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Cardano is not just a Wallet
From time to time, somewhere on social media, the FUD appears about the Cardano project. We can see opinions like “Cardano is just a wallet”, “Cardano never launches main-net”, “PoS will never work”, or “it’s just white-paper”. These are all opinions based on impatience, ignorance of the depth and complexity of the project, or the inability to objectively assess the matter. Often, this FUD is caused intentionally by supporters of a competing project. Just to make competitors more relevant. Let’s look at some facts in today’s article. Cardano is a very complex project Cardano is the first project that is based on formal method development and it is built as a mission-critical project. The IOHK team has done thorough research on all areas related to blockchain and distributed networks. The team studied existing works and sought the best solutions to technical problems in a real environment. The team has published many scientific studies that have undergone a rigorous review and today have countless citations. The team starts production software development only after the specifications are available. The critical parts of the project are written in Haskell. Haskell is a functional programming language that doesn’t allow any side-effects. Blockchain incorporates technological, economic and social components. It is a system that aims to replace the current financial system and compete with the current IT giants. Such a project cannot be done just by giving you a bunch of programmers to make you a mix of Bitcoin and Ethereum. Without an emphasis on overall quality and details, such a system will never work reliably in the long term. On the other hand, such a project can be delivered in just one year. Do we need it? Cardano took a different and more challenging path. If the team simply delivered another blockchain, it would rank among hundreds of similar projects. It was necessary to put together experts to cryptography, software security, distributed networking, threat modeling, protocol design, game theory, operating systems, designers of programming languages, economy, and of course, software architects and programmers. All these people had to work together to deliver the network that would be great in all respects. These are people who are respected leaders in their field and often at the top of their careers. If one network is to serve the whole world, it must be capable of global scalability. It must never stop and allow all people on the planet to freely engage in network consensus. Including cheaters. Such a network will be massively attacked. Cardano must endure it and continue to function smoothly. It is a more complex task than you might think. And believe me, there are not many people in the world who could fully understand that in all details. It takes a lot of time and effort to build such a project. No existing project is capable of mass adoption and is at the same time demonstrably secure and sustainable in the long term. Cardano will be. Global, open, public, permissionless networks are brand new. There was nothing like that before Bitcoin. The first generation of cryptocurrencies suffers from technological imperfection. Often they are in the experimental phase and are improving in full operation. In the case of Bitcoin, everybody is scared to change the first layer, as there is a legitimate concern that something will fail. The second layer can improve something, but it will always creak. The quality of the project is directly related to the quality of the team and the time spent on research, experimentation, implementation, and testing. These phases can’t be underestimated or omitted. If you do, it will fire back at you later. We can see thousands of projects on CoinMarketCap, but few are worth the attention. In ten years, there will be maybe only three of them. Transparency Cardano is one of the most transparent projects in the crypto. CEO of IOHK, Charles Hoskinson, does AMA and status updates very often. Sometimes several times in one month. During AMA you can ask him literally what you want. Other team members have recently started updating us as well. Cardano, as one of the few projects, has all its scientific works publicly available. Anyone can look into them and critically review the content. The number of works increases regularly. If anyone has doubts about the quality of the project, they can try to find some mistakes in these works. And believe me, it will be hard. This work by itself has already pushed the crypt forward by a great deal. So far, nobody has worked out exactly what the ledger is and how it should work, whether PoW is really safe, how to write smart contracts safely, how to create a sustainable economic model, etc. All other projects can benefit from this work. Do not believe that? Well, we can give you one of the many possible examples. Aggelos Kiayias is the chair in cybersecurity and privacy at the University of Edinburgh. His research interests are in computer security, information security, applied cryptography, and foundations of cryptography with a particular emphasis on blockchain technologies and distributed systems, e-voting and secure multiparty protocols, as well as privacy and identity management. He joined IOHK in 2017 as a chief scientist through a long-term consulting agreement between IOHK and the University of Edinburgh, where he is also the director of the Blockchain Technology Laboratory. Aggelos is one of the brains behind Ouroboros PoS. It is relatively easy to find the works in which he participated and the number of citations. You can just open any scientific paper from IOHK, check the list of authors and find the number of citations. You can also easily verify there is no competitor in the whole crypto. Of course, the important thing is to get the scientific work into the source code. And that happens. You can check out GitHub for all the project repositories. Be careful, many people and aggregation sites for some reason only look at the cardano-sl repository. Look at them all! We understand that if you are not a programmer, it will be difficult to judge the quality of code. You just have to educate yourself here if you really want to know what is going on on GitHub. Activity is compared by the number of commits, which is some modification of the source code. Usually, a new piece is added or something old is deleted. You can easily look at the details of each repository. You can see how many people are actively developing the code, you can see what they are working on, how often they add changes, and more. Let’s have a look at the Ouroboros-network repository. Shelley protocol is written in Haskell. The quality and activity of the project can also be judged well by the number of new and already solved issues. If you are in any doubt about any project, learn how to read GitHub activity. In the case of the Cardano project, be absolutely calm. The activity is one of the highest, if not absolutely highest, in the entire crypto-sphere. If anyone tells you otherwise, please refer to the IOHK library and GitHub. You can even check out the site where all the Cardano GitHub data is altogether. Delays are usual in software development We have already talked about how complex the Cardano project is. Believe me, delays are a common thing when creating software. There are plenty of well-described reasons for that. Every software engineer could confirm that. Let’s dive into it just a bit. An accurate estimate during making a software plan is nearly impossible. You always have a bunch of items and tasks for a bunch of engineers. Tasks often overlap and depend on each other. To make it worse, tasks are mostly abstract and it is often hard to predict all possible obstacles. You can measure the performance of the team to improve time estimates but still, you never know when a plan is going to fail due to unexpected problems. Team members have to work together years to have solid certainty about all estimates. Cardano team is international so coordination might a bit more demanding. When some small and seemingly unnecessary tasks are skipped at the beginning, it can happen that there will be unexpected delays just because they have to be handled later. And sometimes, plan or priorities changes. Many engineers are very optimistic when asked how long some tasks could take. They are often wrong. In reality, tasks are usually more complex than engineers think. Team members change over time. IT gurus are a special kind. They like to change jobs very often. If a team expert leaves the team, it may take longer to find an adequate replacement. This also causes a delay. The IOHK team has a lot of members. Delivering 90% of functionality can be relatively easy compared to the last 10%. The biggest problems can arise at the end of development when all the individual components are tested together. Problems encountered at the end of development must be addressed. This often means changing a lot of things or redesigning something. Testing itself is very demanding as a global network must be simulated or the setup. In addition, the software must run on different versions of operating systems. Let’s have a look at some famous software delays. Mac OS X was developed under the name Rhapsody and it was 1997. Version 1 release arrived after 4 years. Windows Vista was originally planned to ship in 2003. Thre was 3 years delay. If you look for more examples, you will find many. A project like Cardano can’t simply be done in a year or two. If Shelley is launched this year, it will actually be very fast. If you look at examples from the crypto-world, you will see a big delay in the delivery of Ethereum 2.0. Count how long the Lightning Network has been built. And look at how many errors and failures we’ve seen. These failures have often led to large financial losses. If you were looking for reasons, you would find that it is caused by a badly designed or implemented software. Of course, it is in the best interest of the team to deliver Cardano to the market as quickly as possible. But certainly not at the cost of technical imperfections. This is not a race against time. A year or two has almost no role if we can see a really good and functional, secure network capable of mass adoption. Learn patience. Software delivery has its phases. First, everything has to be well thought out and designed. The team must be built. Then research and experiments are carried out. During this, the first source code can be written. Then the testing phase takes place. Only after all this can the network reach the public. Testnet has been launched Testnet has been running since the end of 2019. And it is a great success. The team expected an interest of about 100 pool operators. There are over 1000 registered pools. The network is stable and runs almost without problems. People’s interest in Cardano is huge. Community people are working on useful tools. Just check adapools.org or pooltool.io. Pool operators have no problem communicating with the team. All problems are gradually solved and many of them very quickly. Everyone in the world can run their own node and become a pool operator. Who claims that Cardano is just a wallet, he should try it for himself. Do you like smart contracts? Do you want to write one? Well, you can try it. Cardano will have Plutus and Marlowe. You can try both of them on the online playground. No Lambo, sorry Cardano’s not here to get you a Lambo. Charles promised to deliver the most decentralized network, secure smart contracts, project governance and resolved scalability. All based on scientific research. If such a network can be delivered and people adopt it, only then can we say that the team has succeeded. Will that affect the price of ADA coins? Definitely yes. The team must be fully focused on development. Not for the price. So do not complain about the price. Nobody is going to help you. Only you are responsible. Summary IOHK is one of the best teams in the crypto. There is a lot of work behind this team. Everyone can look at it. Nothing is patented. Everything is open-source. We cannot forget to Emurgo and Cardano Foundation. These entities, too, are completely transparent, and much work can be seen behind them. See for yourself. If someone doesn’t see it and claims that Cardano is just a wallet, he must be blind and deaf. The delays in delivering such complex software as Cardano are quite common. Rather, it would be appropriate to say that the team is moving very fast. Cardano has come so far that neither Microsoft nor IBM will be able to compete. Thanks to Cardano, the whole crypto will move up a lot and be more relevant. If you don’t believe anything we have written, you have many opportunities to check it out. So don’t believe us, verify yourself. You can read the full article with all links and images here:https://medium.com/@Cardanians_io/cardano-is-not-just-a-wallet-2c27eab9fac7
WARNING: If you try to use the Lightning Network you are at extremely HIGH RISK of losing funds and is not recommended or safe to do at this time or for the foreseeable future (274 points, 168 comments)
The guy who won this week's MillionaireMakers drawing has received ~$55 in BCH and ~$30 in BTC. It will cost him less than $0.01 to move the BCH, but $6.16 (20%) in fees to move the BTC. (164 points, 100 comments)
Do you think Bitcoin needs to increase the block size? You're in luck! It already did: Bitcoin BCH. Avoid the upcoming controversial BTC block size debate by trading your broken Bitcoin BTC for upgraded Bitcoin BCH now. (209 points, 194 comments)
Master list of evidence regarding Bitcoin's hijacking and takeover by Blockstream (185 points, 113 comments)
PSA: BTC not working so great? Bitcoin upgraded in 2017. The upgraded Bitcoin is called BCH. There's still time to upgrade! (185 points, 192 comments)
This sub is the only sub in all of Reddit that allows truly uncensored discussion of BTC. If it turns out that most of that uncensored discussion is negative, DON'T BLAME US. (143 points, 205 comments)
211 points: fireduck's comment in John Mcafee on the run from IRS Tax Evasion charges, running 2020 Presidential Campaign from Venezuela in Exile
203 points: WalterRothbard's comment in I am a Bitcoin supporter and developer, and I'm starting to think that Bitcoin Cash could be better, but I have some concerns, is anyone willing to discuss them?
