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Proof Of Stake

Proof Of Stake
https://preview.redd.it/7nfccptuway41.png?width=1200&format=png&auto=webp&s=0103130266549ba8ae21e63d837b67528e39f59c
In my previous article, I have covered one of the most famous consensus mechanism i.e Proof of Work. But like any technology, that protocol also has a certain drawback, and to overcome these issues another protocol has been developed i.e Proof Of Stake.
Proof Of Stake, as the name implies depends upon the stake of a validator. Like Miners in PoW, PoS consists of a group of validators. These validators use a pseudo-random algorithm to select a node that will act as a validator for the next block. The validator was decided based on a combination of different factors which includes the staking age and the node’s wealth. This means that the more coin one has, the more mining power he or she will have. Thus unlike PoW which is quite a power extensive because it depends upon solving a complex computational puzzle to decide the next block, the validation and generation of next block in PoS solely depend on the owner's stake. In Proof of Stake systems, the blocks that were mined are termed as ‘forged’.
This algorithm was introduced in 2011 with the idea to solve the problems with Proof of Work. Though both these algorithm is used to achieve consensus in the blockchain network, the underlying process to reach the final goal is different.
Some of the crypto coins like Nxt (NXT), Blackcoin, ShadowCoin, and Peercoin (PPC) uses the PoS method. Ethereum (ETH) is also planning to switch to a PoS system.
How do PoS works?
The blockchain network consists of a series of a node which acts as a miner (Forge in this case). Any network user who wants to participate in the forging activity needs to stake a certain amount of coin into the network. One can do this by sending a special transaction that will lock up their base cryptocurrency(in Ethereum's case, ether). The stake size determines the chances of a node to be selected as the next validator who will forge the next block. The bigger the stake, the higher the chances.
The newly created node which got selected to forge the next block checks the validity of the transactions in the block. If the transactions are valid, it then signs the block and adds it to the blockchain network. The node receives the transaction fees that are associated with the transactions in the block as a reward.
In the case when the node doesn’t want to serve as a forger, it can withdraw its stake along with the rewards earned. The network verifies and releases the node once it successfully checks that the node has not been involved in any malicious activity.
Advantages of using PoS:-
o Enhanced security.
o Energy-efficient.
o Reduced risk of centralization.
Forge selection method:-
Two unique methods are being used in case there is a requirement of not selecting the node with the maximum stake. These are:-
o Randomized Block Selection
In this method, a node gets selected as the validators which are having a combination of the lowest hash value and the highest stake. The account which will receive the right to forge a block can be easily predicted by each node because the stakes are public
o Coin Age Selection method
In this method, a node gets selected as the validators who have kept their stake for a longer period. The Coin age is calculated by multiplying the number of days the coins have been reserved as stake by the number of coins that are available as stake.
Coin age=no.of days coined staked *total no of coins staked
The coin age of a node has been reset to zero once it forged a block. To forge another block, the node has to wait for a certain period. Hence this method prevents the large stake nodes from dominating the blockchain network.
Different types of PoS
Proof Of Stake can be categorized into two parts:-
o Chain-based proof of stake
This algorithm randomly selects a validator during the time slot (e.g. every period of 10 seconds might be a time slot) available to create a block, and then assign it an authority to create a block with the constraint that the block must point to some previous block. Generally, it points to the last block of the longest chain. Hence over time, the blocks converge into one growing chain.
Blockchain projects that implemented this model are Nxt, Peercoin, Ardor.
o BFT-style proof of stake
This model offers ‘consistency’. Here the randomly chosen validators decide whether a particular block can be included in the chain or not at the end of each round. This type could be favored for a more “permission” approach. In this case, the consensus on a block does not depend on the length or size of the chain.
Blockchain projects that implemented this model are Neo, Tendermint, Polkadot, Hyperledge Fabric.
How it reduces the risk of a Network attack?
Since this model works on the concept of the stake owned by the validator, thus to effectively control the network and approve fraudulent transactions, a node has to own a majority stake in the network (also known as the 51% attack) which is quite impractical because if a hacker tries to purchase 51% of the total number of coins, the market reacts by the fast price appreciation.
Also, wherever the network detects any fraudulent transaction, not only the forger node loses a part of its stake but is also restricted from participating in future activities. Till the time the cost of staking is higher than the reward, the validator is at a loss in case of attempting fraud.
With the “Casper” upgrade underway for Ethereum, Proof-of-Stake (POS) model is gaining more popularity among other Blockchain consensus designs. With this upgrade, the protocols will set certain criteria that will identify a bad validator. The bad validator would lose their deposit if proven, thus making this model more secure.
Read more: Understanding different Consensus Mechanisms, Proof Of Work Explained
#bitcoin #ethereum #consensus #pos #blockchain
submitted by RumaDas to u/RumaDas [link] [comments]

Questions and analysis of Peercoin.

Question 1: When people refer to Peercoin's potential as a backbone currency, are they implying it will be used by escrow services where high volume transactions will be off the blockchain and on a separate database instead? This would make more sense to me since Peercoin has high transaction fees to mitigate its blockchain size. In that case, it seems there won't be very much use for Bitcoin or Litecoin transaction wise unless a person doesn't want the transaction to be recorded by a third party. Peercoin definitely appears more useful for savings.
Question 2: If Bitcoin relies heavily on escrow services to move transactions off the blockchain in the future, how will its miners stay in business since they won't be making much money off of scarce transaction fees? Bitcoin can have its transactions on the blockchain but i doubt average PCs will be able to handle the blockchain size or the transaction processing if Bitcoin adoption goes parabolic. It seems to me Bitcoin will have to rely on supernodes to maintain the network and sacrifice decentralization at the same time. Peercoin is better setup for this contingency since regular users will be collecting 1% interest from minting/maintaining the network while escrow services or supernodes handle off blockchain transactions. Peercoin might become the equivalent of gold reserves.
Fundamental Analysis:
Market Analysis:
Critical Analysis:
As i said in one of my prior posts, Peercoin looks like it's the most differentiated and undervalued altcoin available. If there was only one altcoin you were allowed to bet on or just diversify with, which would it be? I would choose Peercoin hands down in the long run. In the short run, i might choose Litecoin because it's attracting more hype and it's expected to soon be implemented on any major exchanges as well. Litecoin has the silver analogy and Peercoin has the Aesop's fable analogy. Litecoin is the hare and Peercoin is the tortoise while it makes sure and steady gains against Litecoin. Litecoin is the gut feeling play while Peercoin is the smart play if you do your homework. It's the same when you compare the gold and silver as investments. When making investments, you have to be able to see 2 steps ahead of everyone else and i think all of use here understand the future. The recent 1600% gain in PPC reflects the validity of our vision.
Am i right in my assessments? I have to admit Peercoin looks better and better every day i research it. Peercoin seems too good to be true yet I've known about Peercoin for almost 9 months and i haven't given it the attention it deserves until the past few days. If Bitcoin is a radical innovation which strikes at the core of humanity, what do we call Peercoin? I'll disclose that I've accumulated nearly 40% of my crypto portfolio(EDIT: now it's around 70%!) in Peercoin so I'm ever more motivated to learn about Peercoin AND MIGHT BE BIASED! LOL, I apologize for spamming this sub with so many posts lately but Peercoin's definitely caught my attention. This will be my last post...hopefully :) I would love to read your feedback whether positive or negative(preferable). Thank you in advance.
submitted by CryptoChief to peercoin [link] [comments]

Can I mint/mine with 0 peercoins?

I newly setup a peercoin full node, complete with 9901 port unblocked. I've a basic question, am I right in assuming I can't mint new coins when I have no peercoins, but I can still mine them since this is a hybrid of POW and POS?
submitted by karnaun to peercoin [link] [comments]

Proof of Stake (PoS)

Proof of Stake (PoS)
Source https://coinscapture.com/blog/proof-of-stake-pos-explained

https://preview.redd.it/5z3n0jtw1p031.jpg?width=5002&format=pjpg&auto=webp&s=dc5ca29cfbab03055de174b11faee9ca2875c49d
The validation of transactions through Proof of work (PoW) consumes a lot of computational energy and time for solving a complex cryptographic puzzle in mining, so as an alternative to this Proof of Stake (PoS) was developed. Proof of Stake (PoS) is a consensus algorithm that was initially suggested in 2011 on the Bitcointalk forum and the first cryptocurrency to implement it was Peercoin in 2012.
What is Proof of Stake (PoS)?
It is a consensus algorithm having the same work purpose as PoW of achieving distributed consensus - a system giving incentives for validating people’s transactions and maintaining integrity but the way to reach this goal is quite different. In PoS, the users who validate transactions and create new blocks are referred as Forgers and the blocks are referred as “forged” or “minted”. The selection is done on the basis of two elements. Let’s check each of them.
Forger’s Stake:
The first element considered is the user’s stake. Forgers (validator) in order to get a chance to verify transactions have to stake some portion of their coins or tokens. Thus, the forger holding the highest amount of coins has the highest chance of being chosen. During the transaction validation, the forger stakes his own coins which are held securely in the system. If the forger mistakenly validates a fraudulent transaction, he may lose the stake amount along with the right to participate in the forging process. However, to resume participation in the forging process, the forger has to again stake some coins. In the PoS algorithm, the incentive is always given in the form of transaction fees.
Selection Methods:
The second element is the selection method that depends on the blockchain type. The two selection methods are Randomised Block Selection and Coin Age Selection.
1. Randomized Block Selection:
The next forger is selected on the basis of a formula i.e. the combination of the lowest hash value and the highest stake. Each node in the system can predict the next forger on the basis of stake as it is public. Nxt and BlackCoin are two cryptocurrencies that use the randomized block selection method.
2. Coin Age Selection:
In this method, the forger is selected on the “coin age” of the stake amount. The coin age is calculated by multiplying the number of coins with the number of days of coins that are held as a stake. The coins should be held for a minimum of 30 days before they compete. The chance to become the next forger turns brighter when the coins are stalked for a longer time and more amount of coins. Once the user has forged the block, the coin age is reset to zero and waiting period of 30-90 days is applied. This prevents users dominance on the blockchain. Peercoin uses coin age selection process combined with a randomized selection method.
Advantages:
1. Energy efficient:
As PoS involves no mining process that consumes a lot of electricity.
2. No 51% attack:
It is an attack that includes a group of entities that control the maximum hashing power of a blockchain which is used for personal gains. In PoS, this attack is avoided because it an expensive process to accumulate 51% of the coin.
Disadvantages:
1. Nothing at stake issue:It is a situation which can occur due to consensus failure due to which there is fork generation (i.e. splitting of blockchain in two) and validator is left with no option but has to support both the chains and validate the block. Due to this issue, the stake would be duplicated on both chains meaning the validators can claim twice the amount of rewards.
Proof of Stake is a protocol that determines the creator of the new block in a deterministic way depending on the wealth, effectively and efficiently fulfilling the intended purpose of achieving and maintaining a decentralised system.
submitted by coinscapturecom to u/coinscapturecom [link] [comments]

