The Satoshi is a smaller denomination of bitcoin — Quartz

HOW BITCOIN WORKS

HOW BITCOIN WORKS

Bitcoin Definition

Bitcoin is a digital store of value and a disinflationary digital currency designed to facilitate financial transactions without a centralized intermediary and government control.
You can read the original Bitcoin whitepaper by clicking on this link
https://preview.redd.it/6tyw59woq4p51.jpg?width=496&format=pjpg&auto=webp&s=7a1c96a3ecc42ce18a27f47f33eca96f1bc2df92

Bitcoin Characteristics

Bitcoin has the following unique characteristics and distinctive features.
  • Decentralized. No one controls Bitcoin as its blockchain is globally distributed.
  • Censorship-Resistant. Governments and central banks cannot take control over Bitcoin.
  • Trustless. Nobody has to trust anybody else in order the Bitcoin network to function.
  • Irreversible. Bitcoin transactions are irreversible unlike traditional banking transfers.
  • Anonymous. Bitcoin addresses do not contain any personal information.
  • Divisible. Every Bitcoin is divided into 8 decimal places (0.00000001 BTC).
  • Limited Supply. Bitcoin has a disinflationary economic model and a fixed supply of 21 million.
  • Fast Settlement. Bitcoin transactions are fast, cost-effective, and cross-border.
You can learn more about Bitcoin and its unique characteristics here.
Legal Disclosure: The information contained in this article is the property of Digital Finance LLC and cannot be republished without our prior permission.
Digital Finance is a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world to instantly buy Bitcoin and earn up to 6% annually on their Bitcoin holdings.
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submitted by MaximNurov to u/MaximNurov [link] [comments]

aelf’s Blockchain-based Digital Asset Identification Standard approved by IEEE

aelf’s Blockchain-based Digital Asset Identification Standard approved by IEEE
Author: Ma Haobo

https://preview.redd.it/m1jtaghbqt651.png?width=1280&format=png&auto=webp&s=4dd933b2b9b79a9de0c6eaeaac42a66ec6868c7e
Recently, the Standard for Blockchain-based Digital Asset Identification, submitted by aelf, was approved by the IEEE SA Standards Board New Standards Committee (NesCom). The standard specifies methods and practices of crypto asset identification. The standard also addresses attributes of the blockchain system digit asset identification including but not limited to data structure, data format, and related asset management operation specifications.
The purpose of this standard is to improve digital asset management with an asset identification specification in blockchain systems. The standard aims to provide a data format and structure references for organizations designing digital asset identification solutions — providing digital asset services and setting up operational specifications for organizations.
Current Situation and Problems of Assets Management on the chain.
In the blockchain system, the unspecified participants usually work together under set contract rules to complete a social production and management activity on the blockchain. Some of these activities are closely related to assets, such as payments, loans, asset transactions, games and entertainment, etc. .
There are various ways to define assets within a blockchain as well as when compared to other blockchains. For example, in Ethereum, ETH is an asset that is directly constrained by the underlying code of the block chain, while a Fungible token is defined by the contract interface ERC20, and a Non-Fungible token is defined by ERC721. There are also emerging asset agreements such as ERC998 and ERC1155.
Most users utilize a blockchain through specific terminals, which usually includes a blockchain browser, wallet, decentralized applications (DAPP), etc. By defining standards through contract interfaces, these users’ terminals can handle various assets in a standardized way. These DApps usually need to adapt to different contract interfaces, but also deal with non-contract defined assets like ETH. When these terminals need to support different blockchains, they require extra work to adapt.
The number of interfaces that user terminals need to deal with is increasing with the emergence of more blockchain systems. But most functions are equivalent in the assets definition. At the same time, there is a growing need to move assets from one chain to another chain. For example, there are some BTC value anchored assets in Ethereum, USDT is issued on bitcoin network and Ethereum network at the same time, and the assets on the aelf main-chain and side-chain can be transferred directly. But there is not a unified standard to solve the cross-chain data communication problem in the whole blockchain industry.
What a common asset standard might do to an industry
The birth of wETH is a great place to talk about “industry change” . wETH, which is Wrapped Ether, is an ETH asset Wrapped under ERC20. As mentioned above, ETH is a non-contractual asset, but why redefine it under ERC20? Some decentralised exchanges in Ethereum, which typically deal with ERC20 assets. But ETH, as one of the key assets in Ethereum, also needed to be backed by these decentralised exchanges, so wETH was born. Users can get the same amount wETH after locking ETH in the contract. Accordingly, users will be able to get the same amount ETH by destroying the wETH in the contract, so users can exchange any ERC20 Token including the ETH in these decentralized exchanges. This seems to be a good solution. However the transformation operation on the chain may bring permanent system complexity.
Users’ needs will always be different. After solving the problems of Eth and wETH, people hope to adapt the transaction to BTC. Due to the isomeric chain, there is no good atomic transfer scheme so far. Most BTC assets anchored in Ethereum are anchored by mortgages. The risk of the centralized BTC mortgage scheme lies in the safe custody of the mortgaged BTC. Systematic risks associated with the Ethereum on-chain mortgaged asset revolves around price fluctuations. Moreover, each scheme is neither simple nor elegant. When simple requirements face complex solutions, we need a simple solution.
Challenges may also arise when conducting Defi activities on a single chain as Ethereum transaction volume increases. When the trading volume increased in March 2020, the Maker’s data source could not keep up with outside real prices, and some mortgage orders went awry. When a single chain is not big enough to handle a high number of data transactions, it may be better to process these assets on higher performance cross chains, such as EOS. But we can’t deal with the ERC20 assets on EOS. Of course, aelf can not currently deal with ERC20 assets.
Current blockchain systems, on-chain assets, and especially fungible tokens, have special commonalities. Some cryptocurrency wallets have achieved compatibility with multiple blockchain systems. A unified blockchain asset standard is not specific to a certain kind of blockchain system and can drastically reduce the systemic costs of the entire industry.

IEEE Digital Asset Standard Proposals Overview

The IEEE digital asset proposal, submitted by aelf, defines the digital asset standard in terms of data structure, data format specification and management operation specifications related to asset identification.
Combined with the digital assets demand of blockchain systems, such as public and alliance chains, a flexible asset standard with strong versatility and multiple options is necessary.
In this standard, some assets’ properties will be defined, such as name, supply, decimal places, etc. Some basic operations are also defined, such as distribution, destruction, migration, and so on.
At the same time, we will define the standard form of cross-chain transfers on the premise that cross-chain data can be synchronized normally. In this regard, the aelf team members are continuing to invest in research and development. The aelf team also launched the Cross-Chain Transfer Protocol (CCTP), and held cross-chain transfer testing and a hacker bounty between the Ethereum and aelf testnet.
Expectations and perspectives on digital asset standards
If such a standard can be implemented, users can use a client to process various digital assets without difference. For example, if a user got a rare item in the EOS blockchain game, he can also sell the item to get USDT in an NFT exchange on Ethereum, and then sell the USDT to buy the BTC on the unique side-chain of aelf’s decentralized exchange (BTC/USDT), where only transactions for the conversion of BTC to USDT are processed.
Based on existing mainstream blockchain systems, it is difficult to achieve pre-compatibility. The first decade of blockchain is a decade of high-speed development in which new ideas and methods are constantly emerging. Therefore, it may be difficult to implement all the functions defined in the digital assets standard when the existing blockchain is not compatible with the standard protocols.
It is hoped that the digital assets standard can be easily implemented by each blockchain system. If a function is unique to a specific blockchain system, it should not be included in the standard.
After establishing this standard, it is expected to receive increasing support from multiple chains. When blockchain technology is a common feature utilized in mainstream applications, it can speed up assets’ liquidity.
submitted by Floris-Jan to aelfofficial [link] [comments]

Theory: The Real World Isn't Fake, It's 'Augmented'

I've seen theories before suggesting that the “real world” we're seeing in season 3 is some sort of simulation or another extension to the park. Based on what we've seen in S03E01 I think we can all agree something is definitely not right with the real world – but I think it's a bit different.
What if the world we're seeing is real – but covered up in some kind of augmented reality overlay? My suspicion after the newest episode is that the real world has been devastated to some degree (at least certain cities) and is more akin to the wasteland we saw at the end the Season 2 finale. But augmented reality has been used to make everything look nice and glossy (“Like they put a coat of paint on it,” as one character says).
I believe we've seen very brief glimpses of the real world cities through Caleb's war flashbacks, but everything else we've seen is an augmented reality covering created somehow to make people feel more comfortable that they live in a near wasteland. Whatever war Caleb was in, or perhaps some other event, has significantly reduced the human population.
To be clear I don't think EVERYTHING in this world is overlayed – just major cities we've seen like LA. I believe the meat farm we see Bernard working at and later the village he washes up at in China are real places and give us a small peek into how the rest of the world is doing.
Do people know they live in an augmented city? I believe so, but I think they've (somewhat) accepted it. If you live in squalor at least putting a shiny augmented reality overlay on the whole thing makes it easier to deal with. The wealthy still enjoy their privilege so it's easier for them to adjust. It also makes things like Westworld much more attractive – if you can go to a place that you know is definitely fake it helps you feel like your sorta-fake world is more real. (Check the philosopher Baudrillard for more on this idea).
There's a lot of things we can point to in this episode alone to support this theory:
**** SPOILERS FOR SEASON 3, EPISODE 1***
– Augmented reality already exists in this world: From the opening scene we're shown that technology exists capable of creating very realistic and lifelike holograms/augmented reality – real enough to trick a guy into accidentally slamming his head into the side of a pool. Granted this was done via glasses, but we've seen already that technology in this world scales. They have realistic-sounded AI voice bots – but they also have sophisticated robots/beings like the Hosts as well. What we're seeing could be the large-scale, version of this augmented tech.
- The amenities: We've seen the lengths that have been taken to make sure people are comfortable/adjusted in this world. The chatbots sound like real people. There's a subscription service that lets you talk to an AI simulation of a dead friend. Caleb's dying mother is in a hospice room with a giant screen overhead that I assume plays soothing images for her 24/7. The rich guy we meet in the episode opening seems to have some sort of app that controls the environment/atmosphere around his home at will. These are all things put in place to help people adjust to the “coat of paint.”
- Dolores' dress: This was an awesome “YAS queen!” moment. But why the transforming dress? Dolores going from a (comparatively) plain black dress to an extravagant one could be a visual metaphor for what's happening with the entire city.
- The man at the Incite party: While Dolores is at the cocktail party a drunken man makes some remarks closer to older fan theories, that this whole world is some sort of fake simulation. I don't think he's right, but I think he's expressing an exaggeration of truth that has been wearing on him (remember, everyone knows it's all augmented). He may be wondering that if they can paint over the world to make it glossy why wouldn't they just create an entirely simulated world all together?- The emptiness: Save for some gatherings at various parties we've seen, the cities we've seen have been rather empty looking. Most of the streets seem nearly deserted if not entirely empty. And at night people seem to be able to commit crime right out in the open without much worry of being caught by law enforcement. This would seem to imply a world of limited human resources (i.e. there's not enough people to be cops).
- The Rico app. Yes, it's built with blockchain technology but how could an app that allows people to run around committing crime GTA style persist unless there weren't enough resources to actually stop it? For an real-wold example: Remember Silk Road a few years ago? It thrived for a few years, used blockchain/bitcoin, but was eventually shut down by law enforcement.
-Rehoboam: I'm not Jewish or a biblical scholar so please correct me if I'm off-base here. My understanding is that in the Bible Rehoboam is the son/successor of Solomon who's leadership lead to the fracturing of the empire Solomon built. We know Caleb is the veteran of some unnamed war. What if that war has in some way decimated humanity and now the Rehoboam system is helping to oversee the fractured remnants of humanity? Also, consider Rehoboam's role in the world – it seems to essentially assign people jobs/functions based on aggregated data on them. The CEO of Incite pitches this as a way to ensure people are overall happier and productive. But what if there was another reason? What if the low population numbers mean there simply aren't enough people who can/want to do essential functions? At an extreme this would necessitate some sort of system or means to force people into roles in order to manage resources. People like Caleb are subject to this, but my bet is the rich and wealthy (i.e. folks who run/work for Incite and Delos) are insulated from this.
Thanks for reading my novel. I'd love to hear what other people think is going on in the city. Granted, this is all based on a single episode and it could all be a bunch of red-herrings and misdirection (we know the show creators browse Reddit theories), but I'm excited to see how it all plays out.
EDIT: Spelling of Dolores - Thanks AutoMod!
submitted by PeteCampbellisaG to westworld [link] [comments]

Why eToro really sucked...for me

This is a summary of my experience with eToro. For my use case and experience eToro really sucked. It may not be the case for many people who use it and for whom it worked well but I was extremely dissapointed and thought i would share my experiences with other people. They are advertising everywhere and I am plagued by eToro youtube videos every 10 minutes or so, which is very annoying (googles advertising of things you already used or own).
So I decided to try eToro a few months ago. I needed to buy bitcoin fast while it was at a low price and had no fiat stored on my exchange accounts, didnt want to wait 1-2 days for a transfer. I opted for eToro for a few reasons:
- European company - Accepts credit cards (with caveats as I found out later) - Low / Transparent fees as advertised in some cases no-fees (not for crypto as i found out)
Sounds great so far, I signed up, verified and bought my bitcoin. Its when I started to use the platform and getting to know it, that I found all the things that were wrong with it. Of course it is all in the terms and conditions and endless useless articles on their help pages that often lead nowhere which of course everyone reads before joining ..... yeah right.
In my defence I am not new here and have a number of exchange accounts I have been doing small trades over the years but am largely a hodler. I was expecting to have somewhat of a similar experience as other exchanges...this turned out to be far from reality.
Challenge 1: WTF is a CFD
It is bullshit for a clear definition. It is basically paper trades. You do not own any of the assets you have on the platform as it is a Contract For Difference which basically means you are trading the asset only “virtual” and eToro promise to repay the worth of your contract. Bought for 6k now it is 7k means they owe you 7k (Not in bitcoin). They do allow you to move SOME assets to a non-tradeable wallet (will cover it as a separate challenge). So OK, a pain in the ass but I will go with it, Bitcoin is supported for withdrawal.
Challenge 2: Buy bitcoin with credit card (responsibly, i have cash just needed to secure the buy) and withdraw it
Bought bitcoin, around 2k worth, left it on the account as there was good volatility at the time. Did a few trades and made a couple of hundred euros worth of bitcoin on top of what I originally bought..success. Now I am ready to withdraw it to move to my hardware wallet as I was not intending to use eToro for too long. I was not able to withdraw..why?
If you are on the Bronze level (less than 5k on the account) and you have deposited via Credit Card you CANNOT withdraw! Silver level (5k+) you can only withdraw after the funds have been there for 180 days if i recall correctly, also varies by country. Wait what?! They happily took the credit card payment without giving me a warning and effectively holding my bitcoin hostage?! After cursing and ranting for a few hours I contacted support who have provided me with a workaround. In order to withdraw your bitcoin you must deposit the same amount in FIAT via Bank Transfer (in which case all activities are supported), you can then withdraw the bitcoin to eToro wallet and then withdraw the remaining amount in FIAT. This solution worked but took multiple days.
Challenge 3: Move Bitcoin to Hardware wallet
So this is probably the biggest catch I have found with this platform comparing to others. eToro doesnt have a wallet, instead it is some kind of a subsidiary called eToroX which is a different app and website but THANKFULLY you can log in with eToro credentials. In order to withdraw you must first move your funds from eToro to eToro Wallet which has a fee of 0.00050000 Bitcoin...OK...but theres a catch. On the eToro platform each time you make a purchase it is an individual open trade which cannot be merged. So you if you bought your coins in multiple trades, say 3 times, you will have to pay this fee for each trade that is open...complete bullshit...and requires MANUAL validation, which means a person from eToro has to approve this transfer, I had to wait for several days.
Ok now thats over I want to move it to my ledger form the eToro wallet app. App shows how much I have and what the fee is 0.000138. I have to manually calculate the amount minus the fee and enter it. It worked! No it didnt, there is some kind of a bug in the app which is getting it wrong and not allowing me to send it though. Waiting for a reply from support right now to figure out WTF. Likely some kind of a decimal point difference which probably means i will leave some dust on the platform.
Other things that I didnt like:
- Buy/Sell price: there is a clear difference in the buy and sell price. The moment you buy the asset it is no longer worth that amount because the sell price is significantly lower. I guess this is how they collect fees...not very transparent - No volume data: Why? A person from eToro acknowledging shortcomings tells me they dont have volume indicators because there is not enough real volume on the exchange and it would not be helpful. (because it is not a full blown exchange many may be used to) - The moment you deposit money or go a level up you get assigned an account manager, these vary per level. You get an email from them introducing themselves randomly, I initially thought it was a scam and ignored the emails. They called me, i had an honest conversation with them, this platform sucked for me. - Once you transfer to eToro wallet you cant transfer back to eToro trading platform - Coins supported by eToro wallet Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, and XLM....all else is CFD only but they say they are going to add more - Copy Portfolio is a great way to lose money and have somebody else to blame for poor choices, if this is what you like, sure i guess
Not everything is bad of course, if you are happy with CFD's and want a single place to trade all these assets like selected crypto and stocks it is a good place to do that, apps are kind of OK. But it definitely was not for me and I would not recommend it to anyone who is a crypto USER
submitted by arturski to CryptoCurrencies [link] [comments]