163 points: YourBodyIsBCHn's comment in I made this account specifically to tip in nsfw/gonewild subreddits
161 points: BeijingBitcoins's comment in Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo!
156 points: hawks5999's comment in You can’t make this stuff up. This is how BTC supporters actually think. From bitcoin: “What you can do to make BTC better: check twice if you really need to use it!” 🤦🏻♂️
155 points: lowstrife's comment in Steve Wozniak Sold His Bitcoin at Its Peak $20,000 Valuation
151 points: kdawgud's comment in The government is taking away basic freedoms we each deserve
147 points: m4ktub1st's comment in BCH suffered a 51% attack by colluding miners to re-org the chain in order to reverse transactions - why is nobody talking about this? Dangerous precident
147 points: todu's comment in Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers.
WARNING: Sextortionists are spoofing your own email address to try and scam you... don't be a victim, and please share the news with your family and friends!
Please don't fall for this shit guys: Oh, no! A hacker (says he) planted a Trojan, (claims he) took over your computer’s camera and microphone, (purportedly) filmed you watching porn, (theoretically) has the password to your email account, and is threatening to forward the scandalous video to all your email and social media contacts unless you fork over Bitcoin! “It must be true,” many people have unfortunately thought about this new twist on an established sextortion scam. After all, he’s (apparently) sending email from your very own email address! Good news: thankfully, it’s not true. The sextorting phisher has not, in fact, demonstrated that he’s hacked your email. All he’s done is demonstrate that anyone can send an email claiming to be from anyone else. That’s nothing new; it’s just the way email is designed, though plenty of phishers use this fact to send spoofed email that looks like it comes from a trusted party (like you!). We’ve seen sextortion emails that have included an intended victim’s password – that the attackers actually found in a data breach dump – in order to make their claims to have taken over somebody’s computer seem legitimate. Those passwords are typically outdated. But with the latest spin, they’re also pretending to have access to their victim’s email account, by simply spoofing the sender of the scam email to make it look like the same email as that of the victim. The new variant of this lucrative scam was first seen targeting people in the Netherlands. RTL Nieuws reported on Thursday that the scammers had thus far bilked people of €40,000 (USD $46,000). The spoofed mail claims that victims’ computers have been hacked and that the targets have been filmed while watching porn. It gives them one day to cough up a €1000 ransom in bitcoin, or else the video will be sent to all of their contacts. Here’s Google’s translation of the Dutch scam email: Hey, I've been watching you for a while because I hacked you through a trojan virus in an ad on a porn website. If you are not familiar with this, I will explain this. A trojan virus gives you full access and control over a computer, or any other device. This means that I can see everything on your screen and switch on your camera and microphone without you being aware of it. That way I also got access to all your contacts. I made a video that shows how you satisfy yourself on the left half of the screen and on the right half you see the video you were watching. With the press of a button I can forward this video to all contacts of your email and social media. If you want to prevent this, transfer an amount of 1000 euros to my bitcoin address (If you do not know, search with Google "Buy Bitcoin".) Bitcoin address: xxxxxxxxxxxx As soon as the payment is received, I will delete the video and you will never hear from me again. I give you 72 hours to make the payment. Then you know what happens. I can see it if you have read the email. RTL Nieuws analyzed more than 100 of the bitcoin addresses from the emails and found that the crooks had managed to talk people out of seven bitcoins as of Thursday, making it one of the most successful extortion emails to have ever made the rounds in the Netherlands. It may be just a slight tweak of an extortion scam, but people are unfortunately falling for it. You can see why: most people who watch online porn would be horrified at the notion that they’d been filmed while doing so and that their reputations could wind up in the gutter if embarrassing video of them were to be disseminated to friends, family and colleagues. It’s not hard to believe that a hacker could take over your microphone and webcam, after all: Crooks can use a piece of malicious software called a remote access trojan (RAT) to take over your computer, record your conversations, and yes, to turn on your webcam and microphone to spy on you. Victims of sextortionists have included those as famous as Miss Teen USA: Cassidy Wolf was blackmailed by a crook who used a RAT known as “Blackshades” to take nude pictures of her through her webcam. We’ve seen plenty of stories about hijacked baby monitor webcams, too, and we’ve seen one couple who didn’t realize that they’d been joined by a peeping Tom who spied on them via their webcam as they snuggled together to watch Netflix. Couple the too-real threat of RATs and hijacked webcams with an email that looks like it came from within your very own email account, and it’s easy to see how people can get strung along. Like most scam email artists, these criminals are adept at playing on our fears. These “I have your email account” guys are piling fear on top of fear – “we recorded you watching porn!” “we have all your contacts because we have your email account!” – to make a sky-high, multi-layered fear sandwich. Text in post stolen from: https://nakedsecurity.sophos.com/2018/10/15/beware-sextortionists-spoofing-your-own-email-address/ Edit: Found a super neat way to figure out whether or not your email account is really hacked or not: If the message claims to be from you, check your Sent folder. If it’s there, but you didn’t send it, your account has likely been compromised. Equally, if you look on Gmail, you can see “Last Account Activity”, which might give you an indication about whether someone else is logging into your account.
Your Guide to Monero, and Why It Has Great Potential
/////Your Guide to Monero, and Why It Has Great Potential/////
Marketing. It's a dirty word for most members of the Monero community. It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers. This is what makes this an unusual post from a member of the Monero community. This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential. Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome. I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.
Bulletproofs - A Reduction in Transaction Sizes and Fees Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested. Multisig Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero. Kovri Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy. Mobile Wallets There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon. Hardware Wallets Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here. TAILS Operating System Integration Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users. In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow. Mandatory Hardforks Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information. Dynamic fees Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees! Tail Emission and Inflation There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore. Monero Research Lab Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.
///Monero's Technology - Rising Above The Rest///
Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero". Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!. Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself. I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity. A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain. The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes. Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
Major Investors And Crypto Figureheads Are Interested Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments. There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin. Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin. Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero. Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in. The Bitcoin Flaw A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins. CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero. CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range. Monero Has a Relatively Small Marketcap Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit. Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin. For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin. Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money. Technical Analysis There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today. Coinbase Rumours Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading. Monero Is Not an ICO Scam It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases. Monero is a Working Currency, Today Monero is a working currency, here today. The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc. Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin. Monero is the only coin with all the necessary properties to be called true money. Monero is private internet money. Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy. Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us. Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.
///Key Issues for Monero to Overcome///
Scalability While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit. In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node. For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too! Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.