Coin-a-Year: Nyancoin

Hello cryptocurrency lovers! Welcome to Coin-a-Year, the laziest series yet in the Coin-a-Day publishing empire. This year's coin is Nyancoin (NYAN). I originally covered Nyancoin in an article here in /cryptocurrency published January 4th, 2015.
Without (much) further ado, I'm going to include the original report next, unmodified. This is unlike my Coin-a-Week series, where I use strikeout and update in-text. Because this is going to be a longer update, I'll just make all further comments and updates below, just realize that all information below is as of January 4th, 2015 and thus is more than a year out of date as of posting now, at the end of February 2016.
Since I use horizontal rules as internal dividers in the original post, I'll use a double horizontal rule to divide the original text from this prelude and the following update.
Coin-a-Day Jan 4th
Welcome to the fourth installment of Coin-a-Day! To see convenient links to the introduction and the previous entries, please see /coinaday. Today's coin is Nyancoin (NYAN).
Summary
• ~173.6 million available currently [1]; 337 million limit [2]
• All-time high: ~0.000024 BTC on February 16, 2014 [1]
• Current price: ~3 satoshi [1]
• Current market cap: ~$1,275 [1]
• Block rate (average): 1 minute [1] [3]
• Transaction rate: ~25? / last 24 hours; estimated $3-4 [4]
• Transaction limit: 70 / second [5]
• Transaction cost: 0 for most transactions [6]
• Rich list: ??? [7]
• Exchanges: Cryptsy [8]
• Processing method: Mining [10]
• Distribution method: proof-of-work block rewards and 1% premine for "bounties, giveaways & dev support" [2] [10]
• Community: Comatose [9]
• Code/development: https://github.com/nyancoin-release/nyancoin ; there hasn't been a released code change in 10 months. The new developer has talked about some changes, but has not made a new release. He has given advice about how to keep the network running and operate the client. [10]
• Innovation or special feature: First officially licensed cryptocurrency (from Nyancat) [2]; "zombie"-coin [11]
Description / Community:
So you're probably wondering why in the world we're talking about a coin which has been declared dead and already written off. I actually first selected this coin to illustrate a "deadcoin", but the more I dug into it, the more I was amazed at the shambles I discovered. I am combining the description and community sections for this coin, because the community (or lack thereof) is the central issue for Nyancoin.
Substantially all, if not literally all, of the original infrastructure is gone. From the announcement post, the original website has expired. The nyan.cat site itself survives, but has no reference to the coin. The github repo remains, but then there was never much changed from the bitcoin/litecoin original. In fact, the COPYING file doesn't even list "Nyancoin Developers". None of the original nodes seem to be running anymore. @Nyan_Coin hasn't tweeted since July 6th. And that was just to announce posting an admittedly cute picture to facebook which makes a claim for a future which seems never to have developed. Of the original 15 pools, I think all are dead except p2pool, for which at least one node still supports NYAN. The original blockchain explorer, nyancha.in, is still running. The faucet is dead or broken. The original exchanges no longer list it (two of the three having died; SwissCEX having ended its trading as of the first of this year). And so forth.
And yet:

I'm not dead! I'm getting better!

