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[OWL WATCH] Waiting for "IOTA TIME" 20; Hans's re-defined directions for DLT

Disclaimer: This is my editing, so there could be some misunderstandings...
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wellwho오늘 오후 4:50
u/Ben Royce****how far is society2 from having something clickable powered by IOTA?
Ben Royce오늘 오후 4:51
demo of basic tech late sep/ early oct. MVP early 2021
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HusQy
Colored coins are the most misunderstood upcoming feature of the IOTA protocol. A lot of people see them just as a competitor to ERC-20 tokens on ETH and therefore a way of tokenizing things on IOTA, but they are much more important because they enable "consensus on data".
Bob
All this stuff already works on neblio but decentralized and scaling to 3500 tps
HusQy
Neblio has 8 mb blocks with 30 seconds blocktime. This is a throughput of 8 mb / 30 seconds = 267 kb per second. Transactions are 401+ bytes which means that throughput is 267 kb / 401 bytes = 665 TPS. IOTA is faster, feeless and will get even faster with the next update ...
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HusQy
Which DLT would be more secure? One that is collaboratively validated by the economic actors of the world (coporations, companies, foundations, states, people) or one that is validated by an anonymous group of wealthy crypto holders?
HusQy
The problem with current DLTs is that we use protection mechanisms like Proof of Work and Proof of Stake that are inherently hard to shard. The more shards you have, the more you have to distribute your hashing power and your stake and the less secure the system becomes.
HusQy
Real world identities (i.e. all the big economic actors) however could shard into as many shards as necessary without making the system less secure. Todays DLTs waste trust in the same way as PoW wastes energy.
HusQy
Is a secure money worth anything if you can't trust the economic actors that you would buy stuff from? If you buy a car from Volkswagen and they just beat you up and throw you out of the shop after you payed then a secure money won't be useful either :P
HusQy
**I believe that if you want to make DLT work and be successful then we need to ultimately incorporate things like trust in entities into the technology.**Examples likes wirecard show that trusting a single company is problematic but trusting the economy as a whole should be at ...
**... least as secure as todays DLTs.**And as soon as you add sharding it will be orders of magnitude more secure. DLT has failed to deliver because people have tried to build a system in vacuum that completely ignores things that already exist and that you can leverage on.
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HusQy
Blockchain is a bit like people sitting in a room, trying to communicate through BINGO sheets. While they talk, they write down some of the things that have been said and as soon as one screams BINGO! he hands around his sheet to inform everybody about what has been said.
HusQy
If you think that this is the most efficient form of communication for people sitting in the same room and the answer to scalability is to make bigger BINGO sheets or to allow people to solve the puzzle faster then you will most probably never understand what IOTA is working on.
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HusQy
**Blockchain does not work with too many equally weighted validators.****If 400 validators produce a validating statement (block) at the same time then only one can survive as part of a longest chain.**IOTA is all about collaborative validation.
**Another problem of blockchain is that every transaction gets sent twice through the network. Once from the nodes to the miners and a 2nd time from the miners as part of a block.**Blockchain will therefore always only be able to use 50% of the network throughput.
And****the last problem is that you can not arbitrarily decrease the time between blocks as it breaks down if the time between blocks gets smaller than the average network delay. The idle time between blocks is precious time that could be used for processing transactions.
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HusQy
I am not talking about a system with a fixed number of validators but one that is completely open and permissionless where any new company can just spin up a node and take part in the network.
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HusQy
Proof of Work and Proof of Stake are both centralizing sybil-protection mechanism. I don't think that Satoshi wanted 14 mining pools to run the network.
And "economic clustering" was always the "end game" of IOTA.
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HusQy
**Using Proof of Stake is not trustless. Proof of Stake means you trust the richest people and hope that they approve your transactions. The rich are getting richer (through your fees) and you are getting more and more dependant on them.**Is that your vision of the future?
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HusQy
Please read again exactly what I wrote. I have not spoken of introducing governance by large companies, nor have I said that IOTA should be permissioned. We aim for a network with millions or even billions of nodes.

HusQy
That can't work at all with a permissioned ledger - who should then drop off all these devices or authorize them to participate in the network? My key message was the following: Proof of Work and Proof of Stake will always be if you split them up via sharding ...

HusQy
... less secure because you simply need fewer coins or less hash power to have the majority of the votes in a shard. This is not the case with trust in society and the economy. When all companies in the world jointly secure a DLT ...

HusQy
... then these companies could install any number of servers in any number of shards without compromising security, because "trust" does not become less just because they operate several servers. First of all, that is a fact and nothing else.

HusQy
Proof of Work and Proof of Stake are contrary to the assumption of many not "trustless" but follow the maxim: "In the greed of miners we trust!" The basic assumption that the miners do not destroy the system that generates income for them is fundamental here for the ...

HusQy
... security of every DLT. I think a similar assumption would still be correct for the economy as a whole: The companies of the world (and not just the big ones) would not destroy the system with which their customers pay them. In this respect, a system would be ...

HusQy
... which is validated by society and the economy as a whole probably just as "safely" as a system which is validated by a few anonymous miners. Why a small elite of miners should be better validators than any human and ...

HusQy
... To be honest, companies in this world do not open up to me. As already written in my other thread, safe money does not bring you anything if you have to assume that Volkswagen will beat you up and throw you out of the store after you ...

HusQy
... paid for a car. The thoughts I discussed say nothing about the immediate future of IOTA (we use for Coordicide mana) but rather speak of a world where DLT has already become an integral part of our lives and we ...

HusQy
... a corresponding number of companies, non-profit organizations and people have used DLT and where such a system could be implemented. The point here is not to create a governance solution that in any way influences the development of technology ...

HusQy
... or have to give nodes their OK first, but about developing a system that enables people to freely choose the validators they trust. For example, you can also declare your grandma to be a validator when you install your node or your ...

HusQy
... local supermarket. Economic relationships in the real world usually form a close-knit network and it doesn't really matter who you follow as long as the majority is honest. I also don't understand your criticism of censorship, because something like that in IOTA ...

HusQy
... is almost impossible. Each transaction confirms two other transactions which is growing exponentially. If someone wanted to ignore a transaction, he would have to ignore an exponential number of other transactions after a very short time. In contrast to blockchain ...

HusQy
... validators in IOTA do not decide what is included in the ledger, but only decide which of several double spends should be confirmed. Honest transactions are confirmed simply by having other transactions reference them ...

HusQy
... and the "validators" are not even asked. As for the "dust problem", this is indeed something that is a bigger problem for IOTA than for other DLTs because we have no fees, but it is also not an unsolvable problem. Bitcoin initially has a ...

HusQy
Solved similar problem by declaring outputs with a minimum amount of 5430 satoshis as invalid ( github.com/Bitcoin/Bitcoi…). A similar solution where an address must contain a minimum amount is also conceivable for IOTA and we are discussing ...

HusQy
... several possibilities (including compressing dust using cryptographic methods). Contrary to your assumption, checking such a minimum amount is not slow but just as fast as checking a normal transaction. And mine ...

HusQy
... In my opinion this is no problem at all for IOTA's use case. The important thing is that you can send small amounts, but after IOTA is feeless it is also okay to expect the recipients to regularly send their payments on a ...

HusQy
... merge address. The wallets already do this automatically (sweeping) and for machines it is no problem to automate this process. So far this was not a problem because the TPS were limited but with the increased TPS throughput of ...

HusQy
... Chrysalis it becomes relevant and appropriate solutions are discussed and then implemented accordingly. I think that was the most important thing first and if you have further questions just write :)

HusQy
And to be very clear! I really appreciate you and your questions and don't see this as an attack at all! People who see such questions as inappropriate criticism should really ask whether they are still objective. I have little time at the moment because ...

HusQy
... my girlfriend is on tour and has to take care of our daughter, but as soon as she is back we can discuss these things in a video. I think that the concept of including the "real world" in the concepts of DLT is really exciting and ...

HusQy
... that would certainly be exciting to discuss in a joint video. But again, that's more of a vision than a specific plan for the immediate future. This would not work with blockchain anyway but IOTA would be compatible so why not think about such things.
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HusQy
All good my big one :P But actually not that much has changed. There has always been the concept of "economic clustering" which is basically based on similar ideas. We are just now able to implement things like this for the first time.
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HusQy
Exactly. It would mean that addresses "cost" something but I would rather pay a few cents than fees for each transaction. And you can "take" this minimum amount with you every time you change to a new address.

HusQy
All good my big one :P But actually not that much has changed. There has always been the concept of "economic clustering" which is basically based on similar ideas. We are just now able to implement things like this for the first time.
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Relax오늘 오전 1:17
Btw. Hans (sorry for interrupting this convo) but what make people say that IOTA is going the permissioned way because of your latest tweets? I don't get why some people are now forecasting that... Is it because of missing specs or do they just don't get the whole idea?

