc: you said that already exists? (block data in PoW)
[09:15:45] it would make verification harder
[09:15:49] linzhi-sonia: https://the-eye.eu/public/Books/campdivision.com/PDF/Computers%20General/Privacy/bitcoin/meh/hashimoto.pdf
[09:15:51] but for chips it would be interesting
[09:15:52] we discussed the possibility about a year ago https://www.reddit.com/Monero/comments/8bshrx/what_we_need_to_know_about_proof_of_work_pow/
[09:16:05] oh good links! thanks! need to read...
[09:16:06] I think that paper by dryja was original
[09:17:53] since we have a nice flow - second question I'm very curious about: has anyone thought about in-protocol rewards for other functions?
[09:18:55] we've discussed micropayments for wallets to use remote nodes
[09:18:55] you know there is a lot of work in other coins about STARK provers, zero-knowledge, etc. many of those things very compute intense, or need to be outsourced to a service (zether). For chipmakers, in-protocol rewards create an economic incentive to accelerate those things.
[09:19:50] whenever there is an in-protocol reward, you may get the power of ASICs doing something you actually want to happen
[09:19:52] it would be nice if there was some economic reward for running a fullnode, but no one has come up with much more than that afaik
[09:19:54] instead of fighting them off
[09:20:29] you need to use asics, not fight them. that's an obvious thing to say for an asicmaker...
[09:20:41] in-protocol rewards can be very powerful
[09:20:50] like I said before - unless the ASICs are so useful they're embedded in every smartphone, I dont see them being a positive for decentralization
[09:21:17] if they're a separate product, the average consumer is not going to buy them
[09:21:20] now I was talking about speedup of verifying, signing, proving, etc.
[09:21:23] they won't even know what they are
[09:22:07] if anybody wants to talk about or design in-protocol rewards, please come talk to us
[09:22:08] the average consumer also doesn't use general purpose hardware to secure blockchains either
[09:22:14] not just for PoW, in fact *NOT* for PoW
[09:22:32] it requires sw/hw co-design
[09:23:10] we are in long-term discussions/collaboration over this with Ethereum, Bitcoin Cash. just talk right now.
[09:23:16] this was recently published though suggesting more uptake though I guess https://btcmanager.com/college-students-are-the-second-biggest-miners-of-cryptocurrency/
[09:23:29] I find it pretty hard to believe their numbers
[09:24:03] well
[09:24:09] sorry, original article: https://www.pcmag.com/news/366952/college-kids-are-using-campus-electricity-to-mine-crypto
[09:24:11] just talk, no? rumors
[09:24:18] college students are already more educated than the average consumer
[09:24:29] we are not seeing many such customers anymore
[09:24:30] it's data from cisco monitoring network traffic
[09:24:33] and they're always looking for free money
[09:24:48] of course anyone with "free" electricity is inclined to do it
[09:24:57] but look at the rates, cannot make much money
[09:26:06] Ethereum is a bloated collection of bugs wrapped in a UI. I suppose they need all the help they can get
[09:26:29] Bitcoin Cash ... just another get rich quick scheme
[09:26:38] hmm :)
[09:26:51] I'll give it back to you, ok? ha ha. arrogance comes before the fall...
[09:27:17] maye we should have a little fun with CNv4 mining :)
[09:27:25] ;)
[09:27:38] come on. anyone who has watched their track record... $75M lost in ETH at DAO hack
[09:27:50] every smart contract that comes along is just waiting for another hack
[09:27:58] I just wanted to throw out the "in-protocol reward" thing, maybe someone sees the idea and wants to cowork. maybe not. maybe it's a stupid idea.
[09:29:18] linzhi-sonia: any thoughts on CN-GPU?
[09:29:55] CN-GPU has one positive aspect - it wastes chip area to implement all 18 hash algorithms
[09:30:19] you will always hear roughly the same feedback from me:
[09:30:52] "This algorithm very different, it heavy use floating point operations to hurt FPGAs and general purpose CPUs"
[09:30:56] the problem is, if it's profitable for people to buy ASIC miners and mine, it's always more profitable for the manufacturer to not sell and mine themselves
[09:31:02] "hurt"
[09:31:07] what is the point of this?
[09:31:15] it totally doesn't work
[09:31:24] you are hurting noone, just demonstrating lack of ability to think
[09:31:41] what is better: algo designed for chip, or chip designed for algo?
[09:31:43] fireice does it on daily basis, CN-GPU is a joke
[09:31:53] tevador: that's not really true, especially in a market with such large price fluctuations as cryptocurrency
[09:32:12] it's far less risky to sell miners than mine with them and pray that price doesn't crash for next six months
[09:32:14] I think it's great that crypto has a nice group of asicmakers now, hw & sw will cowork well
[09:32:36] jwinterm yes, that's why they premine them and sell after
[09:32:41] PoW is about being thermodynamically and cryptographically provable
[09:32:45] premining with them is taking on that risk
[09:32:49] not "fork when we think there are asics"
[09:32:51] business is about risk minimization
[09:32:54] that's just fear-driven
[09:33:05] Inge-: that's roughly the feedback
[09:33:24] I'm not saying it hasn't happened, but I think it's not so simple as saying "it always happens"
[09:34:00] jwinterm: it has certainly happened on BTC. and also on XMR.
[09:34:19] ironically, please think about it: these kinds of algos indeed prove the limits of the chips they were designed for. but they don't prove that you cannot implement the same algo differently! cannot!
[09:34:26] Risk minimization is not starting a business at all.
[09:34:34] proof-of-gpu-limit. proof-of-cpu-limit.
[09:34:37] imagine you have a money printing machine, would you sell it?
[09:34:39] proves nothing for an ASIC :)
[09:35:05] linzhi-sonia: thanks. I dont think anyone believes you can't make a more efficient cn-gpu asic than a gpu - but that it would not be orders of magnitude faster...
[09:35:24] ok
[09:35:44] like I say. these algos are, that's really ironic, designed to prove the limitatios of a particular chip in mind of the designer
[09:35:50] exactly the wrong way round :)
[09:36:16] like the cache size in RandomX :)
[09:36:18] beautiful
[09:36:29] someone looked at GPU designs
[09:37:31] linzhi-sonia can you elaborate? Cache size in RandomX was selected to fit CPU cache
[09:37:52] yes
[09:38:03] too large for GPU
[09:38:11] as I said, we are designing the algorithm to exactly fit CPU capabilities, I do not claim an ASIC cannot be more efficient
[09:38:16] ok!
[09:38:29] when will you do the audit?
[09:38:35] will the results be published in a document or so?
[09:38:37] I claim that single-chip ASIC is not viable, though
[09:39:06] you guys are brave, noone disputes that. 3 anti-asic hardforks now!
[09:39:18] 4th one coming
[09:39:31] 3 forks were done not only for this
[09:39:38] they had scheduled updates in the first place
[09:48:10] Monero is the #1 anti-asic fighter
[09:48:25] Monero is #1 for a lot of reasons ;)
[09:48:40] It's the coin with the most hycs.
[09:48:55] mooooo
[09:59:06] sneaky integer overflow, bug squished
[10:38:00] p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has joined #monero-pow
[11:10:53] The convo here is wild
[11:12:29] it's like geo-politics at the intersection of software and hardware manufacturing for thermoeconomic value.
[11:13:05] ..and on a Sunday.
[11:15:43] midipoet: hw and sw should work together and stop silly games to devalue each other. to outsiders this is totally not attractive.
[11:16:07] I appreciate the positive energy here to try to listen, learn, understand.
[11:16:10] that's a start
[11:16:48] <-- p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has quit (Quit: Leaving)
[11:16:54] we won't do silly mining against xmr "community" wishes, but not because we couldn'd do it, but because it's the wrong direction in the long run, for both sides
[11:18:57] linzhi-sonia: I agree to some extent. Though, in reality, there will always be divergence between social worlds. Not every body has the same vision of the future. Reaching societal consensus on reality tomorrow is not always easy
[11:20:25] absolutely. especially at a time when there is so much profit to be made from divisiveness.
[11:20:37] someone will want to make that profit, for sure
[11:24:32] Yes. Money distorts.
[11:24:47] Or wealth...one of the two
[11:26:35] Too much physical money will distort rays of light passing close to it indeed.
submitted by jwinterm to Monero [link] [comments]