No you're not, you'll be stone dead in a moment.
[Of course, that scene finishes with knocking out the "recovering" patient so he can be taken away...not to mention the absurdity of including Monty Python in a financial article, but moving right along.]
There is still just enough left to Nyancoin to keep it twitching, even if it is on life-support. Whether it's an individual node or whether it's a pool, there are blocks being produced at a steady rate as intended. Transactions are being processed. There is still a market. There is still a block explorer. And there is a dev. It is like a case study in the absolute minimum necessary to keep a coin alive. The most likely outcome is almost certainly a final collapse when one critical piece or another of the infrastructure goes away. And yet in the meantime, a person can own a million NYAN for $8 [12], and then move this coin quickly and easy, albeit with no particular external demand. It's like the world's most hyped testnet.
I think this case presents an interesting example of what happens to an altcoin when its initial support dries up. NYAN coin is more fortunate than some, actually, as there are some where there are no longer any nodes running it nor the original announcement thread (in fact, there was actually a second Nyancoin launched around the same time. But it died hard and its original announcement thread was deleted and at this point I would have no idea how to access it; so "Nyancoin" thus illustrates how hard a coin can die (Nyancoin 2) as well as how it can hang around despite being proclaimed dead, with far more justification behind that pronouncement than there has been for bitcoin (NYAN) ).
Footnotes
[1] http://coinmarketcap.com/currencies/nyancoin/
[2] https://bitcointalk.org/index.php?topic=402085.0 Regarding the premine, it's unclear to me where this money is now, since the original poster hasn't been active on BCT since May and the original site is down. However, given that it's only 1%, and about $25 in value right now, there seem to be more significant concerns for NYAN.
[3] http://nyancha.in/chain/Nyancoin - Nyan blockchain explorer; blocks are somewhat inconsistent but somewhere around the 1 minute average
[4] There doesn't seem to be anything automatically doing these stats, so I did visual inspection on about 1500 blocks (about one day) excluding the block generation reward (~250k/day). Most blocks are otherwise empty. I counted about 24 transactions or so scrolling through, with an outlier around 300k NYAN and another around 100k NYAN. In total, about 500k NYAN, excluding the block rewards. This is very approximately $3-4.
[5] Nyancoin is a basically unmodified, slightly out-of-date bitcoin as far as code goes, and ignoring the change in block rate and total coin supply, as well as the difficulty retarget after every block. So for purposes of estimating maximum possible transaction throughput, I start with bitcoin's estimated 7 transactions per second, and multiply by 10 for having a block on average every minute rather than every 10 minutes. In any event, this limit is not likely to be reached in the foreseeable future.
[6] Like bitcoin, transaction fees appear to be optional in Nyancoin. Unlike bitcoin, there is almost no transaction volume, and coins tend to sit for a relatively long time before being moved. So zero-fee transactions appear to be the norm from looking at a couple transactions on the block explorer.
[7] I couldn't find one. See the disclosure section of this article: your humble correspondent is likely represented in some way on a top 100 if one were to be made or if one exists, despite not holding it directly, depending on how the exchange holds it.
[8] I could not find any other exchanges still listing Nyancoin. SwissCex appears to have disabled it as of a couple days ago. Cryptsy has a notice that the NYAN/BTC market will be closing, but its NYAN/LTC market appears strong.
[9] Essentially all of the original sites, pools, faucets, etc. are dead and there has been very little to replace it. There is basically a single node, or perhaps a very few, which are running the blockchain. However, there is a developer still trying to hold things together, maxvall_dev, maxvall on BCT. He is the last hope for the NYAN.
[10] https://bitcointalk.org/index.php?topic=597877.0 This is the thread where maxvall took over as dev, and it also discusses switching to PoS, which hasn't happened as far as I know.
[11] "zombie"-coin: Not to be confused with ZMB (my god, does it ever end?). This is my term to describe a coin which is "undead": by rights it should be dead. And yet it's still walking around and acting like it's alive. What is it? What's going on? It's quite debatable whether this gives it any special value, but I find it an interesting state, and it's why this was chosen for early coverage. There are plenty of actually popular and successful coins, and we will go onto covering more normal selections; we're looking for variety rather than repetition. But I think this is an interesting example for what can go wrong, and yet in the midst of that, how little it takes for a coin to survive. In fact, it's almost like an alternate history bitcoin to me; this shows the concept that "it was run on one computer before; it can be run on one computer again" to some extent. And there are even some strange pragmatic benefits as well, like having no competition for getting a transaction into a block and thus zero transaction fees.
[12] And, in fact, the author chose to do so today, spending about 0.03 BTC for about 1 million NYAN.
Additional Reading
/nyancoins - Like NYAN: mostly dead, but not quite
http://nyan-coin.org/ - new official website
BCT thread listing nodes, xpool (p2pool), for mining information.
americanpegasus predicting in February that NYAN will hit $1; always an entertaining read
Giveaway
Instead of a challenge today, since NYAN has enough challenges, I decided I would give away 10,000 NYAN to at least the first ten people who ask for it. This still remains at my discretion, but honestly, if you really want, say, 50,000 NYAN and create four new accounts to do so, I'll probably be too amused to say no. I don't expect to get ten requests. If I get more, I'll probably still fulfill them, but as with everything else, this is left to my whim.
Donations and Disclosure
Okay, this is an important one today because of the tiny market here. I actually hold less USD value in NYAN than in BTC, DOGE, and PPC (although my value in PPC might be about equivalent actually), but I hold more of the total market in NYAN than any of those three. And I'll probably be buying more. So I have a conflict of interest in writing this article.
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
I personally hold just over 1 million NYAN on Cryptsy right now.
Perhaps it would be better if I didn't write any articles about anything I were invested inspeculating on, but I started this series for my own education to further my speculation, so unfortunately, dear reader, your needs come second to my own. tanstaafl; you get what you pay for, and I'm giving you my thoughts.
If by some strange quirk of fate you actually own NYAN and enjoyed this article and wished to donate some to me, K7Ho9HghBF6xWwS6JsepE6RAEPyAXbsQCV is mine (first non-empty account I've posted; transferred 1000 NYAN into here earlier from Cryptsy to test that the network and my wallet were actually working).
Thank you all for reading and commenting! I've already learned a lot from this process and I look forward to more!
Upcoming coins:
• January 5th: Nxt
• January 6th: Darkcoin
• January 7th: Namecoin
I'll use alphabetic labeling for footnotes in the updates to avoid any confusion with the footnotes in the original. For simplicity, unchanged items, like the 337 million limit and the 1 minute will not be mentioned, and we'll start with the summary changes.
Updates:
Summary
  • ~263.7 million NYAN currently exist [a]
  • Current price: ~7 satoshi [b]
  • Current market cap: ~$8,000 [c]
  • Transaction rate: ~185 / last 24 hours; ~3,300,000 NYAN (~$100) [d]
  • Exchanges: Cryptopia [e]
  • Community: We're not quite dead yet; in fact, I think we're getting better! [f]
  • Code/Development: I have an early draft of NYAN2, but I'm about six months past my initial goal for having it available to use. Life/work/lack of build machine/procrastination. NYAN2 will be a rebase onto a modern LTC codebase which will soft fork to fix a current vulnerability to a fork bug. For now, the network still runs on the same code that it did when I wrote the first article.
Discussion
I'm going to consider the community first, since I pointed it out as the weakness and central topic in the last one, then talk about the technical situation briefly, and then review the financial results.
The community has been excellent, if I do say so myself. We've got working infrastructure going thanks to the contributions of many Nekonauts (see [f]). Some original Nekonauts have returned or at least popped in from time to time, and new ones like myself have found Nyancoin (I would say given what I wrote in the original, I was still a skeptic of it at that point. Not that skeptics can't be Nekonauts, but I think I'd put my conversion to the cult of nyan shortly after writing that, even though I was already a nillionaire then for the heck of it.)
While I do look forward to seeing the community continue to grow in future years and consider that important, I don't think the community is our weakest point any longer; I think it's now our strongest point. I've tried to encourage the community's revival as best I could, including giving away tens of nillions in total, and lots of long rambling articles on my views on ethics and philosophy and frankly it's worked better than I would've really expected (or at least it has coincided with an effective recovery of the community). The community also helped me through at least a couple hard times personally in there as well.
The technical situation in Nyancoin is mostly unchanged but slightly improved, although with two additional known vulnerabilities. It's unchanged in that it's the same client. It's improved in that we have an active nyanchain explorer host (nyan.space), and we have a public draft of a plan for a soft forking security fix update in the near future (hopefully by the end of March (although I've slipped these deadlines before and may well miss March for release by a bit, I do think I'm inching closer now and then)).
The most serious vulnerability is to forking. This is the bug which hit Peercoin if I recall correctly. NYAN2 is intended to solve this through its soft fork from the LTC fix upstream (from the BTC fix upstream). In the meantime, we've been lucky we haven't been attacked. The tiny marketcap probably helps with not being a particularly attractive attack target. We're not exactly about to pay ransom to move faucet outputs. But that's no excuse; we want this fixed and should have it finally done "soon" (tm).
The less serious vulnerability is to a time warp attack in the difficulty function (Kimoto Gravity Well), which relates to general weaknesses it has and issues we've had with large gaps in the block chain because of spikes in the difficulty function causing it to be unprofitable and driving away most of the hash, and then low difficulty and price rise making it attractive to more hash, creating a spike and causing it again. While this is irritating, the chain still works, even if there are fits and starts at times. An important part of the reason I can get away with this is because there is at least one Nekonaut-supporting miner, CartmanSPC, who rescues us from time to time, and did so during the course of this article being written. We have a bunch of pools, but sometimes the hash just isn't there to get us unstuck when the difficulty goes high enough. Another part of the reason I consider it not an especially serious issue is because there's a workaround which works for me (classic bad developer logic): I use a large transaction fee (generally 337 NYAN, although I might have halved it after the most recent halving, I'll probably use 337 again) on my personal wallet by default. If necessary, I use a couple of them. It can make NYAN profitable to mine again despite the higher difficulty and "unstick" the chain. The difficulty function can go back down again in the next block if the gap has been long enough, so that can be enough to keep it going again for a while (although it can also get stuck again irritatingly fast at times). A fix for this will be putting in a better difficulty function for NYAN3, which will require a hard fork. This is tentatively scheduled for feature freeze around the middle of this year, coding to follow, activation sometime early 2017.
Financial has been our most disappointing performance. A graph of the 1 year performance right now on coinmarketcap looks pretty sad, showing our fall from a little over 60 satoshi down to around 7 satoshi now.
We rose too high, too fast, and I didn't stick with the safe high paying job like a sane person. Instead I hit the road, went to jail, and worked minimum wage. That doesn't sound like a sentence from a cryptocurrency financial review, does it? But the performance of NYAN since the article has been the story of my personal finances, which is the story of my life since then.
So, autobiographical coinaday interlude, trying to keep it generally to the most salient points. Well, in 2014 I had been on my way home to Minnesota from California when I was pulled over leaving Eureka, Nevada for speeding (got sloppy and went 45 approaching the 45 sign and thus technically still in the 35; bored cop seeing out-of-state plates). My vehicle reeked of weed, what with having been in Mendocino County previously with no intention of traveling out of the county much less state anytime soon but family emergency brought me back, and the end result was a citation for possession of cannabis and paraphernalia along with the speeding.
Fast forward to the beginning of 2015, I'm settled into a good software position and start looking more at cryptocurrency in my spare time. I write the coin-a-day series for a bit and then got annoyed and quit after a while when trying to do one a day on top of an actual job was too much for me (along with some annoyance over criticism; I can be rather thin-skinned at times). But I had gotten interested in Nyancoin, and started buying it up more and more with extra money I was making.
And then comes the crash. I had to stop putting as much in as I realized that where I was living and what I was working on wasn't going to work out for me and I needed to figure something else out. So, as I seem wont to do, I went on a roadtrip. I quit my job. And I went back for the court date for my citations and refused to pay, instead spending 10 days in jail rather than pay ~$1400 (I actually had the money in cash available to me if I chose to pay as a backup if I chickened out, but the judge annoyed me enough that I really preferred to be jailed instead of paying, as stupid as that sounds since I'm quite sure the judge didn't care in the least one way or another).
After that, I went back to roadtrip lifestyle for a while. It was a nice period. A lot of beautiful scenery; a lot of reading. Eventually, I busted up my car pretty badly...a couple times actually, the second time for good. Fast forwarding through the rest of the year, I worked a couple minimum wage jobs to pay bills and avoid cubicle life and kill some time until I figured out what I was going to do next. Just recently I quit as delivery boy after getting a speeding ticket (I swear, I'm not as horrible of a driver as this makes me sounds, although I have had a bad tendency to speed in the past, which I really have curbed to almost nothing; but I'm clearly not good enough) and am currently writing a Coin-a-Year article with a friend's incentive and applying to do documentation and development with the Nu project.
Okay, so what did any of that have to do with NYAN? Well, it's the mess of a life that has led to the fall of the price from 60 satoshi to 7 satoshi. If instead my life history for the time since the article had been simply "I was happily employed writing software", then I don't believe we would have dropped below 20 satoshi. It's easy to see in hindsight. If anyone can lend me a time machine, I'm sure I can get some condensed instructions which should improve performance significantly. Otherwise, just going to have more chalked up for the "character building" tally.
So, lessons learned if you are the major buy support for your coin: you need long-term reserves. Whatever you put in bids can be taken out in a moment by a dump for no apparent reason. This is particularly true if you may be quitting your cushy, high-paying job and wandering around without income for an extended period of time. Rather obvious, but hey, maybe someone else can learn from my mistakes. If I'd been bidding as cautiously as I am now from the beginning, I think the price would probably be somewhere from 10-20 satoshi now instead of around 7 satoshi.
It's especially unfortunate given that I wanted to be able to demonstrate the more consistent growth possible building a stable store of value, as opposed to the pump and dumps common in altcoins. And instead we had a pump-and-dump looking graph ourselves after I bid up higher than I was able to sustain, and a large (10+ nillion) instadump crashed the market all the way back down to 1 satoshi momentarily. We've had a few large (2+ nillion) dumps since, but nothing that large. We haven't generally had that large of bids though either.
It's hard to know when I've exhausted the supply at a price level, when it sometimes waits for a couple weeks or even more and then fills all the bids at once. But I want to maximize the minimum price paid because I think that's important for building confidence in a store of value long-term, which is one of my core goals for NYAN.
At the same time, we're still up from the lowest parts of the floor and where I found it. Since I own about 30% [g], the very cheapest supply has been taken off the market. I plan to keep on buying up "cheap NYAN" as much as I can. I've bought up to 60 satoshi before, I'll probably buy up that high this time around. I've got a token 100,000 NYAN ask at 300 satoshi; I hope never to sell lower.
Conclusions
Now I try to wrap it all together as if I saw this all coming and am the wise expert, despite having had about 90% drop in price in the last year after bidding too high. My original concept was taking the "minimum viable coin" and reviving it to a powerhouse as a textbook example in how to do it.
Part of my core concept in this is the arbitrariness of value: throughout history, humans have chosen any number of things as a store of value for the time: salt, large rocks, certain metals, disks, marked sticks, and so forth. While there has generally been a certain logic in the choice, in that there is a locally restricted supply in one way or another, and so forth, from the perspective of other centuries or cultures the choices can seem quite strange. Growing up, I was always struck by how strange the notion of salt being limited and valuable seemed in a world where people were trying to reduce intake and large amounts could be bought for trivial sums. And yet, a key nutrient necessary for life fundamentally makes more sense as being valuable than notched sticks or printed paper or a piece of plastic with some encoded information.
Humans have perpetually come up with stranger and stranger ways of storing and transferring value. Each new step, as always, comes with its own disadvantages and, frankly, has generally appeared nonsensical at best and fraudulent at worst to the status quo. Which doesn't mean that each new attempt is valuable. The gold bugs always like to point out that every fiat currency ultimately returns to its true value of zero. And the skeptics of cryptocurrency argue that all cryptocurrencies will eventually return to their true value of zero.
It's certainly possible. And it's possible the USD will hyperinflate someday. I tend to try the moderate view for a plausible guess of the future. By that type of logic, I would guess that over the course of decades, USD will in general lose value, and cryptocurrency will tend to slowly gain value. That might not seem the moderate view, but USD not losing value over decades would be truly shocking. And hyperinflation has been predicted since the USD went off the gold standard, or before. So some amount of inflation less than hyperinflation seems like the safe guess (but then, the Titanic arriving would also have seemed like the safe guess to me). And with cryptocurrency, I think it's clear by now the technology will continue to survive. So my first question is with what overall value as a market? It could go down, of course, but that seems unlikely in an already small, young market. Even if all the current crop die off and are replaced, whatever cryptocurrencies are around should be able to do better than a handful of billion in market cap in my view.
I believe that cryptocurrency has a bright future ahead of it. The best coins should ultimately survive and thrive. But I've been wrong on most of my major calls so far, like for instance when I thought BTC was over-priced around $5-$10.
I think Nyancoin can have an important role to play in the future of cryptocurrency in the years and decades to come, but it's a massively speculative long-shot. See also Nyancoin risks document. But like Linus Torvalds' autobiography, I try to keep "Just for Fun" as a core motto and principle. It's makes for a good hobby project because there will always be more to work on, with a core community motto of
TO INFINITY AND BEYOND!
Disclaimers / Sponsorship:
As I said before:
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
And I'll reiterate that I own about 30% [g] of the current supply of NYAN, which makes me by definition maximally biased.
Also, I'm not sure what's up with the address from the first post. It doesn't show up in my current wallet as a recognized address. So, anyhow, don't send there. :-) If you'd like to donate, please consider sponsoring a coin-a-day or coin-a-week article.
This is the first sponsored article. This Coin-a-Year article has been brought to you by spydud22 's generous patronage. I'd been meaning to do a Coin-a-Week article on Nyancoin for a while, but between wanting to "wait until the price recovered a bit" and general procrastination, then it seemed like it would make a good Coin-a-Year article, and then I wanted to wait until the price recovered a bit more...anyhow, so thank you spydud22, for causing me to finally do this. :-)
Footnotes
  • [a] nyan.space/chain/Nyancoin ; as of block 1091430, 263738786.71890615 NYAN outstanding. This is slightly over 50% more than the last report, which is what we would expect, since it had existed for about a year then, and has approximately annual halvings. The first year generated about 50% of total supply; the second year generated about 25% of total supply. We should expect in a year to have about 17% (one-sixth) more than we have now.
  • [b] https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC ; this is the only market reflected in coinmarketcap and it is the primary one on which I trade. Cryptopia also has other base pairs which operate at significantly higher spreads (lower bids; higher asks) and have minimal volume. In the time since the last report, NYAN has traded as high as 60 satoshi (and briefly a little higher at times), but over the last almost twelve months since a peak about a year ago, the price has been generally declining overall, as a gross oversimplification of a lot of movements. This has been an effect of me not being able to keep buying as much and there being large dumps I wasn't expecting from time-to-time. Now I'm taking the approach of building large (one or more nillion (million NYAN)) bids on each price as I slowly work my way back up again in order to be able to handle possible dumps with less price shock.
  • [c] coinmarketcap.com/currencies/nyancoin/ ; as noted in [b], this only reflects the /BTC basepair on Cryptopia but that's where most of the volume is anyhow. Of course, the market is also not particularly liquid since I'm the primary buyer and have rather limited means currently.
  • [d] I haven't setup a script to count this yet, among many things on my to-do list for someday, so I went through by hand from what was the then-latest block of 1091430 on nyan.space back to 1089766 which was the first block generated less than 24 hours before. There was actually a three and a half hour block gap at that point, such that the next prior block was about 24 hours and 15 minutes before 1091430 while 1089766 was only about 20 hours and 45 minutes prior, and has a disproportionate number of transactions and value compared to a typical block (8 and ~313,000 NYAN respectively) from the build-up during the gap. But since that gap conveniently started right about at the start of the 24 hour period, doesn't really skew our results here.
Note that there are often times where the UTXO created during one transaction during the day is spent during a later transaction in the day. This can be considered the "same" Nyancoin being "spent" twice in the same day in our total. But in practice, I believe what's happening here is the faucet is breaking off small (10-50 NYAN) pieces from a larger (~40,000 NYAN) chunk, and so that pops up a bunch of times. So the total NYAN blockchain volume as counted for this topline number should not be interpreted as "NYAN spent in the day" but "NYAN moved on the chain", where the "same coin" can move many times. So it's a very easily gamed metric and not a strong / resistant metric like the market price tends to be (at least relatively speaking), but it's a fun number to calculate and provides a little bit of information.
The transaction count can also be easily inflated and certainly, for instance, having the faucet does generate transactions which are a very common transaction.
And this is also just an arbitrary 24 hour period compared to a previous arbitrary 24 hour period. Nonetheless, I do think there's clearly a bit more activity on the Nyanchain, even though the typical block is still empty and the number of transactions and volume is still tiny compared to the major cryptocurrencies.
Here's an arbitrary example of the faucet transactions Note the zero transaction fee, which I love that the miners support (the defaults are all quite low as well).
Here's an example of what may be the smallest transaction by NYAN volume of the day; but no, I followed its small, spent output, and it led to this gem which also links to this. I have no idea what's going on here, but it's hilarious and I love it. How's that for microtransaction support? :-)
  • [e] Obviously Cryptsy went down. We had had more than enough red flags with Cryptsy (including one time where I was able to withdraw 6 nillion more than I had in my balance) and got onto Cryptopia. spydud22 basically accomplished that for us, although I helped out in the tail end of the campaigning.
  • [f] Our community is still small (I wish there were literally dozens of us!) but we've had valuable activity from multiple people, including, just as highlights, vmp32k who hosts nyan.space, a clone of the original nyancha.in, jwflame who created the excellent nyancoin.info intro site, with the awesome status page (which currently notes that "the last 500 blocks actually took 111 minutes, which is approaching the speed of light, causing the universe to become unstable"), KojoSlayer who runs the faucet and dice, spydud22 who got us on Cryptopia, and many other Nekonauts have made worthy contributions, and the Nekonauts mentioned have done more than just that listed. So while we are small, we are active at least from time to time and technically capable.
Even though our posting rate is still around 1 post a day or so on average, and so still a relatively quiet subreddit (and it is our main (only?) hub), it's still a very noticeable and significant difference from how /nyancoins looked when I was reviewing it for the original piece here. Here's an attempt to approximate what was there using Reddit search ; archive.org has a snapshot on January 19th, 2015, which is well into the early revival mania and one from August 14th, 2014, before four and a half months of little to no activity. Apparently archive.org unsubscribed to /nyancoins in that interval itself...
  • [g] Maybe up to around 35% by now; maybe still around 30%. I haven't updated hodling report lately; it was 30% last time I recall, but I've bought more and more has been made since.
submitted by coinaday to CryptoCurrency [link] [comments]

