Bitcoin Mining Calculator - Updated with 2020 Miners

Python script to calculate when all coins will be mined shows 2060 and not 2140? Why is this? /r/Bitcoin

Python script to calculate when all coins will be mined shows 2060 and not 2140? Why is this? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Mining: Weird Time to Start, a Good Time to Think

Mining: Weird Time to Start, a Good Time to Think
Well, it’s supposed to be an optimistic article about most promising mining cryptos, but then something happened. No one was too naive to believe that the events unfolded around the COVID-19 pandemic will not affect global markets, but the turbulence that occurred was very significant and, what is most sad, it is still very difficult to say how soon the situation will stabilize.
https://preview.redd.it/9xxheofluzp41.png?width=1024&format=png&auto=webp&s=cd8ca033faddf57ea041e82ceadee1037b8587f1
Many people were already bothered that crypto mining is becoming less profitable in 2020 and will be meaningless very soon, but even though big companies having bigger resources took over most of the industry, cryptocurrency mining using video cards remains available to common users and still has potential.
Despite, the volatility of the cryptocurrency market hashrate of the Bitcoin blockchain network yet remains almost at the same level and that is a quite positive sign. At the moment, the most reliable option seems to be to leave mining to large ASIC-farms and return when the stock panic subsides and the prospects will be clearer.
Although Bitcoin is still the most popular cryptocurrency on the market, every year the complexity of operations necessary for its production increases, and rewards fall (after halving in May 2020, we will talk about 6.25 BTC per block). For mining many altcoins, the threshold for entry is much lower, therefore it makes sense to look for a more profitable option among them.
But first, let’s try to understand a little what conditions we need for profitable mining.
There are several crucial aspects that determine how profitable mining will be. These are such obvious things as the price of the currency or the amount of reward for the generated block.
And this is the reason it is now very difficult to calculate the possible income. One way or another, the market price of altcoins depends on the position of bitcoin, which is experiencing bad times. For several months, the world of crypto mining has been preparing for the May halving, because the reduced supply led to a significant increase in prices. This time should not have been an exception, but now when bitcoin does not rise above $5500 and risks falling below $3500, we can only make vague guesses about its potential price in May. Many analysts tend to believe that closer to the middle of April, the negative effect of the crisis should be reduced, and positive expectations from halving and a large amount of cash from investors should have a positive impact on the price of bitcoin. Altcoins, as a rule, repeat the dynamics of the first cryptocurrency and will also continue their growth to historical highs in the year’s future.
Next, you should also pay attention to the complexity of mining because it affects the time and energy spent on generating the block. Do not forget about the cost of electricity in your region, as one extra-large bill can negate all your efforts to earn money on currency mining.
Do not forget about expenses on a mining rig and it’s amortisation.
In addition to the above, you should find out how practical the chosen currency is: whether it can be exchanged for fiat or more popular coins, what fees are charged by exchanges that work with it, and what reputation it has in general.
In order to avoid unpleasant mistakes, it is easier and more reliable to check the possible profit in one of the many calculators.

Best altcoins to mine in 2020

Monero is the currency with the highest anonymity rates, which stays attractive to many users and remains one of the strongest altcoins. The specific proof-of-work hashing algorithm does not allow ASIC-miners, so it is relatively easy to mine using personal computer’s processors and graphics cards. AMD graphic cards are preferable for this task, but NVidia suits as well. The current block reward is 2.47 XMR.
Litecoin is one of the oldest Bitcoin forks, but unlike it uses a different “Script” PoW algorithm which allows less powerful GPUs to mine coins. Litecoin is on the most popular, and successful Bitcoin forks and considered one of the most stable cryptocurrencies. Block mining reward is 12.5 LTC.
Ravencoin is another Bitcoin hardfork, and like Monero’s its X16R algorithm is practically unavailable for ASIC machines. Raven keeps gaining popularity for many reasons – it has faster block time, higher mining reward (5,000 RVN at the moment) and secure messaging system.
Dogecoin is not a joke anymore. Hard to believe, but this currency once made for fun, became one of the most valuable ones. Like Litecoin it uses Scrypt algorithm and great for mining with GPUs.
One more Bitcoin fork Bitcoin Gold was made specifically to kick out ASICs and clear the road for GPUs. It may not be the fastest-growing currency, but it is definitely one of the most stable.
That’s all for today. Stay safe, cause health is our most important asset.
Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected])
submitted by Stealthex_io to StealthEX [link] [comments]