I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so. Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price. I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors. I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ? Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
Technically, Bitcoin was worth less than 10 cents per bitcoin upon its inception in 2009. The cryptocurrency has risen steadily since then and is now worth around $6000 per Bitcoin. This is the most remarkable appreciation of the value and has created many millionaires over the last eight years. Here are the top ten people/institutions that held a large amount of Bitcoins over time: 1. Satoshi Nakamoto The creator of Bitcoin, who hides behind the moniker Satoshi Nakamoto, remains the major holder of bitcoins. The number of bitcoins that Nakamoto owns today is estimated at around 1.1 million, based on the early mining that he did. This is the equivalent of about $6 billion at today’s exchange rate of 1BTC to 6,098 USD. At least Nakamoto has never touched most of his bitcoins, and neither converted them into real-world currencies nor used them for any other purpose. If he were to sell his entire stash, the value of Bitcoin could plummet in an instant. 2. Bulgaria Bulgaria is currently sitting on one of the biggest stashes of Bitcoin in the world. How did the European nation come into the possession of this enormous sum of money? A crackdown on organized crime by the Bulgarian law enforcement in May 2017 resulted in the seizure of a stash of 213,519 Bitcoins, enough to pay off a quarter of the country’s national debt. According to Bulgarian authorities, the criminals used their technical prowess to circumvent taxes. As of June 2018, the virtual coins would be worth more than $1.2 billion. The Bulgarian government has declined to comment on the status of the coins. 3. BitFinex BitFinex, a crypto exchange, has one of the largest bitcoin wallets with 163,133.38 BTC that are worth approximately $1 billion at the current price of $6,098.24 per bitcoin. The coins are believed to be kept in a cold wallet to protect them from cyber hacks, unauthorized access and other vulnerabilities that a system connected to the internet is prone to. 4. The FBI The FBI is one of the largest renowned holders of Bitcoin. In September 2013, they brought down Silk Road, the infamous dark web drug bazaar, and seized 144,000 Bitcoin owned by the site’s operator Ross Ulbricht, better known as, “Dread Pirate Roberts”. Ulbricht made critical blunders that allowed investigators to locate the site and link him to it. Users of Silk Road are said to have traded around 9.5 million bitcoins since Ulbricht launched the site in 2011. Even thought the FBI sold a large amount of their Bitcoin holdings or even all, the FBI worth mentioned as they had a fortune in Bitcoin at some point. A large portion of the Bitcoins seized and sold went to Barry Silbert. 5. The Winklevoss Twins Tyler Winklevoss and Cameron Winklevoss were among the first Bitcoin billionaires. The duo had first gained popularity when they sued the Facebook C.E.O. Mark Zuckerberg for allegedly stealing the idea of creating Facebook from them. They were contacted by Zuckerberg to develop the ConnectU site, which was to become Facebook later on. They used $11 million of the $65 million cash compensation they received from the legal dispute with Zuckerberg to purchase 1.5 million Bitcoins in 2013. Back then, one Bitcoin traded at $120. That investment has increased more than 20000% since then. The twins allegedly own around 1 percent of all Bitcoin in circulation. Their combined net worth is approximately 400 million. They created the Windex, funded several bitcoin-related ventures and invested $1.5 million in BitInstant. 6. Garvin Andresen Although bitcoin is the brainchild of Satoshi Nakamoto, Garvin Andresen is credited as the person who made it what it is today. Garvin is one of the people who has been suspected to be Satoshi, a claim he denies. Rather, he says that he had a close relationship with the anonymous cryptographer for many years. The real Satoshi Nakamoto picked him as his successor in late 2010. Garvin became the chief developer of the open source code that determines how Bitcoin operates – and whether it can survive. He was once paid over $200,000 in Bitcoin by the Bitcoin Foundation for his contributions. He had already cashed out multiple times. 7. Roger Ver Roger Ver, otherwise known as Bitcoin Jesus, is one of the first Bitcoin billionaires and believed to hold or held at least 100,000 bitcoins. The renowned libertarian allegedly dropped out of college to focus on his bitcoin-related projects. Unlike other crypto billionaires out there who are throwing their cash in the typical private Islands or luxury jets, Ver’s dream is to establish his own libertarian nation where every individual is the absolute owner of their own life and are free to do whatever they wish with their person or property. The controversial bitcoin evangelist renounced his U.S. citizenship in 2014 and relocated permanently to a small Caribbean Island. 8. Barry Silbert Silbert is a venture capitalist and founder of Digital Currency Group. He was an early adopter of Bitcoin. He purportedly walked away with an eye-watering 48,000 Bitcoins in an auction held by the U.S. Marshals Service in 2014. The US government had confiscated much of the crypto coins from Ross Ulbricht, the alleged operator of the dark web marketplace for drugs and other illegal products. Bitcoin was then worth $350, which means Silbert’s coins have skyrocketed in value from $16.8 million to $288 million. 9. Charlie Shrem Charlie Shrem is no doubt one of the most controversial Bitcoin millionaires. He invested in a large quantity of Bitcoin in the early days of the cryptocurrency. Shrem was also an active member of the Bitcoin Foundation and founded BitInstant when he was just 22 years old. By the end of December 2014, Shrem had been found guilty of money laundering and received a two-year prison sentence. After his release from federal custody, he unveiled a startup called Intellisys Capital, a company that sells investment portfolios in blockchain companies. 10. Tony Gallippi A famous business magnate Tony Gallippi is also believed to be one of the big holders of bitcoins. He is the brain behind BitPay, one of the most popular Bitcoin payment service providers in the world. The company was launched in May 2011 and processes over one million dollars per day. Bitpay is also one of the companies to sign contracts with major companies including Microsoft, Dell, TigerDirect, and Newegg. By 2014, the company had employed approximately 100 people. Conclusion It is estimated that the top 1000 bitcoin addresses own approximately 35% of the total bitcoin in circulation. There are also thousands of individuals who hold large stashes of bitcoin but have chosen to remain anonymous.
A Truly Valuable Coin with a Long History After learning the ropes of crypto in /dogecoin, a lot of Shibes want to expand their horizons and “graduate” to other interesting coins. People pass through /dogecoin from time-to-time promoting the latest greatest “S%#tcoin”. Some Shibes buy into the hype and get burned. The wonder coin disappears in a few weeks. The only people who make money are the promoters. A smart Shibe like you understands that scarcity, good distribution, proven demand, liquidity and a great community is what adds value to a crypto currency. Ladies and Gentleshibes… I give you Unobtanium. We call it “Uno”. I’m really gonna give you some. We want to share our great community and the solid proven economics of Unobtanium to all of the shibes. Go get your wallet here: http://unobtanium.uno so I can make it rain on you! NO HYPE: JUST HISTORY It is difficult to acquire. It is rare. It is OLD in crypto-time. (Launched in October 2013). We have a great and active community over at BTC Talk: https://bitcointalk.org/index.php?topic=527500.0 We also have a Reddit sub at /unobtanium. Join us! Uno was 0% pre-mined, not even a single block. Launch was pre-announced on Bitcointalk and COMPLETELY FAIR. There is no POS to erode your UNO holdings over time. If one UNO is lost, then there will be one less UNO, forever. Our lead developer is the famous Bryce Weiner—not some anonymous pump and dumper. Nobody made a huge profit on the back of the community when Uno was born. There are more than 10,000 Unobtainium wallets in existence after 15 months. Uno is rare and fair. Those are our founding principles. • It's rare: we are at 194k coins and it will take a long time to get to 195k. It will take 300 years for the last UNO to be mined. • High mining rate from day one distributed to 100s of miners. • It's secure. UNO is running Top 5 strongest networks on the planet. In a few weeks, we will begin merge mining with Bitcoin itself! • It stores value and rises steadily, Look at the all-time chart in USD: http://bravenewcoin.com/unobtanium/. Current value of 1 UNO is $3.14 EACH. That's 19,912 Doge. LEARN about Uno from some recent press: http://cointelegraph.com/news/112717/the-alt-cracks-altcoin-stories-that-fell-through-the-cracks https://www.cryptocoinsnews.com/unobtanium/ http://www.newsbtc.com/2015/03/08/unobtanium-can-consider-stable-cryptocurrency/ It's raining Unobtanium. 1 Uno = 1 kilogram. 1000 grams in a Kilo. In .01 units (one 100th of a Uno, 10 grams, equal to 199 Dogecoins) to anyone who posts a Uno wallet address in this thread for the remainder of this week. Get your wallet at www.unobtanium.uno Some lucky Shibes who comment and use one of the 11 “Secret Uno Words” in their comment will get 10 TIMES the Uno! .1 Uno, or 100 grams (worth 1999 Doge) to the FIRST Shibe who uses each of one of the magic Uno-related words! It’s time to rain UNO. Post your wallet and tell me why you want to own and HODL Uno for the long run! I will check in every few hours for the next 5 days and rain on unique wallets. I'll be keeping track of the wallet addresses and usernames. A hard rain's a gonna fall! Thanks to everyone who came and got UNO! This Giveaway is COMPLETE!
The blockchain is a verifiably shrewd development – the brainchild of an individual or gathering of individuals known by the pen name, Nakamoto. Be that as it may, from that point forward, it has advanced into something more noteworthy. By enabling advanced data to be disseminated however not duplicated, blockchain innovation made the foundation of another sort of web. Initially contrived for the computerized cash, Bitcoin, (Purchase Bitcoin) the tech network is presently finding other potential uses for the innovation. Bitcoin has been designated "computerized gold," and for a valid justification. To date, the absolute estimation of the cash is near $112 billion US. Furthermore, blockchains can make different kinds of computerized esteem. Like the web (or your vehicle), you don't have to know how the blockchain attempts to utilize it. Nonetheless, having an essential learning of this new innovation indicates why it's viewed as progressive. Along these lines, I trust you appreciate this before continuing. In the advanced web space, increasingly more consideration is paid to digital currency speculations and the venture market and Blockchain is turning into the foundation of present day development and can possibly change the world. Perceiving this potential, Javvy have collected an expert group of growing business people and prepared financial specialists to make a comprehensive blockchain exchanging stage. Since digital currency is intended for standard selection, the stage will be a stop-search for customers that plan to procure enormous rates of return. Javvy is the full combination of an all inclusive wallet associated with various trades directly accessible to the digital money advertise. It disposes of the requirement for numerous records and applications while exploiting their individual advantages. 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In a world in which numerous organizations miss the mark concerning their customer's desires, Javvy expects to offer the most ideal client experience. Clients will approach simple to-peruse administration documentation notwithstanding live administration on the Javvy site, by phone, or legitimately in the program. The Javvy (JVY) token will be utilized by a wallet to take into consideration buys and sell exchanges, which will work as a go-between layer (patent pending). It'll be in a flash changed over to avoid unpredictability, yet can proficiently diminish digital currency hold needs, taking into account the simple incorporation of new coins and tokens empowered by the Javvy wallet. The effective propelling of Javvy will serve to facilitate the development of the wallet, inventive highlights, national cash reservations, wages, and advancement. 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ICO Detail: Token: JVY PreICO Value: 1 JVY = 0.0004 ETH Value: 1 JVY = 0.0004 ETH Reward: Accessible Abundance: Accessible MVP/Model: Accessible Stage: Ethereum Tolerating: ETH Least speculation: 0.4 ETH Delicate top: 1000 ETH Hard top: 100000 ETH Raised: $8,000,000 Nation: Cayman Islands Whitelist/KYC: KYC Confined zones: China CONNECT Homepage: https://javvy.com White paper: https://javvy.com/wp-content/uploads/2017/09/javvy_crypto-solution-white-paper.pdf Telegram: https://t.me/javvychat FaceBook: https://www.facebook.com/javvycrypto/ Twitter: https://twitter.com/javvycrypto Reddit: https://www.reddit.com/javvy/ LinkedIn:https://www.linkedin.com/company/javvy/ Medium: https://medium.com/javvy-crypto-analysis Bounty0x username: wantedfam
u/Tempatroy: "u/adam3us, u/nullc, u/luke-jr don't even understand the basic premise of Bitcoin." ... u/nullc: "You have been around for thirteen hours and you think you understand Bitcoin better than people who have been maintaining it for the last six years" ... PLUS: a lengthy response from me :)
I mean if you base your understanding of what Bitcoin is based on the whitepaper or even Satoshi’s talk, people heavily associated with Blockstream (like adam3us, nullc, luke-jr et al.) don’t even understand the basic premise of Bitcoin.