Hans Moog [IF]오늘 오전 1:20
its bullshit u/Relaxan identity based system would still be open and permissionless where everybody can choose the actors that they deem trustworthy themselves but thats anyway just sth that would be applicable with more adoption
[오전 1:20]
for now we use mana as a predecessor to an actual reputation system

Sissors오늘 오전 1:31
If everybody has to choose actors they deem trustworthy, is it still permissionless? Probably will become a bit a semantic discussion, but still

Hans Moog [IF]오늘 오전 1:34
Of course its permissionless you can follow your grandma if you want to :p

Sissors오늘 오전 1:36
Well sure you can, but you will need to follow something which has a majority of the voting power in the network. Nice that you follow your grandma, but if others dont, her opinion (or well her nodes opinion) is completely irrelevant

Hans Moog [IF]오늘 오전 1:37
You would ideally follow the people that are trustworthy rather than your local drug dealers yeah

Sissors오늘 오전 1:38
And tbh, sure if you do it like that is easy. If you just make the users responsible for only connection to trustworthy nodes

Hans Moog [IF]오늘 오전 1:38
And if your grandma follows her supermarket and some other people she deems trustworthy then thats fine as well
[오전 1:38]
+ you dont have just 1 actor that you follow

Sissors오늘 오전 1:38
No, you got a large list, since yo uwant to follow those which actually matter. So you jsut download a standard list from the internet

Hans Moog [IF]오늘 오전 1:39
You can do that
[오전 1:39]
Is bitcoin permissionless? Should we both try to become miners?
[오전 1:41]
I mean miners that actually matter and not find a block every 10 trillion years 📷
[오전 1:42]
If you would want to become a validator then you would need to build up trust among other people - but anybody can still run a node and issue transactions unlike in hashgraph where you are not able to run your own nodes(수정됨)
[오전 1:48]
Proof of Stake is also not trustless - it just has a builtin mechanism that downloads the trusted people from the blockchain itself (the richest dudes)

Sissors오늘 오전 1:52
I think most agree it would be perfect if every person had one vote. Which is pr oblematic to implement of course. But I really wonder if the solution is to just let users decide who to trust. At the very least I expect a quite centralized network

Hans Moog [IF]오늘 오전 1:53
of course even a trust based system would to a certain degree be centralized as not every person is equally trustworthy as for example a big cooperation
[오전 1:53]
but I think its gonna be less centralized than PoS or PoW
[오전 1:53]
but anyway its sth for "after coordicide"
[오전 1:54]
there are not enough trusted entities that are using DLT, yet to make such a system work reasonably well
[오전 1:54]
I think the reason why blockchain has not really started to look into these kind of concepts is because blockchain doesnt work with too many equally weighted validators
[오전 1:56]
I believe that DLT is only going to take over the world if it is actually "better" than existing systems and with better I mean cheaper, more secure and faster and PoS and PoW will have a very hard time to deliver that
[오전 1:56]
especially if you consider that its not only going to settle value transfers

Relax오늘 오전 1:57
I like this clear statements, it makes it really clear that DLT is still in its infancy

Hans Moog [IF]오늘 오전 1:57
currently bank transfers are order of magnitude cheaper than BTC or ETH transactions

Hans Moog [IF]오늘 오전 1:57
and we you think that people will adopt it just because its crypto then I think we are mistaken
[오전 1:57]
The tech needs to actually solve a problem
[오전 1:57]
and tbh. currently people use PayPal and other companies to settle their payments
[오전 1:58]
having a group of the top 500 companies run such a service together is already much better(수정됨)
[오전 1:58]
especially if its fast and feeless
[오전 2:02]
and the more people use it, the more decentralized it actually becomes
[오전 2:02]
because you have more trustworthy entities to choose of

Evaldas [IF]오늘 오전 2:08
"in the greed of miners we trust"


submitted by btlkhs to Iota [link] [comments]

700K cash. What do I do?

I have 700k cash sitting in my money market account. I have been sitting on cash since 2016 waiting for that recession so I can perfectly time the market. And in the process I have lost ...not sure how much but a LOT.
So I have the following in mind.
  1. 33% - golden butterfly allocation
  2. 33% - dividend growth investing
  3. 33% - high savings account (wealthfront)
Let me know if this would protect me from the downside while giving me a decent amount of returns.
EDIT 02/20
Here is a summary of all the nuggets that came out from this thread. Love it. Will updated when I plan my portfolio.
-VGRO for the win. ( probably VUG)
-three-fund portfolio Vanguard Total Stock Market Index Fund (VTSAX) Vanguard Total International Stock Index Fund (VTIAX) Vanguard Total Bond Market Fund (VBTLX)
-I personally like some international exposure so have 20% of my portfolio in VTIAX. Great article in international investing https://www.fidelity.com/viewpoints/investing-ideas/international-investing-myths
-SPCE. Bet it all on $40 June calls.
-You might consider a bogleheads portfolio. Here is my set it and forget it allocation: 70% VTSAX (ETF equivalent is VTI) 20% VTIAX (ETF equivalent is VXUS) 10% VBTLX (ETF equivalent is BND)
-A very general rule of thumb is that your bond allocation should equal your age minus 10 (i.e., a 40-year old investor would own approximately 30% bonds, 70% stocks).
-I plan to dollar cost average into simple investments like the S&P, dividend growth fund DGRO (which I just love), and some bonds for safety. It’s very similar to VIG
-Everything into SPCE calls. Literally no risk ( are you serious?)
-if you want to mess with things, i would say swap the small cap value for dividend growth in the golden butterfly. ( Makes sense) having 33% of your 750k in high savings is DUMB. (thanks)
-Dollar cost average into the market. Select an appropriate asset allocation for your goals. ( Yes!!!)
-Be aware that the average return (say 6-7%) is not the same as as what you can realistically draw as an income.First, for a consistent income stream you need to inflation proof the principle.
-Also the portfolios that have been analyzed to death that can reliably support that are basically 50 to 70 percent broadly diverse equities and the difference in broadly diverse bonds (index funds with essentially no fees or loads of course). 6-12mo DTE AAPL/MSFT CALLS. LEHGO (Nah!)
-I would invest a small PORTION, into a mix of dividend stocks/etf, a mix of growth stocks/etf, and a mix of gold and gold miners. I wouldn’t do bonds personally, but I would consider high yield saving account if it is liquid and they payout interest often (daily) and I can transfer money quickly to take advantage of market opportunities. ( Dividend stocks and Growth stocks makes sense)
-I wouldn’t put everything in the market all at once. Start very small and add to your positions slowly until you get more comfortable and understand the market more. Always have some cash on the sideline to take advantage of potential opportunities. ( Will follow this advice)
-If it were my 700k I would invest in Dividend Kings and Aristocrats and let the yield on cost grow over the next decade or two. ( Thanks for letting me know, i will look into it more)
-My recommendation would be to DCA into a growth fund like VUG over the next 12-24 months. That will protect you from a sudden correction. Personally, I wouldn't invest in dividend/value tickers, especially if you're under 40. (I’d definitely do this, Thanks. I will do Dividend growth for the passive income)
-If I suddenly got $700K, I'd put it all in high-growth tech funds. (If this was 2015 and I were to d it again, I’d do it. FAANGU stocks might be at peak) However, there's still value to be found in this expensive market. For example, the banking sector still looks undervalued relative to the S&P. So you can probably divide your allocation between growth, value, and money market funds.
-bitcoin (Will run away from any crypto)
-Everything else which isn't that defensive cushion is a highly diversified portfolio of stocks which produce an average dividend of 1.7%. Having more cash or bonds than you need is typically going to underperform. VGRO for the win. Set it and forget it! (Probably not, I’d probably do a US growth fund)
-If you were to try to diy look up some ways to invest in non correlated asset classes that offer a higher rate of return while limiting down side. If you want dividends, I'm a fan on the high yield bond fund. Make sure you do your research as to what's actually in it, though, and balance your portfolio accordingly. Understand the risks involved in bonds, and the risks involved in bonds that pay 8%, before investing. ( I think VWINX is a good one)
-I'll throw out the two rock solid fundsI always recommend: Vwelx/vwinx. The divvy alone will at least keep your assets in the game, and if you look at '08 vwinx only took a 27% hit from previous highs. ( I like the VWINX more)
-Simply put your money into VTWAX. total world stock index. Maximum diversification. Low cost. Low risk as possible. (not too optimistic about the emerging market and frontier markets)
-30 houses in a cheap metro. (Too much work, I have a demanding full time job and collecting rents is no fun when you have difficult clients)
submitted by bullet-150 to investing [link] [comments]

How does the EOSio consensus model work?