List of moderately difficult skribbl words for your new friend group (1200+ words)

That is to say that this list contains words that this list contains words that:
  1. Usually aren't instantly guess-able (like star, apple, or Nike).
  2. Can be played with a group of acquaintances (I play with a group of interns at work to blow off time)
Created this list by modifying an existing difficult word list we found online and adding a bunch of new words. If you see a stupid difficult word, it was probably a word from the existing difficult word list that I forgot to remove. (amicable and reimbursement were the type of bs I removed lol).
abraham lincoln, accordion, accounting, acre, actor, adidas, advertisement, air conditioner, aircraft carrier, airport security, alarm clock, alcohol, alert, alice in wonderland, alphabet, altitude, amusement park, angel, angle, angry, ankle, apathetic, apathy, apparatus, applause, application, apron, archaeologist, archer, armada, arrows, art gallery, ashamed, asteroid, athlete, atlantis, atlas, atmosphere, attack, attic, audi, aunt, austin powers, australia, author, avalanche, avocado, award, baby, baby-sitter, back flip, back seat, baggage, baguette, baker, balance beam, bald, balloon, bamboo, banister, barbershop, barney, baseboards, bat, beans, beanstalk, beard, bed and breakfast, bedbug, beer pong, belt, beluga whale, berlin wall, bible, biceps, bikini, binder, biohazard, biology, birthday, biscuit, bisexual, bitcoin, black hole, blacksmith, bleach, blizzard, blueprint, bluetooth, blunt, blush, boa constrictor, bobsled, bonnet, book, bookend, bookstore, border, boromir, bottle cap, boulevard, boundary, bow tie, bowling, boxing, braces, brain, brainstorm, brand, bride, bride wig, bruise, brunette, bubble, bubble bath, bucket, buckle, buffalo, bugs bunny, bulldog, bumble bee, bunny, burrito, bus, bushel, butterfly, buzz lightyear, cabin, cable car, cadaver, cake, calculator, calendar, calf, calm, camera, cannon, cape, captain, captain america, car, car accident, carat, cardboard, carnival, carpenter, carpet, cartography, cartoon, cartoonist, castaway, castle, cat, catalog, cattle, cd, ceiling, cell, cellar, centimetre, centipede, century, chain mail, chain saw, chair, champion, chandelier, channel, chaos, charger, chariot, chariot racing, check, cheerleader, cheerleader dust, chef, chemical, cherub, chess, chevrolet, chick-fil-a, chicken coop, chicken legs, chicken nugget, chime, chimney, china, chisel, chord, church, circus tent, clamp, classroom, cleaning spray, cliff, cliff diving, climate, clique, cloak, clog, clown, clue, coach, coast, cockpit, coconut, coffee, coil, comedian, comfy, commercial, community, companion, company, compare, comparison, compromise, computer, computer monitor, con, confidant, confide, consent, constrictor, convenience store, conversation, convertible, conveyor belt, copyright, cord, corduroy, coronavirus, correct, cot, country, county fair, courthouse, cousin, cowboy, coworker, cramp, crane, cranium, crate, crayon, cream, creator, credit, crew, crib, crime, crisp, criticize, crop duster, crow's nest, cruise, cruise ship, crumbs, crust, cubicle, cubit, cupcake, curtain, cushion, customer, cutlass, czar, dab, daffy duck, dance, danger, darth vader, darts, dashboard, daughter, dead end, deadpool, deceive, decipher, deep, default, defect, degree, deliver, demanding, demon, dent, dentist, deodorant, depth, descendant, destruction, detail, detective, diagonal, dice, dictate, disco, disc jockey, discovery, disgust, dismantle, distraction, ditch, diver, diversify, diversity, diving, divorce, dizzy, dodge ball, dog, dolphin, donald trump, doorbell, doppelganger, dorsal, double, doubloon, doubt, doubtful, download, downpour, dragon, drain, dream, dream works, dress shirt, drift, drip, dripping, drive-through, drought, drowning, drugstore, dryer, dryer sheet, dryer sheets, dugout, dumbbell, dumbo, dust, dust bunny, duvet, earache, earmuffs, earthquake, economics, edge, edit, education, eel, effect, egg, eiffel tower, eighteen-wheeler, electrical outlet, elf, elope, emigrate, emotions, emperor, employee, enemy, engaged, equation, error, eureka, everglades, evolution, exam, exercise, exhibition, expired, explore, exponential, extension, extension