A Metric System for Bitcoin

If Bitcoin ever reaches that inevitable $100,000 per BTC in a few years, I definitely anticipate the rise of a metric system using satoshis. Here is my take on how it would work.
Units Examples
1 Satoshi = 1 sat 1337 Satoshis = 1337 sats
1000 Satoshis = 1k sats = 1 Kilo Satoshi 36,900 Satoshis = 36.9k sats
1,000,000 Satoshis = 1m sats = 1 Mega Satoshi 420,000 Satoshis = 420k sats
100,000,000 Satoshis = 1 Bitcoin 6,900,000 Satoshis = 6.9m sats
If there are 2 or more zeros at the end of the satoshi, the metric should be bumped up to Kilo Satoshi up to 1 decimal place.
If there are 5 or more zeros at the end of the satoshi, the metric should be bumped up to Mega Satoshi up to 1 decimal place.
What do you guys think is there a better way of phrasing satoshis?
submitted by Zemunsta to Bitcoin [link] [comments]

It's time we had the option to kill the decimal.

In the coming months and years, we all expect that Bitcoin will grow a great deal in value. One of the things that I think is standing it the way of its success is something that is only talked about rarely; how ridiculously awkward it is to describe the price of a relatively inexpensive item (say $10) in terms of a decimal in Bitcoin
At current prices that $10 would be 0.00117647 BTC. Even worse that looking at that number is trying to verbalize it. Once Bitcoin hit $100, I think that the convention was ill-suited for everyday transactions due to it being the very definition of cumbersome to describe a price in BTC.
For years I've argued that if we could just move the decimal to the right 8 decimal places, we could permanently do away with the confusion of 'Milibits" and leading zeros altogether. I'm not even going to get into the other HUGE issue of people's reluctance to invest thousands of dollars in something only to have shavings of that something rather than (at least) a unit of that thing.
At this time Bitcoin needs an overhaul. This is what I propose:
The decimal moves 8 places to the right, right now. That's it. The end. Now, look how nice and easy it is to work with pure Satoshi;
When buying something very inexpensive such as a $1 candybar, you would describe the item for sale in Kilo-Satoshi (thousands of Satoshi), or 'kiloSat', or 'kSat', or possibly even 'kS'.
So instead of listing a $1 candy bar as 0.00012000 BTC... which is unreadable and unsayable. You would instead list the item as... ready for this? "12 kS" (Twelve kilo-Sat when spoken out loud). "Yeah, the grocery store has a sale on candy bars. Three for 30 kS".
The system I propose works equally well for very expensive items:
At the current Bitcoin price, a brand-new, top of the line Mac-Book Pro ($2399.00) would be listed under this new convention as: 28,000 kS. A 2018 Honda Accord ($23,570)? Easy... that's 277,000,000 kS, or when spoken: "Two-Hundred and Seventy-Seven Million Kilo-Sat". Or if you prefer: 2.8 BTC.
Another reason this naming convention is valuable, is because relative value is introduced as well.
And should the bitcoin price rise, rise, and rise... then we will one day drop down to individual units of Satoshi in order to buy things like candy bars. Then it might be 3 candy bars for 50 Sat.
Now, I understand that this is never going to happen to the software itself. This proposal is for the wallets of tomorrow to include this convention as a way of simplifying and making more accessible and attractive the use of this thing we all love.
I welcome feedback.
submitted by davidcwilliams to Bitcoin [link] [comments]

For Trading April 14th

For Trading April 14th
Stocks Decline, Finally
Oil Fails Again on Cutbacks
Today was a down day from the beginning and I’m trying to get this done by starting early since we’ve already lost power once from the storms that decimated the southeast yesterday. To begin, the DJIA was weak from the start and a downgrade on CAT by Bank America. That sent the Dow lower than the other indexes and currently we are down just under 2% while NASDAQ is the strength with AZMN, TSLA, and NFLX the leaders, and S&P 500 following the DJIA but only 1.4%. Well, the power came back on and I’ll do this as fast as possible because the storm is going to last a few hours. DJIA -328.60 (1.39%, NASDAQ +38.84 (.48%), S&P 500 -28.19 (1.01%), the big loser was the Russell -34.68 (2.78%) and the DJ Transports -201.34 (2.44%). The big loser was CAT leading the DJIA -71 DPs and no triple-digits and the totals with 21 down and 9 higher, led by AAPL +36 DPs. The big gainers were the FAANG, listed below in Sectors. Market internals were in line with the loss with A/D 3:1 on NYSE and 3:2 on NASDAQ. Volume was light again and consumer discretionary strong and real estate and financials weak.
Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights, and we’ve grown to almost 1800 members. I also did this video titled “How to survive being an options trader and not blow up your account,” over the long weekend. I think it’s very informative as a guide to stock selection and option choices. The link is https://youtu.be/Y7H9RpWfLlo Enjoy!!
SECTORS: On the “I have no idea this was going on” group there were 2 big winners today. One I mentioned earlier was Independence Contract Drilling (ICD) on Thursday finished $6.25 +3.85 (160%), finished today $12.93 +6.68 (106%) on essentially no news except the “trade halted, trade resumed.”
But the HOMERUN OF THE DAY was SCWorx (WORX) on the news that it got a 48 million COVID-19 Rapid Testing units over the next 24 weeks. I mentioned it in our Discord room this morning when it had a high of $9.95 and was trading around $6.25, but that was just the beginning. By the end of the day it had traded $14.88 and finished the day $12.02 +9.77 (434.22%). Not bad, definitely a HR.
BIOPHARMA: was HIGHER with BIIB +1.89, ABBV +.85, REGN +4.06, ISRG -9.26, MYL -.02, TEVA +.19, VRTX +5.67, BHC -.17, INCY +1.20, ICPT +.09, LABU +.02 and IBB $114.49 +.52 (.46%).
CANNABIS: This group was MIXED with TLRY -.28, CGC +.01, CRON -.01, GWPH +1.22, ACB -.10, PYX +.03, NBEV -.15, CURLF -.15, KERN +.73 (10.8%), and MJ $11.45 unchanged.
DEFENSE: was LOWER with LMT -1.06, RTX -2.71, GD -3.11, TXT -1.14, NOC +2.20, BWXT -.93, TDY -8.82, and ITA $150.63 -4.86 (3.13%).
RETAIL: was LOWER with M -.52, JWN -.96, KSS -1.11, DDS -2.25, JCP -.02, WMT +3.44, TGT +1.12, TJX -.81, RL -4.46 (5.55%), UAA -.58 (5.56%), LULU -4.24, TPR -.90, CPRI -.24 and XRT $33.28 -.27 (.80%).
FAANG and Big Cap: were HIGHER with several big moves vs. the overall market, with GOOGL +3.84, AMZN +132.24 (6.47%), AAPL +5.26, FB -.12, NFLX +28.36 (7.65%), NVDA +7.41, TSLA +96.02 (16.76%), BABA =3.07, BIDU -.30, BA -3.72, CAT biggest loser in the Dow -10.58 (8.46%), DIS -1.18, and XLK $85.50 +.30 (.35%).
FINANCIALS were LOWER with GS -4.76, JPM -4.16, BAC -.84, MS -1.49, C -.56, PNC -4.23, AIG -.82, TRV -3.32, AXP -4.03 and XLF $22.49 -.89 (3.81%).
OIL, $22.41 -.35. Oil started last night with a 5-minute bar that started with the open @ 24.74 +2.00 and within that first 5-minutes made the high $24.74 and made the low of the day $22.03. The move at the open was influenced by the supposed deal to cut production, but quickly fell away. After an attempt at 24.57 failed we worked lower and a final try in the afternoon at$24.00 it fell back to finish down on the day. Stocks were mixed to lower with the XLE $38.88 -.03 (.09%).
METALS, GOLD: $1,761.40 + 8.60. After the recent gains, Gold broke solidly above $1,700 and traded as high as $1772 today. Today was a major move to the upside and the close is the highest since September 2012 and sets up a move towards the highs at $1,800 from 2011.
BITCOIN: closed $6810 -480. After we traded in the uptrend, I mentioned this weekend that I felt we’d have to test 67.50 and today we hit 6550 before turning back up. While I want to add the 350 sold just over a week ago, I want to wait and see some stabilization. We still own 400 GBTC with an average of $8.06. GBTC closed $7.27 -.53 today.
Tomorrow is another day.
CAM
submitted by Dashover to OptionsOnly [link] [comments]

For Trading April 14th

For Trading April 14th
Stocks Decline, Finally
Oil Fails Again on Cutbacks
Today was a down day from the beginning and I’m trying to get this done by starting early since we’ve already lost power once from the storms that decimated the southeast yesterday. To begin, the DJIA was weak from the start and a downgrade on CAT by Bank America. That sent the Dow lower than the other indexes and currently we are down just under 2% while NASDAQ is the strength with AZMN, TSLA, and NFLX the leaders, and S&P 500 following the DJIA but only 1.4%. Well, the power came back on and I’ll do this as fast as possible because the storm is going to last a few hours. DJIA -328.60 (1.39%, NASDAQ +38.84 (.48%), S&P 500 -28.19 (1.01%), the big loser was the Russell -34.68 (2.78%) and the DJ Transports -201.34 (2.44%). The big loser was CAT leading the DJIA -71 DPs and no triple-digits and the totals with 21 down and 9 higher, led by AAPL +36 DPs. The big gainers were the FAANG, listed below in Sectors. Market internals were in line with the loss with A/D 3:1 on NYSE and 3:2 on NASDAQ. Volume was light again and consumer discretionary strong and real estate and financials weak.
Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights, and we’ve grown to almost 1800 members. I also did this video titled “How to survive being an options trader and not blow up your account,” over the long weekend. I think it’s very informative as a guide to stock selection and option choices. The link is https://youtu.be/Y7H9RpWfLlo Enjoy!!
SECTORS: On the “I have no idea this was going on” group there were 2 big winners today. One I mentioned earlier was Independence Contract Drilling (ICD) on Thursday finished $6.25 +3.85 (160%), finished today $12.93 +6.68 (106%) on essentially no news except the “trade halted, trade resumed.”
But the HOMERUN OF THE DAY was SCWorx (WORX) on the news that it got a 48 million COVID-19 Rapid Testing units over the next 24 weeks. I mentioned it in our Discord room this morning when it had a high of $9.95 and was trading around $6.25, but that was just the beginning. By the end of the day it had traded $14.88 and finished the day $12.02 +9.77 (434.22%). Not bad, definitely a HR.
BIOPHARMA: was HIGHER with BIIB +1.89, ABBV +.85, REGN +4.06, ISRG -9.26, MYL -.02, TEVA +.19, VRTX +5.67, BHC -.17, INCY +1.20, ICPT +.09, LABU +.02 and IBB $114.49 +.52 (.46%).
CANNABIS: This group was MIXED with TLRY -.28, CGC +.01, CRON -.01, GWPH +1.22, ACB -.10, PYX +.03, NBEV -.15, CURLF -.15, KERN +.73 (10.8%), and MJ $11.45 unchanged.
DEFENSE: was LOWER with LMT -1.06, RTX -2.71, GD -3.11, TXT -1.14, NOC +2.20, BWXT -.93, TDY -8.82, and ITA $150.63 -4.86 (3.13%).
RETAIL: was LOWER with M -.52, JWN -.96, KSS -1.11, DDS -2.25, JCP -.02, WMT +3.44, TGT +1.12, TJX -.81, RL -4.46 (5.55%), UAA -.58 (5.56%), LULU -4.24, TPR -.90, CPRI -.24 and XRT $33.28 -.27 (.80%).
FAANG and Big Cap: were HIGHER with several big moves vs. the overall market, with GOOGL +3.84, AMZN +132.24 (6.47%), AAPL +5.26, FB -.12, NFLX +28.36 (7.65%), NVDA +7.41, TSLA +96.02 (16.76%), BABA =3.07, BIDU -.30, BA -3.72, CAT biggest loser in the Dow -10.58 (8.46%), DIS -1.18, and XLK $85.50 +.30 (.35%).
FINANCIALS were LOWER with GS -4.76, JPM -4.16, BAC -.84, MS -1.49, C -.56, PNC -4.23, AIG -.82, TRV -3.32, AXP -4.03 and XLF $22.49 -.89 (3.81%).
OIL, $22.41 -.35. Oil started last night with a 5-minute bar that started with the open @ 24.74 +2.00 and within that first 5-minutes made the high $24.74 and made the low of the day $22.03. The move at the open was influenced by the supposed deal to cut production, but quickly fell away. After an attempt at 24.57 failed we worked lower and a final try in the afternoon at$24.00 it fell back to finish down on the day. Stocks were mixed to lower with the XLE $38.88 -.03 (.09%).
METALS, GOLD: $1,761.40 + 8.60. After the recent gains, Gold broke solidly above $1,700 and traded as high as $1772 today. Today was a major move to the upside and the close is the highest since September 2012 and sets up a move towards the highs at $1,800 from 2011.
BITCOIN: closed $6810 -480. After we traded in the uptrend, I mentioned this weekend that I felt we’d have to test 67.50 and today we hit 6550 before turning back up. While I want to add the 350 sold just over a week ago, I want to wait and see some stabilization. We still own 400 GBTC with an average of $8.06. GBTC closed $7.27 -.53 today.
Tomorrow is another day.
CAM
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CRYPTOCURRENCY BITCOIN