Switched from a 1050 GT to a 5700 XT, it's great!

Edit: Resubmitted, original post removed due to lack of flair.
After 11 years I returned to an AMD GPU. I bought a Sapphire Pulse Radeon 5700 XT about three weeks ago once the non-blower cards weren't selling out in minutes. Price at the time was $409.99.
https://ibb.co/J7DvnYr
Some initial thoughts:
I didn't realize the power draw at idle would be so low (using Global Wattman) at 9W. I didn't know that the dual fans would actually shut off at low usage and make the card silent. It's much quieter than my old card, an EVGA 1050 Gaming, but I assume that's because it's fan is much smaller. I haven't stressed the card too much, but at least I now have something I can push for the next few years. I can't wait to get a 4k monitor and see what the card can really do.
I decided to do a look back on my previous video cards:
ATI 9800PRO All In Wonder (January 2005) - $245 - To pair with my NEC 19 inch CRT monitor. I could record TV on my computer, which I thought was amazing at the time (also coincidentally a month before YouTube was founded).
EVGA GeForce 8800GTS (G92) (April 2008) - $280 - Much quicker than the 9800PRO, used it for a very long time, but it was really slow towards the end.
EVGA 1050 Gaming (November 2017) - $105 - I got this in the middle of the bitcoin mining crisis when every card was at or over MSRP. I thought this would just be a filler card until prices came down, but that turned into about 2 years. Worked ok, but some newer games were a struggle.
I do have one question. Now that I have a video card that can support 4k, do you have any suggestions on monitors? I'm currently running dual Acer monitors (24 and 21 inches), but I was thinking of dual 27 inch 4k monitors. Can the 5700 XT handle this? I'm not sure if I absolutely have to have FreeSync, and in the past I've liked Dell's monitors (currently looking at the U2718Q). Thanks!
submitted by 3blue to Amd [link] [comments]

My expiriences with crypto exchange Kraken.