Welcome to Reddit, Tempatroy. Thank you for pinging me to your insult. I’m always interested in hearing when someone who has been around for thirteen hours (and, in fact, needed to be manually whitelisted to get past the 24 hours automod rule in rbtc) thinks that they understand the premise of Bitcoin better than people who have been maintaining it for the last six years, participated in it before the overwhelming majority of people here, or who worked on cryptocurrency for a decade even before Bitcoin.
~ u/nullc Here is my response to u/nullc: TL;DR: Bitcoin cannot be decentralized and permissionless and trustless if we use some political / social process to decide on “the rules”. The only way that Bitcoin can be decentralized and permissionless and trustless is if we use Proof-of-Work to decide on “the rules”. This implies that “the rules” of Bitcoin cannot be be defined using some political / social process before a block is appended several-confirmations-deep into the chain. In the system invented by Satoshi, “the rules” can only be defined using Proof-of-Work. This requires observing which chain has the most Proof-of-work after a block has been appended several-confirmations-deep into the chain. Yes this seems upside-down to people who are accustomed to rules being “handed down” by some authority (Satoshi, Greg, Blockstream, etc.). But - if we want Bitcoin to remain decentralized and permissionless and trustless - then we must recognize that:
The chain with the most Proof-of-Work is the “valid” chain - ie, the chain with the most Proof-of-Work defines “the rules” after the fact; and
There is no concept in Bitcoin of some pre-existing “rules” defining the valid chain.
To put it even more bluntly:
”The rules” are not defined “before the fact” by Greg, or by Blockstream.
”The rules” are defined “after the fact” by observing the chain (not the “valid chain” - simply the “chain”) that has ended up having the most Proof-of-Work.
Details As others have pointed out to u/nullc: u/Tempatroy wasn’t being insulting - he was merely making a factual observation - pointing out that:
Blockstream CTO Greg Maxwell u/nullc does not understand (or perhaps is merely pretending not to understand) the must fundamental aspect of Bitcoin.
I will describe this problem at length below. I apologize in advance for the convolutedness of this exposition - this is only a first draft off the top of my head now. Other people have explained this better - and hopefully I will also someday manage to put together a more succinct exposition of my own. This major “blind spot” of Greg’s has already been commented on at length, eg:
Mining is how you vote for rule changes. Greg’s comments on BU revealed he has no idea how Bitcoin works. He thought “honest” meant “plays by Core rules.” [But] there is no “honesty” involved. There is only the assumption that the majority of miners are INTELLIGENTLY PROFIT-SEEKING. - ForkiusMaximus
a naive, incorrect approach used throughout most of human history - called ‘Approach (1)’ below, versus
the correct approach developed by Satoshi - called ‘Approach (2)’ below
‘Approach (1)’ - The “naive” (incorrect, pre-Satoshi) approach This is the approach adopted by Greg Maxwell u/nullc, and many of the people who follow him - eg Adam Back u/adam3us CEO of Blockstream, and Luke-Jr u/luke-jr (who also thinks he can decide which transactions are “spam” and which are not - ie, he is authoritarian, the antithesis of Bitcoin) - and by the “low-information” people on the censored forum r\bitcoin. I know it sounds like I am being rude here - but the situation is dire, after so many years of censorship, and with Bitcoin’s market cap dropping to 60% of total cryptocurrency market cap for the first time (despite the moderate price rise which actually makes people overlook this drop in market cap), and in view of the hope and promise of Bitcoin as designed by Satoshi - enabling a more rational and sustainable system for capital allocation.
Sidebar on Bitcoin’s “killer app”: I think that “rational and sustainable allocation of capital” is the most important “killer app” of Bitcoin - not coffee, not remittances, not even as a store-of-value or a speculative asset class - although those are all nice things. I would argue that “rational and sustainable allocation of capital” is the main thing which “fantasy fiat” has not been doing - causing the various social and economic and ecological crises which may destroy civilization on our planet in a few decades. The main hope offered by Bitcoin is that, by preventing central bankers from “ninja-mining” their “fantasy fiat” and handing it out to their buddies to invest in non-rational, non-sustainable projects, Bitcoin could help people make decisions for allocating capital which actually increase our well-being, instead of increasing our suffering.
People like Greg and his followers (naively, incorrectly) believe (or pretend to believe) that the “rules” (specifically: the “rules” governing which block to append next) are somehow “pre-defined” and are somehow (already) manifested / incorporated / coded in “the software” - and that the miners must “honestly” obey these pre-defined rules. On the surface (and to people who are used to obeying “rules” handed down from some authority: eg from a government, a religion, a dev team, etc.), this may have a certain appeal - but it is not how Satoshi actually designed Bitcoin. ‘Approach (2)’ - Satoshi’s approach - Proof-of-Work Satoshi, (correctly, brilliantly, counter-intuitively) specified (in the whitepaper, and in his software) that the “rules” of Bitcoin are decided in a totally different way. He specified that the “rules” are decided after the fact - because they are decided by Proof-of-Work. This means that whichever (branch of the) chain ends up having the most Proof-of-Work is by definition the valid chain. The (counter-intuitive, hard-to-understand) implication here is that before any particular (branch of the chain) has clearly “won” in this ongoing, every-ten-minutes battle...
The “rules” determining which “next” block is “valid” are still “up in the air”;
The rules are “not yet decided” until after a block has been buried a-few-blocks-deep into the chain;
The “rules” will only become clear / manifest after we inspect the last few blocks appended to the chain which ended up (“after the fact”) having the most Proof-of-Work.
If we closely examine these two (quite different approaches), we can make a several observations: First: There is a massive logical flaw in “naive” ‘Approach (1)’, when people try to apply it to Bitcoin. This flaw can perhaps be informally captured by the following phrase:
“In ‘Approach (1)’, it’s turtles all the way down (which is of course impossible).”
‘Approach (1)’ suffers from a fatal omission: it fails to specify how the rules manifested / incorporated / coded in the software get put there in the first place. This might seem like a “detail” - but actually it is everything. This can be seen if we ask ourselves the following (rarely asked) questions:
Where do the “rules” come from?
Who makes those rules?
Greg / Adam / Luke-Jr?
“Users”? (see: “User-Activated Soft Fork” / UASF)
“Investors” (aka: the “economic majority”)?
This also leads to other, specific questions, which are applicable in the current situation:
Here’s the answer: Satoshi’s revolutionary solution to defining “the rules” is not based on social or political processes - which can be manipulated (eg by sybil attacks, bribes, coercion, violence, etc.) Instead, Satoshi’s brilliant mechanism for deciding which block to append next is based on Proof-of-Work, as summarized in the slogans “One CPU, one vote” or “They vote with their hashpower”. This moment of “voting with their hashpower” is the actual process where “the rules” (governing the validity of the next block) come into existence. This is all very counterintuitive to many people. But other people (who perhaps have a more “sophisticated” appreciation of social and economic processes - or perhaps a “deeper” understanding of game theory) can often begin to glimpse the massive flaw in “naive” ‘Approach (1)’. The problem with “naive” ‘Approach (1)’ is that it neglects to specify where the rules come from - ie, who makes “the rules” - and how. Once Satohsi himself is removed from the picture, we have a situation where we have to “somehow” do all of the following:
agree on certain rules,
then get them into software,
and then get that software deployed on the network,
and then 51% of all hashpower has to start mining using those rules,
and then in a 10-minute period where various “candidate blocks” are competing to be appended to the chain, one of those blocks ends up getting “buried deeper” under more Proof-of-Work
and at that point , the system has been “upgraded”, and the newly appended block reflects the new “rules”.
In most cases (but not in all cases) “the new rules” are the same as “the old rules”. This is because this system does allow the rules to be changed, when Bitcoin evolves or gets upgraded. We should also add the ‘caveat’ there that this system only works if the majority of hashpower does not adopt “crazy rules” - ie rules which would decrease the value of everyone’s bitcoins. The system only works if the majority of miners are always “intelligently profit-seeking” - ie, if the majority never adopts “crazy rules” which would destroy the value of everyone’s coins. The important thing is that the rules are “post-defined” - after the next block has been added chain (and a few more blocks have been piled on top of it).
This means that there are no “pre-defined” rules in the system.
There are only “post-defined” rules, which can be observed by inspecting the decisions made by the majority of “intelligently profit-seeking” hashpower, as new blocks got appended to the chain.