By Alfredo de Candia
Each blockchain has its own type of consensus, i.e. a set of rules that determine how a block is created and how transactions are confirmed, and EOSio also has its own specific consensus model.
In this article we will focus on how EOSio works, analyzing in detail its consensus protocol and trying to understand how it is different from other PoS (Proof of Stake) systems.

The EOSio consensus model

The EOSio blockchain uses a different variant of the Proof of Stake (PoS).
In a PoS system, the validators who secure the network and produce the blocks, stake tokens to show that they are willing to keep the network running and not to act maliciously.
The amount of tokens to become validators is usually high enough to discourage small holders or those with malicious intent to take part in the system. Those who were to operate inefficiently would suffer the so-called slashing, i.e. a share of the amount put in stake would be subtracted.

The Delegated Proof of Stake

After understanding how traditional PoS works, let’s try to understand the EOSio consensus model using DPoS (Delegated Proof of Stake).
In this case, it is not the validators who stake their tokens, but the users who delegate the vote to those they believe are the best at producing blocks and maintaining the blockchain.
In this way, there is no top-down imposition of who should hold the various nodes, but a bottom-up choice to have greater decentralization of the decision.
Moreover, on EOSio there is no slashing system as on the other PoS networks. The choice is in the user’s hands because in case the Block Producer (BP) should operate in a wrong way, for example not updating the system or not actively participating, users could remove their votes and change their delegation.

Who produces the blocks on EOSio?

Unlike other PoW (Proof of Work) based blockchains, EOSio does not have miners but BPs.
The EOS blockchain has about sixty BPs, but only the first 21 with the highest number of votes are those who are active and dedicated to producing the blocks.
The BPs rotate according to some very precise parameters (details on how the BPs are rotated can be found in the free book Mastering EOS, available on Amazon) while the others remain idle in case a BP encounters an unexpected event.

How do BPs earn?

Before answering this question we need to take a step back and explain that, usually, PoS-based blockchains have an inflationary system: basically, every year a certain number of tokens have to be produced and distributed among those who maintain the network.
As far as EOS is concerned, it has gone from 5% to 1% now, so every year there are 10 million more tokens to be distributed as a prize between active and idle BPs according to the ranking by the number of votes (the higher the number of votes and the position of BP, the higher the reward will be).
The reward can be a maximum of 1000 EOS to a minimum of 100 EOS per day, quite a significant return.
A BP earns precisely from this type of system and therefore has all the interest and incentive to operate in the best possible way not to lose this reward and the trust of users.

How fast is the EOSio blockchain?

The speed is measured in TpS (Transaction per Second).
On bitcoin there is a maximum of 7 transactions per second, Ethereum 25, PoS should reach a thousand, while EOS can easily exceed 4000 TpS. The testnet has even exceeded 9000 TpS, demonstrating that PoS is a winning system of consensus.
submitted by BTCfan234 to eos [link] [comments]

Top 5 Most Anticipated Crypto Events of 2020

The cryptocurrency industry is far from where it was in the early days. These days, millions of people across the planet spend their daily lives all on blockchain and cryptocurrencies. Dozens of events worldwide attract investors that are seeking knowledge. We’ve seen the impact an event can have before, especially during the 2017 bull market where events led the market. Because of the potential impact, we would like to inform you of the upcoming events that are scheduled for this year to happen. If you already know something is coming up, you can start planning ahead and predicting what the possible outcome will be.
5. The uprise of centralized stablecoins
The main reason why cryptocurrencies were created was to stay away from third-party control. When you have your possessions stored on blockchains, you are the one that has access, no one else has. When it comes to money, for example, you now have the ability to perform anonymous transactions. However, making anonymous transactions is becoming harder by the day. In lots of countries, cash payments are limited to a couple of thousand euros, which brings you to digital matters. The problem with this digital matter is third-party interference. Banks, shops, governments can all see what kind of transactions you are making. To disrupt the technology that’s disrupting industries, governments like Chinese ones are now actively developing their state stablecoins. This year could just be the year where a country or multiple release their digital currencies and force people to start using it. We have seen it in Venezuela, but this time it will be properly executed. The more control the government has, the happier they are.
4. ETF Approval
Something that’s been lurking around the corner is the approval of Exchange Traded Funds by the American SEC. It’s basically a way for institutional investors to proportionally invest parts of their portfolio into bitcoin or cryptocurrencies as a whole. As many attempts have failed in earlier years, the propositions are becoming more robust every time. Plus, the entire cryptocurrency market becomes more stable by the day. And, with more trust in the industry, the SEC will eventually realize that it’s not going to vanish.
3. Consensus 2020
Those who have been around for multiple years probably will remember what happened in 2017 and 2018 surrounding Consensus. It’s one of the biggest cryptocurrency/blockchain events across the entire world. It’s hosted in New York, the United States from May 11th till 13th. Earlier Consensus was the event where new coins were released, ICOs were announced and investors opened up their wallets to new opportunities. Meanwhile, investors who weren’t present at the event were patiently waiting for all the news to come out. When they did, you could see the prices of all kinds of coins increasing rapidly. This year, Consensus is home to lots of great speakers from all major companies. It’s sponsored by companies like IBM, Santander, Bakkt and many others.
2. Ethereum 2.0 launches
As a runner up in terms of market cap, Ethereum has shown a strong presence ever since its start. The project was the leading force to the ICO bubble back in 2017 and it managed to reach a price 4 times higher than where it is these days. Meanwhile, development has never stopped, and the founder and genius mind behind the project, Vitalik Buterin, is busy plotting the next release. This release will be Ethereum 2.0. It will be the moment the Ethereum blockchain switches from a Proof-Of-Work consensus method to a Proof-Of-Stake. This will mean that you can now stake your Ethereum and earn a reward for simply holding your tokens. This will create more scarcity and utility to the token, which might lead to an increase in price. Now, nothing is guaranteed in this world but one thing is for sure: lots of people are stacking up on Ethereum!
1. The bitcoin halvening
The event that everyone’s been getting excited about for the past months is the Bitcoin Halvening. It’s the event where the reward for miners gets cut in half. We’ve discussed the event in a prior blog post, so we won’t go into much detail. All we can say is that many people are expecting bitcoin to make some major moves around the halvening. It’s scheduled for mid-may this year, so expect some fireworks around this period! The hashtag #StackingSatoshis has been trending for a long time on crypto Twitter, so maybe you should do the same!
When looking at the events for the upcoming year, it’s safe to say we are up for a revolutionary year. It will be a year with many changes and possibly the year where we will see another bull run happening, the one that we’ve all been waiting on since the end of 2018. We will keep you posted on everything that’s happening around these major events. But always make sure to stay on top of things yourself as well, all of these events might affect the price of bitcoin and many other cryptocurrencies!
SwapSpace team is always ready for discussion. You can drop an email with your suggestions and questions to [[email protected]](mailto:[email protected]) Join our social networks: Twitter, Medium, Facebook, Telegram The best rates on https://swapspace.co/ Why SwapSpace https://swapspace.co/blog/2019/09/17/why-swapspace/
submitted by SwapSpace_co to CoinBase [link] [comments]