So when learning about trading it is logical that first several years will yield more losses than profits. So far so that most traders suggest that your starting portfolio shouldn't be larger what you are willing to throw away.
So in September I joined Kraken, with ~100 EUR in LTC/BTC currency. And of course I lost 30 % in first week due to me getting accustomed with GUI , charts, SMA/EMAand etc while learning about analysis and losing in value to falling market.
Then drop of 8500-7500 happened in second week of September, and I accidentally shortened the BTC. Which was lucky but I contacted support team to explain to me what I have done. They were (generally are) polite and pointed me to the webinar that was supposed to be held on 6th November.
I closed the short position on 8th of October (classic FOMO) , got long and canceled that on October 10-11. So far I was up 5 EUR and down 3 (long was on higher leverage). So I shortened it again and waited. On 18th October I have just learned about stop-loss and take-profit and I placed it on 10 EUR above current price at the time.
Now you might hear ominous bells in the background as we approach the 25-th and 26-st October. So on that fated day, price busted trough my stop loss and locked me out of making any trade. I was in hell (figuratively) watching how I was loosing 20+ EUR not being able to do anything.
Once dust has settled and I have cut my losses (on 27-nth) , I decided to contact support team again to notify them that I was locked out of trading in order for them to fix any issues they might've been experiencing. They were nice and pleasant, and told me next time that happens to refresh my browser, clear my cookies, click sync bunch of times, log off and on, refresh tab on my browser, exit my browser and restart it again and restart my computer. And then kind people from support team (they were changing every 15 minutes, while I had to explain everything from the start) made me an technical support ticket and sent them to their trading support team[tsm].
There came 28th October, and I started new long position since I was under false influence that China or whatever will bounce bitcoin back to 10 K. I was mostly driven by replenishing the loses (at least 20 EUR one ) - NEVER TRADE ON EMOTION... this was my big mistake.
Then on 29th October, the lock down happened again. And after doing all steps they listed earlier - with no change whatsoever - I contacted the support team once again. They repeated the steps I have already done, and generated new ticket to trading support team. when I asked them what is the status of my previous ticket - they have told me that someone will get in touch with me soon.
My next mistake was trying to rustle with the market instead of waiting for response of tsm. I went down to 35 EUR till end of the October.
The webinar wasn't held, and response I got was to try "refresh my browser, clear my cookies, click sync bunch of times, log off and on, refresh tab on my browser, exit my browser and restart it again and restart my computer." and let them know if it doesn't start in half of an hour. It didn't, they apologized... no harm no foul. Soon after that (couple of days) John from tsm contacted me telling me I need to give him screen shot next time that happens, and on 3rd November it happened again. So I made screenshot and cropped the picture to show the issue and sent it to him. Keith replied next day that telling me that he needs it timestamped (although they have access to my ledger and every picture has binary date time block in their binary code ) , on which I told him that each picture is timestamped in binary. And if that happened again could I be refunded, and if I couldn't be refunded I would then write an review , forward all data to California state or ask for an refund.
Next two days no response. Then It happened again, I made screen shots of my phone (with date and time clearly visible) and asked him what is his response on refund part. And Maximus responed me with
I have gone to our dev's regarding your Rate Limitation Error. Every action taken on Kraken Pro (adding/closing/cancelling orders + retrieve balance (Sync)) is hitting the API. If too many actions are taken in a short period of time and you’ll receive this error and be temporarily locked out until you recover “points or allowance”.
I'm sorry for your frustration. Our Kraken Interface at kraken.com might be more suitable to your style of trading.
Then I asked again about refunds, and person who introduced himself as Kevin(later signed as Maximus) told me :
Kraken does not take the other side of your trade ans as such does not refund or reimburse for trades.
I copied whole ledger, and tried to withdraw my funds (with no luck ) and tried to trade in order to increase my funds so I can withdraw them and leave the hell hole that is their platform. And to no ones surprise I have lost 10 EUR till then. And interface on kraken.com that didn't help at all. Timed bid executed immediately on market price (instead of limit) with taker fees, stop losses executed randomly ... and etc.
Then I was locked out again, my short position order was filled, but my position held 0.00065 btc instead of 0.013 btc, I contacted the support yet again , where after Andrew replaced Maxima an phantom order (which I didn't fill) canceling the difference of 0.01235 btc appeared before my eyes. Andrew tried to submit new ticket to technical suport team, and when I asked him for their names... Andrew refused to tell me, mentioning that I have been in contact with them (Maximus, John, Kevin, Keith .... and of course Kevin Maximus). On which I finally saw where this was going, persuaded Andrew to withdraw my funds and left the fucking website.
If you are using Kraken, don't. I was extremely stupid hanging on trough all that stuff. Leave it and go to another. Americans especially, after some data analysis the API calls jump 2 hours before American time zones, and diminish 10 hours later.
submitted by ArchDan to Bitcoin [link] [comments]

AMA/Tutorial: Run a full node on AWS free tier with local LAN storage

AMA/Tutorial: Run a full node on AWS free tier with local LAN storage
This is a tutorial/AMA on how you can be running a full node, in the AWS cloud, for very low cost or even free.
I used to run a node on my local network but there is a problem with this; your public IP is broadcast, and then it gets associated with Bitcoin. Node owners are likely to own Bitcoin, and this raises your personal threat profile, validated against my IDS/IPS logs.
Run a VPN? Many VPNs are automatically blocked, or sketchy. Tor is also blocked on a large portion of the internet. Neither provide you with a real static IP, and that helps out the network.
There is a easy solution to this; run a node on the AWS free tier, and use an elastic IP so you have a static address. Bandwidth is free in, and low cost out, and you can control how much of that you use easily, and control your spent. The problem is that Amazon charges a LOT for online storage and even with a 1MB blocksize, the blockchain is very large and growing steadily! We mitigate this by using a VPN back to your network, where you can store the blockchain on a SMB share.
It is not complicated to do, but there are very many moving pieces to keep track of and configure. In order to fully trust your node, the best way is to build it from scratch. This is my goal in walking you through the process.
There are lots of ways to accomplish this same task; I only want to present one that works, and you can go from there. Once you have access to the blockchain in the cloud for reasonable prices, you can also look at things like the Lightning Network.
This article makes four major assumptions:

  1. That you have a OpenVPN server on your network and know how to configure it. I use pfSense and OpenVPN; others will work just as well, but you'll need to do a little work to figure out the particulars. If you don't know how, do not fret! There are loads of good tutorials for just about every platform. Or ask below. I also limited the user with access to the share at the firewall specifically to the IP hosting the share to lower the threat envelope.
  2. That you have the blockchain downloaded locally and reasonably up to date. If you don't, head on over to bitcoin.org and download it for OSX or Windows or Linux, whatever you use for your workstation. Follow the directions to set up the software and download/synchronize it to the network. This will take awhile! Once you've synchronized, copy the data directory to your SMB share you want the AWS instance to access. You could also synchronize everything directly on AWS too, but it will likely take longer and may cost a bit for the bandwidth.
  3. That you're on windows. OSX and Linux will have slightly different processes to connect to the instance via the terminal and SSH. If you need help, ask, and I am sure we can get you fixed up.
  4. That you've read the excellent bitcoin.org full node tutorial here: https://bitcoin.org/en/full-node

With that, on with the show!
First: Head on over to https://aws.amazon.com/ and make yourself an account.
Once you've set up you'll need to start the process of creating a virtual machine on AWS. Look for this graphic and click on it:

Start by launching a new machine

Follow the rabbit hole, and you'll be looking to create a plain jane Amazon AMI Linux instance. It looks like this:

Pick the basic AMI instance
Keep in mind you want to pick the x86 version, which is the default.

Continue clicking, you'll want to select the t2.micro instance that is eligible for the free tier for new accounts.