Bitcoin Air

2018 have been such a refreshing year when it comes to emerging cryptoprojects and the level of innovation they introduce. Gone are the stupid infographics trying to solidify Coin-X as the highest amount of transactions per second (who cares?).

Instead there seems to be a steady influx of new projects with developers who are innovating for real.

A couple of months back I stumbled across Haven Protocol which caused me to write my first crypto-article ever, fast forward a month-or-so and the first fork of Haven, Bitcoin Air, was quietly announced.

Now many initially dismissed Bitcoin Air as nothing but a Haven Protocol clone, but that is a severe misjudgement. I’ve been lucky enough to follow the development of this project from the inside for a while, and I’ve witnessed first hand that this project has set its sight on introducing a host of new features to the world of cryptocurrencies.

In this Q&A with Bitcoin Air’s Lead Dev, Anthony, I get answers to a lot of questions that should give a good understanding about what Bitcoin Air is aiming to accomplish.

Enjoy.

First of all, how would you summarise what Bitcoin Air is all about for someone who reads about it for the first time?

The first thing we want people to think of when they see, hear, or speak “Bitcoin Air” is simplicity and transparency.
The reason for this being, cryptocurrency is this currently ecstatic and mysterious world that a lot of people are afraid to dive into due to these unknowns. When someone approaches Bitcoin Air, we want them to understand that we are a lightweight, secure, and decentralized payment system that also ofers a static crypto-backed reserves system that allows for a user to print their own fiat currency (AirCash).
In layman’s terms, we want to give the power of the Mint, Reserve, and Banking System all to the consumer and merchant!
What sparked the idea for the project we now know as Bitcoin Air?

The idea for Bitcoin Air was sparked from a protocol concept originally designed by the administrative team. The main idea coming from the fact that Bitcoin is subject to high volatility, and Tether is both manipulatable and a separate entity from what should be a joint efort for Bitcoin.
Beyond this, we feel the need to bring cryptocurrency to a form of widespread acceptance through applying modern technology to age old tactics of in person payments. This will of course be accompanied by all of the amazing features that come with cryptocurrency and it’s secure nature.
The Bitcoin Air project is a fork of Haven, how essential has the Haven teams work been for your concept and project development?