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

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

Top 5 Most Anticipated Crypto Events of 2020

The cryptocurrency industry is far from where it was in the early days. These days, millions of people across the planet spend their daily lives all on blockchain and cryptocurrencies. Dozens of events worldwide attract investors that are seeking knowledge. We’ve seen the impact an event can have before, especially during the 2017 bull market where events led the market. Because of the potential impact, we would like to inform you of the upcoming events that are scheduled for this year to happen. If you already know something is coming up, you can start planning ahead and predicting what the possible outcome will be.
5. The uprise of centralized stablecoins
The main reason why cryptocurrencies were created was to stay away from third-party control. When you have your possessions stored on blockchains, you are the one that has access, no one else has. When it comes to money, for example, you now have the ability to perform anonymous transactions. However, making anonymous transactions is becoming harder by the day. In lots of countries, cash payments are limited to a couple of thousand euros, which brings you to digital matters. The problem with this digital matter is third-party interference. Banks, shops, governments can all see what kind of transactions you are making. To disrupt the technology that’s disrupting industries, governments like Chinese ones are now actively developing their state stablecoins. This year could just be the year where a country or multiple release their digital currencies and force people to start using it. We have seen it in Venezuela, but this time it will be properly executed. The more control the government has, the happier they are.
4. ETF Approval
Something that’s been lurking around the corner is the approval of Exchange Traded Funds by the American SEC. It’s basically a way for institutional investors to proportionally invest parts of their portfolio into bitcoin or cryptocurrencies as a whole. As many attempts have failed in earlier years, the propositions are becoming more robust every time. Plus, the entire cryptocurrency market becomes more stable by the day. And, with more trust in the industry, the SEC will eventually realize that it’s not going to vanish.
3. Consensus 2020
Those who have been around for multiple years probably will remember what happened in 2017 and 2018 surrounding Consensus. It’s one of the biggest cryptocurrency/blockchain events across the entire world. It’s hosted in New York, the United States from May 11th till 13th. Earlier Consensus was the event where new coins were released, ICOs were announced and investors opened up their wallets to new opportunities. Meanwhile, investors who weren’t present at the event were patiently waiting for all the news to come out. When they did, you could see the prices of all kinds of coins increasing rapidly. This year, Consensus is home to lots of great speakers from all major companies. It’s sponsored by companies like IBM, Santander, Bakkt and many others.
2. Ethereum 2.0 launches
As a runner up in terms of market cap, Ethereum has shown a strong presence ever since its start. The project was the leading force to the ICO bubble back in 2017 and it managed to reach a price 4 times higher than where it is these days. Meanwhile, development has never stopped, and the founder and genius mind behind the project, Vitalik Buterin, is busy plotting the next release. This release will be Ethereum 2.0. It will be the moment the Ethereum blockchain switches from a Proof-Of-Work consensus method to a Proof-Of-Stake. This will mean that you can now stake your Ethereum and earn a reward for simply holding your tokens. This will create more scarcity and utility to the token, which might lead to an increase in price. Now, nothing is guaranteed in this world but one thing is for sure: lots of people are stacking up on Ethereum!
1. The bitcoin halvening
The event that everyone’s been getting excited about for the past months is the Bitcoin Halvening. It’s the event where the reward for miners gets cut in half. We’ve discussed the event in a prior blog post, so we won’t go into much detail. All we can say is that many people are expecting bitcoin to make some major moves around the halvening. It’s scheduled for mid-may this year, so expect some fireworks around this period! The hashtag #StackingSatoshis has been trending for a long time on crypto Twitter, so maybe you should do the same!
When looking at the events for the upcoming year, it’s safe to say we are up for a revolutionary year. It will be a year with many changes and possibly the year where we will see another bull run happening, the one that we’ve all been waiting on since the end of 2018. We will keep you posted on everything that’s happening around these major events. But always make sure to stay on top of things yourself as well, all of these events might affect the price of bitcoin and many other cryptocurrencies!
SwapSpace team is always ready for discussion. You can drop an email with your suggestions and questions to [[email protected]](mailto:[email protected]) Join our social networks: Twitter, Medium, Facebook, Telegram The best rates on https://swapspace.co/ Why SwapSpace https://swapspace.co/blog/2019/09/17/why-swapspace/
submitted by SwapSpace_co to CryptoCurrencies [link] [comments]

Top 5 Most Anticipated Crypto Events of 2020

The cryptocurrency industry is far from where it was in the early days. These days, millions of people across the planet spend their daily lives all on blockchain and cryptocurrencies. Dozens of events worldwide attract investors that are seeking knowledge. We’ve seen the impact an event can have before, especially during the 2017 bull market where events led the market. Because of the potential impact, we would like to inform you of the upcoming events that are scheduled for this year to happen. If you already know something is coming up, you can start planning ahead and predicting what the possible outcome will be.
5. The uprise of centralized stablecoins
The main reason why cryptocurrencies were created was to stay away from third-party control. When you have your possessions stored on blockchains, you are the one that has access, no one else has. When it comes to money, for example, you now have the ability to perform anonymous transactions. However, making anonymous transactions is becoming harder by the day. In lots of countries, cash payments are limited to a couple of thousand euros, which brings you to digital matters. The problem with this digital matter is third-party interference. Banks, shops, governments can all see what kind of transactions you are making. To disrupt the technology that’s disrupting industries, governments like Chinese ones are now actively developing their state stablecoins. This year could just be the year where a country or multiple release their digital currencies and force people to start using it. We have seen it in Venezuela, but this time it will be properly executed. The more control the government has, the happier they are.
4. ETF Approval
Something that’s been lurking around the corner is the approval of Exchange Traded Funds by the American SEC. It’s basically a way for institutional investors to proportionally invest parts of their portfolio into bitcoin or cryptocurrencies as a whole. As many attempts have failed in earlier years, the propositions are becoming more robust every time. Plus, the entire cryptocurrency market becomes more stable by the day. And, with more trust in the industry, the SEC will eventually realize that it’s not going to vanish.
3. Consensus 2020
Those who have been around for multiple years probably will remember what happened in 2017 and 2018 surrounding Consensus. It’s one of the biggest cryptocurrency/blockchain events across the entire world. It’s hosted in New York, the United States from May 11th till 13th. Earlier Consensus was the event where new coins were released, ICOs were announced and investors opened up their wallets to new opportunities. Meanwhile, investors who weren’t present at the event were patiently waiting for all the news to come out. When they did, you could see the prices of all kinds of coins increasing rapidly. This year, Consensus is home to lots of great speakers from all major companies. It’s sponsored by companies like IBM, Santander, Bakkt and many others.
2. Ethereum 2.0 launches
As a runner up in terms of market cap, Ethereum has shown a strong presence ever since its start. The project was the leading force to the ICO bubble back in 2017 and it managed to reach a price 4 times higher than where it is these days. Meanwhile, development has never stopped, and the founder and genius mind behind the project, Vitalik Buterin, is busy plotting the next release. This release will be Ethereum 2.0. It will be the moment the Ethereum blockchain switches from a Proof-Of-Work consensus method to a Proof-Of-Stake. This will mean that you can now stake your Ethereum and earn a reward for simply holding your tokens. This will create more scarcity and utility to the token, which might lead to an increase in price. Now, nothing is guaranteed in this world but one thing is for sure: lots of people are stacking up on Ethereum!
1. The bitcoin halvening
The event that everyone’s been getting excited about for the past months is the Bitcoin Halvening. It’s the event where the reward for miners gets cut in half. We’ve discussed the event in a prior blog post, so we won’t go into much detail. All we can say is that many people are expecting bitcoin to make some major moves around the halvening. It’s scheduled for mid-may this year, so expect some fireworks around this period! The hashtag #StackingSatoshis has been trending for a long time on crypto Twitter, so maybe you should do the same!
When looking at the events for the upcoming year, it’s safe to say we are up for a revolutionary year. It will be a year with many changes and possibly the year where we will see another bull run happening, the one that we’ve all been waiting on since the end of 2018. We will keep you posted on everything that’s happening around these major events. But always make sure to stay on top of things yourself as well, all of these events might affect the price of bitcoin and many other cryptocurrencies!
SwapSpace team is always ready for discussion. You can drop an email with your suggestions and questions to [[email protected]](mailto:[email protected]) Join our social networks: Twitter, Medium, Facebook, Telegram The best rates on https://swapspace.co/ Why SwapSpace https://swapspace.co/blog/2019/09/17/why-swapspace/
submitted by SwapSpace_co to CryptoCurrencyTrading [link] [comments]