Pick the free tier. You can also upgrade to the smaller tier for more ram, but the micro works for now.
Now, you're going to need a way to connect to your soon-to-be-created node in the cloud. Amazon uses SSH keys to do this, so the next step means you're going to make some. You need to save this file, as if you lose it, you won't be able to access your node anymore. Much like your wallet private keys!

Beware losing your keys!

If you've made it this far, you're almost launched!
Now we need to convert the key to a format that we can use to connect to the instance from Windows. I recommend using Putty! https://www.putty.org/ if you don't have it already; if you're on OSX or Linux, you likely have what you need already.
Follow the guide here to get connected: https://docs.aws.amazon.com/AWSEC2/latest/UserGuide/putty.html

Next you'll need to set up a opening in the firewall if you want incoming connections. This is done by adding to the security group in the "Network and Security" section; edit it to look like this:

Change the inbound security rules for the instance to accept incoming connections on 8333.

The hard part is over!
Optional: Configuring a static IP. Amazon calls their implementation "elastic" IPs, but it's really a static IP that you can move around between instances very easily. It will ensure your public address on AWS does not change; it isn't required, but it is better if you intend on allowing outgoing connections.
Go back to the main dashboard display.
In "Network and Security", click on "Elastic IPs".
Select Allocate New Address (blue button on top) and then select it in the table. In actions, you will see "Associate Address". Select this then assign the address to the instance you have previously configured. Done!

Next up: Log into your machine, and immediately update everything. Use the IP provided by Amazon, or the Elastic IP if you assigned one to the instance in the last step.
type: "sudo yum update"

Now, let's get the VPN configured.
First step is to install OpenVPN. We need to install the extended package library to do this.
type: "sudo amazon-linux-extras install epel"
type: "sudo yum-config-manager --enable epel"
Now you can install OpenVPN.
type: "sudo yum install openvpn"
You will need your credential file from OpenVPN; it's a file you generate that will have a .ovpn extension. But you're going to need to upload it to the instance. You can do this through the scp command on OSX or Linux, but if you're on Windows, you'll need another utility. Get WinSCP here: https://winscp.net/eng/download.php
But we'll have to tell it where your key file is so you can login. Select "New Session", then use the same IP and username as you did to connect before. We'll need to tell it about the key file though! Select the "Advanced" tab then under the SSH section, click on "Authentication" and then select your private key file you generated in the tutorial above.
Connect and upload the .ovpn file that you generated when you added a user for the VPN. This step depends on your OpenVPN configuration - ask below if you have problems.
Next, let's verify we can connect to the VPN!
type: "openvpn --config my-configuration-file-made-by-openvpn.ovpn &"
You will be prompted for a password if you configured one.
Verify operation by pinging your LAN router, e.g.
type: "ping 192.168.2.1" or the address of the SMB server where you shared the information.

Allllrighty! Next up is getting connected to your blockchain. Create a directory where the data directory will be mounted.
type: "mkdir blockchain"
We need to install samba and some utilities to get things mounted.
type: "sudo yum install samba"
type: "sudo yum install cifs-utils"

Now let's mount the folder:
type: "sudo mount -t cifs //192.168.2.100/Bitcoin ./blockchain -o user=bitcoin,vers=2.0,uid=ec2-user,gid=ec2 user,file_mode=0777,dir_mode=0777"
Where " //192.168.2.100/Bitcoin" is the address of the SMB server and share where you put the data directory from your initial sync. If you didn't, and just want to sync everything from AWS, then make sure it's a folder where your user has access. In this case, I'm assuming you've made a SMB user with the name "Bitcoin". The command will prompt you for the password to access the share. The other bits ensure you can have read and write access to the share once it's mounted in AWS.

Now we're ready for some Bitcoin! Props to the tutorial here: https://hackernoon.com/a-complete-beginners-guide-to-installing-a-bitcoin-full-node-on-linux-2018-edition-cb8e384479ea
But I'll summarize for you:
Download and then re-upload with WinSCP, or download directly to your instance with wget, the most current Bitcoin core. In this case, it's bitcoin-0.18.0-i686-pc-linux-gnu.tar.gz downloaded from https://bitcoin.org/en/bitcoin-core/.
Let's verify it hasn't been tampered with once you have it uploaded to the terminal:
type: "sha256sum bitcoin-0.18.0-i686-pc-linux-gnu.tar.gz"
Then compare that with the hash value that's listed in the SHA256SUMS.asc file on bitcoin.org. In this case, "36ce9ffb375f6ee280df5a86e61038e3c475ab9dee34f6f89ea82b65a264183b" all matches up, so we know nobody has done anything evil or nefarious to the file.
Unzip the file:
type: "tar zxvf bitcoin-0.18.0-i686-pc-linux-gnu.tar.gz"
There is a warning about a symbolic link; everything seems to work OK regardless, but if anyone knows what or how to fix, please comment.
We'll need to get some missing libraries before we can run it; these aren't in the basic AMI instance.
type: "sudo yum install glibc.i686"
type: "yum install libgcc_s.so.1"

FINALLY! We are ready to launch the program. Go to the "bin" directory inside where you unzipped the Bitcoin Core tarball. (e.g. /home/ec2-useblockchain/bitcoin-0.18.0/bin)
./bitcoind -datadir=/home/ec2-useblockchain/data
You will see the program either start to sync and download, or start to read the existing blockchain file that you put in the share from before.

Congrats!

There are a couple extra steps to have it automatically start on reboot, but let's see if anyone gets this far first. I use the "screen" program to do this, but there's also a daemon mode, and some other functionality that is discussed in the hackernoon tutorial.
The primary cost will be outgoing bandwidth. AWS charges $0.10/GB beyond 15GB; You can limit the outgoing bandwidth easily according to your budget: https://bitcoin.org/en/full-node#reduce-traffic

Hope this encourages people to try running a free, or very low cost, cloud node, with a substantially reduced threat profile.
submitted by xtal_00 to Bitcoin [link] [comments]

SQ. I compiled information, with sources, so you don't have to.

SQ. I compiled information, with sources, so you don't have to.