CRYPTOCURRENCY BITCOIN
Bitcoin Table of contents expand: 1. What is Bitcoin? 2. Understanding Bitcoin 3. How Bitcoin Works 4. What's a Bitcoin Worth? 5. How Bitcoin Began 6. Who Invented Bitcoin? 7. Before Satoshi 8. Why Is Satoshi Anonymous? 9. The Suspects 10. Can Satoshi's Identity Be Proven? 11. Receiving Bitcoins As Payment 12. Working For Bitcoins 13. Bitcoin From Interest Payments 14. Bitcoins From Gambling 15. Investing in Bitcoins 16. Risks of Bitcoin Investing 17. Bitcoin Regulatory Risk 18. Security Risk of Bitcoins 19. Insurance Risk 20. Risk of Bitcoin Fraud 21. Market Risk 22. Bitcoin's Tax Risk What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity is yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
Understanding Bitcoin Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins."
How Bitcoin Works Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places. Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain and receiving a reward in the form of a few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of February 2019, the mining difficulty is over 6.06 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
What's a Bitcoin Worth? In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. Bitcoin's price is also quite dependent on the size of its mining network since the larger the network is, the more difficult – and thus more costly – it is to produce new bitcoins. As a result, the price of bitcoin has to increase as its cost of production also rises. The Bitcoin mining network's aggregate power has more than tripled over the past twelve months.
How Bitcoin Began
Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least, this domain is "WhoisGuard Protected," meaning the identity of the person who registered it is not public information.
Oct. 31, 2008: Someone using the name Satoshi Nakamoto makes an announcement on The Cryptography Mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. The paper is available at http://www.bitcoin.org/bitcoin.pdf." This link leads to the now-famous white paper published on bitcoin.org entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper would become the Magna Carta for how Bitcoin operates today.
Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.
Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.
Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.
Who Invented Bitcoin?
No one knows. Not conclusively, at any rate. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. The Bitcoin protocol requires users to enter a birthday upon signup, and we know that an individual named Satoshi Nakamoto registered and put down April 5 as a birth date. And that's about it.
Before Satoshi
Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin white paper itself cites Hashcash and b-money, as well as various other works spanning several research fields.
Why Is Satoshi Anonymous?
There are two primary motivations for keeping Bitcoin's inventor keeping his or her or their identity secret. One is privacy. As Bitcoin has gained in popularity – becoming something of a worldwide phenomenon – Satoshi Nakamoto would likely garner a lot of attention from the media and from governments.
The other reason is safety. Looking at 2009 alone, 32,489 blocks were mined; at the then-reward rate of 50 BTC per block, the total payout in 2009 was 1,624,500 BTC, which at today’s prices is over $900 million. One may conclude that only Satoshi and perhaps a few other people were mining through 2009 and that they possess a majority of that $900 million worth of BTC. Someone in possession of that much BTC could become a target of criminals, especially since bitcoins are less like stocks and more like cash, where the private keys needed to authorize spending could be printed out and literally kept under a mattress. While it's likely the inventor of Bitcoin would take precautions to make any extortion-induced transfers traceable, remaining anonymous is a good way for Satoshi to limit exposure.
The Suspects
Numerous people have been suggested as possible Satoshi Nakamoto by major media outlets. Oct. 10, 2011, The New Yorker published an article speculating that Nakamoto might be Irish cryptography student Michael Clear or economic sociologist Vili Lehdonvirta. A day later, Fast Company suggested that Nakamoto could be a group of three people – Neal King, Vladimir Oksman and Charles Bry – who together appear on a patent related to secure communications that were filed two months before bitcoin.org was registered. A Vice article published in May 2013 added more suspects to the list, including Gavin Andresen, the Bitcoin project’s lead developer; Jed McCaleb, co-founder of now-defunct Bitcoin exchange Mt. Gox; and famed Japanese mathematician Shinichi Mochizuki.
In December 2013, Techcrunch published an interview with researcher Skye Grey who claimed textual analysis of published writings shows a link between Satoshi and bit-gold creator Nick Szabo. And perhaps most famously, in March 2014, Newsweek ran a cover article claiming that Satoshi is actually an individual named Satoshi Nakamoto – a 64-year-old Japanese-American engineer living in California. The list of suspects is long, and all the individuals deny being Satoshi.
Can Satoshi's Identity Be Proven?
It would seem even early collaborators on the project don’t have verifiable proof of Satoshi’s identity. To reveal conclusively who Satoshi Nakamoto is, a definitive link would need to be made between his/her activity with Bitcoin and his/her identity. That could come in the form of linking the party behind the domain registration of bitcoin.org, email and forum accounts used by Satoshi Nakamoto, or ownership of some portion of the earliest mined bitcoins. Even though the bitcoins Satoshi likely possesses are traceable on the blockchain, it seems he/she has yet to cash them out in a way that reveals his/her identity. If Satoshi were to move his/her bitcoins to an exchange today, this might attract attention, but it seems unlikely that a well-funded and successful exchange would betray a customer's privacy.
Receiving Bitcoins As Payment
Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers, like credit cards, PayPal, etc. Online payments will require a Bitcoin merchant tool (an external processor like Coinbase or BitPay).
Working For Bitcoins
Those who are self-employed can get paid for a job in bitcoins. There are several websites/job boards which are dedicated to the digital currency:
Work For Bitcoin brings together work seekers and prospective employers through its websiteCoinality features jobs – freelance, part-time and full-time – that offer payment in bitcoins, as well as Dogecoin and LitecoinJobs4Bitcoins, part of reddit.comBitGigs
Bitcoin From Interest Payments
Another interesting way (literally) to earn bitcoins is by lending them out and being repaid in the currency. Lending can take three forms – direct lending to someone you know; through a website which facilitates peer-to-peer transactions, pairing borrowers and lenders; or depositing bitcoins in a virtual bank that offers a certain interest rate for Bitcoin accounts. Some such sites are Bitbond, BitLendingClub, and BTCjam. Obviously, you should do due diligence on any third-party site.
Bitcoins From Gambling
It’s possible to play at casinos that cater to Bitcoin aficionados, with options like online lotteries, jackpots, spread betting, and other games. Of course, the pros and cons and risks that apply to any sort of gambling and betting endeavors are in force here too.
Investing in Bitcoins
There are many Bitcoin supporters who believe that digital currency is the future. Those who endorse it are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe. Although it is not itself any backed by any government or central bank, bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders interested in currency plays. Indeed, one of the primary reasons for the growth of digital currencies like Bitcoin is that they can act as an alternative to national fiat money and traditional commodities like gold.
In March 2014, the IRS stated that all virtual currencies, including bitcoins, would be taxed as property rather than currency. Gains or losses from bitcoins held as capital will be realized as capital gains or losses, while bitcoins held as inventory will incur ordinary gains or losses.
Like any other asset, the principle of buying low and selling high applies to bitcoins. The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own bitcoins. Here are a few options which Bitcoin enthusiasts can explore.
Risks of Bitcoin Investing
Though Bitcoin was not designed as a normal equity investment (no shares have been issued), some speculative investors were drawn to the digital money after it appreciated rapidly in May 2011 and again in November 2013. Thus, many people purchase bitcoin for its investment value rather than as a medium of exchange.
However, their lack of guaranteed value and digital nature means the purchase and use of bitcoins carries several inherent risks. Many investor alerts have been issued by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Consumer Financial Protection Bureau (CFPB), and other agencies.
The concept of a virtual currency is still novel and, compared to traditional investments, Bitcoin doesn't have much of a long-term track record or history of credibility to back it. With their increasing use, bitcoins are becoming less experimental every day, of course; still, after eight years, they (like all digital currencies) remain in a development phase, still evolving. "It is pretty much the highest-risk, highest-return investment that you can possibly make,” says Barry Silbert, CEO of Digital Currency Group, which builds and invests in Bitcoin and blockchain companies.
Bitcoin Regulatory Risk
Investing money into Bitcoin in any of its many guises is not for the risk-averse. Bitcoins are a rival to government currency and may be used for black market transactions, money laundering, illegal activities or tax evasion. As a result, governments may seek to regulate, restrict or ban the use and sale of bitcoins, and some already have. Others are coming up with various rules. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies dealing with the buy, sell, transfer or storage of bitcoins to record the identity of customers, have a compliance officer and maintain capital reserves. The transactions worth $10,000 or more will have to be recorded and reported.
Although more agencies will follow suit, issuing rules and guidelines, the lack of uniform regulations about bitcoins (and other virtual currency) raises questions over their longevity, liquidity, and universality.
Security Risk of Bitcoins
Bitcoin exchanges are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. If a thief gains access to a Bitcoin owner's computer hard drive and steals his private encryption key, he could transfer the stolen Bitcoins to another account. (Users can prevent this only if bitcoins are stored on a computer which is not connected to the internet, or else by choosing to use a paper wallet – printing out the Bitcoin private keys and addresses, and not keeping them on a computer at all.) Hackers can also target Bitcoin exchanges, gaining access to thousands of accounts and digital wallets where bitcoins are stored. One especially notorious hacking incident took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to close down after millions of dollars worth of bitcoins were stolen.
This is particularly problematic once you remember that all Bitcoin transactions are permanent and irreversible. It's like dealing with cash: Any transaction carried out with bitcoins can only be reversed if the person who has received them refunds them. There is no third party or a payment processor, as in the case of a debit or credit card – hence, no source of protection or appeal if there is a problem.
Insurance Risk
Some investments are insured through the Securities Investor Protection Corporation. Normal bank accounts are insured through the Federal Deposit Insurance Corporation (FDIC) up to a certain amount depending on the jurisdiction. Bitcoin exchanges and Bitcoin accounts are not insured by any type of federal or government program.
Risk of Bitcoin Fraud
While Bitcoin uses private key encryption to verify owners and register transactions, fraudsters and scammers may attempt to sell false bitcoins. For instance, in July 2013, the SEC brought legal action against an operator of a Bitcoin-related Ponzi scheme.
Market Risk
Like with any investment, Bitcoin values can fluctuate. Indeed, the value of the currency has seen wild swings in price over its short existence. Subject to high volume buying and selling on exchanges, it has a high sensitivity to “news." According to the CFPB, the price of bitcoins fell by 61% in a single day in 2013, while the one-day price drop in 2014 has been as big as 80%.
If fewer people begin to accept Bitcoin as a currency, these digital units may lose value and could become worthless. There is already plenty of competition, and though Bitcoin has a huge lead over the other 100-odd digital currencies that have sprung up, thanks to its brand recognition and venture capital money, a technological break-through in the form of a better virtual coin is always a threat.
Bitcoin's Tax Risk
As bitcoin is ineligible to be included in any tax-advantaged retirement accounts, there are no good, legal options to shield investments from taxation.
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Related Terms
Satoshi
The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the bitcoin cryptocurrency.
Chartalism Chartalism is a non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Satoshi Nakamoto The name used by the unknown creator of the protocol used in the bitcoin cryptocurrency. Satoshi Nakamoto is closely-associated with blockchain technology.
Bitcoin Mining, Explained Breaking down everything you need to know about Bitcoin Mining, from Blockchain and Block Rewards to Proof-of-Work and Mining Pools.
Understanding Bitcoin Unlimited Bitcoin Unlimited is a proposed upgrade to Bitcoin Core that allows larger block sizes. The upgrade is designed to improve transaction speed through scale.
Blockchain Explained
A guide to help you understand what blockchain is and how it can be used by industries. You've probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger." But blockchain is easier to understand than it sounds.
Top 6 Books to Learn About Bitcoin About UsAdvertiseContactPrivacy PolicyTerms of UseCareers Investopedia is part of the Dotdash publishing family.The Balance Lifewire TripSavvy The Spruceand more
By Satoshi Nakamoto
Read it once, go read other crypto stuff, read it again… keep doing this until the whole document makes sense. It’ll take a while, but you’ll get there. This is the original whitepaper introducing and explaining Bitcoin, and there’s really nothing better out there to understand on the subject.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party

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Bitcoins - Should You Use Them?

Bitcoin was released as an exclusive effort in 2009. Unlike typical currencies, such as the Euro, Sterling and Dollar, it is not regulated by a central financial authority. Instead, it is underpinned by a peer-to-peer network of its customers' computers. This resembles just how Skype, a video clip conversation service, runs.
nuv mining
The basic device of value is the bitcoin. However each bitcoin can be partitioned into satoshies. One satoshi is equal to one hundred millionth of a bitcoin (ie, a bitcoin divided to 8 decimal places).
nuvmining
Bitcoins and satoshies can be transferred from one web individual to an additional in order to pay for products or services at virtually zero price. This enables you to make international transfers without needing to mess around with currency exchange rate as well as burdensome financial institution fees. Bitcoins can be bought and sold for conventional cash money at unique exchanges.
Bitcoin pocketbooks
In order to make use of Bitcoin, you require a budget, an unique piece of software in which you keep, send out and also get bitcoins. There are three sort of wallets, software program pocketbooks, mobile pocketbooks and also internet purses.
Software program budgets are mounted on your computer system and they give you complete control over your purse Mobile wallets are installed in your smart device or tablet and enable you to make use of Bitcoin for day-to-day deals in stores and supermarkets by checking a fast feedback (QR) code. Internet wallets lie on the Internet, ie they are a form of cloud storage space.
Payments using bitcoins are incredibly simple. They can be made from purses on your computer system or smartphone just by going into the receiver's address, the amount and afterwards pushing send. Smartphones can additionally acquire a receiver's address by checking a QR code or by bringing two phones that contain near-field-communication (NFC) innovation, a kind of radio communication, near to each other.
Obtaining repayments is equally as easy ... all you need to do is give the payer your bitcoin address.
Shielding your wallet.
A bitcoin purse resembles a budget full of cash. To minimize the danger of loss, you ought to maintain just percentages of bitcoins in your computer system or smart device and also maintain the mass of your bitcoins in a more secure atmosphere, such as an offline purse. Given your wallet has actually been secured, an offline back-up will certainly allow you to recoup your purse, ought to your computer system or mobile phone be taken.
Securing your purse enables you to set a password that needs to be input before funds can be withdrawn. Nonetheless, recovering a bitcoin password is impossible if it is shed. That is why you require to be definitely sure you can remember your password. If the value of your bitcoins is considerable, you could store the password in a safe-deposit box or anywhere you save vital papers.
In order to be as protected as feasible, you ought to keep off-line alternatives in a number of locations making use of different media such as USB flash drives and CDs.
Since bitcoin runs on software you download and install to your computer (COMPUTER or laptop computer) or smart device, you require to update this software on a regular basis in order to maintain your purses as well as deals safe.
Benefits of bitcoins
Bitcoins have numerous substantial advantages:
1-you can send and also get unlimited quantities of cash quickly at any moment to and from anywhere in the world.
2-processing does not set you back any kind of charges or only really little costs.
3-bitcoin deals are permanent, which protects vendors from the fraudulent chargebacks that are progressively common with bank card.
4-payments are made without individual information being traded, which provides solid security against identity burglary.
5-the invoice and settlement process is completely neutral, transparent and predictable.
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Daily analysis of cryptocurrencies 20191026 (Market index 53 — Neutral state)

Daily analysis of cryptocurrencies 20191026 (Market index 53 — Neutral state)

https://preview.redd.it/xj2wp250wuu31.png?width=1920&format=png&auto=webp&s=d3073dd2fc0ce4e69fcdcf8452d793d47ab66af7