cord, eyeball, fabric, factory, fad, fade, fake flowers, family tree, fan, fast food, faucet, feather, feeder road, feeling, ferris wheel, fiddle, figment, finding nemo, firefighter, firefox, fireman, fireman pole, fireplace, fireside, fireworks, first class, first mate, fish bone, fishing, fizz, flag, flat, flavor, flight, flip flops, flock, florist, flotsam, flowchart, flower, flu, flute, flutter, flying saucer, fog, foil, food court, football player, forklift, form, forrest gump, fossil, fowl, fragment, frame, fresh water, freshwater, friction, fries, front, frost, fuel, full, full moon, fun, fun house, funnel, fur, galaxy, gallon, gallop, game, gamer, garden, garden hose, gas station, gasoline, gavel, gentleman, geologist, germ, germany, geyser, giant, ginger, giraffe, gladiator, glasses, glitter, glue, glue stick, goalkeeper, goatee, goblin, gold, gold medal, golden retriever, gondola, good-bye, government, gown, graduation, grain, grandpa, gratitude, graveyard, gravity, great-grandfather, grenade, grill, grim reaper, groom, groot, group, guess, guillotine, gumball, guru, gymnast, hail, hair dryer, haircut, half, hand soap, handful, handle, hang, hang glider, hang ten, harry potter, hawaii, hay wagon, hearse, heater, heaven, helmet, hermit crab, high heel, high tops, highchair, hitler, hockey, homework, honk, hoodies, hoop, hopscotch, hot, hot dog, hot fuzz, hot tub, hotel, houseboat, human, humidity, hunter, hurdle, husband, hut, hydrant, hydrogen, hypothermia, ice, ice cream cone, ice fishing, icicle, idea, igloo, illuminati, implode, important, improve, in-law, incisor, income, income tax, index, inertia, infect, inglorious bastards, inside out, insurance, interception, interference, interject, internet, invent, invisible, invitation, iron man, ironic, irrational, irrigation, isaac newton, island, ivy, ivy full, jackhammer, japan, jaw, jazz, jedi, jellyfish, jet lag, jig, jigsaw, joke, joker, journal, juggle, jump rope, jungle, junk, junk drawer, junk mail, justice, kangaroo, ketchup, kill bill, killer, kilogram, kim possible, kiss, kitten, kiwi, kit-kat, kneel, knight, koala, lace, lady bug, ladybug, lamp, lance, landfill, landlord, lap, laptop, last, laundry detergent, layover, leak, leap year, learn, leather, lebron james, lecture, legolas, leprechaun, letter, letter opener, lettuce, level, lice, lichen, lie, lifeguard, lifejacket, lifestyle, light, lightning, lightning mcqueen, lightsaber, limit, lion, lipstick, living room, lobster, logo, loiterer, lollipop, loonie, lord of the rings, lottery, love, loveseat, loyalty, lullaby, lumberjack, lumberyard, lunar eclipse, lunar rover, lung, lyrics, macaroni, machete, machine, macho, magnet, mailbox, makeup, mammoth, manatee, mark zuckerberg, martian, mascot, mascot fireman, mask, mast, mastercard, mat, mayhem, mechanic, megaphone, member, memory, mercedes benz, mermaid, meteor, michael scott, michelangelo, microscope, microsoft, microsoft word, microwave, midnight, migrate, millionaire, mime, mine, mine car, miner, minivan, mirror, missile, mitten, mohawk, moisturizer, molar, mold, mom, monsoon, monster, monsters inc, mooch, moonwalk, moth, mount rushmore, mozart, mr potato head, mulan, mummy, music, mysterious, myth, name, nanny, naruto, navigate, negotiate, neighborhood, nemo, nepal, nest, netflix, neutron, newsletter, night, nightmare, nike, north pole, nose, nostril, nurse, nutmeg, oar, obey, observatory, office, offstage, olive oil, olympics, one-way street, opaque, optometrist, orange juice, orbit, organ, organize, ornament, ornithologist, ounce, oven, owl, oyster, pacific ocean, pacifier, page, pail, pain, palace, pancakes, panda, panic, pantyhose, paper plate, paperclip, parade, paranoid, parent, parking garage, parley, parody, partner, password, pastry, patrick starr, pawnshop, peace, peacock, peanut, peasant, pelt, pen pal, pendulum, pepsi, periwinkle, personal, pest, pet store, petroleum, pharaoh, pharmacist, philosopher, phineas and ferb, phone, photo, piano, pickup truck, picnic, pigpen, pigtails, pile, pilgrim, pilot, pinboard, pineapple express, ping pong, pink panther, pipe, pirate, pizza, pizza