Financials

Q1 2019 Shareholder Letter
Q1 2019 Highlights
  • Total net revenue $959 million, +43% YoY.
  • Adjusted revenue $489 million, +59% YoY.
  • Adjusted EBITDA $62 million, +72% YoY.
  • Net income (loss) per share ($0.09), -50% YoY. (Due to investment in Eventbrite, not including Eventbrite net income (loss) per share was ($0.06), 0% YoY)
  • Adjusted net income per share $0.11, +83% improvement YoY.
Q2 2019 Guidance
  • Total net revenue $1.09B to $1.11B
  • Adjusted Revenue $545M to $555M
  • Adjusted EBITDA $90M to $94M
  • Net income (loss) per share $(0.07) to $(0.05)
  • Adjusted EPS (diluted) $0.14 to $0.16
Q4 2018 Shareholder Letter
Q4 2018 Highlights
  • Total net revenue $933 million, +51% YoY.
  • Adjusted revenue $464 million, +64% YoY.
  • Adjusted EBITDA $81 million, +97% YoY.
  • Net loss per share ($0.07), -75% YoY. (Due to investment in Eventbrite, excluding Eventbrite net loss per share was ($0.03), +33% YoY.)
  • Adjusted EPS $0.14, +75% YoY.
Q1 2019 Guidance
  • Total net revenue $918M to $938M
  • Adjusted Revenue $472M to $482M
  • Adjusted EBITDA $47M to $51M
  • Net income (loss) per share $(0.12) to $(0.10)
  • Adjusted EPS (diluted) $0.06 to $0.08

News

Square Quietly Launches Program For CBD Cannabis Company Credit Card Processing | May 22 2019
Companies that sell cannabis products—even those consisting of CBD derived from hemp, which was legalized in the U.S. through the Farm Bill late last year—are continuing to have trouble accessing basic financial services that are available to businesses in other sectors. That includes being able to maintain bank accounts and process their customers' credit cards. “Square is currently conducting an invite-only beta for some CBD products,” a spokesperson for the company said in an email. When asked about the reasons for the launching the new program, which comes after years of refusing to work with CBD companies, the spokesperson said that the company closely watches evolving public policies and strives to create new opportunities for clients.
Square Spends $20 to Acquire Each New Cash App User | May 16, 2019
Square's (NYSE: SQ) Cash App has grown to become a meaningful contributor to the company's top-line growth. The peer-to-peer payments app turned financial multitool is the No. 1 driver of its subscription and services segment, management said at the J.P. Morgan Global Technology, Media and Communications Conference. During that conference, CFO Amrita Ahuja noted the company's per-customer acquisition cost for Cash App is about $20. That's actually quite low relative to other financial services, and even compared to other apps.
Square’s AI Platform Could Transform SQ Stock | May 13, 2019
Eloquent Labs is the developer of Elle, which can converse intelligently with a customer through a conventional online-chat platform without any human input from the service provider. While resolving complex customer-service needs remain currently out of reach, Elle can easily handle simpler-but-distracting tasks like returns and product-tracking.
Square teams up with Postmates for delivery partnership | May 9, 2019
Through the arrangement, Square SQ, sellers will be able to use Postmates couriers to get goods to customers who call up to place orders or visit a store. Merchants will be able to integrate Postmates with their existing Square point-of-sale systems.
Square's Bitcoin Platform Remains Surprisingly Profitable | May 7, 2019
Square's bitcoin revenue accounted for 6.8% of its net revenue during the first quarter, compared to 5.1% in the prior year quarter. However, Square's bitcoin profits only accounted for about 0.2% of its gross profit during the quarter, versus less than 0.1% a year earlier. Square's bitcoin business won't move the needle anytime soon, but its top and bottom line growth is impressive, especially since bitcoin shed roughly 40% of its value over the past 12 months. If bitcoin's price rises again and it attracts more buyers, Square's bitcoin revenue and gross profits could surge much higher.
Instead of viewing Square's bitcoin platform as a separate business, investors should see it as part of the company's long-term plan to lock users into its Cash App. Cash is one of the top peer-to-peer payment apps in the U.S. alongside PayPal's (NASDAQ: PYPL) Venmo and the bank-based Zelle, and it's still growing rapidly. Last quarter Square stated that its Cash App payment volume rose nearly 2.5 times annually. For comparison, PayPal stated that Venmo's payment volume rose 73% annually in its most recent quarter.
How Square's Cash App Makes Money (SQ) | May 6, 2019
Square makes money from Cash App by charging businesses transaction fees for using its software. For a 1.5% transaction fee, individual users can expedite deposits to have them transferred immediately into their bank accounts instead of waiting the standard deposit time. They can also send personal payments from credit cards for a 3% transaction fee.
Village Financial Cooperative partners with Square to bring tech and education to the North Side | Apr 18, 2019
Minnesota’s first black-led credit union is partnering with Square to bring financial education and technology to North Minneapolis. Village Financial Cooperative announced the partnership with the San Francisco-based financial technology company on Thursday. In a statement, the credit union made the case that its mission to empower the black community required it to be at the forefront of financial technology, shaping products and practices. Me’lea Connelly, the credit union’s vision and strategy lead, said the partnership, which includes the city of Minneapolis, was a year in the making. It will officially launch April 27 during “Village Squared: A Black Economic Empowerment Symposium,” one of the events closing out Minneapolis Tech Month.
Square (SQ) to Open New Office, Expand Presence in Seattle | April 11, 2019
Square Inc. SQ recently signed a lease to buy a property in Seattle, in view of opening a new office therein. The office is expected to accommodate approximately 100 workers. We believe that the developments will enable it to carry on with new growth initiatives.
Why Square Is Hiring Cryptocurrency Experts | April 3, 2019
Square (SQ) has announced a plan to hire several cryptocurrency experts. Square’s crypto team will work on an open-source initiative as part of the company’s contribution to the development of a cryptocurrency ecosystem. Although Square says the crypto team it’s planning to create won’t focus on its commercial interests, the company still stands to benefit if the team’s efforts lead to the broader uptake of cryptocurrencies such as Bitcoin. Square operates a cryptocurrency exchange that allows users of its Cash App to buy and sell Bitcoin. In the fourth quarter, Square’s Bitcoin business generated $52.4 million in revenue, up from $43 million in the third quarter. Square is already making a small profit from its Bitcoin business even though the overall business is still seeing losses.
Where Does Square Rank in the Food Ordering Market? | April 3, 2019
Caviar is among America’s top five food ordering services. Square (SQ) runs an online food ordering and delivery business called Caviar. Through the Caviar app, people can order food from more than 3,000 restaurants across the United States and have food delivered to their doorsteps. According to the latest rankings of on-demand food delivery services, Square’s Caviar is one of America’s top online food ordering and delivery providers, but it’s currently holding on to a tiny share of the market.
Square Partners with Washington Nationals to Enable Order-Ahead and In-Seat Card Payments at D.C.’s Nationals Park | March 27, 2019
Square has partnered with the Nationals to create a concession stand that offers the only skip-the-line, order-ahead experience in the ballpark, powered by Caviar Pickup. Fans who open the Caviar app from their seats will be able to order their concessions in advance – including beer and wine for fans 21 and over – and receive an alert when their food is ready to be picked up. The stand will feature food from exclusive Caviar restaurant partners, featured in a rotating series of pop-ups throughout the season. On Opening Day, fans will be able to enjoy Hong Kong-style Chinese food from Tiger Fork, with future food options including biscuits from Mason Dixie and ramen from Toki Underground. Square Terminal, the handheld, all-in-one payment processing hardware device, will also be piloted by roving concessions hawkers at Nationals Park. Square Terminal will allow fans to pay using credit cards or contactless payments like Apple Pay or Google Pay as they purchase food and beverage items from the comfort of their seats. With Square’s point of sale and employee management software built right into Square Terminal, it’s easy for hawkers to quickly accept payments. Square Terminal will help fans who don’t carry cash, and will speed transaction times as hawkers spend less time counting change and more time making sales.
Square introduces invoice app; brings Stand to Japan | Mar. 26, 2019
App allows sellers to create, manage, and send invoices using mobile devices. “With the Square Invoices app, small business owners are able to get paid remotely and access their funds quickly and securely," says Alyssa Henry, seller lead at Square. Separately, in Japan, Square introduces Stand for iPad and its reader for contactless and chip.
Square Expands Omnichannel Offerings with New Square Online Store and a Revamped Square for Retail | March 20, 2019
The new Square Online Store allows sellers to grow their business in person and online, with a professional eCommerce website and integrated tools including Instagram selling, shipping, in-store pickup, and more. The new product also brings the Square Online Store experience to restaurants, allowing sellers to offer seamless online ordering from their website, customized pickup times across multiple locations, and the option to easily pay ahead for online orders. Square for Retail, the point-of-sale app optimized specifically for retailers, has also been completely redesigned with expanded product features. For the first time, business owners who also want to sell online can easily create a professional website and automatically connect their Square for Retail catalog to their Square Online Store, allowing them to sync their items, inventory, prices, and data instantly across online and offline channels. Sellers that use Square for Retail and Square Online Store can also enable their customers to easily shop online and pick up their purchases in store, a feature typically only available to larger retailers. Finally, the Retail point-of-sale app has been redesigned to make managing online orders alongside a brick-and-mortar store quick and intuitive.