Chinese Encryption Law To Come Into Force Next January China has passed the Encryption Law during the 14th session of the 13th National People’s Congress (NPC) on Oct 26, which will take effect on January 1, 2020.
Libra’s Threat To Central Banks Raises Questions About Its Launch According to AMBCrypto, Beatrice Weder di Mauro, President of the Centre for Economic Policy Research, is the latest think-tank professional to shed some light on Libra’s positive impact. In a recent interview with CNBC, di Mauro admitted that Libra may not receive a green light from lawmakers, adding that it had however managed to sow the seed for the introduction of another global digital currency.
YI Huanhuan: There Will Be National-Level Digital Bank, Digital Asset Exchange, Digital Investment Bank And Digital Asset Management Services Beijing Financial Association Research Institute Dean Yi Huanhuan commented on this politburo study session. YI has made nine predictions on governments’ action and industrial trend based on XI’s remarks. 1. The Cyberspace Administration will likely oversee this [blockchain] field; 2. To establish a national association of blockchain; 3. A large number of blockchain pilots will appear first in the financial industry, and then in government administrations; 4. Chinese national digital currency will play an important role in the world; 5. There will be state level digital banks, digital asset exchanges, digital investment banks and digital asset management; 6. The global blockchain network standards are likely to be set by China; 7. China will generate a large number of world-class leaders, entrepreneurs, and scholars in blockchain; 8. The performance of blockchain will be improved significantly in the next three to five years; 9. Mathematics, cryptography, and computational theory will become the most popular subjects.
Former Deputy Of BOC Governor: China has high blockchain visions, but should be careful with the trading risks and speculations Former Deputy Governor Of Bank Of China WANG Yongli shared his thought with CoinNess that China shows its ambition of establishing a leading global position in blockchain by researching and developing blockchain technology and applications. However, the blockchain technology is on an initial development stage. He urges investors to be careful with the trading risks and speculations as the definition of blockchain hasn’t been clarified, and there are existing issues like “decentralisation, security, high energy consumption” to be solved.
Video Lessons Targeting Blockchain Technology Go Live On CCPPD’s Platform Following the news that XI Jinping, Chinese President and General Secretary of the Communist Party of China, addressed the importance of blockchain in making technological breakthroughs at the eighteenth group learning event organized by the Political Bureau of the Central Committee Oct 24, the Xuexi.cn platform led by the Publicity Department of the Central Committee of the Communist Party of China, or CCPPD, announced Oct 26 the launch of the video lessons targeting the blockchain technology. The videos with a total of 25 lessons mainly include the preliminary introduction to the blockchain technology, the consensus agreement, Bitcoin, Ethereum and smart contracts, blockchain performance improvement, blockchain security, the basic knowledge of big data, in-depth analysis of blockchain instances, as well as the concrete programming code examples.

Encrypted project calendar(October 26, 2019)

KAT/Kambria: Kambria (KAT) Kambria will host the 2019 Southern California Artificial Intelligence and Data Science Conference in Los Angeles on October 26th with IDEAS. BTC/Bitcoin: CoinAgenda Global Summit will be held in Las Vegas from October 26th to 28th Horizen (ZEN): 26 October 2019 (or earlier) ZEN 2.0.19 Upgrade Zen 2.0.19 upgrade at block #610000, which is expected around October 26. IOTA (MIOTA): 26 October 2019 Taipei Workshop “Sam Chen, our Software Engineer, will explain how to use IOTA C Client library & will demonstrate 3 IoT projects running on ESP32 at…” Streamr DATAcoin (DATA): 26 October 2019 Data Union Demonstration “This Saturday, Streamr will hold the first demonstration of data unions, with a community built plugin for users to crowdsell…”

Encrypted project calendar(October 27, 2019)

ICON (ICX): 27 October 2019 Money 20/20 USA Event Money 20/20 USA in Las Vegas from October 27–30. Aeternity (AE): and 5 others 27 October 2019 CoinAgenda Conference CoinAgenda conference in Las Vegas from October 26–28.

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.

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.

Bitcoin (BTC) bulls seem to have decimated the bears. As of the time of writing this article, the leading cryptocurrency is at $9,800 — up over $2,500, some 38%, in the past 36 hours. This is around $800 short of the daily high of $10,600.
Chairman of China’s top leadership announced that China should be expected to take the lead in the global blockchain, so that the exchange rate of Bitcoin against the US dollar rose sharply, and the support level exceeded $10,500.
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BIP for 1 Bitcoin = Ten Million Satoshis

I know this sounds crazy but hear me out. Past a certain point, people don't look into bitcoin because they see it as being too expensive.
If we change the definition of one bitcoin by moving the decimal place, all that would need to happen is for exchanges and wallets to update their UI and price the new bitcoin accordingly at $660 per coin.
If the interfaces started only dealing with satoshis as the unit of bitcoin, and provided an interface showing $660 per 10 million satoshis, I think we would see many more people getting on board, even though there is no change to the underlying value against the dollar.
What do you all think?
submitted by ElephantGlue to Bitcoin [link] [comments]

Kin: The Reader's Digest Condensed Version

We all know that Kin is a unique digital currency, that it has value and utility, and that the Kin Ecosystem, currently in development, is going to be big--very big. But let’s look back for a moment. In order to see the scope of what’s happening, and where we’re going, it might be useful to look back, at where we’ve been.
Kin was started by the good folks at KIK Messenger. As Facebook and Google grew to gargantuan proportions, it became obvious to all that the old-school model of Advertisement Placement for monetization was becoming untenable for anyone other than the biggest and most entrenched of companies. Yes, the Facebooks and Googles of the world were doing fine with monetization via advertisements, and were busily scalping data from their users in a feeding frenzy to capitalize on the one asset they could sell… those users’ attention.
While most users thought Facebook was designed to give the social media platform as the product, and that they themselves were the customers, the reality is far different. The truth is that the advertisers were the actual customers, and Facebook users were the actual product. Very much like the Matrix, isn’t it? We are fed a social media mental “pudding,” and in return we give Facebook hours and hours of our attention… which it then sells to the advertisers.
Understandably, this realization came as a shock to those who were able to see and understand this revelation. Many users still do not grasp the reality of the situation, and are happily, mindlessly eating the pudding.
Leaving aside the distasteful mental image this business model give us, it created a problem for up-and-coming, and smaller but established Social Media companies. The smaller SM operations were left in a bit of a financial quandary… advertisers were loathe to spend on smaller platforms, because the reach of the giant platforms was so large and all inclusive. The remainder were basically crumbs on the floor.
From this basic problem… and the ensuing economic reality… came the idea for Kin.
Monetization is a concept that no one really enjoys talking about. For most of us, we’ve come to accept that ads are a necessary evil that we pay attention to in order to receive content; at this point most of us simply grit our teeth and press on. No, I’m never ever going to buy that silly spray to cover up the smell of your poo, but go ahead, play the damned video ad… again. I digress.
But what if there was a way to change the dynamic so that the SM platform user’s attention was no longer the product that got sold to monetize the operation? What if the user could sell his or her OWN attention, and be rewarded thusly? And what if there was a way to compensate developers and businesses who work in the ecosystem for this activity as well?
What if the user actually became a rewarded participant in the engine that generated income? And was even able to generate income for themselves in the process? What if a system was designed to reward users, developers and investors, all at the same time?
This is the basic premise of Kin.
THE GENESIS of KIN
In 2009, Kik Interactive was formed by a group of college students at the University of Waterloo, Canada, in order to create applications for mobile devices and smartphones. Soon thereafter, the Kik Messenger was launched. In it’s first fifteen days, Kik enrolled over one million users. Over the years, Kik has solidified itself as a strong niche player in the messaging app world. Initially, Kik monetized itself by placing advertisements, but realized over time that ad revenue might not be the best way to keep Kik in solvent.
After several years of struggle, Kik embarked on an experiment and instituted a program called “Kik Points.” This program allowed Kik users to participate in a very basic and limited “earn and spend” program. The users would answer surveys, or watch videos, in order to “earn” Kik Points… which they could then spend on in-app programs like sticker packs or emojis. What the Kik folks saw was a very enthusiastic, large group of people working to earn, and then spend Kik Points, in a transactional rate and density that dwarfs that of every cryptocurrency, including Bitcoin.
Kik then knew it was onto something. The team got to work, and after years of design, Kin was born. The Kin token was introduced into the crypto universe through an ICO (initial coin offering).
The Basics of Kin
Kin is the first cryptocurrency designed for mass-adoption and utility. It was engineered, specifically, to act as a currency to be used in millions of daily small and micro-transactions. In other words, it was a coin designed to be “spent” by the masses, not held by speculators.
Kin is designed to reward people for using the coin. The Kin Rewards Engine (KRE) pays Kin to users and developers who contribute to the ecosystem. This does “inflate” the circulating supply of the coin, which in turn keeps the value of the individual coins in check, but in reality this is a core design component of Kin. Kin is designed to grow in value, but is designed to grow more slowly because of the extreme volatility witnessed in the growth of other coins. This kind of volatility would destroy Kin’s ability to be used as a true currency. The KRE serves two purposes, then; to reward those who boost the ecosystem thought their efforts, and to moderate the extreme peaks and valleys that have plagued cryptocurrency since the invention of Bitcoin.
Bitcoin, for example, has morphed into a “store of wealth” rather than an actual usable currency. It is “deflationary” in nature; in other words, the scarcity of it is the sole driver of it’s value. The high cost of Bitcoin transactions, extreme value fluctuations and slow processing speed all hinder its use as a true currency. Additionally, why would someone spend Bitcoin when it may appreciate significantly in a short period of time? We all have heard the story about the two pizzas that were bought with 40,000 BTC… which would make those two pizzas worth over $300 million dollars today. And why would a merchant accept a currency that might lose a large percentage of it’s value very quickly? With a deflationary, speculative currency like Bitcoin, swings of plus or minus 30 to 50% within a few days are not uncommon.
Kin, on the other hand, is designed to be used and spent by millions of users. It’s value will also grow significantly, but that growth will be relatively stable, with few of the huge peaks and valleys we’ve all seen in other cryptocurrencies. This is directly due to the large initial supply of Kin tokens (756 billion) the large maximum supply (10 trillion) and the design of the KRE. Most people with any crypto experience see that 10 trillion figure (the maximum circulating supply of Kin) to be a huge detriment at first blush. This is because they haven’t grasped the need for that many tokens. Looking at it from the perspective of other crypto, 10T coins is a ludicrous, astronomical number of coins. And with any other coin, it would bake no sense.
But Kin is unique. It’s a true currency, not a store of wealth. It is designed to create value growth through usage, not through speculative buying, selling and holding. When Kin reaches mass adoption, the larger supply of coins will keep the price of the coin relatively stable while it grows in value, and will significantly reduce volatility.
Notice that I did not say that the large supply will reduce appreciation; it won’t. That’s because while Kin is designed to be an inexpensive coin, and should never experience the volatility of Bitcoin, that doesn’t mean it won’t gain and accumulate value. It most definitely will. There are no limits to that appreciation, and those who buy Kin now, while the price is well below 1/100ths of a cent, will see significant return on their investment. That opportunity, as significant as it is, is not going to last much longer, and will not be available again.
Kin is designed to go against the “normal” crypto path of pump and dump. It is not designed for arbitrage trading. Again, it is designed for utility, to be earned and spent, unlike most cryptocurrencies.
Kin is designed to be an inflationary coin, not a deflationary coin. In that, I mean that Kin, through the KRE, injects liquidity into the ecosystem and does not appreciate solely due to its scarcity. The KRE rewards those who have significant positive effect on the ecosystem by awarding Kin to those entities or people. If you develop an app that captures people’s imaginations and is wildly successful (think PokemonGo), and you’re using Kin to monetize that app, that effect on the Kin Ecosystem will be greatly rewarded with equivalent Kin. By injecting this liquidity into the ecosystem, the KRE rewards those who make the ecosystem work. This also tends to have an inflationary effect that slows the growth of the coin into a manageable upward trajectory, versus a hyperbolic, exponential increase.
Bitcoin, on the other hand, is deflationary… which means that no new BTC will be brought into the BTC system, and its value is based solely on that perceived scarcity. Since it has no mass adoption or real utility, and it’s value can rise and fall very quickly in large amounts. People buy Bitcoin for two reasons only today; speculation, and movement of fiat currencies into other cryptocurrencies. Speculation is the reason most people get into cryptocurrencies; with the advent of Kin, that will no longer be the case. Once Kin begins mass adoption, the majority of people in cryptocurrencies will be in Kin, and will be using, earning and spending Kin without buying the coin on an exchange. They will not be speculators, they will be users.
Speculation has been the name of the crypto game in the past, of course, but that is about to change. Speculation on crypto will become the minority use case, not the majority. Bitcoin will always have a place, obviously, but can you buy groceries with it? Can you pay your electric bill? Can you go out to eat using Bitcoin? No. Bitcoin will always be the first cryptocurrency, but it is not a mass-adoptable currency with any single, strong use case in its current form. Kin was designed with Bitcoin’s failings in mind.
The question comes up: Will Kin ever be a truly valuable coin, even with a ten trillion coin supply? The answer is an emphatic YES, it will. It will never be a short-term investment; there will be no 10x tomorrow, or 100x next week. But for the patient, the growth is coming. For the long term HODLer, the rewards will be significant indeed.
Let me explain why the Kin Foundation, in designing Kin, chose to make the circulating supply 10 trillion Kin tokens.
Why are there 10 Trillion Kin?
To be a true currency with mass adoption, used by millions of people, there needs to be a large amount of Kin available. Otherwise, in very short order, people would be using Kin in decimals. It was decided that people would rather earn and spend multiples of Kin (i.e., 1000 Kin or 500 Kin) versus decimals of Kin (i.e., 0.0001 Kin or 0.0005 Kin), as is now necessary with Bitcoin, Ethereum and many others. Note that Kin can also be used in decimal divisions, so that in the future, the value of Kin will never be limited by an inability to be used by the decimal.
In order to tamp down the extremely volatile nature of many cryptocurrencies, a larger circulating and available supply is necessary. A balance was found at 10T where the supply is large enough to meet the needs of the millions of users, but was small enough to not interfere with the growth of value in the coin. The Kin Rewards Engine (KRE) is key to this balance. By injecting Kin liquidity into the ecosystem, it rewards those who enable and grow the system, but it also minimizes volatility and keeps value growth down to a sustainable, non-hyperbolic/non-exponential growth curve. In this, it both creates opportunity and eases fears of volatility, for users, developers and merchants alike.
There are currently 756 billion Kin tokens in circulation; most of the remainder are held by the Kin Foundation for their own use, and for rewarding those who enable the ecosystem via the KRE. The KRE is schedule to begin operation in Q3 2018. As the value of Kin appreciates, the number of Kin injected via the KRE will change, though the total value will not. For this reason, the KRE stands to be in operation, injecting liquidity, rewarding innovation and ecosystem enhancement and controlling volatility for many, many years to come.
In the end, 10 trillion coins will not be enough to satisfy the long term needs and desires of the masses. If 50 million people are using Kin, this works out to only 200,000 Kin available per user. Most early adoptecapitalists in the ecosystem hold many, many more than that. This eventual scarcity will drive the value of Kin up significantly; I won’t prognosticate how high. There is, however, no limiting factor. I am very bullish at this prospect… because of the last item, number 5.
Metcalfe's Law shows the correlation between the usage of a telecommunications system, the size of it’s network, and its value. As the number of users grow, this law shows us that there is a direct correlation between the supply, the number of transactions per day, and the approximate value of that coin. This law follows closely the movement of Bitcoin, Ethereum and other cryptocurrency systems, and shows that Kin will benefit from mass adoption and millions of daily transactions from tens or hundreds of millions of users. Without a large supply, this would not be possible.
The design of Kin requires 10 Trillion coins to be available to execute the plan. And the plan is to allow users, developers and investors to all reap the benefits of a vibrant and growing ecosystem. When there are hundreds of millions of users in the ecosystem, the value of Kin will be greater than most people can imagine. It’s an exciting time, to be sure!
So we’ve looked at why the circulating supply is important, and why it’s different from other currencies. Let’s look at the center of why this works, the KRE.
The Kin Rewards Engine: How it will disrupt Social Media monetization
How often do you log onto YouTube, or Facebook, or any other Social Media site, and click on a video you’d like to see? Before the video starts, though, you are forced to watch an advertisement… maybe it’s something you want to know more about, but more often than not, it isn’t.
What if someone was reading your chat messages and saw you were talking about buying new running shoes, and there’s the ad for that, placed right in your face. Currently, the harvesting of your personal and private conversations is real and ongoing… putting that aside (and that’s a wholly different problem that Kin solves), someone is making money by scraping your personal data off of private communications and browsing histories, creating ads that target your interests, and then forcing you to watch those advertisements. A bot is reading your data, intuiting your thoughts, and someone profiting off of you.
George Orwell’s “1984” called this person “Big Brother.”
The KRE puts an end to this exploitative monetization model. The advertiser compensates you directly for viewing that advertisement, or answering that ad, or for playing that game. You can then spend your Kin on spend opportunities like branded Gift Cards from hundreds of big named merchants like Amazon, McDonalds, and Best Buy, or the user can take their Kin to an exchange and sell it for the fiat currency of their choice, US Dollars, Euros, GBP or Yen. You can use your Kin to buy music, to view curated content, or to tip a content provider. Paywalls for online journalism will become a thing of the past.
The KRE will reward the developer or person or company who placed the ad and contributed to the ecosystem. The user is allowed to contribute financially to content they value; instead of having their personal information sold to an advertiser. The user also can benefit financially for their own intellectual efforts and content creation.
Businesses and developers will be able to easily move their Kin to exchanges to trade for fiat currency; this enables them to pay bills and salaries, and reinvest in other parts of their business. This also creates liquidity for exchange trading, which is an important part of the Kin Ecosystem.
In this way, the KRE will rewards users, developers and investors who participate by adding value to the ecosystem. It will be an “open” ecosystem, allowing people to choose their use of Kin, whether it be purchases within apps, soft monetization via giftcards, or hard monetization via exchange trading for fiat currency. It may also become an option for game fans, hobby coders and enthusiasts to produce a living income via Kin.
Why are there two types of Kin?
Initially, Kin was designed to exist on a single blockchain infrastructure, the Ethereum Blockchain. Kin’s ICO was performed on the ETH Blockchain, and all Kin currently available to buy on exchanges are ERC20 tokens, built around Ethereum.
Last year, Ethereum experienced significant delays in transaction times because of a game that had been built on the platform, called “CryptoKitties.” This game became very popular very quickly with Crypto fans, and in their exuberance, their usage crashed the Ethereum platform.
The Kin Foundation realized that Ethereum, in its current form, was neither fast enough, nor robust enough to support the millions of users of Kin. Something had to be done.
The Foundation decided to seek another blockchain for Kin. Something faster, stronger, and secure enough for the millions of users of Kin to have near instantaneous, secure transactions, no matter what. A couple of solutions were found: The Stellar Lumens blockchain (XLM) was chosen because of it’s transaction speed, utility and robust nature, and the Orbs blockchain, which can stand as a replacement if there is a problem with Stellar down the road.
But what about exchanges? Kin on Ethereum can expect to be on many exchanges, and that access to liquidity that is essential to the success of the project. Kin on Lumens or on Orbs wouldn’t have widespread access to exchanges. This was a dilemma, The solution was to create the first ever two-blockchain cryptocurrency.
All Kin bought and sold on exchanges is on the Ethereum blockchain. Kin to be used in the KRE, the Kik app and the Kinit app, and in the remainder of the Kin Ecosystem, will be based on the Stellar Lumens blockchain. The two types of Kin will be functionally identical in value, and freely interchangeable between the two blockchains.
Basically, users will earn and spend Kin (XLM) in the Kin Ecosytem, due to Stellar’s robust design and fast transaction speed, but when they wish to move their Kin to an exchange, their Kin (XLM) will be exchanged for Kin (ETH) on a 1 for 1 basis prior to moving the Kin to the exchange of their choice for trading purposes.
In this way, the needs of all Kin users will be met. And should Stellar be someday unable to meet the demands of mass adoption, the Orbs Blockchain, and others, are available for later development. In any event, this dichotomy of Kin will be mostly transparent to the user, and will not impact the value or the utility of the currency.
The Kin Foundation has developed this dual-blockchain technology so that Kin can become the first mass-adopted, widely used cryptocurrency in the world.
So, how much will Kin be worth?
This is a big question. Many naysayers don’t believe Kin will appreciate significantly because of the large supply. This is based on their past experiences with Cryptos that don’t have utility and are simply speculative in nature. That’s not the case with Kin.
To be completely honest, no one knows how much appreciation Kin will experience, or when it will reach a certain value. Here’s what we do know:
Kin is positioned to be the first mass-adoption cryptocurrency in the world. Today, less than six million people worldwide own or use and cryptocurrency… this is an astonishingly low number. Kik, the messaging app behind Kin, has over 300 million registered users. Kin will be introduced first on the Kik app; Kik app users will have their first opportunities to earn and spend Kin before the end of 2018.
So basically, once Kin is introduced on the Kik app later this year, the number of people using cryptocurrency worldwide will multiply many times. In one day. Kik will introduce crypto to tens of millions of users by the end of the year.
As mentioned before, Metcalfe’s Law shows the relationship between a cryptocurrency value and the usage or transactions conducted by that coin, and the circulating supply. With current supply at 756 billion, and assuming transaction numbers in the 10 million per day range, Kin should be trading at around $0.01 per coin. Remember, however, that the KRE will be raising the circulating supply, and it may take some time to get to 10 million transactions per day. The value of Kin hinges on these numbers. In this, the beginning of the ecosystem, there is no foolproof way to estimate the value of Kin on any certain day.
That said, there is no limit to the value of the coin, over time. None. Not circulating supply, or market capitalization, or anything else. No limit. In a decade, after the ecosystem has matured and is operating solidly, Kin could be worth…. Well, you fill in your own numbers. I have my opinions, and they are not limited by the number of coins, the market cap or anything else designed into the coin. For me, it all hinges on mass adoption and usage.
Partnerships
Kin has inked a number of partnerships that are exciting and will stand the ecosystem well into the future. Two recently announced partnerships are UNITY and BLACKHAWK NETWORK.
UNITY
Unity is the ultimate game development platform. It brings together developers and technical assets in ways that allow the creation of some of the world’s most popular digital games. There were 5 billion downloads of games made with Unity in Q3 2016 alone. Today, games that were made with Unity exist on 2.5 billion unique mobile devices.
App and game developers will be able to insert Kin’s “5 minute SDK” (Software development kit) into the code of their app or game, and be monetizing their efforts with Kin in minutes. This “plug and play” approach makes the Kin Ecosystem and its rewards accessible to almost every developer, without the expense, time and research of developing a cryptocurrency. It truly is bringing cryptocurrency to the masses.
Simply plug the “5 minute SDK” into your code, launch/update it, and within minutes, you’re creating revenue. Your users will also have earn/spend opportunities, and your game/app usage will grow dramatically. No more sharing your revenue with the Apple App Store, or with Google Play Store. This is a huge increase in revenue for developers.
BLACKHAWK
Blackhawk Networks is the leading gift card supplier. Simply put, if you’ve ever used a gift card, it most probably came from Blackhawk Networks; that’s how deep their market goes. Over 250 different branded gift cards will be available for developers to choose from for their users to select, based on their personal knowledge of the demographic. Is your app a traffic or mapping app? Perhaps your users would appreciate being able to earn Kin to buy a Dunkin Donuts cash card. Because, coffee. Is your app a fitness app? Perhaps a Nike gift card is more appropriate. Is it a game geared towards younger users? There’s always McDonalds. A dating app? How about a card for flower delivery?
You can see that the options are endless. And don’t forget, the user AND the developer can choose to move their kin to other apps for other options, or to large cryptocurrency exchanges, where they can exchange their Kin for dollars, euros, etc.
In this way, the ecosystem is enhanced, the cycle begins again, and the KRE continues to reward.
Big Investors
One of the things that first got me excited about Kin was learning that Kik and Kin were heavily invested in by Tencent, the Chinese behemoth company behind WeChat. I travel extensively to China for my day job, and it was an incredible realization to see that most Chinese don’t carry paper currency anymore. Hundreds of millions of Chinese use WeChat every day to purchase everyday things like food, movies, clothing and the like. WeChat connects to the user’s bank account, and instantaneously debits the accounts when the user makes a purchase. Many retail outlets and vending machines in China no longer accept credit cards, and fiat purchases are dwindling in number.
Tencent’s interest in Kin is significant. Imagine Kik, using Kin, evolving into something similar… with hundreds of millions of people using Kin to conduct a significant amount of the economic transactions in their daily life! The adoption and utility numbers are mind boggling.
Additionally, there are a number of heavy hitters in the Crypto space investment community. Union Square Ventures (USV) is an investment fund that has bet heavily on Kik, and thereby, on Kin. Other investments from USV include CoinBase, Koko, DuckDuckGo, CodeAcademy, DuoLingo, Wattpad, SoundCloud, Foresquare, Kickstarter, Meetup, Etsy, Disqus, Tumblr, Twitter and Zynga. As you can see, Kin is extremely well positioned, and the monetization opportunity Kin represents for these companies is being explored.
Wrapping it all up in a big red bow…
The TL;DR version is this: Kin is poised to become the most used cryptocurrency in existence in 2018. As the KRE comes online, Kin is introduced to the Kik Community, the discrete Kin app (Kinit App) is released, the 5-minute SDK is finalized, more partnerships come online, more and major exchanges offer Kin trading, and word spreads, expect the value of Kin to begin growing significantly.
Kin currently sits near the bottom of the top 100 cryptocurrencies in terms of market capitalization, but the expectation is that Kin will rise towards the top of the top 100 in short order. As the value increases, so does market cap. Don’t make the mistake of thinking market capitalization limits the growth of Kin in any way; it will be the usage and mass adoption that will grow the value.
As the crypto market recovers from the last few months, look for Kin to accelerate its growth as more partnerships and exchanges are announced. Once the KRE begins operations, the value of Kin will grow more quickly. I do not expect Kin ever be worth less than it is right now.
The future for Kin is extremely bright. The Kin Foundation has much work left to do, but they are up to the task. Stay informed, and make sure your portfolio has Kin in it!
submitted by hiker2mtn to KinFoundation [link] [comments]