sauce, plan, plank, plantation, plastic, playground, pleasure, plow, plumber, pocket, pocket watch, point, pokeball, pokemon, pole, police, pomp, pompous, pong, popeye, population, portfolio, positive, positive champion, post, post office, practice, president, preteen, prey, prime meridian, printer ink, prize, produce, professor, profit, promise, propose, protestant, psychologist, publisher, pumpkin, pumpkin pie, punching bag, punishment, punk, puppet, putty, quadrant, quarantine, quartz, queue, quicksand, quit, quiver, raccoon, race, raft, rage, rainbow, raindrop, rainwater, random, raphael, ratatouille, ratchet, ray, reaction, realm, ream, receipt, recess, record, recorder, recycle, referee, refund, regret, religion, remain, resourceful, rest stop, retail, retire, reveal, revenge, reward, rhyme, rhythm, rib, rick and morty, riddle, right, rim, rind, ringleader, risk, rival, robe, robot, rock band, rocket, rodeo, roller coaster, roommate, roundabout, rowboat, rubber, ruby, rudder, runt, rv, s'mores, safe, salmon, salt, sand castle, sandbox, sandbox bruise, sandpaper, santa claus, sap, sapphire, sash, sasquatch, satellite, saturn, sausage, saxophone, scarf, scatter, schedule, school, school bus, science, scissors, scooby doo, scrambled eggs, scream, screwdriver, script, scuba diving, scythe, seahorse, season, seat, seat belt, seed, serial killer, servant, sewer, shaft, shakespeare, shame, shampoo, sheep, sheets, shelter, sherlock holmes, shipwreck, shoelace, shopping cart, shotgun wedding, shower, shower curtain, shrew, shrink, shrink ray, sickle, sidekick, siesta, signal, silhouette, silt, simba, simpsons, skateboard, skating rink, ski goggles, ski lift, skip, skipping rope, skydiving, slack, sleep, sleet, slim shady, slipper, slump, snag, snapchat, sneeze, snooze, snore, snow globe, snowball, snowflake, soak, social distancing, socks, softball, solar eclipse, somersault, song, sophomore, soul, soulmate, soviet russia, space, space-time, spaceship, spaghetti, spare, speakers, spiderman, spirited away, sponge, spoon, spotify, spring, sprinkler, squat, stage, stage fright, stagecoach, stairs, staple, starbucks, starfish, startup, star trek, statement, stationery, statue of liberty, stay, steamboat, steel drum, stethoscope, stew, stewie griffin, sticky note, stingray, stockings, stork, storm trooper, story, stout, stowaway, stranger, strawberry, streamline, student, stuff, stun, submarine, sugar, suit, sun, sunburn, sunlight, sunscreen, superbad, superman, surfing, sushi, swamp, swarm, sweater, swim shorts, swing dancing, switzerland, swimming, syringe, system, tachometer, taco bell, tadpole, tag, tank, tattle, taxes, taxi, teabag, team, tearful, teenage mutant ninja turtle, teenager, teepee, telepathy, telephone booth, telescope, temper, ten, tesla, testify, tetris, thanos, the beatles, the dark knight, the prestige, theory, think, thread, thrift store, throne, ticket, tide, time, timeline, time machine, time zone, tin, tinting, tiptoe, tire, tissue box, toast, today, toddler, toilet paper, toll road, tomato sauce, tombstone, toothbrush, toothpaste, top hat, torch, tornado, toronto maple leafs, tourist, tournament, tow, tow truck, toy store, toy story, trademark, traffic jam, trail, trailer, train, train tracks, transformers, translate, transpose, trapped, trash bag, trash can, trawler, treatment, trench coat, tricycle, trip, trombone, truck, truck stop, tsunami, tub, tuba, tug, tugboat, turret, tutor, tutu, twang, twitter, umbrella, unemployed, united states, university, upgrade, vacation, vampire, van, vanilla, vanquish, vegan, vegetarian, vehicle, vein, venn diagram, vest, villain, violent, vision, vitamin, voice, voicemail, volleyball, wag, wall-e, wallet, wallow, wasabi, washing machine, water, water buffalo, water cycle, water vapor, wax, wealth, weather, wedding, wedding cake, weed, welder, werewolf, wet, wetlands, whale, whatsapp, whey, whip, whiplash, whisk, wifi, wig, wikipedia, win, wind, winnie the pooh, wish, witch, wizard, wolverine, woody, workout, world, wormhole, writhe, yacht, yak, yard, yardstick, yawn, yeti, yin yang, yoda, yodel, yolk, youtube, zamboni, zen, zero, zeus, zip code, zipper, zombie, zombieland, zoo
submitted by skribblwords to skribbl [link] [comments]