Leadership

Jack Dorsey - CEO - $2.75
Jack is CEO and Chairman of Square, CEO of Twitter, and cofounder of both.
Amrita Ahuja - CFO -
Amrita is Square’s Chief Financial Officer. She was previously CFO of Blizzard Entertainment, a division of Activision Blizzard, and held various leadership positions at Fox Networks Group, the Walt Disney Company, and Morgan Stanley.
Kevin Burke - Marketing and Sales Lead
Kevin oversees Square marketing, sales, and partnerships, as well as international markets. Prior to joining Square, Kevin was CMO at Visa Inc.
Jesse Dorogusker - Hardware Lead
Jesse leads hardware product development at Square, including design, cross-functional engineering, manufacturing, and operations. Prior to Square, Jesse was the Director of Engineering for Apple’s iPhone, iPad, and iPod Accessories business.
Brian Grassadonia - Cash App Lead
Brian leads Cash App, the fastest and easiest way to pay individuals or businesses. Brian has held a number of leadership positions at Square including helping to launch the company’s flagship credit card reader.
Alyssa Henry - Seller Lead - $3,870,481
Alyssa leads product management, design, and engineering for Square’s seller facing products including payments, point of sale, Customer Engagement, and Payroll. She previously served as VP of Amazon Web Services (AWS) Storage Services and Product Unit Manager for Microsoft SQL Server Data Access.
Sam Quigley - Risk and Security Lead
Sam leads engineering, product management, and data science for risk and information security. As an early engineering leader at Square, Sam helped to build and scale many of Square’s products.
Gokul Rajaram - Caviar Lead
Gokul oversees Caviar, Square’s growing food ordering service. Prior to Square, he served as Product Director of Ads at Facebook and Product Management Director for Google AdSense.
Jacqueline Reses - Square Capital Lead - $3,972,968
Jackie leads Square Capital, overseeing credit products that provide sellers with access to the funding they need to grow and consumers with the ability to pay for purchases over time. She previously served as Yahoo’s Chief Development Officer and was on the Board of Directors at Alibaba Group. She also serves on the Federal Reserve Bank of San Francisco’s Economic Advisory Council.
Sivan Whiteley - General Counsel - $2,796,591
Sivan oversees Square’s legal, regulatory, compliance, and security operations. A longtime leader of Square’s legal team, she previously held positions at Better Place, eBay, and Bingham McCutchen.
Aaron Zamost - Communications, Policy and People Lead
Aaron leads Square’s communications, government relations, and community affairs efforts, as well as human resources and talent. Prior to joining Square, Aaron led business communications at YouTube and managed corporate communications at Google.