Blockchain & mining - my attempt to explain it

There are so many people invested in crypto now, but there are still quite a lot of people who don’t actually know what a “Blockchain” really is, nor do they truly understand its usefulness.
 
People hear these phrases like “digital ledger secured using cryptography” and think it sounds cool, but what exactly does that mean?
 
There are literally tons of informational resources on the net, but most of them fly straight over the heads of the average Joe. I thought it would be worth breaking down the concept of “Blockchain” to make it easy for anyone to understand.
 
So first and foremost, what is a “block” in a Blockchain? Well a block is a bunch of transactions grouped together. When I say “transactions”, I am referring to a ledger or list of transactional information.
 
Let me offer an example of a “transaction”:
 
Joe has $1000
Joe’s bank account is 1234-5678 @ HSBC
Joe sends Sarah $200
Sarah has $2000
Sarah’s bank account is 8765-4321 @ Bank of China
The time of the transaction is 12:47pm 20th Feb 2018
Joe’s account will now be $800
Sarah’s bank account is $2200
 
This is a simple example, but fundamentally this short list of information pertaining to a single transaction. This transferral of money ($200 from one person to another) is added to a “block” alongside a whole bunch of other transactions from other people.
 
Let’s use Bitcoin for the remaining examples. Each “block” on the bitcoin blockchain is 1mb in length. So what exactly is 1mb? Well 1mb or “mega-byte”, represents one million bytes of information. Now one “byte” of information represents a single ascii character. Every single character I am typing right now represents one byte. So “Hello” (without the quotations) represents 5 bytes of information.
 
So if we go back to my example transaction above, the number of bytes that this transaction took up is 246 bytes. This is just a fraction of 1mb, so you can see a lot of transactions of this size could be stored in a 1mb block.
 
OK so hopefully you understand what a “block” at least represents. So the next question would be, how do you ensure this “block” of information has not been tampered with? After all, it would be utterly disastrous if someone were to access a block of information and change some of the information. Imagine changing the destination bank address, or the amounts involved!
 
In order to secure a “block” we use cryptography. Specifically we use something called a “hash”. A hash essentially takes a bunch of data, applies a fixed set of mathematical operations to the data, and the eventual output is a “hash” of the data.
 
Let me give you an example of an ultra-basic “hash algorithm” -
 
Step 1. Take a number and double it
Step 2. Add 6
Step 3. Divide it by 2
 
That’s it…. A basic hash algorithm!
 
Let’s take a couple of numbers and apply the hash algorithm to the numbers.
 
First we’ll start with 20
 
Step 1. 20 x 2 = 40
Step 2. 40 + 6 = 46
Step 3. 46 / 2 = 23
 
So in this example, the “hash” of the original number (20) is 23
 
Let’s apply it to another number….This time 22
 
Step 1. 22 x 2 = 44 Step 2. 44 + 6 = 50 Step 3. 50 / 2 = 25
 
So the “hash” of the original number (22) is now 25
 
Now any different number you try as your input will always produce a different number as your hashed output. However, if you apply my hashing algorithm to the number 20, the “hash” will always be 23, and if you apply it to the number 22, the “hash” will always be 25.
 
If we take the numbers I used in the above examples (20 & 22) as “inputs”, then the “output” (the hash) will always produce the same result, but any changes to the input will always affect the output.
 
Ok so that’s applying a hash to a number…..what about text? How do we “hash” a string of text?
 
Well that’s where something called the “Ascii Table” comes in. The Ascii Table offers a unique code for every alphanumeric character. This allows us to convert a string of text into a number. Let’s take the word “Hello” (without the quotes) and convert it to a number using the Ascii table.
 
Ascii Table : https://www.cs.cmu.edu/~pattis/15-1XX/common/handouts/ascii.html
 
Capital H is represented as 72
Lower case e is represented as 101
Lower case l is represented as 108
Lower case l is represented as 108
Lower case o is represented as 111
 
If we concatenate these numbers we’d get 72101108108101
 
So we have a number…..lets apply my basic hashing algorithm to this number
 
Step 1. 72101108108101 x 2 = 144202216216202
Step 2. 144202216216202 + 6 = 144202216216208
Step 3. 144202216216208 / 2 = 72101108108104
 
So in this example, the “hash” of the word Hello is 72101108108104
 
If I changed any letter, the hash would be different. If I even changed the Captial H to a lower case h, the hash would be different. If anything at all changes the hash would be different.
 
So hopefully you understand the concept of hashing….. Now I should state that my example hashing algorithm is painfully simple. If would be trivial to reverse engineer this, simply by reversing the steps. However this is my example hash.
 
Let’s compare this to the SHA256 hash.
 