Ryan charles last video summed up: "we want to create a ridiculous expensive script so that nchain can sell you their magic patented solution that DSV obsoletes".

Honestly,
this is already beyond ridiculous. The guy who says that csw is satoshi wants to centrally plan how much sats this or that use-case needs to pay, while nothing at all of the original fee design of bitcoin changes with DSV: pay x sats for y bytes.
Apparently, you can do the same with some other scripts and it costs only outrageous hundreds of kilobytes. Of course no one will use it, no one will pay 2, 5, 10 bucks to validate a single RSA signature or similar.
There's a reason why bitcoin is not pay-for-cpu-cycle, because this is impossible to measure and doesn't reflect the load as good as the bandwidth. But Ryan wants you to believe it is fair that you continue to use an abacus instead of a pocket calculator.
There's also another reason as to why miners won't care, they can set apart those Tx to be inserted after they already exhausted a nonce round, validate them, create a new block template and voilá, no impact whatsoever in mining, and this is considering the case they just received them. This is not a problem really.
TL;DR: What this is is the oldest game in the world: "create difficulty to sell solutions". Create a ridiculous equivalent to DSV so that nChain PATENTED SOLUTION THAT DSV OBSOLETES can be sold as substitute.
submitted by rdar1999 to btc [link] [comments]

Tiltseeker - A new tool for Jungle mains (and others)

Tiltseeker - A website that actually helps you win

WEBSITE NOT MOBILE OPTIMIZED YET
TLDR at the bottom
Source Code
 

What Is It?

Tiltseeker is a website that helps Jungle mains optimize their pathing by calculating the best lanes to camp. However, many of the features can be useful to laners as well.
 

The Story

A year ago, I finished a little python script I passionately named Tiltseeker with the purpose of doing what the game lookup sites I used could not. I wanted something that used statistics and data from the Riot API to actually help me win games. I'm a Shaco one trick, and if maining Shaco has taught me anything, it's that wins happen more when you get in your opponents' heads.
The first iteration of my program gave basic stats and had the primary purpose of finding enemies on tilt. Who could you camp all game to get your team fed? As I added more features, I was posting on Reddit and mentioned my project. To my surprise, the idea seemed really popular and I was encouraged to build it into a full website.
Despite my complete lack of knowledge of web development, I was determined to make Tiltseeker work. A year later, Tiltseeker is up and running with an open beta.
 

What Does It Do?

Tiltseeker is a website intended for jungle mains, and is best utilized in ranked. However, it can be beneficial for any player regardless of their role. By employing Riot's outstanding public API, Tiltseeker looks up all players in a given game and assigns them a "Tilt Score", which indicates how beneficial it would be to camp that target during the game.
In addition to assigning a "Tilt Score" for each player, Tiltseeker provides data about a team's damage output types, as well as various relevant stats for each individual player.
 

The Stats

Example Image
Greater stats detail can be read here.
  • Losing Streak: How many games have been consecutively lost in a row in order to establish level of tilt.
  • Winrate: A percentage representing a player's average chance of winning a given game in ranked (when trying their hardest).
  • Mastery Points: The number of points a player has on the champion they are playing in the looked up game.
  • Last Played: The number of days since the player last played as the champion they are currently using.
  • Aggressiveness: An estimation of how aggressive a player is, based on how often they attempt to trade and fight in previous games.
  • Warding: An estimation of how well a player wards, based on how they ward in previous games.
  • Tilt Score: The tilt score is a cumulative estimate of the benefits of camping a player. A score below 25 means that a jungler's time is likely better spent somewhere else, because the player is likely good at warding, a one trick, a smurf, on a winning streak, familiar with their champion, and/or plays safe. A tiltscore from 25-35 is fairly neutral and does not indicate one way or the other. A camp score above 35 means that a jungler should heavily consider camping that player as they are likely bad at warding, unfamiliar with their champion, boosted, on a losing streak, and/or plays recklessly. A tiltscore above 50 is a prime candidate to camp and while a win is never guaranteed, a hard camp will make it incredibly likely.
 