The only part of this scenario that guarantees a decentralized, permissionless, trustless system is the on-chain Proof-of-Work stuff - not the off-chain social / political stuff. All the other stuff (the political / social process where people argue about rules, code them up in software, and deploy that software on the network) - all that “prior” stuff is done using the “old” “pre-Satoshi” methods - so it’s not actually reliable (ie, it’s not decentralized or permissionless or trustless - ie, it can be sabotaged by sybils, or bribery, or threats of violence, etc.) So the political / social process of talking about the rules on Reddit or on a mailing list, or coding up some rules in some code and offering that code to the public (eg, Greg Maxwell, CTO of Blockstream, saying “These are the rules”) - that part of the process is not “Nakamoto Consensus”, so it’s not reliable, and it’s not “Bitcoin.” The magical moment where the system actually becomes “Bitcoin” is when the majority of “intelligently profit-seeking miners” use Proof-of-Work to decide what block is the one that gets appended to the chain. Another metaphor might be that the (naive, incorrect) ‘Approach (1)’ assumes that some other higher authority (Satoshi, Greg, Core/Blockstream) has already handed down the “rules” in C++ code. Meanwhile the correct ‘Approach (2)’ - (Nakamoto Consensus a/k/a “one CPU, one vote” a/k/a “They vote with their hashpower”) does not require the existence of any authority (no Satoshi, no Greg, no Blockstream) to pre-define the “rules”. Bitcoin simply requires that the majority of miners must be “intelligently profit seeking” - and then whatever they vote on as being “the next block” is by definition the next block - and they “re-decide” on this (essentially “re-deciding” on what the rules are) every ten minutes. This is incredibly counter-intuitive to many, many people - especially to people who are of an “authoritarian” mindset - ie, they are accustomed to “rules being handed down from some higher authority”. But this is how Bitcoin actually works. The rules are decided not by me or by you or by Satoshi or by Greg or by Blockstream. The rules are decided by the miners - and re-decided every ten minutes (usually the “same old” rules as during the previous ten minutes - but not “always”: because there are times when the rules may indeed be upgraded, if the majority of hashpower suddenly decides so). And the mechanism for these rules being decided (and re-decided, and re-decided, every ten minutes) is: hashpower, a/k/a “one CPU, one vote” - which simply requires that the majority of miners must be “intelligently profit-seeking”.
Sidebar: Of course, Exhibit A in any discussion about “authoritarianism” would be Luke-Jr, because he provides the most glaring and grotesque example of the “error of authoritarianism”. This may indeed be a deep-seated psychological problem, so we can’t really “blame” the person for it. But at the same time, we should always be vigilant to make sure that this “error of authoritarianism” does not get adopted as part of Bitcoin’s system for determining “the rules” - because the only way that Bitcoin can remain decentralized and permissionless and trustless is if we use Proof-of-Work (and not some “higher authority”) to determine “the rules”.
‘Approach (1)’ is used quite widely. It powers many legacy systems in the world - but it’s not what makes Bitcoin decentralized and permissionless and trustless! In “legacy” systems, people used a political / social process to agree upon some rules (vulnerable to all the old attacks: in particularly sybil attacks, social coercion, ostracism, bribes, threats of violence or actual acts of violence, etc.) - and, eventually, through this messy process, a set of rules was finally hammered out. Then these socially / politically selected rules become manifested / incorporated (“coded up”) in some software, and that software gets deployed on the network, and then everything becomes wonderfully easy: it is now just a question of checking whether a particular block satisfies those rules or not. This (naive, non-Bitcoin) ‘Approach (1)’ all sounds wonderful until one remembers that it does not provide us with any decentralized, permissionless, trustless mechanism for actually forming consensus on what these “rules” should be, and then coding them in software, and getting everyone to install that software on the network! At this point, many people (eg, the smart investors who understood Bitcoin from the very beginning) can see that this “naive” ‘Approach (1)’ neglects to specify the process of how these particular “rules” got manifested / incorporated / coded in the software itself - and how people reached a consensus to deploy this particular software on the network. The current ongoing “blocksize debate” uses a social / political process for deciding on “the rules” - ie, it does not use Proof-of-Work. This is the social / political / off-chain war we’re seeing now - where:
One faction (Core/Blockstream today) wants a “rule” that says that blocks must be less than 1 MB,
Another faction wants a rule that says that blocks must be less than 8 MB,
Another faction (BU / Emergent Consensus) wants a convenient “on-chain pre-signaling system” where miners can pre-announce their intention to adopt certain rules regarding the maximum size of the next block that they will mine (1 MB, 4 MB, 8 MB, etc.)
Another faction (SegWit) wants a new rule where all transactions would be considered “anyone-can-spend”, plus a new rule added to the system to do a different verification process regarding who can actually spend them.
It’s all fine for this social / political / off-chain “rule-deciding” process to be taking place now - wherever it happens to take place - eg, on Reddit, on Slack, in various dev mailing lists, perhaps at meetings at Blockstream, perhaps in secret gathering places such as the notorious “Dragons Den” - and also now to some extent it has been starting to take place at other social / political venues - eg other online forums devoted to discussing other clients (BU, Classic, etc.). But any rules which are decided “off-chain” like this aren’t really “rules” yet. They can only become “rules” if the majority of “intelligently profit-seeking hashpower” actually mines a block which satisfies these “rules”. ‘Approach (2)’ is the major breakthrough invented by Satoshi - his solution to the Byzantine General Problem, supporting decentralized formation of consensus among parties who do not trust each other. This breakthrough was also so counter-intuitive that very, very few people even understood it when Satoshi first proposed it in the whitepaper, and in the accompanying C++ code. In particular, as amazing as it may sound, there are many Core / Blockstream devs who do not actually understand the subtle stuff here about how Bitcoin really works. Why are people always so angry at Greg and Adam and Luke-Jr? I’m going to step on some people’s toes by making provocative and even somewhat unkind statements - I do apologize, but I also do believe I am describing real and unfortunate problems which are critically important to address and resolve. People who do not have a very clear understanding of how political and social processes - and markets and economics - actually work might have a hard time understanding this mechanism invented by Satoshi. Yes this (unfortunately) means guys like Greg Maxwell and Adam Back. They both know cryptography - and Greg knows C++ - but these two guys in particular apparently do not have a very good understanding of how political and social processes - and markets and economics - actually work. They understand how (given a pre-existing set of rules) a particular implementation can reflect / express those “rules”. But they never have shown any understanding for the “bigger” process whereby those “rules” got selected in the first place. Indeed, in their arrogance and hubris, they assume that they are the ones who define those rules (in a non-decentralized, non-permissionless, non-trustless manner - ie, in a totally anti-Bitcoin manner). I know this may sound like an insult - and I have certainly hurled it as an insult on many occasions in this forum over the years - out of frustration at the fact that these two guys have set themselves up as leaders for this system - so they are effectively attempting to sabotaging Bitcoin. But in addition to being an “insult”, it also happens to be a fact. (So maybe we can just call it an “insulting fact”.) I did not originally (several years ago) hurl this as an “insult”. I only started to raise my voice and get angry when (and many other people) I had to repeat this fundamental (but admittedly subtle) aspect of Bitcoin over and over again for years - because guys like Greg and Adam and Luke-Jr - who don’t actually understand how Bitcoin actually works - kept telling people like me that we were “wrong” (when in fact Greg and Adam and Luke-Jr are wrong - at least on this subtle and crucial point about when and where and how the “rules” of Bitcoin get decided). Anyone can read the whitepaper. And if you do, you will notice this amazing thing. The “rules” are not pre-defined by any authority. The “rules” are actually “post-defined” as a by-product of the process of hashing, which is based on the fact that the majority of miners are always “intelligently profit-seeking”. Greg and Adam and Luke-Jr erroneously “assume” that they are the ones who decide the rules. But this is not how Satoshi designed Bitcoin. And this - in a nutshell, is the main reason why people are so angry at Greg and Adam and Luke-Jr. And it’s also, the reason why Bitcoin’s market share has been declining, now dropping below 60% of total cryptocurrency market cap - due in large part to the fact that, for the past few years, Greg and Adam and Luke-Jr have been running around telling everyone that they get to define the rules - when all the really intelligent people involved in Bitcoin know that this is not the case: the hashpower defines the rules, as manifested by Proof-of-Work! Of course, if we want to be “charitable”, then we cannot really “blame” them for being wrong about this subtle but fundamental about where the “rules” of Bitcoin actually come from. The sad but likely truth is that people who spend most of their waking hours thinking about things like C++ and cryptography may have a certain kind of “mindset” which makes them suffer from “blind spots” when it comes to understanding how political and social processes - and markets and economics - actually work. Sorry if this sounds harsh - but at this point, after all the damage inflicted on Bitcoin by Adam and Greg and Luke-Jr (now with Bitcoin’s market share below 60% of total cryptocurrency market cap), a certain amount of “tough love” diagnosis (or even anger, or insults, or name-calling) is certainly justified - in order for Bitcoin to survive. And the only way that Bitcoin can survive is if we reject the attempts by guys like Adam and Greg and Luke-Jr to pre-define Bitcoin’s rules for us. The only way Bitcoin can survive is if we remember that the rules are defined by the majority of the miners, who are “intelligently profit-seeking”. What is at stake here is nothing less than the economic future (and perhaps even the very survival) of humanity. We cannot allow a tiny group of arrogant devs (who apparently lack certain social / economic skills) to destroy Satoshi’s vital invention by forcing “their” rules onto the network. This is why it would be nice if Greg and Adam and Luke-Jr would do some deep inner reflection, to understand that they do not decide the “rules” for Bitcoin.
The “rules” are decided by Proof-of-Work - not by Adam and Greg and Luke-Jr.