The SHA256 “hash” of the word “welcome” (without the quotes) is 280D44AB1E9F79B5CCE2DD4F58F5FE91F0FBACDAC9F7447DFFC318CEB79F2D02
 
If you apply the SHA256 hash algorithm to the word welcome, the hash will ALWAYS be 280D44AB1E9F79B5CCE2DD4F58F5FE91F0FBACDAC9F7447DFFC318CEB79F2D02
 
Try it yourself on a few different online SHA256 calculators:
 
http://www.xorbin.com/tools/sha256-hash-calculator
https://passwordsgenerator.net/sha256-hash-generato
http://www.md5calc.com/
 
So we know that if we apply the SHA256 hashing algorithm to the word welcome, we will of course always get the same result, because the steps involved in “hashing” data using SHA256 algorithm are publicly documented, albiet very complex.
 
However, the steps are far from the simple 3-step process I gave in my example…..Sha256 uses 64 steps, and none of them are as basic as the 3-step example I included of using plus, minus, multiply and divide.
 
I won’t go into the entire 64-step process (There are plenty of resources out there if you are interested) but just to give you an idea of the complexity of the hashing algorithm, I’ll go through the first few steps. But before we do this, we need to “prepare” the input.
 
To do this we first split the word into 4-byte chunks starting from the first character. The word "welcome" (without the quotes) contains 7 characters, so it is split into two chunks
 
Chunk A – welc
Chunk B - ome
 
Ok, now for each chunk, we convert this to ascii
 
Chunk A – welc = 119 101 108 99
Chunk B – ome = 111 109 101
 
Now we convert these values to a HEX value (for information on hex, take a look here : http://whatis.techtarget.com/definition/hexadecimal)
 
Chunk A – 119 101 108 99 = 77 65 6c 63
Chunk B – 111 109 101 = 6f 6d 65
 
Now any Chunk that is not a complete 4-bytes, needs to be “padded” to make it a complete 4-byte chunk. This padding always represents “80” in hex
 
Chunk A is fine….it's 4-bytes, so does not require any padding. Chunk B is only 3 bytes, so it needs an extra byte of padding. To do this we simply append hex 80 to the end.
 
So Chunk B becomes 6f 6d 65 80
 
The two binary values are now concatenated back together and padded out to create a 56 byte data string. They are padded out with zeros. Hex characters are represented with two characters, so 0 in hex is 00
 
So the two strings go together and lots of hex value zeros go on the end to make 56 bytes
 
77 65 6C 63 6F 6D 65 80 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00
 
We now calculate the length of the actual message in bytes including the padding (77 65 6C 63 6F 6D 65 80) and this is a total of 8 bytes, so this value of 8 (The number 8 is represented as 38 in hex) is appended to the very end of the 56 bytes to create a complete 64-byte string.
 
So the total 64-byte string has become:
 
77 65 6C 63 6F 6D 65 80 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 38
 
The 64 byte string is then converted to binary….
 
01110111 01100101 01101100 01100011 01101111 01101101 01100101 10000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00111000
 
In the data section (the first 56 bytes) the first byte of data (01110111 in binary) represents 77 in hex, which in turn represents the decimal value of 119, which is the ascii value of w
 
The second byte of data (01100101 in binary) represents 65 in hex, which in turn represents the decimal value of 101, which is the ascii value of e
 
In the final section, the very last byte of data (00111000 in binary) represents 38 in hex, which in turn represents the decimal value of 56, which is the ascii value of 8, which represents the length of the padded data string. This value will always be a multiple of 4.
 
Ok so now we’ve got that 64-byte data stream, we now apply some other things to it.
 
At this point Sha256 does some "shifting" of the data.
 
"Shifting" is when you move data around – So for example if we “shift” every square on the grid backwards 7 places, then this is what would happen.
 
10000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000000 00000000 00000000 00000000 00000000 00000000 00000000
00111000 01110111 01100101 01101100 01100011 01101111 01101101 01100101
 
Ok so Sha256 does a few more rounds of shifting until eventually, the data has been moved around and looks completely different on the grid to what it started with.
 
After all this is done, only then is the data “prepared” and ready to be manipulated through the 64 steps to create the hash! Now on the face of things at first glance, this actually looks complicated, but for a computer to hash data using Sha256, it’s actually fairly simple. It can do it extremely quickly! A human being could in fact do the complete SHA256 hash with enough patience. Somewhere actually did this with a pen and paper and it took them a little over a day.
 
After the 64 rounds of adjustment, the final hashed value of welcome comes to 280D44AB1E9F79B5CCE2DD4F58F5FE91F0FBACDAC9F7447DFFC318CEB79F2D02 and providing that you used sha256 to hash it, the word welcome will always hash to this value. If I change the anything in the input, the output hash changes dramatically.
 
For example, if I change welcome to Welcome (capital W), the Sha256 hash becomes 0E2226B5235F0FF94A276EB4D07A3BFEA74B7E3B8B85E9EFCA6C18430F041BF8 As you can see it’s totally unrecognisable compared to the previous hash.
 
So hopefully now you have an understanding of hashing, you can see that the data stored in a block can be hashed, and it will generate a hash value.
 
Copy the following section of transaction text into any online SHA256 calculator:
 
Joe has $1000
Joe’s bank account is 1234-5678 @ HSBC
Joe sends Sarah $200
Sarah has $2000
Sarah’s bank account is 8765-4321 @ Bank of China
The time of the transaction is 12:47pm 20th Feb 2018
Joe’s account will now be $800
Sarah’s bank account is $2200
 
You should get the following hash value:
 
F4162A24257D3D2995E80B8FB08F43A9F029CC951F8C103051EAD30BFCDCC63F
 
Now this is just one transaction, but the point is that you will never see that same hash value again, unless the EXACT same transaction information is hashed with SHA256. If you change anything at all, the hash value will change completely.
 
Now I won’t go into why this is virtually impossible to reverse engineer, but suffice to say the estimates of computing power required to reverse a SHA256 hash are as follows:
 
Based on current computing power, brute-forcing SHA256 would take a powerful modern PC approximately 71,430,540,814,238,958,387,154 years. Some scientists believe the sun will “extinguish” in about 5,000,000,000 years.
 
For now, SHA256 is pretty secure!
 
So if we have a “hashed block”, suffice to say it is pretty much impossible to break.
 
So there we have it...a block!
 
OK so what does the word “chain” in blockchain mean?
 
Simple….. you take the hash value of the first block, and stick it into the very next block as the first part of data, just before you start adding your new transactions. Can you see what effect this has?
 
If my first block hash is:
 
F4162A24257D3D2995E80B8FB08F43A9F029CC951F8C103051EAD30BFCDCC63F
 
If I put this just in front of all my new transactional data, then the total data in the new block (including the hash of the previous block) all gets hashed as one to create a new hash for the second block. If anyone tampers with the first block, the hash changes, and therefore won’t match with the hash put into the second block. This has a knock-on effect to all subsequent blocks.
 
So if you have a block-chain full of nodes (servers) and node A is reporting a cumulative hash of all blocks on the latest block on the chain to be XXXXXX but node B, node C, and node D are reporting the cumulative hash for all blocks to be YYYYYYYY, then it’s immediately obvious that node A has been compromised, and needs to be removed….after all, the entire block chain of entries ultimately ends up with an up-to-date hash of all the previous blocks, and if anything changes…..literally one single character in any single block changes…..then hash proves that the chain has been compromised!
 
So what exactly is mining? Mining is simply re-running the hash over and over and over again onto a block, until you reach a constant…..What I mean by a constant is as follows:
 
  1. You take your block of data
  2. You hash it to get a hash value
  3. You check to see if the hash begins with four zeros 0000
  4. If it doesn’t you now add 1 to the data and re-hash
  5. You check to see if the hash begins with four zeros 0000
  6. If it doesn’t you now increment the number by one and re-hash
 
You now repeat steps 5 & 6 over and over and over again, until eventually, at some point, you will see 4 zeros.
 
This extra value you are adding is what is known as a “nonce” and is actually short for the word nonsense! It basically means that you are adding a number that increments in the block, whilst everything else in the block remains constant.
 
Let’s take a simple transaction to use as an example:
 
Fred has $200
Claire has $300
Joe sends Claire $50
Fred now has $150
Claire now has $350
 
Ok nice and simple….. Let’s use a great website resource to demonstrate mining this data.
 
Copy this basic transaction into the “data” section of this web page and delete any visible “nonce” value (if there is one there) - https://anders.com/blockchain/block.html
 
(NOTE: when you copy/paste from reddit it might also copy the spaces between the lines, so you would need to remove them, as a space is also a valid ascii character.)
 
If done correctly, you should see a hash value at the bottom of f710ba16e8b987575a23ce0fe13a4dfbd3e72676c65890a7b8acab421748195b
 
Now this doesn’t begin with 0000, so now let’s click on the "mine" button, and the page will keep incrementing the nonce value until eventually the hash will begin with 0000.
 
The process should take around 5-10 seconds, and eventually the hash will be displayed as 00009db80aa366297984130a3f2b74b4f3a6eb044df24de700a616ca9e6aacb6
 
This does begin with 0000 and it took 15,708 “hashes” to reach it. You have reached a constant!
 
This block would now be deemed as a valid block, and the hash of this block is what is passed onto the next block! This is basically mining!
Mining is necessary to ensure that all blocks on the block chain are valid and accurate. Obvioulsy doing this requires computational power, which requires equipment (computers) and energy (electricity) which must be paid for, hence the reason that "miners" are compensated with coins for their efforts.
 
So hopefully you now have a better understanding of block chains and mining :-)
submitted by jpowell79 to u/jpowell79 [link] [comments]

How I am trading into more Doge through exchanges

Credit given where credit is due, this thread was my motivation for writing this. Also I didn't want to hijack someone else's thread via their comments.
I have been trading in Doge for a little while now, which is a relative term considering Doge is a month old on Jan 6, 2013.
I have made HUGE mistakes (like accidentally buying where I was selling, because I clicked the wrong thing). But, I have also gotten REALLY lucky with some amazing trades.
Disclaimer:
I am not working fowith Cryptsy. I am just a user and most of my exchange experience has happened there. This is also not a discussion of WHICH exchange to use, use the one you like the most. This is however, a discussion of how exchanging/trading works. Yes, Crypsty gets slow. Yes, I have had 3 hour lags getting Doge in or out of Cryptsy. Yes, I have had money "hung" up on a cancel order. It happens. This is a brand new industry as far as coin-trading goes and there is a ton of computation that is going on behind the scenes. I am also a little more forgiving than others. I also know that some people have had trouble with their support, but I have not.
My rules of trading
First Rule of trading: This is NOT a get rich quick scheme
You have to pay attention, you have to watch the market, you have to spend a lot of time on this and be patient. If you walk away with Doge in play, you'll get screwed. If you jump in at the wrong time with out doing the math, you'll get screwed.
Second Rule of trading: Don't gamble what you cannot afford to lose!
This is super important, because while I was trading someone came in above or below me and totally hosed me a couple times. I have learned to trade in smaller amounts. This means less benefit in the end, but less risk as well.
I know Cryptsy isn't well loved here, but I have used it as well as 3 other exchanges and I like it the best. The reason I stick there is that you can see "nearly live" what is going on. I say nearly, because there are lags. However, most of the perceived lag tends to be trades that are smaller and that auto-trade away before they are worth posting to the buy/sell orders list.
Get a feel for the room before you jump in whole-Doge. Buy and sell small amounts, like the minimums of the exchange, before you do anything drastic. This IS gambling. It WILL bite you in the ass. Trust me, I have had some big losses already.
Third Rule of trading: Buy low, sell high
Always, always, always.
Fourth Rule of trading: Pay attention to fees
Cryptsy charges .3% for selling and .2% for buying. This is a total of 0.005 or .5%. This factors into EVERY trade I make. Let's go with some numbers, see the screenshot here for examples. These are the TIX/LTC numbers for right now, but I will use Doge/LTC as the example.
If you are selling Doge at 222, then to get more Doge than you sold, you have to buy at LOWER than 222/1.005=220. I use 222/1.001=219 to make sure I am always making more than the fees on every trade. Right now, since the highest buyer on the sheets is at 217, it is possible to make some extra Doge if you can buy at 217 as well.
Fifth Rule of trading: Pay attention to the direction of the market
If the market is going up, you need to be careful about selling because the buyers are going to buy higher in 20 seconds than they are right now.
If the market is going down, you need to be careful about buying, because the sellers are going to sell cheaper in 20 seconds than they are right now.
Sixth Rule of trading: Patience
This is a complete reiteration of Rule #1. You MUST BE PATIENT. If you are not, then you will lose Doge. The exchanges are often not immediate, even when there are obvious trades going on. This is because they are doing a ton of computation that you can guess at (because you can see what's trading) and computation of what you can't see, like that guy who buys 10 Doge at 300 when the price is 222. Like I said before, not all the buy/sell orders make it to the list, because not all of them are significant enough to warrant updating your view.
Think about it this way, if Cryptsy moves 12MM Doge in 10 minutes and less than 20% of those are "in the middle trades" between the highest buy and lowest sell, that means that 240,000 Doge moved in hte middle. Each of htese could be anywhere from 100-100,000 Doge at a time. It would take a ton of refreshes to your view, which is servecomputationally heavy as well as heavy in your browser
Seventh Rule of trading: Don't be afraid to cut bait. It's also ok to not cast at all.
If things are going your way, because the numbers aren't working or someone just put in a HUGE buy order above yours, it's ok to back away for a while. It's also ok to not jump in at all. You don't have to trade right now.
If the numbers aren't right, don't trade.
If the Doge are moving too fast, don't trade.
If you're not 100% comfortable, don't trade.
Definitions!!
Arbitrage: trading one currency into another and then into another in order to have more of the original currency. i.e. Doge->BTC->LTC->Doge via the Doge/BTC, then LTC/BTC, then Doge/LTC markets
"Buy low, sell high": A saying that comes to mean that if you sell for more than you buy, you profit. Also, that if you buy for less than you sell, you profit. This is the basis for trading on an exchange.
Buy Order: "I want to buy of Doge at of Doge/BTC" example, I want to buy 10 Doge at .00000025 BTC.
Cryptsy: Is an exchange, there are others in the right sidebar of this page. I use Cryptsy as an example, because that's where I exchange my coins
Doge: Such wow.
Doge/BTC: the value of one Doge in BTC. At the time of writing this, it was .00000025 BTC for one Doge
Dumping: The act of getting a currency and releasing at whatever price you can get for it right this second. Many auto-exchange mining pools will dump mined Doge (or any coin) for BTC as soon as a certain limit you define in your mining account is reached. Much of this is done for profit and based on the belief that BTC is the end-all-be-all, much like USD has been known for a while in the paper-money world.
An Exchange (noun): A place you can put your currency and trade it for another currency.
Exchange (verb): to trade one thing for another, in this case Doge for BTC or Doge for LTC
Fees: There will always be fees, this is how exchanges make money. The total fee for one round of buying and then selling or vice-versa on Cryptsy is .5% or a multiplication factor of .005. Fees for buying on Cryptsy are .002 (.2%) and selling are .003 (.3%).
Mining: using your computers processor or graphics card to solve big ass math equations to earn a crypto coin.
Orders: Requests to buy or sell something in the exchange
Pool: A bunch of people working together to mine at the same time
Sell Order: "I want to sell of Doge at of Doge/BTC" example, I want to sell 10 Doge at .00000025 BTC.
"To the moon": is a play on the phrase "shoot the moon". And a goal that seems insurmountable, but is totally possible since it's been done before (aka Bitcoin). Also, where Doge is going.
Tools I keep nearby:
  • A google spreadsheet to keep track of where I am and whether I am actually gaining ground or not. Sometimes, with lots of quick trades, it's worth stopping to count everything up. This spreadsheet will take into account the current trade values of Doge/BTC, Doge/LTC, and LTC/BTC. While I calculate USD, I am more interested in the total number of Doge that I have.
  • When I sit in one exchange for a while, like Doge/LTC, I will keep a second tab in my spreadsheet with calculated list of values for 1022, 1023, 1024, etc. (this is the current trading values with the decimal and zeros removed). The first column is the "number I am trading at". The second column is, "If you sell at column 1, you must buy below this number". The third column is, "If you bought at the rate in column one, you must sell above this number". Column one is auto-incremented by 1, (=A1 + 1, then fill down). Column 2 is column 1 divided by 1.01 (=A1/1.01, then fill down). Column 3 is column 1 times 1.01 (=A1 * 1.01). Screenshot: http://imgur.com/Up7r2ra
  • A calculator. Sometimes it feels good and can be faster to calculate /1.01 there, than it is in a spreadsheet.
  • Caffeine ;)
I hope this helps! Also, please tell me what you think and I'll update with anything I didn't add above.
If something is wrong or you look at it differently, let me know!!
Edits:
  • added definitions, alphabetized them.
  • cleaned up some information that was written quickly and not making sense to some users.
submitted by mbernier to dogecoin [link] [comments]

[uncensored-r/Bitcoin] It's time we had the option to kill the decimal.