Top 5 Most Anticipated Crypto Events of 2020

The cryptocurrency industry is far from where it was in the early days. These days, millions of people across the planet spend their daily lives all on blockchain and cryptocurrencies. Dozens of events worldwide attract investors that are seeking knowledge. We’ve seen the impact an event can have before, especially during the 2017 bull market where events led the market. Because of the potential impact, we would like to inform you of the upcoming events that are scheduled for this year to happen. If you already know something is coming up, you can start planning ahead and predicting what the possible outcome will be.
5. The uprise of centralized stablecoins
The main reason why cryptocurrencies were created was to stay away from third-party control. When you have your possessions stored on blockchains, you are the one that has access, no one else has. When it comes to money, for example, you now have the ability to perform anonymous transactions. However, making anonymous transactions is becoming harder by the day. In lots of countries, cash payments are limited to a couple of thousand euros, which brings you to digital matters. The problem with this digital matter is third-party interference. Banks, shops, governments can all see what kind of transactions you are making. To disrupt the technology that’s disrupting industries, governments like Chinese ones are now actively developing their state stablecoins. This year could just be the year where a country or multiple release their digital currencies and force people to start using it. We have seen it in Venezuela, but this time it will be properly executed. The more control the government has, the happier they are.
4. ETF Approval
Something that’s been lurking around the corner is the approval of Exchange Traded Funds by the American SEC. It’s basically a way for institutional investors to proportionally invest parts of their portfolio into bitcoin or cryptocurrencies as a whole. As many attempts have failed in earlier years, the propositions are becoming more robust every time. Plus, the entire cryptocurrency market becomes more stable by the day. And, with more trust in the industry, the SEC will eventually realize that it’s not going to vanish.
3. Consensus 2020
Those who have been around for multiple years probably will remember what happened in 2017 and 2018 surrounding Consensus. It’s one of the biggest cryptocurrency/blockchain events across the entire world. It’s hosted in New York, the United States from May 11th till 13th. Earlier Consensus was the event where new coins were released, ICOs were announced and investors opened up their wallets to new opportunities. Meanwhile, investors who weren’t present at the event were patiently waiting for all the news to come out. When they did, you could see the prices of all kinds of coins increasing rapidly. This year, Consensus is home to lots of great speakers from all major companies. It’s sponsored by companies like IBM, Santander, Bakkt and many others.
2. Ethereum 2.0 launches
As a runner up in terms of market cap, Ethereum has shown a strong presence ever since its start. The project was the leading force to the ICO bubble back in 2017 and it managed to reach a price 4 times higher than where it is these days. Meanwhile, development has never stopped, and the founder and genius mind behind the project, Vitalik Buterin, is busy plotting the next release. This release will be Ethereum 2.0. It will be the moment the Ethereum blockchain switches from a Proof-Of-Work consensus method to a Proof-Of-Stake. This will mean that you can now stake your Ethereum and earn a reward for simply holding your tokens. This will create more scarcity and utility to the token, which might lead to an increase in price. Now, nothing is guaranteed in this world but one thing is for sure: lots of people are stacking up on Ethereum!
1. The bitcoin halvening
The event that everyone’s been getting excited about for the past months is the Bitcoin Halvening. It’s the event where the reward for miners gets cut in half. We’ve discussed the event in a prior blog post, so we won’t go into much detail. All we can say is that many people are expecting bitcoin to make some major moves around the halvening. It’s scheduled for mid-may this year, so expect some fireworks around this period! The hashtag #StackingSatoshis has been trending for a long time on crypto Twitter, so maybe you should do the same!
When looking at the events for the upcoming year, it’s safe to say we are up for a revolutionary year. It will be a year with many changes and possibly the year where we will see another bull run happening, the one that we’ve all been waiting on since the end of 2018. We will keep you posted on everything that’s happening around these major events. But always make sure to stay on top of things yourself as well, all of these events might affect the price of bitcoin and many other cryptocurrencies!
SwapSpace team is always ready for discussion. You can drop an email with your suggestions and questions to [[email protected]](mailto:[email protected]) Join our social networks: Twitter, Medium, Facebook, Telegram The best rates on https://swapspace.co/ Why SwapSpace https://swapspace.co/blog/2019/09/17/why-swapspace/
submitted by SwapSpace_co to CryptoMarkets [link] [comments]

Top 5 Most Anticipated Crypto Events of 2020

The cryptocurrency industry is far from where it was in the early days. These days, millions of people across the planet spend their daily lives all on blockchain and cryptocurrencies. Dozens of events worldwide attract investors that are seeking knowledge. We’ve seen the impact an event can have before, especially during the 2017 bull market where events led the market. Because of the potential impact, we would like to inform you of the upcoming events that are scheduled for this year to happen. If you already know something is coming up, you can start planning ahead and predicting what the possible outcome will be.
5. The uprise of centralized stablecoins
The main reason why cryptocurrencies were created was to stay away from third-party control. When you have your possessions stored on blockchains, you are the one that has access, no one else has. When it comes to money, for example, you now have the ability to perform anonymous transactions. However, making anonymous transactions is becoming harder by the day. In lots of countries, cash payments are limited to a couple of thousand euros, which brings you to digital matters. The problem with this digital matter is third-party interference. Banks, shops, governments can all see what kind of transactions you are making. To disrupt the technology that’s disrupting industries, governments like Chinese ones are now actively developing their state stablecoins. This year could just be the year where a country or multiple release their digital currencies and force people to start using it. We have seen it in Venezuela, but this time it will be properly executed. The more control the government has, the happier they are.
4. ETF Approval
Something that’s been lurking around the corner is the approval of Exchange Traded Funds by the American SEC. It’s basically a way for institutional investors to proportionally invest parts of their portfolio into bitcoin or cryptocurrencies as a whole. As many attempts have failed in earlier years, the propositions are becoming more robust every time. Plus, the entire cryptocurrency market becomes more stable by the day. And, with more trust in the industry, the SEC will eventually realize that it’s not going to vanish.
3. Consensus 2020
Those who have been around for multiple years probably will remember what happened in 2017 and 2018 surrounding Consensus. It’s one of the biggest cryptocurrency/blockchain events across the entire world. It’s hosted in New York, the United States from May 11th till 13th. Earlier Consensus was the event where new coins were released, ICOs were announced and investors opened up their wallets to new opportunities. Meanwhile, investors who weren’t present at the event were patiently waiting for all the news to come out. When they did, you could see the prices of all kinds of coins increasing rapidly. This year, Consensus is home to lots of great speakers from all major companies. It’s sponsored by companies like IBM, Santander, Bakkt and many others.
2. Ethereum 2.0 launches
As a runner up in terms of market cap, Ethereum has shown a strong presence ever since its start. The project was the leading force to the ICO bubble back in 2017 and it managed to reach a price 4 times higher than where it is these days. Meanwhile, development has never stopped, and the founder and genius mind behind the project, Vitalik Buterin, is busy plotting the next release. This release will be Ethereum 2.0. It will be the moment the Ethereum blockchain switches from a Proof-Of-Work consensus method to a Proof-Of-Stake. This will mean that you can now stake your Ethereum and earn a reward for simply holding your tokens. This will create more scarcity and utility to the token, which might lead to an increase in price. Now, nothing is guaranteed in this world but one thing is for sure: lots of people are stacking up on Ethereum!
1. The bitcoin halvening
The event that everyone’s been getting excited about for the past months is the Bitcoin Halvening. It’s the event where the reward for miners gets cut in half. We’ve discussed the event in a prior blog post, so we won’t go into much detail. All we can say is that many people are expecting bitcoin to make some major moves around the halvening. It’s scheduled for mid-may this year, so expect some fireworks around this period! The hashtag #StackingSatoshis has been trending for a long time on crypto Twitter, so maybe you should do the same!
When looking at the events for the upcoming year, it’s safe to say we are up for a revolutionary year. It will be a year with many changes and possibly the year where we will see another bull run happening, the one that we’ve all been waiting on since the end of 2018. We will keep you posted on everything that’s happening around these major events. But always make sure to stay on top of things yourself as well, all of these events might affect the price of bitcoin and many other cryptocurrencies!

SwapSpace team is always ready for discussion. You can drop an email with your suggestions and questions to [[email protected]](mailto:[email protected]) Join our social networks: Twitter, Medium, Facebook, Telegram The best rates on https://swapspace.co/ Why SwapSpace https://swapspace.co/blog/2019/09/17/why-swapspace/
submitted by SwapSpace_co to SwapSpace [link] [comments]

Top 5 Most Anticipated Crypto Events of 2020

The cryptocurrency industry is far from where it was in the early days. These days, millions of people across the planet spend their daily lives all on blockchain and cryptocurrencies. Dozens of events worldwide attract investors that are seeking knowledge. We’ve seen the impact an event can have before, especially during the 2017 bull market where events led the market. Because of the potential impact, we would like to inform you of the upcoming events that are scheduled for this year to happen. If you already know something is coming up, you can start planning ahead and predicting what the possible outcome will be.
5. The uprise of centralized stablecoins
The main reason why cryptocurrencies were created was to stay away from third-party control. When you have your possessions stored on blockchains, you are the one that has access, no one else has. When it comes to money, for example, you now have the ability to perform anonymous transactions. However, making anonymous transactions is becoming harder by the day. In lots of countries, cash payments are limited to a couple of thousand euros, which brings you to digital matters. The problem with this digital matter is third-party interference. Banks, shops, governments can all see what kind of transactions you are making. To disrupt the technology that’s disrupting industries, governments like Chinese ones are now actively developing their state stablecoins. This year could just be the year where a country or multiple release their digital currencies and force people to start using it. We have seen it in Venezuela, but this time it will be properly executed. The more control the government has, the happier they are.
4. ETF Approval
Something that’s been lurking around the corner is the approval of Exchange Traded Funds by the American SEC. It’s basically a way for institutional investors to proportionally invest parts of their portfolio into bitcoin or cryptocurrencies as a whole. As many attempts have failed in earlier years, the propositions are becoming more robust every time. Plus, the entire cryptocurrency market becomes more stable by the day. And, with more trust in the industry, the SEC will eventually realize that it’s not going to vanish.
3. Consensus 2020
Those who have been around for multiple years probably will remember what happened in 2017 and 2018 surrounding Consensus. It’s one of the biggest cryptocurrency/blockchain events across the entire world. It’s hosted in New York, the United States from May 11th till 13th. Earlier Consensus was the event where new coins were released, ICOs were announced and investors opened up their wallets to new opportunities. Meanwhile, investors who weren’t present at the event were patiently waiting for all the news to come out. When they did, you could see the prices of all kinds of coins increasing rapidly. This year, Consensus is home to lots of great speakers from all major companies. It’s sponsored by companies like IBM, Santander, Bakkt and many others.
2. Ethereum 2.0 launches
As a runner up in terms of market cap, Ethereum has shown a strong presence ever since its start. The project was the leading force to the ICO bubble back in 2017 and it managed to reach a price 4 times higher than where it is these days. Meanwhile, development has never stopped, and the founder and genius mind behind the project, Vitalik Buterin, is busy plotting the next release. This release will be Ethereum 2.0. It will be the moment the Ethereum blockchain switches from a Proof-Of-Work consensus method to a Proof-Of-Stake. This will mean that you can now stake your Ethereum and earn a reward for simply holding your tokens. This will create more scarcity and utility to the token, which might lead to an increase in price. Now, nothing is guaranteed in this world but one thing is for sure: lots of people are stacking up on Ethereum!
1. The bitcoin halvening
The event that everyone’s been getting excited about for the past months is the Bitcoin Halvening. It’s the event where the reward for miners gets cut in half. We’ve discussed the event in a prior blog post, so we won’t go into much detail. All we can say is that many people are expecting bitcoin to make some major moves around the halvening. It’s scheduled for mid-may this year, so expect some fireworks around this period! The hashtag #StackingSatoshis has been trending for a long time on crypto Twitter, so maybe you should do the same!
When looking at the events for the upcoming year, it’s safe to say we are up for a revolutionary year. It will be a year with many changes and possibly the year where we will see another bull run happening, the one that we’ve all been waiting on since the end of 2018. We will keep you posted on everything that’s happening around these major events. But always make sure to stay on top of things yourself as well, all of these events might affect the price of bitcoin and many other cryptocurrencies!
SwapSpace team is always ready for discussion. You can drop an email with your suggestions and questions to [[email protected]](mailto:[email protected]) Join our social networks: Twitter, Medium, Facebook, Telegram The best rates on https://swapspace.co/ Why SwapSpace https://swapspace.co/blog/2019/09/17/why-swapspace/
submitted by SwapSpace_co to CoinTelegraph [link] [comments]