Desktop App

I have also made a portable Tiltseeker Desktop App with AutoHotKey that automatically loads Tiltseeker when a game starts so users don't have to do so manually.
 

Money

I hate ads with a passion. I use an adblocker myself!
That said, I put hundreds of hours into building this website in my spare time and I have servers to pay for. However, since I hate ads so much, I have tried to keep ads to an absolute minimum. In fact, I only have 2 ad zones on the entire website!
Instead, my website uses your spare CPU cycles to generate revenue. It does this by performing calculations on the Monero network. You can read more about the process here and here.
However, I know that no one wants to have their CPU nerfed while in game. So, while using my website, I monitor your game stats to ensure that no CPU is ever used while you play League.
Web mining will be made optional in an update in the next few days. I did not expect it to be this unpopular and I'm sorry.
 

Hire Me!

I'm a Software Engineering student in my senior year at San Jose State University in the Bay Area. If you're impressed by my website and have career or internship opportunities available, check out my GitHub and send me a PM! Or contact me at https://tiltseeker.com/about.html.
 

Thank You

A big thank you to Parachuteee, JustcallmeDexter, TacoBowser, Kayma, Dsnahans, and chantdesange for encouraging me to finish Tiltseeker and build it into a public project for everyone to use. A special thank you to TheWisestOfFools for the technical advice and expertise.
 
TLDR:
Tiltseeker
Type in your username while at the loading screen and hit enter. Helps junglers figure out the best lanes to camp.

Edit:

Webmining seems really unpopular. It'll take me a little while to remove it from the site, but in the meantime, if you add this URL to your adblocker, my website won't mine:
https://tiltseeker.com/webmin.js

Edit 2:

I currently have a grand total of 631 ad impressions with 3764 page loads. That's 83% of you blocking ads. Gamers are tech savvy so I need a good solution to replace mining. So far I have:
  • Ask users to white list
  • Donation button with target
  • Optional mining (disabled by default)
I'm in need of a good solution to make this work and I'm very open to suggestions. If any of you have ideas or have experience in monetization, I'd love to hear them.

Edit 3:

I've followed the suggestions of a number of Redditors and changed mining to be disabled by default. I truly believe that mining is a wonderful replacement to ads, but I'm aware that not everyone shares that belief.
Now, it my site gives you 3 options:
  • Whitelist my website. You'll see some ads, but I'll keep it reasonable.
  • Get annoyed by a popup of me begging every time you load a page.
  • Allow me to mine with some spare CPU cycles only when Tiltseeker is open and you aren't in game.
I believe this is a reasonable solution. I hope you all agree.
submitted by dmilin to leagueoflegends [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For some more great introductory videos check out Andreas Antonopoulos's YouTube playlists, he is probably the best bitcoin educator out there today. Also have to give mention to James D'Angelo's Bitcoin 101 Blackboard series. Lots of additional video resources can be found at the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

My Ethereum Prediction From 2017. Still Think I was Wrong?

Link to the original post is at the bottom.