So, the only phase of this whole process which actually “matters” (in the novel system devised by Satoshi) is the moment where all this debate actually gets manifested during a ten-minute period where several “candidate blocks” are all simultaneously competing to be appended to the tip of the growing blockchain. And then, only one of these new “candidate” blocks ends up getting a larger amount of Proof-of-Work on top of it (as other, succeeding “candidate” blocks gets added) - and then (and this is the really brilliant part of Satoshi’s invention), the “economic incentive” aspect of Satoshi’s brilliant invention starts to act - combined with the “stochastic” aspect - which is just fancy mathematical terminology for saying that “as more and more blocks get piled on to the chain, it becomes vanishingly improbable for those deeply buried blocks to ever get ‘un-confirmed’ via a chain re-org.”
Sidebar: These two parts - the “economic incentives” stuff involving the valuable economic token, and the “stochastic” stuff where blocks “buried deeper” in the chain will almost certainly not be “un-conformed” by a chain re-org - were hard for guys like Greg and Adam to understand in the early years. Remember, in the early years, when these two “brilliant” guys first heard about Bitcoin:
Greg Maxwell “mathematically proved” that Bitcoin couldn’t work.
And Adam Back ignored emails from Satoshi explaining the system, and didn’t get involved until the price of Bitcoin was over $1000.
Meanwhile, many other people (who are actually smarter than Greg and Adam about economics and consensus) simply read the whitepaper, understood all this subtle stuff about “(re-)deciding rules every 10 minutes using hashpower” - and they started mining (or buying).
So Greg and Adam are not among the smartest people people when it comes to understanding how Bitcoin really works. This shows that people with a more “mathematical” or “computer science” mindset can’t always grasp the other, non-mathematical, non-computer-science-based aspects of Satoshi’s invention: ie, the “economic incentive” aspect, where miners are “economically incentivized” not only to compete in the hash race to get their block appended to the chain, but also “economically incentivized” to only attempt to append blocks which don’t use any “crazy rules” (eg, the majority of miners will not attempt to append a block which would violate the 21 million coin issuance limit). Most importantly this means that the “rule” which says “let’s not violate the 21 million coin issuance limit” also is not handed down from some higher authority, such as Satoshi, or Greg or Adam or Luke-Jr, or Blockstream. Instead, this rule is decided, and re-decided - and enforced, and re-enforced - essentially put up for a vote, and put up for a re-vote - every ten minutes in Bitcoin. And - mirabile dictu - in every single one of those every-ten-minutes insta-votes, the majority of the miners vote to “do the right thing” - not because they’re “honest” - but because they’re “intelligently profit-seeking” - ie, they don’t want to destroy the value of the bitcoin that they’re mining. If Adam and Greg really understood that no single person decides the “rules”, then they wouldn’t try to force their own rules on Bitcoin. Instead, they’d sit back like the rest of us do, and let the majority of mining hashpower decide (and re-decide, and re-decide) the “rules” - every 10 minutes - which is how Bitcoin works - with no need for any enlightened (ie, non-decentralized, non-permissionless, non-trustless) “intervention” from “well-meaning” “authorities” like Adam and Greg. We don’t need to presume malice on their part. But we do need to confront the massive damage which Adam and Greg have started to inflict on Bitcoin. As seen in Greg’s quote at the beginning of this OP (where he proudly proclaims that he has been “maintaining [Bitcoin] for the last six years”), Greg thinks he’s an “expert” (and he might even feel that he is “benign” - ie, he “only wants the best for Bitcoin”). So Greg might feel comfortable dictating the “rules” of Bitcoin to other people - even though this would end up being fatal - ie it would kill Bitcoin if we allow Greg to impose his rules on us like this. Bitcoin does not work based on “benign” dictators or authorities defining our rules for us. Bitcoin works based on the majority of mining hashpower being “intelligently profit-seeking”. This is why Adam and Greg must be stopped (or at least ignored). And the only way we can stop (or ignore) them is with our hashpower. This has been a long and messy process - a political and social debate that has lasted years, and which has involved many shenanigans. In the end, if Bitcoin actually works, new and better rules will be adopted. (Otherwise, it will be surpassed by some alt which does adopt new and better rules.) And they will be adopted by the process which Satoshi specified: at the precise moment when the majority of mining hashpower (which is always “intelligently profit-seeking”) adds a new block to the chain which happens to satisfy a new set of rules - eg, a block that’s 1.1 MB. We don’t know when a block like this will get added to the chain. But when it does happen, it will be because the majority of mining hashpower (which is always “intelligently profit-seeking”) decided to do so. Which means that Bitcoin will continue to function, and everyone’s investment will continue to be preserved (in probably dramatically increased at that point, as people flood back into Bitcoin from the alts =).
Back to the actual process of appending a block to the chain: Each of these competing “candidate blocks” carries with it a “coinbase reward” (currently 12.5 Bitcoins) - and all the miners, who are “intelligently profit-seeking” (see the OP cited previously quoting some very insightful posts by u/ForkiusMaximus), quickly form consensus to recognize the “candidate block” which is accumulating the most Proof-of-Work on top of it as the “accepted” block, while “orphaning” the other “candidate blocks” which were also competing to be added to the chain. So the tip of the chain looks during any given 10-minute period is actually “fuzzy” or non-deterministic. Many of us may simply think in terms of “the chain”. But the tip of the chain - where multiple “candidate blocks” are still competing to get added to the chain - the tip of the chain is non-deterministic or “fuzzy”, since it is actually plural and not singular, while various “candidate blocks” are still “fighting it out” to become “the” block that actually gets added to the chain. Here is where the “stochastic” aspect of the situation comes into effect - because any particular “ordering” of the tip of the chain (whereby the miners have selected only one of the “tips” being appended to the blockchain as being the “accepted” one) could still of course undergo a “re-org”. We use the word “stochastic” to describe the fact that the chances of such a re-org actually happening rapidly become smaller and smaller, as each successive new “candidate block” gets appended on top of the the chain-tip which ended up getting the majority of the hashing power... so that after about 6 blocks, we can say that (in this “stochastic” process), the probability of a block already “six blocks deep” getting kicked out in a re-org is vanishingly small. And voilà - distributed consensus about the ordering of blocks has been achieved, in a decentralized and permissionless and trust-free environment, brilliantly solving the Byzantine Generals Problem - truly a historic breakthrough. So Bitcoin is based on multiple components There’s lots of things going on here.
There’s a decentralized system.
There’s the hashing - based, yes, on the hashcash system developed by Adam - and previously by other researchers as well - and also based on the cryptographic signatures.
But the more interesting (albeit subtle) parts of the system are the economic and game theory / social aspects - ie, the token having value, and the “stochastic” aspect where a block gets buried deeper and deeper in the chain - and the majority of miners being “intelligently profit-seeking” so they will compete to have their block included in the chain, but they also won’t “cheat” by awarding themselves more coins, or by trying to not recognize some other miner’s “winning” or “accepted” block - because in the end, they want the system to keep going - and they want the tokens maintain their economic value.
This system, as invented by Satoshi, does not involve a notion of “validity” based on some pre-existing “rules” which are (already) manifested / incorporated / coded in some software (by some unspecified political / social process) - because that would be the old systems which Nakamoto Consensus was designed to replace. The notion of “validity” in Bitcoin as Satoshi designed it is not based on any “pre-defined” rules. It never could be - because then we’d need a way to “pre-define” those rules. The notion of “validity” in Bitcoin is based on “post-defined” rules. This means that the “rules” can only be observed “after the fact” - based on whatever blocks “ended up” getting buried a-few-confirmation-deep-into-the-chain, as a result of the majority of miners being “intelligently profit-seeking” as they decide, and re-decide, and re-decide - every 10 minutes - on “what block to append next”. As shockingly counter-intuitive as it may seem, there are no “pre-defined” rules in Bitcoin. There are only “post-defined” rules - which can only be observed “after the fact” - by examining which block “ended up” getting added by hashpower. It’s very weird to try to wrap your head around a system where the “rules” are defined “after the fact”. So how do the rules get “changed” - for example when we eventually really do want something like a bigger blocksize? This is how it works: While the next block is about to be appended to the chain (ie, while several of blocks are still competing for this honor), these various competing blocks might actually reflect various rules (eg, at a moment when an “upgrade” is being “deployed”). We won’t know which rules were “The Rules”TM until after only one of those blocks has been buried a few blocks deep in a chain (eg 6 confirmations), Then we can say that this is the (branch of) the chain having the most Proof-of-Work.
Sidebar: Of course, Satoshi’s explanation was much more succinct than this OP - and he even provided an executable version! And other people may also offer their own “informal” explanations of this same system. I hope that these explanations might help more people (including Greg?) gain a deeper understanding of Satoshi’s invention.
The only thing we have to guide us (regarding the “rules” of Bitcoin) is the hashpower of the majority of “intelligently profit-seeking miners”. In particular, we cannot turn to any of the following wannabe “authorities” when trying to figure out what “the rules” of Bitcoin are:
At some level, Greg and Adam still don’t understand Satoshi’s brilliant design for Bitcoin, where the hashpower decides (and re-decides) the rules every ten minutes. This may due to the observation by Sinclair Lewis that “A man cannot understand something if his salary depends on him not understanding it” - ie, because Greg and Adam are getting millions of dollars in fiat by companies such as AXA - who might not want guys Adam and Greg to understand Satoshi’s invention. Conclusion Satoshi’s brilliant solution to the Byzantine Generals Problem of Decentralized Permissionless Trust-Free Consensus-Forming is based on Proof-of-Work. This involves multiple blocks competing to be added to the “tip” of a blockchain and then everyone forming consensus around the “branch” of the chain which has the most Proof-of-Work. This is based on a “stochastic” process where a block which is 1, 2, 3... etc. levels deep becomes “more and more” confirmed - ie, “less and less” likely to be orphaned - because it would be “harder and harder” to switch (re-org) to another “branch” of the chain now that that block has got so many other blocks appended after it. The “rules” in Bitcoin are “post-defined” - based Proof-of-Work. Proof-of-Work is not, technically, based on pre-defined “rules”. This is really subtle! It’s hard for some people to wrap their head around the concepts that:
There are no (pre-defined) rules.