The stupid economics of bitcoin part 2: why the block reward halving doubles the price

This is part 2 of my series on the stupid economics and fundamentals of bitcoin. A quick summary of my argument: bitcoins are either in the process of being used for a darknet transaction or they are being hodled by somebody with no intention to spend them. The bitcoins used by the darknets will always be worth the value of the illegal transactions using bitcoin over a period, assume that it is $100 million. If the darknets have all the bitcoin then the total amount of bitcoin is worth $100 million. If darknets have half of the bitcoin then the total value of all bitcoins is $200 million. If the darknets only have 1% of the bitcoin supply then the total value of bitcoin is $10 billion.
I recommend you read part 1 first for an explainer of the basics. After that post, the biggest concerns that commentators had was about how mining impacted the model and what the effect of trading on exchanges was. This part will address mining and how the block reward halving doubles the price of bitcoin. The next will hopefully deal more with short-term trading.
Recap of Model Here is a recap of the model and what it looks like when it works ideally. This section has been copied from the introduction so if you have read the introduction skip this.
Mining As an incentive to use computing power to verify the blockchain (it’s more complicated than this) miners receive a block reward whenever they successfully mine a block. In the real world, the block reward is currently 12.5 bitcoins and blocks are mined every 10 minutes.
As a simplification, I am going to have my block reward be 1 bitcoin a day for a single miner. I also assume that the miner tries to sell their bitcoins immediately.
Now we start the model. At the start of the first day drug sellers are selling 100 bitcoins, drug buyers have $100 to buy bitcoins with and the miner has 1 bitcoin to sell. The drug buyers buy all 101 bitcoins for a price of 1BTC=$0.9901 each, spending all $100. The exchange closes, the market opens and all drugs are sold for a total of 101 bitcoins. The market closes.
On the second day, drug sellers are selling 101 bitcoins, drug buyers have $100 to spend and the miner has 1 bitcoin to sell. The bitcoins are all bought at a price of 1BTC=$0.9804. The drug sellers have received $99.02 for their bitcoin. Note that drug buyers bought the bitcoin for $100. The $0.98 difference is the cost paid to the miner. This cost is probably split between drug buyers and sellers by drug sellers setting their prices slightly higher to compensate. The exchange closes, the market opens and all drugs are sold successfully. This continues into the future.
Mining is a cost that that applies to the economic users of bitcoin. It causes the price of bitcoins on the exchange to gradually fall. But this only applies if there is no new fiat being spent to buy and hodl bitcoin.
Buying Mined Bitcoins In the previous post I estimated that there were 3,300 bitcoins being used on darknet markets. With the decline of bitcoin since then that number has probably risen. The estimate might be wrong but it seems clear that the number is small compared to over 17 million bitcoins that have been mined. Since 1,800 bitcoins are mined every day why doesn’t the price crash? The number of newly-mined bitcoins is large compared to the number being used on darknet markets. By my model this should cause a price crash. But bitcoin isn’t crashing to this extent. Thanks to comments to my previous post I have developed my model further to show how the mined bitcoins can be released without crashing the price of bitcoin.
First, we return to the mining model. This time there is a hodler who spends $1 each day to buy bitcoin.
On the first day, the drug sellers have 100 bitcoins to sell, drug buyers have $100 to spend, the miner has 1 bitcoin to sell and the hodler has $1 they want to spend. The exchange opens and the price is 1BTC=$1. The drug buyers spend $100 to buy 100 bitcoins. The hodler spends $1 to buy 1 bitcoin. All fiat has been spent and all bitcoins have been sold. The exchange then closes, the market opens and all drugs are sold.
The next day is the same except the hodler starts the day with 1 bitcoin and ends the day with 2 bitcoins. So, if there is enough hodler inflows the buy all the mined bitcoin then the price of bitcoin will not change. But what if the hodling inflows are not enough to buy all the mined bitcoin?
This time the hodler only spends $0.50 to buy bitcoin each day. The exchange opens and $100.5 is spent on 101 bitcoins so the price is 1BTC=$0.9951. The hodler now has 0.4975 bitcoins. The drug buyers have 100.5025 bitcoins which is to buy all the drugs at the darknet market.
The next day $100.50 is spent again, this time on 101.5025 bitcoins (the bitcoins given to drug sellers and the newly mined bitcoin). The price is 1BTC=$0.9901, and all the drugs in the darknet market are sold at this price. This example illustrates the long-term model of the price of bitcoin which will be explained in the next section.
Long-Term Model Let’s consider the inflows of new money buying bitcoin to hodl. If there are in fact net outflows then the price of bitcoin will decline. If there are no net inflows then the inflation from newly mined bitcoins will cause the price to drop as in the first mining example. Those are the simple cases. The long-term model considers what happens if there are positive net inflows of fiat to hodl bitcoins. This is probably the truth over the long-term. It is also a more complicated model.
The previous model is the medium-term model. We now properly introduce I, the average inflows of new fiat spent to hodl bitcoins over a period and N, the number of bitcoins mined over the period. Considering the above example, the price of bitcoin converges to I/N in the long term. Note that if I is constant from period to period then the price will never actually reach I/N. Also note that convergence is very slow, it really is a long-term model.
To generalise from the example, if the price is above I/N then there are not enough inflows of hodler fiat, so some of the mined bitcoins will be sold to the darknet markets. This will lower the price of bitcoin. The price will continue to fall, but in lower increments.
If the price of bitcoin is below I/N then hodlers will buy more bitcoins than are mined. After buying the mined bitcoins they will be bought from the darknet markets. This will raise the price.
An interesting fact of the long-term model is that when the block reward halves then we should expect the price of bitcoin to double over the long term.
Volatility and Price Now consider the components of I. There are many people online who buy bitcoin. Many of them buy new bitcoins with new savings. Each individual person is an individual distribution of possible amounts spent to buy and hodl bitcoin. Therefore, the overall amount spent on hodling bitcoin is normally distributed with a certain mean and variance.
If we double the number of people buying bitcoin, then we double the mean and volatility of I. However, we increase the standard deviation of I by a factor of 1.41.
Suppose that only one bitcoin is mined each day, the mean of I is 500 and the standard deviation is 50. Then if we double the number of components of I (and assume similar distributions to the old components), the new mean is 1000 and new standard deviation is 70.5.
Approximately 68% of the normal distribution lies within one standard deviation of the mean. Under of old distribution of I, if I was exactly the mean 500, the next day there is a 68% chance I is between 450 and 550 (as on every day), so there is 68% chance the price change will be between -10% and 10%.
Now we consider the new distribution of I. We assume the previous day I took exactly the value of the mean of 1000. There is a 68% chance that the next day I will be between 929.5 and 1070.5. That implies that there is a 68% chance the price change will be between -7.05% and 7.05%.
The above example is not rigorous, but does demonstrate how an increase in I increases the price of bitcoin but also lowers the volatility of the price. This gives us the last of the three main results from this part:
The price of bitcoin tends towards a long-term value
When the block reward for mining bitcoin halves the long-term price of bitcoin doubles
Taking that into account, the higher the price of bitcoin, the lower the volatility of the price
Doing some preliminary investigations into the last bolded point revealed no evidence of declining volatility with increasing price. The major reason for this would be that there were incorrect simplifications made about I. The characteristics of I are probably not stable which creates volatility in the price of bitcoin.
Next time I will write about estimates of the size of darknet markets and short-term factors in bitcoin’s price.
submitted by GBerkeley1734 to Buttcoin [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
THE GREAT CREDIT CONTRACTION
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
(http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg)
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
BITCOIN'S RISK PROFILE
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
(http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png)
TRANSACTIONS
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
(http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png)
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA.
DEVELOPERS
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
(http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg)
SETTLEMENT CURRENCY
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
PRICE
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
(http://www.runtogold.com/images/bitcoin-speculation.jpg)
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
(http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png)
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
(http://www.runtogold.com/images/bitcoin-price-pro-forma.png)
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
CONCLUSION
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