The following post by davidcwilliams is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7x0uyr
The original post's content was as follows:
In the coming months and years, we all expect that Bitcoin will grow a great deal in value. One of the things that I think is standing it the way of its success is something that is only talked about rarely; how ridiculously awkward it is to describe the price of a relatively inexpensive item (say $10) in terms of a decimal in Bitcoin
At current prices that $10 would be 0.00117647 BTC. Even worse that looking at that number is trying to verbalize it. Once Bitcoin hit $100, I think that the convention was ill-suited for everyday transactions due to it being the very definition of cumbersome to describe a price in BTC.
For years I've argued that if we could just move the decimal to the right 8 decimal places, we could permanently do away with the confusion of 'Milibits" and leading zeros altogether. I'm not even going to get into the other HUGE issue of people's reluctance to invest thousands of dollars in something only to have shavings of that something rather than (at least) a unit of that thing.
At this time Bitcoin needs an overhaul. This is what I propose:
The decimal moves 8 places to the right, right now. That's it. The end. Now, look how nice and easy it is to work with pure Satoshi;
When buying something very inexpensive such as a $1 candybar, you would describe the item for sale in Kilo-Satoshi (thousands of Satoshi), or 'kiloSat', or 'kSat', or possibly even 'kS'.
So instead of listing a $1 candy bar as 0.00012000 BTC... which is unreadable and unsayable. You would instead list the item as... ready for this? "12 kS" (Twelve kilo-Sat when spoken out loud). "Yeah, the grocery store has a sale on candy bars. Three for 30 kS".
The system I propose works equally well for very expensive items:
At the current Bitcoin price, a brand-new, top of the line Mac-Book Pro ($2399.00) would be listed under this new convention as: 28,000 kS. A 2018 Honda Accord ($23,570)? Easy... that's 277,000,000 kS, or when spoken: "Two-Hundred and Seventy-Seven Million Kilo-Sat". Or if you prefer: 2.8 BTC.
Another reason this naming convention is valuable, is because relative value is introduced as well.
And should the bitcoin price rise, rise, and rise... then we will one day drop down to individual units of Satoshi in order to buy things like candy bars. Then it might be 3 candy bars for 50 Sat.
Now, I understand that this is never going to happen to the software itself. This proposal is for the wallets of tomorrow to include this convention as a way of simplifying and making more accessible and attractive the use of this thing we all love.
I welcome feedback.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Transcript of Developer Meeting in Discord - March 29, 2019