During any given 10-minute period, there are often multiple “tips” to the chain.
The “rules” are “post-defined” - after one of those tips has the most hashpower piled on top of it.
But this is how Bitcoin really works!
In Bitcoin, the “rules” are “post-defined” and not “pre-defined”. The rules can only be observed after a block has become “buried” a few confirmations deep into the chain. And during certain (generally rare) 10-minute periods, it may even be the case that the various competing “candidate blocks” satisfy different rule-sets (eg, when a new rule-set is being deployed). Only after hashpower has added a block - ie, retrospectively - are we able to look back and see what “the rules” are. Yes this stands everything on its head. But this is the only way we can get a system which is decentralized and permissionless and trustless. Because if Proof-of-Work doesn’t decide the rules, then we’re back to the “bad old days” where Greg, or Blockstream, or some other “centralized trusted authority” decides the rules. So, as counter-intuitive as it may seem, Proof-of-Work decides the rules (and not the other way around). This stuff is subtle - and I hope better explanations continue to be provided. My way of working through it all has been to write up posts like this - while also reading posts by important people who really understand this subtle stuff - eg, guys like u/ForkiusMaximus and u/Capt_Roger_Murdock. Meanwhile Satoshi’s explanation (the whitepaper) - and the code - are one of the most important accomplishments in the history of humanity. Hopefully as time goes on, more people (including Greg and Adam!) will be start to be able to understand this amazing system invented by Satoshi - where the majority of miners are always “intelligently profit-seeking”, and they “vote with their hashpower” to decide (and re-decide, and re-decide - every ten minutes) - in a decentralized, permissionless, trustless manner - on the “rules” for appending the next block to the chain.
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📷 JOIN NOW just click below the links or any link to sign up and start earning https://office.fxtradingcorp.com/signup/1029604hjgb8c086p ( RIGHT WING CLUB) OR https://office.fxtradingcorp.com/signup/1029604hjgb8c086p ( LEFT WING CLUB) WHAT IS BITCOIN MEANING ………… 📷 Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Most client software, derived or "from scratch", also use open source licensing. Bitcoin is the first successful implementation of a distributed crypto-currency, described in part in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities. Bitcoins have all the desirable properties of a money-like good. They are portable, durable, divisible, recognizable, fungible, scarce and difficult to counterfeit. Why? Bitcoin is P2P electronic cash that is valuable over legacy systems because of the monetary autonomy it brings to its users. Bitcoin seeks to address the root problem with conventional currency: all the trust that's required to make it work -- Not that justified trust is a bad thing, but trust makes systems brittle, opaque, and costly to operate. Trust failures result in systemic collapses, trust curation creates inequality and monopoly lock-in, and naturally arising trust choke-points can be abused to deny access to due process. Through the use of cryptographic proof, decentralized networks and open source software Bitcoin minimizes and replaces these trust costs. Bitcoin Transactions are: Permissionless and borderless. The software can be installed by anybody worldwide. Do not require any ID to use. Making it suitable for the unbanked, the privacy-conscious, computers or people in areas with underdeveloped financial infrastructure. Are censorship-resistant. Nobody is able to block or freeze a transaction of any amount. Irreversible once settled, like cash. (but consumer protection is still possible.) Fast. Transactions are broadcasted in seconds and can become irreversible within an hour. Online and available 24 hours a day, 365 days per year. Bitcoin can also be a store of value, some have said it is a "swiss bank account in your pocket". Stored Bitcoins: Cannot be printed or debased. Only 21 million bitcoins will ever exist. Have no storage costs. They take up no physical space regardless of amount. Are easy to protect and hide. Can be stored encrypted on a hard disk or paper backup. Are in your direct possession with no counterparty risk. If you keep the private key of a bitcoin secret and the transaction has enough confirmations, then nobody can take them from you no matter for what reason, no matter how good the excuse, no matter what. If you still can’t figure out what the heck a bitcoin is, this simple explanation will help you! … 📷 We’re sitting on a park bench. It’s a great day. I have one apple with me, I give it to you. You now have one apple and I have zero. That was simple, right? Let’s look closely at what happened: My apple was physically put into your hand. You know it happened. I was there, you were there – you touched it. We didn’t need a third person there to help us make the transfer. We didn’t need to pull in Uncle Tommy (who’s a famous judge) to sit with us on the bench and confirm that the apple went from me to you. The apple’s yours! I can’t give you another apple because I don’t have any left. I can’t control it anymore. The apple left my possession completely. You have full control over that apple now. You can give it to your friend if you want, and then that friend can give it to his friend, and so on. So that’s what an in-person exchange looks like. I guess it’s really the same, whether I’m giving you a banana, a book, a quarter, or a dollar bill …But I’m getting ahead of myself. 📷 What if we gave this ledger to everybody? Instead of the ledger living on a Blizzard computer, it’ll live in everybody’s computers. All the transactions that have ever happened, from all time, in digital apples, will be recorded in it.You can’t cheat it. I can’t send you digital apples I don’t have, because then it wouldn’t sync up with everybody else in the system. It’d be a tough system to beat. Especially if it got really big. Plus, it’s not controlled by one person, so I know there’s no one that can just decide to give himself more digital apples. The rules of the system were already defined at the beginning. And the code and rules areopen source– kinda like the software used in your mom’s Android phone. Or kinda like Wikipedia. It’s there for smart people to maintain, secure, improve, and check. You could participate in this network too – updating the ledger and making sure it all checks out. For the trouble, you could get like25 digital applesas a reward. In fact, that’s the only way to create more digital apples in the system. I simplified quite a bit … But that system I explained exists. It’s called the Bitcoin protocol. And those digital apples are the bitcoins within the system. Fancy! So, did you see what happened? What does the public ledger enable? 1) It’s open source, remember? The total number of apples was defined in the public ledger at the beginning. I know the exact amount that exists. Within the system, I know they are limited (scarce). 2) When I make an exchange I now know that digital apple certifiably left my possession and is now completely yours. I used to not be able to say that about digital things. It will be updated and verified by the public ledger. 3) Because it’s a public ledger, I didn’t need Uncle Tommy (third-party) to make sure I didn’t cheat, or make extra copies for myself, or send apples twice, or thrice… Within the system, the exchange of a digital apple is now just like the exchange of a physical one. It’s now as good as seeing a physical apple leave my hand and drop into your pocket. Just like on the park bench, the exchange involved two people only. You and me , we didn’t need Uncle Tommy there to make it valid. In other words, it behaves like a physical object. But you know what’s cool? It’s still digital. We can now deal with 1,000 apples, or 1 million apples, or even .0000001 apples. I can send it with a click of a button, and I can still drop it in your digital pocket if I was in Nicaragua and you were all the way in New York. I can even make other digital things ride on top of these digital apples! It’s digital after all. Maybe I can attach some text on it – a digital note. Or maybe I can attach more important things; like say a contract, or a stock certificate, or an ID card … So this is great! How should we treat or value these “digital apples”? They’re quite useful aren’t they? Well, a lot of people are arguing over it now. There’s debate between this and that economic school, between politicians, between programmers. Don’t listen to all of them though. Some people are smart; some are misinformed. Some say the system is worth a lot; some say it’s actually worth zero. Some guy actually put a hard number on it:$1,300 per apple. Some say it’s digital gold; some say it’s a currency. Others say they’re just like tulips. Some people say it’ll change the world; some say it’s just a fad. I have my own opinion about it, but that’s a story for another time. Hey, you now know more about Bitcoin than most. FX TRADING OFFICE ADDRESS Company Registered in South Korea (99, Centum dong-ro, Haeundae-gu, Busan, South Korea) WHY FX TRADING CREATED? \They want to open an exchange in all around the World after 3 years with* 5 Million members.