Technical analysis

Descending triangle
Daily Chart
Weekly chart

Institutions

May 16 2019 Buckingham reiterated a buy rating with a $100 price target.
May 2 2019 Needham reiterated a buy rating and lowered their price target from $95 to $90.
May 2 2019 Guggenheim reiterated a buy rating and raised their price target from $92 to $94.
April 9 2019 KeyBanc Capital reiterated an outperform rating with a $100 price target.
April 3 2019 Bernstein initiated a market perform rating with an $80 price target.
March 28 2019 Instinet reiterated a buy rating with a $105 price target.
March 27 2019 Macquarie initiated an outperform rating with a $94 price target.
March 25 2019 RBC Capital reiterated an outperform rating with an $88 price target.
February 27 2019 Canaccord Genuity reiterated a buy rating with an $88 price target.
Vanguard, Blackrock, Jennison, Fidelity, Morgan Stanley, State Street, Allianz, and Goldman Sachs are the largest institutional holders of SQ respectively, collectively making up over 25% of ownership.
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QuarkChain Monthly AMA Summary-02/22/2020

QuarkChain Monthly AMA Summary-02/22/2020

https://preview.redd.it/nscgafxibck41.png?width=2152&format=png&auto=webp&s=fbceb8e21020811bea5545b82e65bc5eeac5e420
QuarkChain holds a monthly AMA (Ask Me Anything) on Telegram/Wechat groups on Saturday at 7–8 PM PST. This is the summary for February AMA. We welcome any questions, comments, and suggestions.
Q1: The Bitcoin halving is taking place this year. How do you expect this to affect the entire blockchain industry? What role will QuarkChain play in the industry?
The Bitcoin halving is a major event in 2020 and we believe this event may have significant impacts.
Technically speaking, this means every block reward is reduced from 12.5 BTC to 6.25 BTC, and the inflation rate is also halved.
As a result, firstly, the inflation rate will be below 2%, which means the rate is close to that of gold. Secondly, the selling power from miners is also halved. While as cryptocurrency and blockchain become more popular, more people may be more likely to own BTC.
From the perspective of the market, BTC has become a hedging asset against risks since there are not many global assets that have a good story as well as good liquidity. There are two main factors influencing the price of BTC: namely the manufacturer of mining machines and the Wall Street. As long as selling mining machines is still making a profit while the global economy is still thriving decently, the value of BTC will maintain its level. So I think that the market will view the halving this time around in a more optimistic light.
BTC is rather out of sync with other blockchain projects because its financial nature far outstrips its technical nature. We can compare BTC to gold while other projects are more comparable to technology companies who focus on technological applications and innovations.
Another question is what halving signifies for our QuarkChain team. Since 2018, QuarkChain has been focused on inventing a faster and more convenient public chain. Since the launch of mainnet, our product has evolved to become a framework like Polkadot and Cosmos that enable launching a chain with one click and provide cross-chain framework consensus. During our Stanford 2020 meeting last week, we further proposed the idea of a “quark family” whereby one can adopt this sharding layer framework on public chains. If this concept is applied to consortium blockchain, then it becomes “quark-union.” Such framework can be applied in other scenarios and interoperate for other use cases and provide a plethora of choices for users, which is our target goal this year.
In the middle of the year, we will announce the next product developed specifically for this framework, which functions like Polkadot’s Substrate framework that allows developers to build products as parachains. Please follow us to learn more!
In general, I think this is really good news for the whole cryptocurrency world!