Haven Protocol’s work hasn’t been significant in our development. Their initial idea was sparked to allow users to “offshore” their value to a secure storage environment in some different country.
This idea, to our team, seemed unapproachable and limited it’s greatest potential. We followed through with the idea of offshoring, and instead made it far more approachable and adaptable and instead of creating an internal contract system, devised a bilateral blockchain system that will operate as a dual auditing blockchain.
How would you differentiate what Bitcoin Air will be, compared to Haven, what are your most obvious differences between the two?

Haven Protocol is based on an internal smart contract system that will offshore the value of your coins to a safe storage environment, this will allow you to mint and burn between Haven Protocol and XHVD, safely offshoring your value from volatility.
Bitcoin Air is a bilateral blockchain that will allow one end of the chain to operate in volatile value and conduct basic cryptocurrency transactions including sending and receiving through any basic exchange as well as our internal wallet exchange. The second side of the chain will operate in static value and will operate as a crypto-backed reserve chain for Bitcoin Air.
This static chain will have strictly mint and burn protocols that will allow the creation of Bitcoin Air or AirCash. This static side chain will not allow person to person sends and will instead be specifically designed as a reserves and fiat system for day to day use.
How many developers are actively contributing to your project now?

Currently we have over 8 active developers working around the clock on establishing our test net, minimum viable product, and a proof of concept design that can be presented to the public.
The goal is to operate our development much like an ICO without intentions of gathering funding from the public. We are a privately funded, Non-ICO, Non-VC funded development backed by a handful of guys who simply are very in tune with the cryptocurrency community.
We hope to deliver a well-rounded and established development for the people.
Is there any field in which you are looking for contributions from the community, if so, what are these?

We are always open to as much community contribution as possible. We are 110% focused on community input and transparency and that goes down to every vote and choice we have.
Ultimately we feel that a larger consensus brings the greatest discussions to a situation along with calculated execution. This being said, we are opening an Ambassadors and Evangelists Program that will operate much like a permanent bounty hunters program.
Top level representatives from all countries can apply and voice their expertise on why they should be an Ambassador for Bitcoin Air. This will in turn gain them access to the private Ambassador Panel where they can participate in tasks to earn monthly points for payouts based on worth ethic! Additionally, we are always open to community open-source developers who seek some lead into the cryptocurrency world.
We are always thrilled to teach and learn from other professional development teams as we are seeking to develop the most community driven coin of 2019!
Is the launch of the Bitcoin Air and the air protocol in any way dependant on the Haven teams Offshore Storage smart contracts. Will you have to wait until they release this feature or is the work on the Air Protocol completely independent of that effort?

We are in no way tied to the Haven Protocol development and are developing our own dual chain protocol that will not use smart contracts.
What we hope through our fork with Haven Protocol, is to allow a transition/bridge in between USDAP and XHVD that will bridge both the privacy and clear coin chains to allow for a user based choice of chain use.
We feel privacy is important, but not necessary thanks to the secure nature of cryptocurrency, but we still want to give our users a option to go into a privacy coin at some point effciently without worry of value loss.
Correct me if I’m wrong, Bitcoin Air is a Haven & Bitcoin fork, while Haven originated as a pure Monero fork. If I understand that correctly what does this mean for XAP, for instance; will Monero features like RingCT be a part of your project or will Monero-Specific features not be a part of the overall Bitcoin Air project?

Bitcoin Air is a bilateral merge fork joining Peercoin with Bitcoin, and forking Haven Protocol into our side chain.
This means that, in the end, there will be 2 chains operating together with one being accessible to exchanges and basic user features like sending and receiving; while the other operates privately in the background of this chain only accessible via wallet interface for means of minting/burning and staking/mining.
The Haven Protocol end of the chain will not feature basic usage like sending and receiving, and will instead carry the latest features for minting, burning, and printing of fiat Air Cash.
If I understand correctly, you have two options for binding your cryptocurrency into a static dollar (or similar) value, the first one is $USDAP — which I imagine works more or less like Haven’s $XHVD, right?

$XHVD will operate much like $USDAP, except for the fact that they are using smart contracts and we are applying a new solid blockchain. This static resource backed currency chain will operate to back the overall reserves and value of $XAP and Air Cash
And the second one, Air Cash, I find especially interesting. You will allow users to print their own QR coded “paper money” for use at retailers, etc. Does this money exist on its own sidechain, or is it more or less a physical version of the $USDAP?

This is correct. Air Cash will be the physical, fiat form of $USDAP. Users will be able to customize their own fiat currency sheets with predesigned templates that they can then add to their basic home printer.
The user would choose the denomination (Sheets would print in size of 8 bills) and they could choose to set the bills equally, or to diferent denominations. The wallet would then generate private key, and print the denomination value of $USDAP on the bill front along with the QR code generated Private Key as the center. The wallet would send the wallet to this address and it would be removed from the wallet entirely. The Air Cash would now maintain the value of the $USDAP and can be used in store or handed over to another person.
The merchant or user could then sweep the Air Cash into their wallet and receive $USDAP. The paper would then become worthless and could be recycled as needed.
Will the creating of Air Cash require any form of miner fee, and if so will that fee be a “static value” bound to it or a fluctuating value? In other words, will it be tied to cents or to “satoshis”?

The creating of Air Cash will require a static fee tied to $USDAP that will only vary based on a the amount you send. These ranges would most likely be $0.01-$10,000, $10,001-$100,000, and $100,001+. These fees will most likely be extremely small ranging from $0.05-$0.15 accordingly.
We are not going to allow miners/stakers to set the price on this as people should not be held back from when they need fiat, but all things take resources to create, and we feel a small fee should be in line to provide back resources to the mining and staking community securing and operating our network.
Also, what happens if a user looses an Air Cash bill before they get the ability to spend it. Will it be lost forever, like “normal currency” or will it only be lost if someone manages to spend it before you have time to move the currency to another address, and print a new bill?

The user will have a maintained track record of all of the bills they print within their private Air Cash Ledger. This ledger will not be available to the public due to the Haven Protocol/Monero Privacy Features. The user will be able to swap an Air Cash bill if it has not been swept into the receiving parties wallet if they set the loss prevention feature on within their wallet.
If the bill has been swept into the receiving parties wallet, they will not be able to cancel the bill. This feature will be available via desktop and mobile to ensure the quickest response to lost funds. This would encourage people to ensure that the receiving party sweeps their funds immediately, as you would want to ensure the value is on the bill!
Also, as a miner, I’m curious about how I can obtain Bitcoin Air through mining. I’ve seen you describe the project as “Hybrid Dynamic Proof of Stake and Proof of Work coin” — does this mean that one can both mine and stake in order to participate in the network?

We are currently developing a new consensus algorithm that we are dubbing “Proof of Risk”. We prefer not to release much information on our new consensus algorithm for now, but we plan to release extensive information once it is perfected. Just know for now, you will be allowed to both mine, and stake. It will also be HIGHLY encouraged, if not required, to do so in some sort of way.
Can you tell us a bit more a bout the planned merchant platform, what are its base features and how will it work?

The future merchant platform will be available to both in-person and online merchants. Small Business that accept Bitcoin Air will be able to use any tablet that allows them to download the Bitcoin Air PoS Application. This will allow their tablet to turn into a mobile PoS system with Sweep features thanks to the cameras on most tablets. Merchant can establish their item list and can have the consumer scan the QR code shown on the screen to automatically set the amount and receiving address.
Consumers will confirm the amount and proceed to process the transaction in $XAP. When the merchant receives confirmation, the system will automatically convert their $XAP to $USDAP so they can avoid market volatility until they choose to re-enter and sell to fiat. For online merchants, it will allow integration with most e-commerce platforms available. This means people can proceed to pay for their items with Bitcoin Air via their Desktop or Mobile wallets wherever accepted.
When you fork, you have — in your latest community update — listed the following existing chains that will be receiving Airdrops of either $XAP or $UDSAP:

Bitcoin ($BTC) holders will receive Bitcoin Air ($XAP)
Peercoin ($PPC) holders will receive Bitcoin Air ($XAP)
Haven Protocol ($XHV) holders will receive USD Air Protocol ($USDAP)
I find it interesting that $BTC and $PPC holders will receive $XAP as a result of the fork, while $XHV holders will receive $USDAP instantly without needing to mint them, will this mean that every $XHV holder is guaranteed a re-mintable (or is it burnable, perhaps:) value of ~1$ USD for each $XHV they are holding while the $PPC and $BTC holders will get a coin of fluctuating value?