\* 14:42 ABOUT THE COMPANY FXTRADING CORPORATION is a global company with many investors and entrepreneurs in the World. Already developed by a team of professionals currently in the field of FX and CRYPTOTRADING and they created the software. It also helps many investors make money from mining companies in various places around the world with the following coins. Bitcoin, Etherium, Bitcoin in cash, Litecoin, etc. Even if you do not have experience in this market, it is an opportunity to earn profits automatically and gain a lot of growth. HOW ITS WORKS Our groundbreaking platform uses an automated arbitrage system that yields profits for customers based on real-time movements in the cryptocurrency market. Our proprietary algorithm buys bitcoin when it is cheaper, and sells when it is more expensive. FX-TRADING customers benefit by assuming the profit, which is deposited directly into their online account. WHEN IT WAS LAUNCHED fficial Launch on August 10th, 2018 in Busan – South Korea.Around 896.000 peoples already joined, and more than 183 countries opened. IF U WANT TO BECOME AN INVESTOR Great! for you as an investor is very simpleChose one of the Packages available:bot 100$ bot300$bot500$ bot1000$bot3000$botbot5000$bot10000$bot20000$bot30000$bot40000$bot50000$The company will pay you up to 2.5% from what you investedThey trade during the day and when comes midnight in South Korea, they pay whatever was that day’s profitsSome days are 1.45% or 2.2% or 1.1% The company can’t guarantee how much it will pay, as Trading is not guaranteedThe company pays Monday to Friday for 200 working daysThe only way to invest is using BitcoinYou can withdraw minimum of 50$Monday to Friday, and it will be paid only in Bitcoin 24h later,not counting weekends, so if you withdraw on a Friday, you will get paid on Monday. IF U WANT TO BE AN NETWORKER Great! being a networker means you can get more bonuses• Daily Payment• Binary• Residual• Career Plan1 - The daily Payment is up to 2.5% per day Monday to Friday, until you reach 400%2- Binary is 10% of what people invest but you first need to qualify for it, is very simple, just register one direct person to your left and one to your right! after these 2, the next person that you register or that comes from those who you already registered, you will get the binary bonus from them, we are always talking about the smaller side.3- Residual, this bonus is linked to the career plan, you need to qualify per stars, each star means you get 2% of each level from your network. So if you are star 3 for example, means you will receive 2% from 3 level from your network, everyday when they receive their daily payment, you get 2% of what they make.4- Career Plan, Dollars of investment to became ◊1 Dollar = 1 PointStar 1 you need 1.000 pointsStar 2 you need 4.000 pointsStar 3 you need 20.000 pointsStar 4 you need 50.000 pointsStar 5 you need 200.000 pointsStar 6 you need 500.000 pointsStar 7 you need 1.500.000 pointsStar 8 you need 3.000.000 pointsStar 9 you need 5.000.000 pointsStar 10 you need 10.000.000 pointsBlack Star you need 50.000.000 pointsAll this point needs to be on the smaller leg. DIFFERENCE BETWEEN INVESTOR AND NETWORKER First let me tell you about being an InvestorFor you as an investor is very simpleChoose one of the Packages available:100$300$500%1000$3000$5000$10000$20000$30000$40000$50000$The company will pay you up to 2.5% from what you investedThey trade during the day and when comes midnight in South Korea, they pay whatever was that day’s profitsSome days are 1.45% or 2.2% or 1.1% The company can’t guarantee how much it will pay, as Trading is not guaranteedThe company pays Monday to Friday for 200 working daysThe only way to invest is using BitcoinYou can withdraw minimum of 50$Monday to Friday, and it will be paid only in Bitcoin 24h later,not counting weekends, so if you withdraw on a Friday, you will get paid on Monday. Now as a networker you can get more bonuses• Daily Payment• Binary• Residual• Career Plan1 - The daily Payment is up to 2.5% per day Monday to Friday, until you reach 400%2- Binary is 10% of what people invest but you first need to qualify for it, is very simple, just register one direct person to your left and one to your right! after these 2, the next person that you register or that comes from those who you already registered, you will get the binary bonus from them, we are always talking about the smaller side.3- Residual, this bonus is linked to the career plan, you need to qualify per stars, each star means you get 2% of each level from your network. So if you are star 3 for example, means you will receive 2% from 3 level from your network, everyday when they receive their daily payment, you get 2% of what they make.4- Career Plan, Dollars of investment to became ◊1 Dollar = 1 PointStar 1 you need 1.000 pointsStar 2 you need 4.000 pointsStar 3 you need 20.000 pointsStar 4 you need 50.000 pointsStar 5 you need 200.000 pointsStar 6 you need 500.000 pointsStar 7 you need 1.500.000 pointsStar 8 you need 3.000.000 pointsStar 9 you need 5.000.000 pointsStar 10 you need 10.000.000 pointsBlack Star you need 50.000.000 pointsAll this point needs to be on the smaller leg. MOST IMPORTANTLY IS THAT The difference Between an investor and a networker is:Investor Will only receive the daily payment of up to 2.5%Networker Can get more bonuses such as:- Daily Payment of up to 2.5%- Indication of 6%- Binary of 10%- Residual Bonus- Career Bonus SOME INFO THAT YOU HAVE TO KNOW ABOUT GET SUPPORT FROM FXTRADING ACTIVATION: MY PLAN DOES NOT ACTIVATE AFTER WIRING FUNDS ANSWER IS … .- After a payment request is created, you have 24 hours to wire funds to a designated wallet. Based on the fluctuation of Bitcoin prices, posted amount of Bitcoin may be larger or smaller. Price updates commence every 30 minutes.- The system only validates your request to transfer when you pay the designated amount or more. If less bitcoin were submitted, the transfer request would be voided automatically… HOW LONG DOES IT TAKE TO ACTIVATE MY PLAN ANSWER IS .... - The time until the activation varies depending on processing speed of network or blockchain. Some exchange and wallet may take more time to transfer funds. However, the process generally does not exceed 6 hours. Therefore, if your plan does not activate after 6 hours, please contact the support centre. EARNINGS: WHICH DAYS OF A WEEK I RECEIVE MY EARNINGS ? - Daily earnings are processed and posted at midnight, Monday through Friday, Korean Standard Time. MY PLAN WAS ACTIVATED BUT NOT YET REICIEVE EARNINGS? - It takes 24 hours until your investments are processed through our system. You will be listed as an FXTRADING dividend recipient after 24 hours. I UPGRADED MY PLAN BUT RECEIVED EARNINGS FOR THE PREVIOUS PLAN? - The same rules apply for plan upgrades with the purchase of a new plan. Your upgrades will be in force after 24 hours. Until that point, you will receive the earnings on the previous plan. WITHDRAWAL: WHICH DAYS OF A WEEK I CAN WITHDRAW MY FUNDS? - You can withdraw your funds Monday through Friday. What is the minimum amount that I can withdraw? - The minimum withdrawal amount is currently $50. There is no limit on the maximum amount you can withdraw. How long does it take to process my remittance request? - Please allow 1 to 3 business days to process your withdrawal requests. I received payment confirmation o- It may take up to 24 hours after confirmation for requests to be processed in blockchain and posted on your wallet. Hash values I received by e-mail are not recognized by Blockchain. - It generally takes 24 hours for blockchain to recognize hash values. You can review the progress by the link provided in the e-mail message until then. Binary What should I do to get a binary bonus? - It generally takes 24 hours for blockchain to recognize hash values. You can review the progress by the link provided in the e-mail message until then. I made one referral member, but I did not receive a credit. - Please confirm if the new referral member is the first one on your left or right. First referral on each side only qualifies you for binary bonus program. They do not create credits and do not count as binary members.- Was your plan active when your referral members in lower tier activate their plans? Credits are provided only if your plan was active when lower tier members activate their plans.- Are your lower tier referral members’ accounts leadership accounts? Leadership accounts do not own earnings and do not get payments. Therefore, leadership members do not create binary credit. Amounts of my credit received seems not correct. - Created credits are 10% of the price of plans purchased. If a member in your network upgrades a plan, the member only creates credits on the difference between two plans, not on the entire amount of the plan the member bought. For instance, if a member upgrades to $500 plan from $300 plan, you would receive 10% of the difference between the two plans. The difference is $200 in this example so that you will get 20 credits in total. I received bonus less than created credits. - There is a rule for the binary program; no member shall receive binary bonus larger than the plan they are on. For instance, if you are using $100 plan, but have created 150 credits through the binary network, you will only receive $100 bonus, forfeiting the remaining $50.- You also need to be careful about 400% earning rule. You can never receive an amount four times more than the plan you are on. For example, if you are using $100 plan, have received $350 as earnings so far and you have 100 credits outstanding for a binary bonus, only $50 that matches your 400% ceiling will be paid to you as a binary bonus. Referral Bonus I did not receive my referral bonus while my referral member was activatated - To receive a referral bonus, your plan must be active when your referral’s plan comes activated. To ensure receipt of your bonus, please wait until your plan gets activated before providing referral codes.- Referral Bonus is subject to 400% earning rule. Bonus from referrals will be paid up until their earnings reach 400% of their plan price. Bonus ceases to be remitted when your referral member reaches the earning cap. An incorrect amount of bonus was paid The referral bonus is 6% of the plan price purchased. If your referral member upgrades their plan, it creates the bonus on the difference between the two plans, not the entire amount of the plan purchased. For example, if your referral member upgrades to $500 plan from $300 plan, you will receive a 6% bonus on the difference amount between the plans. In this case, you will receive a $12 bonus as the difference is $200.- You also need to be careful about 400% earning rule. You can never receive an amount four times more than the plan you are on. For example, if you are using $100 plan, have received $350 as earnings so far and you have 100 credits outstanding for a referral bonus, only $50 that matches your 400% ceiling will be paid to you as a referral bonus.
However, most bitcoin users have several bitcoin wallets and use multiple wallet addresses to increase their financial privacy when transacting in bitcoin. Hence, the total number of bitcoin users must be less than 42 million. 34 Percent Active Users. The number of people who use bitcoin actively has also increased. Memes are the fuel that powers the cryptoconomy. Exploitable image macros, shareable acronyms, and obscure in-jokes are the stuff that crypto is made of. The top 5 dormant addresses holding BTC for more than 5 years account for 1.2% of the total number of coins in the market. These addresses hold 212.402 BTC, showing that there are large whales that are currently holding Bitcoin and waiting until the price of the virtual currency will reach higher prices. Most of these accounts have a large number of deposits but a small number of withdrawals. Top 100 Richest Bitcoin Addresses. Bitcoin distribution. First Input, Last Input, Number Of Inputs, First Output, Last Output, Number Of Outputs, Balance This is such an interesting development for the crypto world that we have decided to make a list of top 7 celebrities that have already invested in Bitcoin (BTC). Let's begin. 1. Björk. Björk is a popular singer from Iceland that has developed a strong interest in Bitcoin. In fact, she even allowed her fans to buy her 2017 Utopia album via ...
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