Daily analysis of cryptocurrencies 20191028 (Market index 52 — Neutral state)

Daily analysis of cryptocurrencies 20191028 (Market index 52 — Neutral state)

https://preview.redd.it/e6eh1zbgw9v31.jpg?width=1200&format=pjpg&auto=webp&s=8b894ac8b9b189c846ddffcc21ec79cdbd15d640

Chinese MIIT Official: China Contributes Two Important Global Blockchain Standards China MIIT official LI Ming commented after the politburo study session on October 24, “ MIIT has published seven group standards related to blockchain’s development, and over ten international standards have been established. Two of them are from China.
Chinese Foreign Exchange Officials: Countries Are Strengthening Cooperation On Cross-Border Financial Regulations And Law Enforcement According to Chinese financial news outlet Caixin.com, SUN Tianqi, chief accountant of the State Administration of Foreign Exchange, recently went to Washington to attend the Financial Supervision Conference organized by the US Commodity Futures Trading Commission (CFTC). SUN said that countries worldwide are strengthening regulatory and law enforcement cooperation to regulate cross-border financial services. Representatives of financial regulators and financial institutions from about 40 countries and regions participated the conference. During the meeting, representatives of national regulatory authorities discussed the development of FinTech, digital currency, cross-border financial services, and regulatory cooperation to combat illegal cross-border financial activities.
Largest American Food Coop To Pilot Mastercard’s Blockchain Tech Topco Associates, the largest American retail food group purchasing organization, will pilot Mastercard’s blockchain tech in its operations. Reported on Oct. 27, Topco will test a traceability platform developed by logistics firm Envisible. The Wholechain platform is based on Mastercard’s blockchain-based Provenance Solution. Topco will use the platform to trace the provenance of produce, meat and seafood.
Asia School Of Business Partners With MIT On Crypto And Blockchain Course Malaysia-based Asia School of Business has partnered with the Massachusetts Institute of Technology (MIT) to launch its first postgraduate course focused on central bank operations, with cryptocurrency, blockchain, monetary policy, economic management, and artificial intelligence included, Nikkei reports. Professionals from Asian and American central banks are reportedly involved in the course that is scheduled to start in May, 2020.

Encrypted project calendar(October 28, 2019)

LTC/Litecoin: Litecoin (LTC) 2019 Litecoin Summit will be held from October 28th to October 29th in Las Vegas, USA BTC/Bitcoin: Mt.Gox changes the debt compensation plan submission deadline to October 28 ZEC/Zcash: Zcash (ZEC) will activate the Blossom Agreement on October 28th Stellar (XLM): 28 October 2019 Protocol 12 Upgrade Vote Horizon v0.22.0 has been released, which supports Protocol 12. This gives everyone ample time to prepare for the Protocol 12 upgrade vote Celsius (CEL) and 3 others: 28 October 2019 Litecoin Summit “…The Litecoin Summit offers two fun, jam-packed days with something for everyone.” XFOC (XFOC): The IDAX platform will be online XFOC and will open the XFOC/USDT trading pair at 13:00 on October 28. MEDIUM (MDM): The IDAX platform lists MDM and will open MDM/BTC trading pairs on October 28th at 15:00. ZB/ ZB Blockchain: The “2019 Hamburg Intercontinental Dialogue Conference” hosted by ZB.com will be held from October 28th to November 9th at the Four Seasons Hotel Hamburg, Germany. BQT (BQTX): 28 October 2019 Down for Maintenance BQTX.com will be down for maintenance on the 28th of October from 7 to 12am UTC.

Encrypted project calendar(October 29, 2019)

BTC/Bitcoin: The 2nd World Encryption Conference (WCC) will be held in Las Vegas from October 29th to 31st. ICON (ICX): 29 October 2019 Decentralization “As a result, the decentralization schedule of the ICON Network has been changed from September 24, 2019 to October 29, 2019.” Ark (ARK): and 10 others 29 October 2019 WCC 2019 Second annual Blockchain and Cryptocurrency Technology event, World Crypto Conference (WCC), October 29th — October 31, 2019. Insifa (ISF): 29 October 2019 Prototype Alpha “We from Insifa have decided to be more open. Our Prototype will be developed in scrum. This means new releases every two weeks.” Enjin Coin (ENJ): 29 October 2019 EnjinCraft Stress Test “Join us Oct. 29 at 7:00pm GMT for a stress test. Let’s try to break #EnjinCraft!” IOTA (MIOTA): 29 October 2019 IOTSWC Barcelona IOT Solutions World Congress Digitalizing Industries conference in Barcelona from October 29–31.

Encrypted project calendar(October 30, 2019)

MIOTA/IOTA: IOTA (MIOTA) IOTA will host a community event on October 30th at the University of Southern California in Los Angeles on the topic “How to store data on IOTA Tangle.” TRON (TRX): 30 October 2019 SFBW19 Afterparty “TRON Official SFBW19 Afterparty from 7–10:30 PM in San Francisco.” Horizen (ZEN): 30 October 2019 Horizen Quarterly Update Join our first Quarterly Update on October the 30th at 5 PM UTC/ 1 PM EST. Deeper look into Engineering, BD, Marketing, and more. Aeternity (AE): 30 October 2019 Hardfork “The third hardfork of the æternity Mainnet is scheduled for October 30, 2019.” Valor Token (VALOR): 30 October 2019 Transaction Fees Resume “It’s September and the SMART VALOR Platform is still waiving transaction fees for all members, until October 30th!” Aragon (ANT): 30 October 2019 Singapore Meetup “Aragon on DAOs and DeFi” from 6:30–8:30 PM. Kambria (KAT): 30 October 2019 Outliers Hashed Awards Outliers Hashed awards from October 30–31. Ethereum Classic (ETC): 30 October 2019 Cohort Demo Day “ETC Labs hosts it’s 2nd Cohort Demo Day. Learn about the companies and project being accelerated through the Ethereum Classic ecosystem.”

Encrypted project calendar(October 31, 2019)

Spendcoin (SPND): 31 October 2019 (or earlier) Cross Ledger Mainnet “Cross Ledger Mainnet Release and SPND Token Swap,” during October 2019. Spendcoin (SPND): 31 October 2019 (or earlier) Blkchn University Beta “Blockchain University Beta goes live,” during October 2019. Stellar (XLM): 31 October 2019 (or earlier) Minor Release “We will have 6 Minor Releases in 2019; one each in February, March, May, June, August, and October.” Bitcoin SV (BSV): 31 October 2019 (or earlier) BSV Conference Seoul No additional information. Seele (SEELE): 31 October 2019 (or earlier) Public Network Mainne launch has been moved to Oct 31 . Howdoo (UDOO): 31 October 2019 (or earlier) Howdoo Live on Huawei Howdoo begins its exciting partnership with Huawei with listing as a featured app starting in October. Chiliz (CHZ): 31 October 2019 (or earlier) App Soft Launch Soft launch of Socios App by end of October. Dent (DENT): 31 October 2019 (or earlier) Loyalty Program “Afterburner loyalty program launch for all 21,6 Million mobile #DENT users will be in October!” IceChain (ICHX): 31 October 2019 (or earlier) Wallet Release IceChain releases wallet during October. Chiliz (CHZ): 31 October 2019 (or earlier) New Partnerships New sports and new teams joining Socios (+more updates and events) will be announced in the upcoming weeks. Horizen (ZEN): 31 October 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. PCHAIN (PI): 31 October 2019 (or earlier) New Website No additional information. IOST (IOST): 31 October 2019 (or earlier) New Game on IOST “Eternal Fafnir, a new role-playing game developed by INFUN is coming to you in Oct.” Achain (ACT): 31 October 2019 Mainnet 2.0 Launch “… The main network is officially scheduled to launch on October 31.” Mithril (MITH):31 October 2019 Burn “MITH burn will take place on 2019/10/31 2pm UTC+8. “ Aergo (AERGO): 31 October 2019 (or earlier) Aergo Lite V1.0 Release AergoLite, which brings blockchain compatibility to billions of devices using SQLite, released during October 2019. TE-FOOD (TFD): 31 October 2019 (or earlier) Complementary Product “Development of a new, complementary product with a new partner, which we hope to be launched in September-October.” Edge (DADI): 31 October 2019 (or earlier) Full Open Source Code base for the network fully open-sourced in September or October. BlockStamp (BST): 31 October 2019 (or earlier) ASIC Miner Prototype In orderr to ensure BlockStamps continued decentralization, we will release a BST ASIC miner for testing. Perlin (PERL): 31 October 2019 (or earlier) SSA Partnership “Perlin has partnered with the Singapore Shipping Association to create the International E-Registry of Ships (IERS)” Skrumble Network (SKM): 31 October 2019 (or earlier) Exchange Release “3rd dApp: Exchange Release,” during October 2019. EDC Blockchain (EDC): 31 October 2019 (or earlier) Blockchain Marketplace “As you already know, our ECRO blockchain marketplace is ready for release, and will open to the global community in October!” BlockStamp (BST): 31 October 2019 (or earlier) ASIC Miner Prototype In orderr to ensure BlockStamps continued decentralization, we will release a BST ASIC miner for testing. XinFin Network (XDCE): 31 October 2019 Homebloc Webinar “XinFin — Homebloc Webinar 2019” from 9–10 PM. Akropolis (AKRO): 31 October 2019 (or earlier) Alpha Release “Delivers the initial mainnet implementation of protocol. All building blocks will be united to one product.” Hyperion (HYN): 31 October 2019 (or earlier) Economic Model The final version of the HYN Economic Model launches in October.