This is somewhat correct. $XHV holders will receive a static value $USDAP after the snapshot for the fork. Bitcoin and Peercoin holders will receive $XAP, which is subject to market health and volatility due to access via exchanges. Bitcoin and Peercoin holders who would like to exit the volatility can simply mint into $USDAP whenever they would like to.
Full Disclosure: I’m currently a part of the Bitcoin Air team and will help them with their marketing. This is a great chance for me to get “an insiders view” on the development of a new cryptocurrency, and as such I see this as a great opportunity for me to get to write some more interesting articles on Bitcoin Air and its development process as it moves along. Stay tuned.

https://bitcoinair.org/
submitted by 67vader to Crypto_General [link] [comments]

Bitcoin Air — Q&A

2018 have been such a refreshing year when it comes to emerging cryptoprojects and the level of innovation they introduce. Gone are the stupid infographics trying to solidify Coin-X as the highest amount of transactions per second (who cares?).
Instead there seems to be a steady influx of new projects with developers who are innovating for real.
A couple of months back I stumbled across Haven Protocol which caused me to write my first crypto-article ever, fast forward a month-or-so and the first fork of Haven, Bitcoin Air, was quietly announced.
Now many initially dismissed Bitcoin Air as nothing but a Haven Protocol clone, but that is a severe misjudgement. I’ve been lucky enough to follow the development of this project from the inside for a while, and I’ve witnessed first hand that this project has set its sight on introducing a host of new features to the world of cryptocurrencies.
In this Q&A with Bitcoin Air’s Lead Dev, Anthony, I get answers to a lot of questions that should give a good understanding about what Bitcoin Air is aiming to accomplish.
Enjoy.
First of all, how would you summarise what Bitcoin Air is all about for someone who reads about it for the first time?
The first thing we want people to think of when they see, hear, or speak “Bitcoin Air” is simplicity and transparency.
The reason for this being, cryptocurrency is this currently ecstatic and mysterious world that a lot of people are afraid to dive into due to these unknowns. When someone approaches Bitcoin Air, we want them to understand that we are a lightweight, secure, and decentralized payment system that also ofers a static crypto-backed reserves system that allows for a user to print their own fiat currency (AirCash).
In layman’s terms, we want to give the power of the Mint, Reserve, and Banking System all to the consumer and merchant!
What sparked the idea for the project we now know as Bitcoin Air?
The idea for Bitcoin Air was sparked from a protocol concept originally designed by the administrative team. The main idea coming from the fact that Bitcoin is subject to high volatility, and Tether is both manipulatable and a separate entity from what should be a joint efort for Bitcoin.
Beyond this, we feel the need to bring cryptocurrency to a form of widespread acceptance through applying modern technology to age old tactics of in person payments. This will of course be accompanied by all of the amazing features that come with cryptocurrency and it’s secure nature.
The Bitcoin Air project is a fork of Haven, how essential has the Haven teams work been for your concept and project development?
Haven Protocol’s work hasn’t been significant in our development. Their initial idea was sparked to allow users to “offshore” their value to a secure storage environment in some different country.
This idea, to our team, seemed unapproachable and limited it’s greatest potential. We followed through with the idea of offshoring, and instead made it far more approachable and adaptable and instead of creating an internal contract system, devised a bilateral blockchain system that will operate as a dual auditing blockchain.
How would you differentiate what Bitcoin Air will be, compared to Haven, what are your most obvious differences between the two?
Haven Protocol is based on an internal smart contract system that will offshore the value of your coins to a safe storage environment, this will allow you to mint and burn between Haven Protocol and XHVD, safely offshoring your value from volatility.
Bitcoin Air is a bilateral blockchain that will allow one end of the chain to operate in volatile value and conduct basic cryptocurrency transactions including sending and receiving through any basic exchange as well as our internal wallet exchange. The second side of the chain will operate in static value and will operate as a crypto-backed reserve chain for Bitcoin Air.
This static chain will have strictly mint and burn protocols that will allow the creation of Bitcoin Air or AirCash. This static side chain will not allow person to person sends and will instead be specifically designed as a reserves and fiat system for day to day use.
How many developers are actively contributing to your project now?
Currently we have over 8 active developers working around the clock on establishing our test net, minimum viable product, and a proof of concept design that can be presented to the public.
The goal is to operate our development much like an ICO without intentions of gathering funding from the public. We are a privately funded, Non-ICO, Non-VC funded development backed by a handful of guys who simply are very in tune with the cryptocurrency community.
We hope to deliver a well-rounded and established development for the people.
Is there any field in which you are looking for contributions from the community, if so, what are these?
We are always open to as much community contribution as possible. We are 110% focused on community input and transparency and that goes down to every vote and choice we have.
Ultimately we feel that a larger consensus brings the greatest discussions to a situation along with calculated execution. This being said, we are opening an Ambassadors and Evangelists Program that will operate much like a permanent bounty hunters program.
Top level representatives from all countries can apply and voice their expertise on why they should be an Ambassador for Bitcoin Air. This will in turn gain them access to the private Ambassador Panel where they can participate in tasks to earn monthly points for payouts based on worth ethic! Additionally, we are always open to community open-source developers who seek some lead into the cryptocurrency world.
We are always thrilled to teach and learn from other professional development teams as we are seeking to develop the most community driven coin of 2019!
Is the launch of the Bitcoin Air and the air protocol in any way dependant on the Haven teams Offshore Storage smart contracts. Will you have to wait until they release this feature or is the work on the Air Protocol completely independent of that effort?
We are in no way tied to the Haven Protocol development and are developing our own dual chain protocol that will not use smart contracts.
What we hope through our fork with Haven Protocol, is to allow a transition/bridge in between USDAP and XHVD that will bridge both the privacy and clear coin chains to allow for a user based choice of chain use.
We feel privacy is important, but not necessary thanks to the secure nature of cryptocurrency, but we still want to give our users a option to go into a privacy coin at some point effciently without worry of value loss.
Correct me if I’m wrong, Bitcoin Air is a Haven & Bitcoin fork, while Haven originated as a pure Monero fork. If I understand that correctly what does this mean for XAP, for instance; will Monero features like RingCT be a part of your project or will Monero-Specific features not be a part of the overall Bitcoin Air project?
Bitcoin Air is a bilateral merge fork joining Peercoin with Bitcoin, and forking Haven Protocol into our side chain.
This means that, in the end, there will be 2 chains operating together with one being accessible to exchanges and basic user features like sending and receiving; while the other operates privately in the background of this chain only accessible via wallet interface for means of minting/burning and staking/mining.
The Haven Protocol end of the chain will not feature basic usage like sending and receiving, and will instead carry the latest features for minting, burning, and printing of fiat Air Cash.
If I understand correctly, you have two options for binding your cryptocurrency into a static dollar (or similar) value, the first one is $USDAP — which I imagine works more or less like Haven’s $XHVD, right?
$XHVD will operate much like $USDAP, except for the fact that they are using smart contracts and we are applying a new solid blockchain. This static resource backed currency chain will operate to back the overall reserves and value of $XAP and Air Cash
And the second one, Air Cash, I find especially interesting. You will allow users to print their own QR coded “paper money” for use at retailers, etc. Does this money exist on its own sidechain, or is it more or less a physical version of the $USDAP?
This is correct. Air Cash will be the physical, fiat form of $USDAP. Users will be able to customize their own fiat currency sheets with predesigned templates that they can then add to their basic home printer.
The user would choose the denomination (Sheets would print in size of 8 bills) and they could choose to set the bills equally, or to diferent denominations. The wallet would then generate private key, and print the denomination value of $USDAP on the bill front along with the QR code generated Private Key as the center. The wallet would send the wallet to this address and it would be removed from the wallet entirely. The Air Cash would now maintain the value of the $USDAP and can be used in store or handed over to another person.
The merchant or user could then sweep the Air Cash into their wallet and receive $USDAP. The paper would then become worthless and could be recycled as needed.
Will the creating of Air Cash require any form of miner fee, and if so will that fee be a “static value” bound to it or a fluctuating value? In other words, will it be tied to cents or to “satoshis”?
The creating of Air Cash will require a static fee tied to $USDAP that will only vary based on a the amount you send. These ranges would most likely be $0.01-$10,000, $10,001-$100,000, and $100,001+. These fees will most likely be extremely small ranging from $0.05-$0.15 accordingly.
We are not going to allow miners/stakers to set the price on this as people should not be held back from when they need fiat, but all things take resources to create, and we feel a small fee should be in line to provide back resources to the mining and staking community securing and operating our network.
Also, what happens if a user looses an Air Cash bill before they get the ability to spend it. Will it be lost forever, like “normal currency” or will it only be lost if someone manages to spend it before you have time to move the currency to another address, and print a new bill?
The user will have a maintained track record of all of the bills they print within their private Air Cash Ledger. This ledger will not be available to the public due to the Haven Protocol/Monero Privacy Features. The user will be able to swap an Air Cash bill if it has not been swept into the receiving parties wallet if they set the loss prevention feature on within their wallet.
If the bill has been swept into the receiving parties wallet, they will not be able to cancel the bill. This feature will be available via desktop and mobile to ensure the quickest response to lost funds. This would encourage people to ensure that the receiving party sweeps their funds immediately, as you would want to ensure the value is on the bill!
Also, as a miner, I’m curious about how I can obtain Bitcoin Air through mining. I’ve seen you describe the project as “Hybrid Dynamic Proof of Stake and Proof of Work coin” — does this mean that one can both mine and stake in order to participate in the network?
We are currently developing a new consensus algorithm that we are dubbing “Proof of Risk”. We prefer not to release much information on our new consensus algorithm for now, but we plan to release extensive information once it is perfected. Just know for now, you will be allowed to both mine, and stake. It will also be HIGHLY encouraged, if not required, to do so in some sort of way.
Can you tell us a bit more a bout the planned merchant platform, what are its base features and how will it work?
The future merchant platform will be available to both in-person and online merchants. Small Business that accept Bitcoin Air will be able to use any tablet that allows them to download the Bitcoin Air PoS Application. This will allow their tablet to turn into a mobile PoS system with Sweep features thanks to the cameras on most tablets. Merchant can establish their item list and can have the consumer scan the QR code shown on the screen to automatically set the amount and receiving address.
Consumers will confirm the amount and proceed to process the transaction in $XAP. When the merchant receives confirmation, the system will automatically convert their $XAP to $USDAP so they can avoid market volatility until they choose to re-enter and sell to fiat. For online merchants, it will allow integration with most e-commerce platforms available. This means people can proceed to pay for their items with Bitcoin Air via their Desktop or Mobile wallets wherever accepted.
When you fork, you have — in your latest community update — listed the following existing chains that will be receiving Airdrops of either $XAP or $UDSAP:
  1. Bitcoin ($BTC) holders will receive Bitcoin Air ($XAP)
  2. Peercoin ($PPC) holders will receive Bitcoin Air ($XAP)
  3. Haven Protocol ($XHV) holders will receive USD Air Protocol ($USDAP)
I find it interesting that $BTC and $PPC holders will receive $XAP as a result of the fork, while $XHV holders will receive $USDAP instantly without needing to mint them, will this mean that every $XHV holder is guaranteed a re-mintable (or is it burnable, perhaps:) value of ~1$ USD for each $XHV they are holding while the $PPC and $BTC holders will get a coin of fluctuating value?
This is somewhat correct. $XHV holders will receive a static value $USDAP after the snapshot for the fork. Bitcoin and Peercoin holders will receive $XAP, which is subject to market health and volatility due to access via exchanges. Bitcoin and Peercoin holders who would like to exit the volatility can simply mint into $USDAP whenever they would like to.
Full Disclosure: I’m currently a part of the Bitcoin Air team and will help them with their marketing. This is a great chance for me to get “an insiders view” on the development of a new cryptocurrency, and as such I see this as a great opportunity for me to get to write some more interesting articles on Bitcoin Air and its development process as it moves along. Stay tuned.
https://bitcoinair.org/
submitted by 67vader to cryptocurrencynewico [link] [comments]

Power supply questions for SAPPHIRE Vega 56 build.