Pho3nix Monk3y03/29/2019
Is this unlocked?
oh cool. yes it is
Guess we need an admin to unlock it. Some of our devs cant type in here yet.
@shiggidy @traysi ★★★★★ Can yall unlock this channel?
traysi ★★★★★03/29/2019
Should be open now
bhorn03/29/2019
open!
GhostDogsGhost03/29/2019
heya!
SamzOnline [w1ne]03/29/2019
Woot
theking03/29/2019
Glad to be here.
traysi ★★★★★03/29/2019
@Jeroz can you type now?
Jeroz03/29/2019
Works now
ty
Pho3nix Monk3y03/29/2019
Great. Didn't really have an agenda for this meeting I'm told. Can open it up? Anyone have anything to start?
Bianca_NL03/29/2019
YaY
GhostDogsGhost03/29/2019
testnet voting on messaging bip?
Pho3nix Monk3y03/29/2019
I like it.
@GhostDogsGhost You might be the main "answerer of questions" for this. Not sure where @[Dev-Happy] Blondfrogs is.
GhostDogsGhost03/29/2019
anyone know if it's passed? if and when it'd be great to get some usage
Vincent03/29/2019
all good @traysi ★★★★★
Jeroz03/29/2019
Messaging is active on testnet now. The vote passed.
traysi ★★★★★03/29/2019
I'll try to clean up the permissions for this channel to make it simpler for future meetings.
Jeroz03/29/2019
There is no GUI yet to test it.
GhostDogsGhost03/29/2019
sweet -- yeah just rpc for now
[Dev-Happy] Blondfrogs03/29/2019
here
Pho3nix Monk3y03/29/2019
yay
[Dev-Happy] Blondfrogs03/29/2019
So, for messaging. There is not GUI, we really want to test the protocol which you can use fully through the rpc console.
We understand that this limits the number of users that will want to do testing but we wanted to get it out there asap to find bugs
Jeroz03/29/2019
Is there list of commands / little guide on how to get started with them in the console?
[Dev-Happy] Blondfrogs03/29/2019
Also, we wanted to let everyone know that we are going to try and get messaging protocol and restricted assets on mainnet at the same time. This means that the release for messaging might be delayed by a couple weeks. The devs are working really hard to make this happen and hope that the community is willing to wait a little longer for mainnet messaging.
There are commands like sendmessage listmessages and subscribe rpc calls yes
Jeroz03/29/2019
That would mean 1 hardfork instead of 2 right?
[Dev-Happy] Blondfrogs03/29/2019
Exactly @Jeroz
[Master] Roshii03/29/2019
Hello!
[Dev-Happy] Blondfrogs03/29/2019
Also, the Qt for messaging wont be released until after the hardfork, but the Qt for messaging and restricted assets would be in the same release.
S1LVA | GetRavencoin.org03/29/2019
Hello! Thanks for holding this meeting.
Jeroz03/29/2019
Will dividends also be included to that? @WhaleStreet (BW) (not sure if you are here)
[Dev-Happy] Blondfrogs03/29/2019
Dividends can be released at anytime it is completed as it doesn't require a hardfork
Jeroz03/29/2019
I meant the GUI update
S1LVA | GetRavencoin.org03/29/2019
For restricted assets, will owners of !uniquename have a grace period to claim $uniquename ?
[Dev-Happy] Blondfrogs03/29/2019
I am not sure on the GUI for dividends.
We are still figuring out if we are going to allow for a grave period or not. I think we are leading to the answer of Yes there will be a grace period.
but we aren't sure yet
SamzOnline [w1ne]03/29/2019
I've been studying and out of the loop of the RVN scene for a long time - is there any chance of someone updating me on what y'all talking about?
Pho3nix Monk3y03/29/2019
We have also been going through and cleaning up issues in GitHub. Tried to clean up tags in there as well. We will probably start going though those on a weekly ->monthly basis to stay ahead of things.
Vincent03/29/2019
community seens to agree !ASSET has exclsuvie on $ASSET
GhostDogsGhost03/29/2019
Silva -- that's open for discussion -- I think the general sentiment is that there should be some preference given to current asset owners
[Dev-Happy] Blondfrogs03/29/2019
@SamzOnline [w1ne] We are talking about the roadmap and how the development of the new features are coming along.
SamzOnline [w1ne]03/29/2019
Lovely many thanks
Vincent03/29/2019
what is the justification on only a grace period?
S1LVA | GetRavencoin.org03/29/2019
Is it possible to reissue a !ownership as a $ownership?
Jeroz03/29/2019
@SamzOnline [w1ne]
https://medium.com/@tronblack/ravencoin-tags-and-restricted-assets-84fe3070a226
https://medium.com/@tronblack/ravencoin-kaaawww-2f72077aece
[Dev-Happy] Blondfrogs03/29/2019
@Vincent I don't think is has exclusive rights. More like a first right of refusal for a couple months
Synicide03/29/2019
agree there should be some kind of grace period, or users that originally registered those assets will feel shafted
Vincent03/29/2019
but what is that justification?
if you are building Applein ur garage, you may need a few yrs to go public
S1LVA | GetRavencoin.org03/29/2019
Issue being assets will cease to be unique with two different types about
[Dev-Happy] Blondfrogs03/29/2019
True.
We aren't sure on what approach will be taken yet
Synicide03/29/2019
should regular and restricted assets share the same 'uniqueness of naming'?
[Dev-Happy] Blondfrogs03/29/2019
Please the community let us know what you think is fair.
This topic will 100% need to be discussed a lot
Vincent03/29/2019
when it was announced, there was a lot of discussion; most seemed to agree
SamzOnline [w1ne]03/29/2019
@Jeroz Many thanks
[Dev-Happy] Blondfrogs03/29/2019
If the consensus is that we shouldn't allow for ASSET! and $ASSET to be issued by different people then we will need to make sure that is the right approach. The code hasn't been written yet.
GhostDogsGhost03/29/2019
Some of this will depend on what we end up pricing the $ASSETS at (burn for issuance)..
Vincent03/29/2019
prcing shouldnt matter imo
S1LVA | GetRavencoin.org03/29/2019
We need to determine how important unique asset names are, for varying types.
Vincent03/29/2019
should be the owner of the asset name
[Dev-Happy] Blondfrogs03/29/2019
@S1LVA | GetRavencoin.org Exactly
push | ravenland.org03/29/2019
hey all, sorry im late :thumbsup:
[Dev-Happy] Blondfrogs03/29/2019
Howdy
Synicide03/29/2019
If someone registers !company123, and starts building a platform for themselves, seems they should be given an option to convert to $company123, and shouldnt have to worry about another party creating $company123
[Dev-Happy] Blondfrogs03/29/2019
They will be given that option
Vincent03/29/2019
indefinately
[Dev-Happy] Blondfrogs03/29/2019
the question is, is that option going to exist for forever, or maybe only 4 months
Vincent03/29/2019
then the worry still exists
Rikki RATTOE Sr. SEC Impresantor03/29/2019
I definitely vote for ! And $ to only be issued by the same people
Synicide03/29/2019
lets say they choose not to, can someone else create $company123? Or is that unqiue name shared?
S1LVA | GetRavencoin.org03/29/2019
I believe, ideally, a reissuance option would be available at anytime from !ownership
[Dev-Happy] Blondfrogs03/29/2019
@Synicide That decision hasn't been made yet
theking03/29/2019
@[Dev-Happy] Blondfrogs I do agree that releasing both messaging and restricted assets at same time makes sense so there is only one hard fork. What is the current thinking on tentative timeline before they would both be on main net?
push | ravenland.org03/29/2019
im excited about this memo indication, its useful because it means a buyer of an asset sending rvn can indicate the 'return address' without the 'seller of the asset receiving ravencoin' having to transverse the full vin/vout chain to obtain the source address to dispatch asset to. Is there a timeline for this feature or any documentation on it @[Dev-Happy] Blondfrogs ?
Synicide03/29/2019
my 2 cents, they should be a shared pool of unique names. The door is opened for scammers galore if it isnt.
[Dev-Happy] Blondfrogs03/29/2019
@theking A couple months atleast.
To make sure it is tested on testnet for long enough
theking03/29/2019
That makes perfect sense!
[Dev-Happy] Blondfrogs03/29/2019
@push | ravenland.org It will be on mainnet as soon as it and restricted assets are tested. Is the goal
push | ravenland.org03/29/2019
excellent, i look forward to it
Chill03/29/2019
Thank you for taking the time to bring up the ! and $ ownership issue. It's of extreme importance imo
push | ravenland.org03/29/2019
its gods work your doing there
bitnaive03/29/2019
yeah it seems like any modifiers to the original !NAME should belong to !NAME
DirkDiggler (RVN ded)03/29/2019
I would like to voice concern over the idea of the "grace period".... The idea of a UNIQUE asset name is key to our success. Many of us jumped on names we wanted. This doesn't feel right to need to have yet another name floating around if it's not controlled by the !OWNERSHIP token
S1LVA | GetRavencoin.org03/29/2019
@Chill NP :p
Rikki RATTOE Sr. SEC Impresantor03/29/2019
Yes please on only 1 hard fork
Chill03/29/2019
unique is unique. I have 510 of them!
Synicide03/29/2019
@DirkDiggler (RVN ded) grace peroid wont matter if the naming pool is shared for uniqueness
[Dev-Happy] Blondfrogs03/29/2019
So, If I own GOOGLE!, and I don't want $GOOGLE, no one should be allowed to own it?
DirkDiggler (RVN ded)03/29/2019
exactly
S1LVA | GetRavencoin.org03/29/2019
@[Dev-Happy] Blondfrogs Ideally, yes
bhorn03/29/2019
that feels right to me
Jeroz03/29/2019
yes
SamzOnline [w1ne]03/29/2019
Interesting
DirkDiggler (RVN ded)03/29/2019
yes
Rikki RATTOE Sr. SEC Impresantor03/29/2019
@[Dev-Happy] Blondfrogs I'm good w that
Synicide03/29/2019
that makes the most sense to me. As said, opens the door to scammers if not
Rikki RATTOE Sr. SEC Impresantor03/29/2019
Would add extra value to the ownership token as well
S1LVA | GetRavencoin.org03/29/2019
If more power is given to !ownership(changing type), more value is added to said asset, by way of design and ability
Vincent03/29/2019
and if you want to covert your assets to restricted yrs from now you will have a logistic nightmare if you have a bunch of owners
[Dev-Happy] Blondfrogs03/29/2019
I feel like, if we give people the option to register the restricted asset $ and they don't want it, that it is only fair that it is up for grabs
bitnaive03/29/2019
maybe no one else should be allowed to issue it but it can be transferred
Vincent03/29/2019
why?
Chill03/29/2019
I really don't think that's fair, to be honest
S1LVA | GetRavencoin.org03/29/2019
@[Dev-Happy] Blondfrogs Unique names are lost, in that case.
And in that way, !ownership loses value by not having the ability to change, if need be
Rikki RATTOE Sr. SEC Impresantor03/29/2019
Yeah I'd rather see the one name issued only forever
bitnaive03/29/2019
that way, if some one wants it. the can contact the owner for it.
[Dev-Happy] Blondfrogs03/29/2019
I think restricted assets have a different use case than regular assets, and they can be frozen.
Vincent03/29/2019
i can buy ravenland and revent push from moving forward with is project (after grace)
DirkDiggler (RVN ded)03/29/2019
seems like from a "code" perspective... the idea of 2 different (but similar names) would be a nightmare as well
Jeroz03/29/2019
Ideally give reissuable the extra option of making it restricted in my mind. I have mixed feelings about tokens traveling around that have the same asset name but are a different type.
Vincent03/29/2019
all his logos would have to change to his new name
S1LVA | GetRavencoin.org03/29/2019
They not have them remain one in the same? With the ability to change to restricted, should they have to. Though reissuance?
[Dev-Happy] Blondfrogs03/29/2019
@Vincent That is why push would have plenty of time to pick up the ravenland restricted asset if he wanted it
Rikki RATTOE Sr. SEC Impresantor03/29/2019
One of our selling points over ETH is that ETH can issue a bunch of the same named assets as long as the contract address is different
Vincent03/29/2019
bbut who says what is enough time
i may need yrs
bhorn03/29/2019
the extra cost could be onerous as well
Chill03/29/2019
when the asset layer was launched, it was billed as being unique names. Be careful in changing this, please.
[Dev-Happy] Blondfrogs03/29/2019
True, that amount of time isn't determined yet, if this is the route that is taken
bhorn03/29/2019
some have many many many assets
Rikki RATTOE Sr. SEC Impresantor03/29/2019
RVN, u issue that name once, it can never be duplicated
DirkDiggler (RVN ded)03/29/2019
where as having just another sub asset type ($RESTRICTED) falls under the same hierarchy already defined
bhorn03/29/2019
and the RVN is not as cheaply replaced
[Dev-Happy] Blondfrogs03/29/2019
@Chill Not changing that, just talking about the next asset usecase and how it could be coded is all
Rikki RATTOE Sr. SEC Impresantor03/29/2019
What kind of burn costs are we thinking w issuing restricted assets?
Synicide03/29/2019
@[Dev-Happy] Blondfrogs what if push decides not to, then someone else registers it for malicious intent with the same name? Surely the person who built their company on chain doesnt want another token of their company name out there
Vincent03/29/2019
@[Dev-Happy] Blondfrogs you seem to be the only one fighting for the garce period
[Dev-Happy] Blondfrogs03/29/2019
@Rikki RATTOE Sr. SEC Impresantor Not sure yet, going to be more than regular issuanace is the thought.
Rikki RATTOE Sr. SEC Impresantor03/29/2019
Agreed
S1LVA | GetRavencoin.org03/29/2019
@Vincent Simply bringing it into conversation, no harm
[Dev-Happy] Blondfrogs03/29/2019
@Vincent Not fighting, just keeping an open mind. I just code it, I am not the one making the decision.
push | ravenland.org03/29/2019
hey this is a bit of a random question but i get a lot of subassets send to me, what about wildcard sending via the wallet? like if i wanted to send RAVENLAND/* to an address
Vincent03/29/2019
true but just showing what the concesous is
[Dev-Happy] Blondfrogs03/29/2019
@push | ravenland.org Create a request in the issues on github for extra functionality
push | ravenland.org03/29/2019
:thumbsup:
will do mate
Synicide03/29/2019
seems if ! and $ arent shared unique, then companies will have to register both just to protect themselves
Rikki RATTOE Sr. SEC Impresantor03/29/2019
How about a unique asset w re-issuable IPFS?
S1LVA | GetRavencoin.org03/29/2019
We should be giving more power to !ownership by allowing it the ability to change to $ - Not giving less power to !ownership by duplicating unique names.
Rikki RATTOE Sr. SEC Impresantor03/29/2019
GUNCERT provided a valid use case IMO for unique w re-issuable IPFS
[Dev-Happy] Blondfrogs03/29/2019
@Vincent Sure I get that.
Sevvy (not worried til 500sats)03/29/2019
Agrees
If this is a possibility, to give the restricted assets to those who own the normal ones, it ought to be done
[Dev-Happy] Blondfrogs03/29/2019
@Rikki RATTOE Sr. SEC Impresantor Looking in on how to do that. The request is on github just don't have the time to implement it yet.
restricted assets, will have to be issued. and the corresponding amount of rvn will be burned for them
push | ravenland.org03/29/2019
it'd be nice to see a ravencoin network swarm, us and mango farms are doing something with that so if anyone else wants to get involved, i think its a worthwhile thing to build the power of the ravencoin ipfs hash network to keep them hashes alive
Sevvy (not worried til 500sats)03/29/2019
Yikes
Ah well
push | ravenland.org03/29/2019
i wrote a programmatic script to scrape all the ipfs files, so i can probably runa simple enough shellscript to ipfs add pin everything from chain
Vincent03/29/2019
plus ravenland sent me a bunch of tokens...they will be worthless now!!! :sunglasses:
push | ravenland.org03/29/2019
:joy:
vincent
one day tho eh
Chill03/29/2019
my 250,000 RVN that were spent on RVN assets are feeling pretty weak at the moment
[Dev-Happy] Blondfrogs03/29/2019
@Vincent haha ravenland assets are still assets. They just don't have the ability to freeze then and stop you from trading them
DirkDiggler (RVN ded)03/29/2019
you got to have one ring to rule them all... the Unique Ownership Token does that
SamzOnline [w1ne]03/29/2019
@Chill That puts my 80 to shame!
[Dev-Happy] Blondfrogs03/29/2019
@Chill Like I said, no decision has been made yet.
Vincent03/29/2019
@[Dev-Happy] Blondfrogs just playing with that one
[Dev-Happy] Blondfrogs03/29/2019
@Vincent Yeah, I understand
S1LVA | GetRavencoin.org03/29/2019
Changing gears alittle, Has any further thought been put into privacy?
push | ravenland.org03/29/2019
a tor network with proxychains could be effectively used to privatize a node
Jeroz03/29/2019
Seems that we need to continue discussions about the asset naming and make a write up about the proposals.
I have a different question:
About metadata and transactions. Tron mentioned that it will be possible to attach metadata to every transaction. It was unclear to me whether he meant every messaging transaction or every regular RVN/Asset transaction.
push | ravenland.org03/29/2019
ive been looking into this a little bit
Synicide03/29/2019
@S1LVA | GetRavencoin.org been wondering that too, and if restricted assets for KYC/AML NEED to be trackable
[Dev-Happy] Blondfrogs03/29/2019
@S1LVA | GetRavencoin.org Privacy isn't the main thing ravencoin wants right now. We need to be able to send and trade assets with visibility of amounts and the asset names. Once the main core components are finished, we can start thinking about integration privacy.
push | ravenland.org03/29/2019
as i understand it tor could as a protocol be built into ravencoin itself and distroed as a private tor based connector or hardened in such a way not to leak dns or requests that are not 'tor' proxied .. but you could do this already with some modifications to most linux systems (without the need for a ravencoin release)
S1LVA | GetRavencoin.org03/29/2019
Understood
[Dev-Happy] Blondfrogs03/29/2019
@Jeroz With messaging, all asset transactions can contain a metadata field yes.
Jeroz03/29/2019
RVN too?
[Dev-Happy] Blondfrogs03/29/2019
Not RVN at this time, as that already exists with the OP_RETURN functionality of bitcoin
Jeroz03/29/2019
Yeah I was about to say
S1LVA | GetRavencoin.org03/29/2019
I dream of one day Ravencoin giving users the ability to protect themselves from state level actors looking to oversee transactions on chain.
[Master] Roshii03/29/2019
What's the subject?
[Dev-Happy] Blondfrogs03/29/2019
@S1LVA | GetRavencoin.org That would be amazing, however the dividends and voting require a public ledger in order to send
Synicide03/29/2019
@[Master] Roshii large one is if regular and restricted assets should share unique names, and/or if a grace peroid should be allowed for original owners to register restricted assets
[Dev-Happy] Blondfrogs03/29/2019
So we would need to figure out a way to have that info public and keep privacy
S1LVA | GetRavencoin.org03/29/2019
Agree'd
Synicide03/29/2019
that was my worry, that it HAS to be public for a lot of uses. Privacy would have to be optional
[Dev-Happy] Blondfrogs03/29/2019
ravencoin was built and is being built to support asset trading. Privacy is important but isn't currently the focus of the dev team.
Synicide03/29/2019
sounds good, focus on our roadmap and can research it more in the future
S1LVA | GetRavencoin.org03/29/2019
Privacy is one of the very lasts subjects brought up in the whitepaper, after all :wink:
Vincent03/29/2019
to bring up an old topic; assets that haven't been reissued, there was talk about lowering the decimal places to reissue; i know not important but if it needed to be in a hard fork; should it be looked at the add to th next?
[Dev-Happy] Blondfrogs03/29/2019
@Vincent I have found a way to do this, however it requires the reissuer to own all assets
Synicide03/29/2019
how would you determine the correct values if lowering decimals? rounding?
Rikki RATTOE Sr. SEC Impresantor03/29/2019
@[Dev-Happy] Blondfrogs Yes!
Vincent03/29/2019
correct
nice
Synicide03/29/2019
if they all own, I guess its a non-issue
[Dev-Happy] Blondfrogs03/29/2019
We aren't currently working on that, but I will try and get it into the hard fork release
Vincent03/29/2019
it would be a 1 time option, correct?
Rikki RATTOE Sr. SEC Impresantor03/29/2019
In that event too, ability to reduce total supply as well if u still own every asset created would also be an excellent Option to have
When 350? (350club)03/29/2019
Is Bruces worry about the security of Ravencoin a curent issue?
Chill03/29/2019
That seems to be the talk of the day
Zaab03/29/2019
Its just honesty
Sevvy (not worried til 500sats)03/29/2019
We know a 51% attack is cheap
[Dev-Happy] Blondfrogs03/29/2019
@Vincent Depends on if it meets requirements.
Sevvy (not worried til 500sats)03/29/2019
But reorg depth protection is good
Rikki RATTOE Sr. SEC Impresantor03/29/2019
Yes Ravencoin currently doesn't have the network security that Bitcoin does, and water is wet
push | ravenland.org03/29/2019
more full nodes is the answer to a stronger consensus and therefore a more securer network
Sevvy (not worried til 500sats)03/29/2019
Hmmm checks out
push | ravenland.org03/29/2019
:ThinkBlack:
Vincent03/29/2019
right i guess my question is one time at most?
Synicide03/29/2019
It feels like more than just honesty. The last 4 post in a row from the Ravencoin twitter have some type of FUD based around it. Its all you see on the first page when looking at it. Some of that stuff needs to be kept to his personal account
Sevvy (not worried til 500sats)03/29/2019
Probably not a development Question, what Bruce says on his own time. :persevere:
Rikki RATTOE Sr. SEC Impresantor03/29/2019
@Synicide Bruce don't wanna spend a fortune on restricted assets :yum:
Sevvy (not worried til 500sats)03/29/2019
I don't like it myself either though @Synicide
boatsandhoes03/29/2019
yeah the ravencoin twitter has been a bit..... not good to put it easy
Vincent03/29/2019
this is bruces baby...and fud should be taken lightly imo
[Dev-Happy] Blondfrogs03/29/2019
Bruce can say what he wants :_)
Chill03/29/2019
well, it is the unofficial official Twitter page, so it kind of does matter
[Dev-Happy] Blondfrogs03/29/2019
We have taken measures to make sure ravencoin is safe and to stop 51% attacks
Synicide03/29/2019
I agree on his personal account. When people look up this project on twitter, they dont need a full page of fud
push | ravenland.org03/29/2019
its not a very development orientated debate tho in fairness
Vincent03/29/2019
no news will stop a well designed code
S1LVA | GetRavencoin.org03/29/2019
Many new users are asking about IPFS integration. Is this still being researched?
When 350? (350club)03/29/2019
I only asked as it appeared Bruce was saying there is a current security vulnerability..
push | ravenland.org03/29/2019
@[Dev-Happy] Blondfrogs what can people do to help secure the ravencoin network into 2019 and in the future?
Rikki RATTOE Sr. SEC Impresantor03/29/2019
@When 350? (350club) Bruce doesn't code, he wouldn't know
boatsandhoes03/29/2019
sorry, got a late start on this meeting. is kyc stuff on the table for discussion today, or is that at a later meeting?
[Dev-Happy] Blondfrogs03/29/2019
@push | ravenland.org Looks at the PR's, make sure the code being added is well written and secure.
push | ravenland.org03/29/2019
sure thing
and run fullnodes right?
[Dev-Happy] Blondfrogs03/29/2019
Run nodes, and mine ravencoin!
haha
hashpower
push | ravenland.org03/29/2019
:thumbsup:
boatsandhoes03/29/2019
that part
Pho3nix Monk3y03/29/2019
Looks like its time.
Jeroz03/29/2019
Alright, I have to pick up my son. Thanks everyone!
Pho3nix Monk3y03/29/2019
Thanks all
Rikki RATTOE Sr. SEC Impresantor03/29/2019
Thx!
Vincent03/29/2019
:sunglasses:
push | ravenland.org03/29/2019
cheers again :thumbsup: keep up the good work :rvn_hop:
Chill03/29/2019
thanks for everyone's hard work
Synicide03/29/2019
great talks today, thanks guys
Pho3nix Monk3y03/29/2019
Can have an admin shut it down and move this over to another channel until next time.
[Dev-Happy] Blondfrogs03/29/2019
Thanks for voicing your concerns.
S1LVA | GetRavencoin.org03/29/2019
Thanks everyone
Pho3nix Monk3y03/29/2019
@traysi ★★★★★ can you lock it back?
traysi ★★★★★03/29/2019
The channel is locked now.
submitted by mrderrik to Ravencoin [link] [comments]

Decimal Point Video for Kids: Place Value and Reading ... What is a Satoshi? - Bitcoin Basics Decimal Meaning - YouTube Crypto Investing #39 - How To Read Cryptocurrency Prices ... Khan Academy - YouTube

Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. It follows the ideas set out in a whitepaper by the mysterious Satoshi ... It’s also important to realize Bitcoin is divisible to 8 decimal places, the smallest of which is called a Satoshi. 1 Satoshi is currently worth $0.0000641745. If the world collectively decided to move the decimal point 8 places and used this to represent Bitcoin, this would not change the value that’s been invested into Bitcoin. This also means there’s nothing limiting someone to make a ... Benefit 4 - Divisible Old fashioned money can be spent only in amounts as small as a single cent (so up to 2 decimal places). Bitcoin can be spent in much smaller amounts, called Satoshis (all the way up to 8 decimal places). This means that it can be used even for tiny purchases. Bitcoin is highly divisible because its value is designed to increase over time (through deflation). This ... Bitcoin addresses do not contain any personal information. Divisible. Every Bitcoin is divided into 8 decimal places (0.00000001 BTC). Limited Supply. Bitcoin has a disinflationary economic model and a fixed supply of 21 million. Fast Settlement. Bitcoin transactions are fast, cost-effective, and cross-border. The bitcoin price has grown over the years and once the price is past $10,000 USD or so, bitcoin amounts under $10 USD start having enough decimal places that it's difficult to tell whether the user is off by a factor of 10 or not. Switching the denomination to "bits" makes comprehension easier. For example, when BTC is $15,000 USD, $10.05 is a somewhat confusing 0.00067 BTC, versus 670 bits ...

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Decimal Point Video for Kids: Place Value and Reading ...

Baffled by bitcoin? Confused by the concept of crypto-currencies? Well, fear no more. In 190 seconds we explain what bitcoin actually is, where the idea came... Video shows what decimal means. The number system that uses the digits 0, 1, 2, 3, 4, 5, 6, 7, 8 and 9.. A number expressed in this system.. A decimal place.... Learn more at: 1. Follow us on Twitter: @heytaizen @leoncfu 2. Subscribe To Our Newsletter at: https://cryptocurrency.market/newsletter/?utm_source=youtube... This fun, educational video covers place value to the right of a decimal point and decimal numbers as fractions. It presents decimals in a humorous way that ... A decimal mark, any symbol used to separate the fractional part of a decimal from the whole part.. A decimal place.. decimal point pronunciation. How to pronounce, definition by Wiktionary ...

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