Q2: The Chinese market pays more attention to the consortium blockchain. Will this affect QuarkChain? Will the team consider joining the consortium blockchain?
One of our goals is to broadcast our QuarkChain technologies to more people around the world, and we are happy to see that not only can our technology be applied to the public chain space, but also to the consortium blockchain space!!
Secondly, it is also natural to extend the public chain technology to the consortium one, where Ethereum has EEA, and JP Morgan is also working on Quorum, which is the consortium version of geth.
With the Chinese government’s support of this domain, I think it is a very good opportunity for QuarkChain to participate in the market and meet the needs in the consortium blockchain space. We will soon announce the new products in the area soon!
Q3: The QuarkChain team attended the Stanford Blockchain Conference recently. Are there any differences between the direction of exploration in 2020 and in 2019? Did you find any new or interesting ideas?
A lot of interesting things happened during the Stanford Blockchain Conference. I also discussed with several people, including Vitalk and Professor David Tse about their works. We discussed some details about their proposal in the extreme case such as network partition and asked more details in how Lamport’s BFT algorithm’s relationship with his proposal.
First of all, I found there is a rapidly rising interest from academia to enter into the blockchain space, including professors from renowned universities such as Stanford, UIUC, and Cornell.
Secondly, I found more and more people are taking serious considerations into practical problems such as scalability and security. For example, Vitalik gave a talk about 51% attack and how to avoid that; people are working on both vertical and horizontal scalability. Of course, Facebook Libra also presented their blockchain.
We are watching these technologies closely and are looking forward to seeing its development, which will guide our future growth as well!
Q4: QKC held a meetup yesterday and you talked about what the future of blockchain looks like and topics related to business. Can you give us a brief summary about the discussion? How can QuarkChain be applied in the real world? Any use cases?
We delivered a speech titled “What The Future Blockchain Looks Like to Empower Business.” Looking back, the early days of blockchains were chasing after pure technical breakthroughs with little considerations for practical business needs. This is related to what we talked about also at the year-end review: after TPS, what else can blockchains propose?
One of the big trends that we see is that, typical major business applications rely on both consortium blockchain and public chains. Even for Facebook Libra, it starts with consortium blockchain and then will move onto public chains. From a business perspective, the space is looking for a more comprehensive solution that allows seamless communication between consortium blockchain and public chains altogether.
The Boson consensus is the paper we published during the world-class 2019 IEEE conference. It is the sharding infrastructure framework that we have been referring to since day 1, which is analogous to the Substrate framework from Polkadot. We have applied this framework to implement QuarkChain, as you are all familiar with it by now.
We are now applying the same framework onto consortium blockchain to allow different enterprises to define different chains based on their own business requirements and also create plug-ins to interact with other chains such as IBM Hyperledger, Ant Financial blockchain, WeBank, and so on.
With the great efforts of our BD team, we are working on some use cases with our important partners. One direction we believe is to speed up financial processing using blockchain in the enterprise space. For instance, with immunity and transparency, we could facilitate regulated financing and circulation of assets more easily. Imagine DeFi in consortium!
As I mentioned before, we are building the consortium version of QuarkChain, and actually, the first version of the product is almost ready and is under testing.
Q5: What does your roadmap for 2020 look like? Name some important milestones you hope to achieve. What are the major developments lined up for QuarkChain this quarter?
In 2020 H1, we plan to fully support our native token to enable DeFi composability. We would like to make the token more user-friendly as well.
Actually, ETH2.0 is targeting native tokens for a while, and we also have a long conversation with ETH. While ETH2.0 is still planning and designing the feature, our goal is to fully support ETH 2.0 in 2020 — probably the first blockchain that enables all these!
For the second half of the year, we are still looking into several areas, namely privacy, heterogenous chain, and new consensus mechanism. We also would like to learn from the community to see what the best idea may be.
Please check more details here:
https://ethresear.ch/t/cross-shard-defi-composability/6268/23
https://ethresear.ch/t/moving-eth-between-shards-the-problem-statement/6597
Q6: In the past years, we all said ZIL was your biggest competitor, but the fact is we did not see too many updates from them. So who is your current strongest competitor? How do you stand out from your competition?
Actually, in this growing new area, we learned tremendously from different projects in sharding, multi-chain area: ETH2.0, Polkadot, Cosmos, and ZIL.
And for us, our idea is quite simple — to achieve our goal with using all technologies from us and also from others. We also interacted with the blockchain communities actively so that we could jointly contribute to the blockchain space. This philosophy explains why we have an active presence in different projects such as ETH and Libra.
Our technology, the Boson consensus, is the key for us to differentiate from others. Even better, the Boson consensus is designed to be flexible, and thus is able to incorporate a lot of novel ideas! To my knowledge, this flexibility can hardly be found for other blockchains. Unless other projects decide to follow us someday, I think we should have plenty of space to stand out!
Q7: What are your future plans for the developer community?
We just started our bounty program for supporting native token auction — an important part for multi-native token support. This means many dApps on ETH can be rewritten and enjoy the benefits of the multi-native tokens, and we will have demos and programs to educate the public.
Q8: QKC technology is at the forefront of the industry. What are its strategies in market expansion? How are you planning to take over more market share in 2020?
We need to acknowledge that the speculation is widespread across the entire market, similar to what was observed during the early days of the stock market. As we can see now, the era of speculation and fast money is fading away. What we observed in the US stock market for the last decade is that the out-performers are no mere speculation but outstanding technology companies who keep innovating themselves. To adapt to this shift of culture, we now align the overall marketing strategy to branding.
What this signifies is that besides telling people the acronym of QuarkChain, we should let other people know more about the details of QuarkChain and the recent updates of our team.
What we will do in the future is to share more quality in-depth contents which vary in format but are easily readable. We would like to intrigue more people by experimenting with different forms of data visualization. We also want to step onto different school campuses for technical sharing sessions and have first-hand engagement for technology enthusiasts and gain their recognition. From there, we will then carry out more public advertisements. Because of the outbreak of virus, we will develop more online activities to enable more people to participate free of physical constraints.
Q9: Why do we see less interactions from the team recently? How are the team members faring? Can you work on developing the Chinese community in 2020?
Someone messaged me offline wondering why I appeared in the group less often recently. I actually am still with QuarkChain and have been working on various projects in great depth. For example, I was lecturing MBA classes and summarized how blockchain can step out from its current bottlenecks.
Some also discovered that they were no longer able to private chat with me. As I have explained before, such a decision was made on the basis of freeing up more of my time from customer services to allow more creative thinking and R&D. I have been paying close attention to the discussion and suggestions within the group chat. I am also in consultation with Yufeng and Daisy for the latest news within the group chat as well. Our team is doing well with more technologies underway. We are landing more business applications and are shifting our marketing focus from operations to branding. We will continue to update our latest developments so stay tuned!
About the community, we aim not just to grow only the Chinese one but around the world. You may understand the idea of developing a community in a different sense than I do. As I might have mentioned before, for the past two years, blockchain was highly speculative and some projects only wished to boost the number of followers with little maintenance of the community. Since the days of speculation are gone, developing a community is no longer just counting heads but providing contents of added values and spreading the awareness of these quality contents to more people. This is also why I appeared less in the chat but have published more in-depth articles over the past few months.
Q10: What are the latest updates in terms of business developments? Who are some of your latest business partners?
Let me first talk about the potential effects of the COVID-19 outbreak. Its ramification is of global scale; interestingly, it has an accelerating effect for blockchains since people came to realize that after thrifting on big data and large-scale IT systems, these white elephants did little to present timely, effective, and accurate data. Such inefficiencies have created tremendous challenges for public administration and blockchain is the perfect solution to fill this vacuum.
When it comes to commercialization, as an early entrant, we are happy to share some initial progress with our supporters.
Firstly, related to government affairs, we have business use cases for large business enterprises and governments regarding data management, public governance, and public services.
Secondly, targeting this outbreak, we have proposed a comprehensive 2G solution using blockchain and are in close communications with the government.
Lastly, in terms of management of public assets and finance, we have made some significant attempts to manage assets that were previously overlooked and were unable for financing. Our approach may be used to create financial products for circulation.
Let me give you a concrete example in factory monitoring. During production, with the automated and trustless production of data, the discharge data from the factory will become more reliable. Environment department can then use discharge data collected from automatic devices with little worry that factories have tampered with the data for the sake of avoiding penalties.

FYI

Thanks for reading this summary. QuarkChain always appreciates your support and company.
Website
https://www.quarkchain.io
Telegram
https://t.me/quarkchainio
Twitter
https://twitter.com/Quark_Chain
Medium
https://medium.com/quarkchain-official
Reddit
https://www.reddit.com/quarkchainio/
Facebook
https://www.facebook.com/quarkchainofficial/
Discord
https://discord.me/quarkchain
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