I am planning a 5 GPU SAPPHIRE Vega 56 build and i was wondering if any of you guys can recommend a power supply combo to power those gpu`s. The 3 x 8 pin pcie make it a bit of a pain in the ass but at the moment these are the only vega cards available in my country.
Now my question is how do i power these cards safely?
Is it safe to use a pcie adapter 6 pin to dual 8 pin?
Single psu or dual? which brand do you recommend?
Are these cheap ali express psu any good are a a waste of money?
How much power do the risers draw from the vega 56?
My max calculations so far (correct me if im wrong please)
Sapphire Vega 56 (200w each) x 5 = 1000w
Mobo, CPU etc - 250w
Risers (75w each) x 5 - 375w
Total: 1625w
I was planning on running a 1000w and a 850w psu, is that enough headroom for spikes or do i need more?
is this information correct?
8 pin pcie - 150w per rail
6 pin pcie - 75w per rail
Molex - 40w per connector
Sata 40w per connector
I was reading that the 8 pin pcie can draw 350w from the connector plugged in the psu and 150w from the 6+2 connector, if thats the case can each 8 pin rail handle 350w? How much can 6 pin rails handle? ( a bit confused there)
thanks for reading my long msg and thanks for helping.
submitted by TheDudeLife to MoneroMining [link] [comments]

What to do when your niche is flooded by irrelevant Search Ads?

Hi guys, first time SEM marketer here. I make clothing for Bitcoin Enthusiasts that I've assembled under a brand, found here: http://procrypto.net/
I recently ran through a PPC class by Brad Geddes on Market Motive and have started creating my first product category campaign. The search volume for most of my keywords is pretty low (~300 per month or so), and my target bids (calculated at 100% ROAS to start with, at an expected 2% conversion rate) are waaay under Google's suggested bids.
I'm shooting for around .35-.40 CPC and some of my keywords (for instance "bitcoin clothing" and "bitcoin hoodies") have suggested bids at around $2 USD. I have no idea how someone could make money on a product like mine at that price, so I just did a basic Google Search for some of my keywords, and found that every Search Ad was just a poorly targeted campaign from someone in a completely different industry.
I'm seeing ads for:
So, the goodnews is, I'm sure these advertisers have a terrible ad rank, meaning I can probably swing a much better CPC and still display, but the bad news is that I dont have a budget to swing .60+ cents per click to get a good ad rank here. So, I guess I'm a little confused on how to proceed.
Should I go ahead with my search campaign at my current bids? Do I try to match Google's suggested bid, even though it's way too high and hope that my ad rank improves so i can display for cheaper?
Do I skip search for now and move right into Display campaigns? I'd like to start driving qualified traffic so I can begin working on CRO.
Any perspective would be very helpful. Thanks!
submitted by ruach137 to PPC [link] [comments]

Microcoin : the coin I've been waiting

Hi all
Helloooo is there anyone here ?
OK, I'll start :
I've been following bitcoin back in 2011, I did not mine I did not buy, I was just interested in the concept.
Then I thought mining was a good option but the costs involved stopped me to do it.
ASICs were hot talk and bitcoin block reward was about to halve, I thought my mining rig would be outdated in a month (how wrong I was...)
Then it appears to me that miners would switch to Litecoin, and I finally bought a VGA card to get me some.
Making calculations, mining was not the way to go, so I bought some coins.
And i started trading.
I bought some LTC because it was SHA256-asic resistant.
I bought some PPC because it was energy and security efficient (PoS+PoW).
I bought some QRK because it was faster (around 30 sec for the block-time).
I bought some VTC because it was scrypt-asic resistant.
I bought some Doge because of the huge coin supply (you can send some to your friends without feeling like loosing a fortune).
I did not buy Novacoin because of the premine.
I was waiting for a coin that could be all this at one time.
And here it is, microcoin is here.
(With a cool name by the way and a great logo)
All those very unique features for LTC, PPC, QRK, VTC and Doge are the reasons for the popularity and spectacular value increase for those coins.
microcoin have all of them.
But microcoin is lacking something.
Something that you can not implement.
Something not in the code : a strong community to support and promote it.
Show microcoin some love !
Let's take microcoin to the.......................................launchpad ;)
submitted by cryptodroid to microcoin [link] [comments]

How To Effectively Calculate PPC Profitability & ROI, (manually): This will help you determine whether you should mine it or just buy it.

How to effectively calculate PPC Profitability.
Note: The figures used in these scenarios are for demonstration purposes only, you should be smart enough to input your own values such as for price, block reward, cost peGH with your own projections
Scenario 1: Just Buy PPC and do PoS
So under this scenario, $10,000 gets you a guaranteed 25,250 coins after 1 year.
(This Option is Low Risk - Guaranteed return on investment)
~
~
~
Scenario 2: Buy Mining Gear and do PoW mining
So basically, under this scenario you are betting you will recoup your investment back after 2.5 months, and everything else after that is extra!
(This Option is High Risk - Higher possible return on investment, also higher risk of not recouping investment if hash rate & difficulty increases a lot and block reward drops)
submitted by rick4534 to peercoin [link] [comments]

In Case you Haven't Read the 2nd Community Interview with Sunny King Because you Haven't Signed up at the Forum yet, Here it is...