Encrypted project calendar(November 1, 2019)

INS/Insolar: The Insolar (INS) Insolar wallet and the redesigned Insolar Block Explorer will be operational on November 1, 2019. VeChain (VET):”01 November 2019 BUIDLer Reunion Party BUIDLer Reunion Party in San Francisco from 8–11 PM. uPlexa (UPX): 01 November 2019 Steadfast Storm — PoS/PoW split (Utility nodes ie. master nodes) — Upcoming Anonymity Network much like TOR — Privacy-based DApps — Reduced network fees. Enjin Coin (ENJ): 01 November 2019 MFT Binding “ICYMI: On Enjin Coin’s 2nd anniversary (November 1), Enjin MFTs will be bound to hodlers’ blockchain addresses…” Auxilium (AUX):01 November 2019 AUX Interest Distribution Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supports charity. Havy (HAVY):01 November 2019 Token Buyback “Havy tokens buyback, Only in 1 exchange between Idex, Mercatox & Hotbit. The exchange depends on the most lower sell wall.” Egretia (EGT): 01 November 2019 Global DApp Contest SF 2019 Egretia Global DApp Contest in San Francisco. EthereumX (ETX): 01 November 2019 Snapshot for ETX Holders “Next snapshot of ETX balances will be taken on 1st November 2019.” Veros (VRS): 01 November 2019 Transcoin Partnership “On November 1, Transcoin instant swap tool will be integrated into @VEROSFP platform.”

Encrypted project calendar(November 2, 2019)

Kambria (KAT): 02 November 2019 VietAI Summit 2019 Kambria joins forces with VietAI for the annual VietAI Summit, with top experts from Google Brain, NVIDIA, Kambria, VietAI, and more!

Encrypted project calendar(November 4, 2019)

Stellar (XLM): 04 November 2019 Stellar Meridian Conf. Stellar Meridian conference from Nov 4–5 in Mexico City. Cappasity (CAPP): 04 November 2019 Lisbon Web Summit Lisbon Web Summit in Lisbon, Portugal from November 4–7.

Encrypted project calendar(November 5, 2019)

Nexus (NXS): 05 November 2019 Tritium Official Release “Remember, Remember the 5th of November, the day Tritium changed Distributed Ledger. Yes, this is an official release date.” NEM (XEM): 05 November 2019 Innovation Forum — Kyiv NEM Foundation Council Member Anton Bosenko will be speaking in the upcoming International Innovation Forum in Kyiv on November 5, 2019. TomoChain (TOMO): 05 November 2019 TomoX Testnet “Mark your calendar as TomoX testnet will be live on Tuesday, Nov 5th!” aelf (ELF): 05 November 2019 Bug Bounty Program Ends On Oct 24th, 2019 aelf’s biggest bug bounty will launch with a large reward pool. The event will run for almost 2 weeks.

Encrypted project calendar(November 6, 2019)

STEEM/Steem: The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th. KIM/Kimcoin: Kimcoin (KIM) Bitfinex will be online at KIM on November 6, 2019 at 12:00 (UTC).

Encrypted project calendar(November 7, 2019)

XRP (XRP): 07 November 2019 Swell 2019 Ripple hosts Swell from November 7th — 8th in Singapore. BTC/Bitcoin: Malta The A.I. and Blockchain summit will be held in Malta from November 7th to 8th.

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th. IOTX/IoTeX: IoTex (IOTX) will participate in the CES Expo on November 08

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland. HTMLCOIN (HTML): 09 November 2019 (or earlier) Mandatory Wallet Update Mandatory Wallet Update: there will be a soft fork on our blockchain. This update adds header signature verification on block 997,655.

Encrypted project calendar(November 11, 2019)

PAX/Paxos Standard: Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference. Crypto.com Coin (CRO): and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore. GoldCoin (GLC): 11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…”

Encrypted project calendar(November 12, 2019)

BTC/Bitcoin: The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13th Binance Coin (BNB) and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.”

Encrypted project calendar(November 13, 2019)

Fetch.ai (FET): 13 November 2019 Cambridge Meetup “Join us for a @Fetch_ai #Cambridge #meetup on 13 November @pantonarms1.” Binance Coin (BNB) and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…” OKB (OKB): 13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov. Centrality (CENNZ): 13 November 2019 AMA Meetup “Ask our CEO @aaronmcdnz anything in person! Join the AMA meetup on 13 November in Singapore.” OKB (OKB): 13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).

Encrypted project calendar(November 14, 2019)

BTC/Bitcoin: The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th. Binance Coin (BNB): and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15. Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO @johnnyryan, as well as @UoE_EFI Horizen (ZEN): 14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(November 15, 2019)

TRON (TRX): 15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th” Bluzelle (BLZ): 15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019. Zebi (ZCO): 15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.” OKB (OKB): 15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.”

Encrypted project calendar(November 16, 2019)

Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…”

Encrypted project calendar(November 17, 2019)

OKB (OKB): 17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.

Encrypted project calendar(November 19, 2019)

Lisk (LSK): 19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”

Encrypted project calendar(November 20, 2019)

OKB (OKB): 20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!”
https://preview.redd.it/w3o9yrrjw9v31.png?width=504&format=png&auto=webp&s=05ed870dac22201b6222d240aac340345499f437

This past week, there was a sharp rally in bitcoin above the $7,500 and $8,000 resistances against the US Dollar. BTC even surged above the $9,500 and $10,000 levels before correcting lower.
Later, the price corrected below the $9,500 support and the $9,000 pivot zone. However, the decline was contained below $9,000 and the price remained well above the 100 hourly simple moving average.
A low was formed near $8,896 and bitcoin started a fresh increase. It broke the $9,000 and $9,200 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downward correction from the $10,578 high to $8,896 low.
However, the price seems to be facing a strong resistance near $9,850 and $9,900. Besides, the 61.8% Fib retracement level of the downward correction from the $10,578 high to $8,896 low prevented any further upsides.
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Bitcoin mining 2020 (The basics of how to mine bitcoin ... -BITCOIN: Mining Basics German- What is Bitcoin Mining? - YouTube MintForge.com Avalon ASIC Bitcoin Miner 230 GH/s makes $70/day The Basics of Bitcoin

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Bitcoin mining 2020 (The basics of how to mine bitcoin ...

Bitcoin miner for Gaming PC With one button your can start mining bitcoins! Easy bitcoin address setup. Every 4-5 days you can withdraw your mined bitcoins. No fees! Get massive hashing power for ... Demo of MintForge.com Avalon ASIC Bitcoin Miner 230 GH/s makes $70/day By Rezilient Company LLC For more information: https://www.bitcoinmining.com and https://www.weusecoins.com What is Bitcoin Mining? Have you ever wondered how Bitcoin is generated? T... This is an Intro to Bitcoin presentation given by Chris Palasz at the Seoul Bitcoin meetup in August of 2018. He addresses the following topics: - Why Bitcoi... Reverse - How To Basic - How To Mine Bitcoin Reverse. Loading... Unsubscribe from Reverse? ... 02. Reverse - How To Basic - How To Fix a Dented Car - Duration: 1:24. Reverse 9,024 views. 1:24 ...

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