Some people have not signed up at PeercoinTalk.org yet and don't have access to Sunny's interview, so here it is...
Sunny King: hi all
JustaBitofTime: Hey Sunny, nice to have you with us. Are you ready to get started?
Sunny King: Yes John I'm ready.
JustaBitofTime: Coolbeans94 wanted to know about Peercoin's long term approach, he asks "27. Is its design more for long-term security and sustainability? How does that relate to Bitcoin’s longterm vision?(Coolbeans94)"
Sunny King: @Coolbeans 94. Both PPC and XPM are designed to last. PPC is designed with energy efficiency, XPM is designed with energy multiuse. Bitcoin has a long term uncertainty as to whether transaction fees can sustain good enough level of security. Before that the main concern is how to balance transaction volume and transaction fee levels. Currently I get the feeling that bitcoin developers favor very low transaction fees and very high transaction volume, to be competitive against centralized systems (paypal, visa, mastercard etc) in terms of transaction volume, to the point of sacrificing decentralization. This also brings major uncertainties to bitcoin's future.
Sunny King: @Coolbeans 94. From my point of view, I think the cryptocurrency movement needs at least one 'backbone' currency, or more, that maintains high degree of decentralization, maintains high level of security, but not necessarily providing high volume of transactions. Thinking of savings accounts and gold coins, you don't transact them at high velocity but they form the backbone of the monetary systems.
Sunny King: @Coolbeans 94. Pure proof-of-work systems such as bitcoin is not 100% suitable for this task. This is because transaction fee is not a reliable incentive to sustain network security. If the mining generation amount is kept constant (there have been several such attempts in altcoins) it would work better security-wise but then it would also significantly weaken the scarcity property of the currency. XPM's inflation model is designed in such a way that it could serve as backbone currency better than bitcoin if needed, because it could maintain high security reliably for longer, with reasonably good scarcity property as well. Of course that's only from architect's point of view, whether or not it would be chosen by the market is a whole different matter.
JustaBitofTime: Along those lines the community wanted to know ""If the tax fees are to remain fixed at 0.01 and Peercoin becomes widely adopted, (Thus a sharp rise in value) the fees could become too much for microtransactions. What would happen in this case? What solutions do you imagine to get around the microtransaction issue?"
Sunny King: @Coolbeans 94. PPC is designed to serve even better as a backbone currency. The proof-of-stake technology in PPC is not only energy efficient; it also maintains high level of security without relying on transaction fee. Thus PPC could be safely designed with strong scarcity property yet serving well as backbone currency.
Sunny King: @Coolbeans 94. Both PPC and XPM use protocol enforced transaction fees, which reflects my preference that high transaction volume is discouraged in favor of serving as backbone currencies.
JustaBitofTime: Speaking of security, there's often quite a bit of debate surrounding the PPC vs XPM checkpointing. 27.5 Will checkpoints be optional like they are in XPM in the next client version?
Sunny King: @transaction fees: Right now if we are talking about micropayments in the US$1 range, both PPC and XPM still handle them with much lower overhead than credit card network. In the long term micropayments should be provided by centralized providers, or a less decentralized network optimized for high capacity transaction processing.
Sunny King: @transaction fees: On the other hand there is no promise that minimum transaction fee wouldn't be adjusted. If processing capacity of personal computers continues to advance at the current pace, both max block size and minimum transaction fee could very well be adjusted at some point. However I do take a very cautious approach to adjusting transaction fees, as opposed to bitcoin devs. The impact to the fitness of the currency as a backbone currency is of great concerns to me.
Sunny King: @checkpoint: Decentralization of PPC checkpoint is currently planned to begin in v0.5. It would be a gradual process.
JustaBitofTime: I can tell you from my own Libertarian leaning, being able to add some layer of anonymous transactions is important to me. 47. Can you tell us more about 'sendtoaddressfrom' and Avatar mode? Will this be released in the next client version? (JustaBitofTime)
Sunny King: @JustaBitofTime Yeah this is still at conceptual stage. It shares some similarity to coin control. However from user point of view I'd like them to think in terms of avatars instead of addresses and coins, it's simpler and better for privacy.
Sunny King: The main rule is that in avatar mode the client doesn't automatically assemble coins from different avatars into the same transaction but it can still do so within an avatar
JustaBitofTime: One of the challenges the Peercoin community faces is breaking down all the technical nuances of the coin. Alertness asks "60. Could you please explain exactly how the level of PoW and PoS difficulty is calculated? (Alertness)"
Sunny King: so you probably need to specify which avatar the money should come from in a send
Sunny King: I would wait to see how coin control is introduced in bitcoin first. If bitcoin implements similar concepts first that would be nice too.
Sunny King: @Alertness For simplicity we can think of the difficulty adjustment of PoW and PoS blocks independent of each other. Basically it uses some technique called 'exponential moving' to keep the block spacing relatively constant. It adjusts on every block and smoother than bitcoin's adjustment, responding to change of network hash rate much faster than bitcoin, but at the same time not too fast to make difficulty manipulation exploits difficult.
Sunny King: @Alertness PoS blocks have a constant 10-minute spacing target. PoW blocks have a variable spacing target, between 10-minute and 2-hour, but on average it's about 30-minute when PoS block spacing is close to the 10-minute target. This serves to reduce the variation of block spacing.
JustaBitofTime: Along those lines, 60.5 Could you please spend some time talking about the environmental impact of Bitcoin vs Peercoin now and then in the future? (JustaBitofTime)
Sunny King: @JustaBitofTime I don't like to paint bitcoin in a negative picture because it's indeed a brilliant system with high integrity and reasonably good inflation design. High energy consumption is only a minor blemish. To say that it's gold 2.0 I think is quite reasonable.
Sunny King: But if we can solve one of the issues with gold and gold 2.0, their environmental impact, that would be very nice, wouldn't it? We all want to live on a cleaner and happier earth, right? So we should take this task more seriously and PPC provides a possible solution.
Sunny King: On the other hand we should also respect other people's free will. For example we should not force other people to not mine bitcoin or participate in distributed computing projects, because of the environmental cost. So XPM complements the goal here as it produces additional scientific value from the consumed energy. So people who like to mine cryptocurrency for whatever reason have a better choice to mine, to get more benefit out of the mining activity and environmental cost.
JustaBitofTime: For our non-technical users, how does PoS factor into the environmental impact? In other words, 1 friend is mining Bitcoin and the other is mining Peercoin. How does that look now and how does it look in 1 year?
Sunny King: Currently PPC market cap is still small, so the effect is still small. If PPC becomes as successful as BTC, then the energy saving would be significant, and more and more so as difficulty rises
JustaBitofTime: As difficulty rises, what is the net effect? I feel this is an area that many new to the coin have trouble making the connection.
Sunny King: A caveat here is that the energy consumption on bitcoin mining might drop in the long term as well, due to lack of incentive in mining. However this would drop bitcoin's security level
JustaBitofTime: You spoke about producing additional scientific value from consumed energy with XPM. 55. What are your thoughts about [email protected]? Do you see a place for it in crypto coins?
Sunny King: Difficulty increase in PPC reduces inflation rate, which also reduces the energy consumption. This is assuming market capitalization stays the same
Sunny King: It's hard to say, I am not an expert in protein folding algorithms but I can imagine it would be hard to completely decentralize. There has been a proposal of a less decentralized solution whereas traditional hashing provides network security and half of the minting, whereas folding computation provides the other half of the minting using the existing centralized distributed computing network. This approach is not limited to [email protected] though, people are also thinking about other networks such as BOINC.
Sunny King: The problem with this system is whether trust is required on the centralized distributed computing network to not abuse the system and counterfeit. Without solving such problems it's not a serious currency system in my opinion, but on the other hand we do see existing systems in operation with centralized minting, such as DVC and FRC. So this type of systems definitely has some niche in the market.
JustaBitofTime: Shifting gears here, Jimmy asks "Q1 New: When will the development team release the official ppcoin specification? (Jimmy) Clarification “We got the paper last year, but we need a protocol specification detail similar to https://en.bitcoin.it/wiki/Protocol_specification , especially for POS and the integration of POW with POS. The specification is important to developers and the general users who are interested in ppcoin.”
Sunny King: @Jimmy There is no set plans for this yet. If the demand is strong I could look into getting a summary of difference between bitcoin protocol spec and ppcoin protocol spec.
JustaBitofTime: Between 2 different coins, you obviously have your hands full. Romerun asks "Last interview sunny say if he somehow disappears Scott will fill in. But up till now we don't really know who he is, or how much commitment of him to the project / etc. There could be the issue of impostor too, so it would be benefit to the community to clear this up. And wouldn't it be better to have a few more key devs to PPC."
JustaBitofTime: My understanding was Scott was capable of filling in, however, has not worked on PPC recently?
Sunny King: That's right. For some reason Scott isn't as motivated as I am. I also look forward to having more developers with ppc, right now I think xpm team is in good shape, quite a number of people are working on xpm miners which requires a good understanding of the innerworkings of primecoin.
Sunny King: So I think as our community grows there will be more talents showing up. I am still pounding scott to be actively involved as well
JustaBitofTime: As your development team expands for XPM, Muto asks "35. Do you plan to release another currency? (Muto)"
Sunny King: @Muto 35. No such plan right now. I have recently turned down a few invitations to work on other currency projects due to my responsibility in PPC and XPM. I am committed to further improve PPC and XPM's competitiveness in the market.
JustaBitofTime: Speaking of competitiveness in the market, Romerun would like to know "What are the development priorities/future features of PPC/XMP in Sunny's mind? online wallet? ppc-blockchain.info? etc."
JustaBitofTime: I understand marketing and overall community development/involvement is a big part of the overall plan.
Sunny King: I have touched a few things last week I think, there are other things I have in mind but don't wish to talk about yet. I am constantly evaluating market situation to figure out what's the best features to compete in the market
JustaBitofTime: Let's change it up again 8. Who are your business and personal heroes? (MeBeingAwesome)
Sunny King: As to services and apps I usually leave those to the market to support. If I were to be involved in a service somehow I think it needs to have profit potential
Sunny King: and not divert too much of my resources and time
Sunny King: @MeBEingAwesome Right now I am in the business of cryptocurrency As to my heroes, I think Satoshi qualifies as one. We know that before bitcoin came into existence, several pioneers in the digital currency world have made sacrifices, such as Douglass Jackson the founder of e-gold, Bernard von NotHaus the founder of Liberty Dollar, among many others. These efforts are part of the same movement to decentralize the control of money, from potentially rising oppressive governments. Gold was demonetized to mainly facilitate centralized power, that gives governments power to do a lot more damage, to do whatever they want. Through history we can see the corruption of morality of governments, for example, in the 1860's US governement still had the integrity to return to gold standard after civil war, while in the 1930's it no longer had such integrity after an economic depression. Not only that, it developed audacity to blame the depression on gold. It's very difficult to restore morality of governments.
Sunny King: The cryptocurrency movement, arising from the lessons of e-gold and liberty dollar, gives people a powerful tool to peacefully return to the principle of limited government. We all thank Satoshi whose brilliant mind and effort enabled this movement. Of course there are a lot more things going on in the societies outside cryptocurrency world, to preserve mankind's freedom, to elevate mankind's morality and spirituality, so there are many heroes around us.
JustaBitofTime: I completely respect your desire to remain anonymous. If the code is open, that should speak for itself. With that being said, there are people that claim you might be someone involved with the Satoshi team early on. Can you speak to that rumor? Also, did you have any involvement with Satoshi directly?
Sunny King: I wish I were as that would have made me very rich I am also curious to who Satoshi really is, what led him to such great achievement. But on the other hand I also wish him a peaceful life not having to endure such hardships like NotHaus
JustaBitofTime: For those not familiar with NotHaus, please look into Liberty Dollar.
Look in the comments for the rest...
submitted by Sentinelrv to peercoin [link] [comments]

How To Mine 1 Bitcoin in 10 Minutes - Blockchain BTC Miner ... uvexltdbitcoin calculator miningbest cryptocurrencies ... Online Geld verdienen beste ( Bitcoins ) PPC seite [2014] [HD] Bitcoin Mining Rechner - Macht Bitcoin Mining noch Sinn? Free bitcoin mining and withdraw without fee - YouTube

The Peercoin mining profitability results and mining rewards were calculated using the best PPC mining calculator with the following inputs. A PPC mining difficulty of 2,758,786,220.00, a PPC mining hashrate of 110.00 TH/s consuming 3,250 watts of power at $0.05 per kWh, and a block reward of 55.17 PPC at $0.1635 (PPC to USD). Peercoin (PPC) - mining calculator — profitability of cryptocurrency mining online in real time. Find out how profitable your mining equipment is. Peercoin Mining Profitability Calculator. Wondering how profitable Peercoin can be? It works for both mining rigs at home as well as cloud mining services. Input your mining information, like hash rate and any pool fees you many incur. If you're using a mining rig at home, fill out the price of the hardware, your power usage in watts and the ... Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners since May 2013 - developed by an OG Bitcoin miner looking to maximize on mining profits and calculate ROI for new ASIC miners. Updated in 2020, the newest version of the Bitcoin mining calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. Calculate Peercoin (PPC) mining profitability in realtime based on hashrate, power consumption and electricity cost. PPC exchange rates, mining pools. PPC exchange rates, mining pools. $12,933.78 $64.66 $413.40 $125.65 $5.55 $74.50 $54.01 Follow @WhatToMine dark mode

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How To Mine 1 Bitcoin in 10 Minutes - Blockchain BTC Miner ...

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