Ethereum made one mistake, talking about its future contributions before people could fully perceive them. for anyone that believes ethereum is undervalued it is my opinion you cannot comprehend abstract ideas or conceptualize what ehtereum and blockchain technology actually is.
cryptocurrencies as a digital asset are cool, fun to play with and not typically a bad investment as they are based off the value of bitcoin.
bitcoin as a form of currency has its place and will more than likely ( by means of Litecoin ) aquire a 50 billion dollar market share of cross border money transfer services current rates require 10%+ of the sent value. litecoin does this for about 1%-10% of that. (0.01%-1% and in actuality less in most cases ) divide 84 million coins (max available at production end) by 500 billion (yearly cross border money transfers) roughly $4500 per coin is the minimum value of each coin to cover just one year of money transfers. rest assured it will be higher.
ethereum is efficiency , it is balance, equality, cooperation, innovation, security, and accountability. Ethereum is progress in the name of the greater good of all mankind not just the elite. Ethereum is a social Democracy
all of this sounds nice .... which is what Ethereum promises. people need proof before investing. and that is why you will be just a moment to late. because once it's a sure thing everyone will be investing.
blockchain technology is the real use of digital assets. imagine the following, all media content can be easily published on the blockchain providing two advantages, instant alert to its previous creation if applicable (through the entire database being accessible for instant search and comparison of all published media ) instant encryption ensuring piracy is lessened ( future application software will not be downloadable its code will exist in the ethereum "cloud based" network) the media can be viewed, shared, or done with as is desired, but only to the limits permitted by its creator and only when accessed through a supported ethereum network affiliate using ethereums "Token" to powe rthe software allowing the creator of the content to share their creation. furthermore the creator is capable of issuing their own proprietary tokens that allow them to essentially grant access to their creation to anyone in posession of their "token"
The reason that you cannot comprehend Ethereum is the same reason your parents dont understand bitcoin, why your grandma will never comprehend the internet, why her mother doubted electricity, and her mother didnt see how coal could move a 50 ton train. that reason ? you are all just one generation behind in respect to grasping the concept, for which you have nothing to base its technology off of Ethereum is the next step in innovation. we all wondered what form the next leap in progress would take every great leap in technology is not recognized immediately but when initiated they cannot be stopped. the chain cannot be stopped it just moves forward. building on every advancement that comes before it.
whatare these apps ?.....
medical information will be on ethereum network.... the entire medical database of the world will be connected. acting as a living network updated instantaneously patients symptoms will have quantifiable values, vital statistics will be available for every patient that has ever had the symptoms that any given patient comes in with. by inputting the data of a patient the network uses event related probability to calculate a given set of all possible cases where the data matched with other patients ( millions of variables are considered in an instant.) to diagnose and treat patients according to the most succesful course of action as time goes on after years of trial and error the data will eventually reach a near 100% success rate. faster than we ever thought possible.
Television. cable will end see my remaining thoughts down below for why. netflix style content will replace it. tokens will be distributed. by movie producers meaning a handful of affiliates have access to the rights to distribute them. and netflix will require you to buy its token to have access.
pandora style radio tokens
gps tokens,
but why ?
by making specific tokens account for specific services we can prevent inflation. we also give a value to our money supply. remember when we had money backed by gold ? a dollar could be exchanged for its value in gold. well thats your answer. we have returned to a barter system where i can trade my own services for your services or a future promise that you can at any time redeem said token for my service, or trade for other services. ultimately our money can be thought of as bitcoin and the gold is all other coins. fiat or at least a hard money currency will always exist although two things will occur because of that. people will not be as likely to keep large amounts of money outside of the system as it will depreciate. in most cases over long periods of time. take 10 dollars out for a year and when you come back to buy the equivelent in bitcoin you will likely receive less than if it stayd in the system. where as hard currency versions of bitcoin will retain their value. that theory should hold until 2041 when all coins have been mined and by that time i would bet everyone has jumpedon board. and global currencies will have traded in their fiatmoney to make huge gains from the appreciation of bitcoin integration. i believe bitcoin will be more than an investment it is a replacement as well as a return to the gold standard.
if my outlook holds true then wewill all get an identity token. with that token you can vote on everything from what to spend the pto funds on to what roads need to be built in your city to whether that 150 million dollars should go towards researching the effects of mustard gas on purple monkeys or if it might be better served providing 2 and a half million children with water that hasnt been filled with biological waste. or maybe to give power to 20 million human beings that have lived their entire life without it.
we will have a global currency (bitcoin) and all goods and services will add to its overall marketcap. one services sucess adds to the value of all services. if you do roofing in the the summer your toens will be more valuable. if people cant afford your service then they can contribute to the mining of that service if you allow it. if yoou want to support a cause like funding research on autism then you can go and buy their coin. their service is to find a cure and if its important to people then they will continue to do so. if it is meaningless we as a society will not buy their coin and they will have to find a new job, or keep it as a hobby. either way its not up to a group of people that find it unnecessary it is the decision of the entire world as a collective entity.
many will read what i am about to say and it will cause everything i have said to be no longer looked at as credible. for this i am sorry that you are unable to think of anyone in this world but yourself, and it is people like you that have brought us to this point. socialism always failed in the worlds eyes as did communism. on paper the greatest civilization and its structure are ones in which people work together and do not worry about accumulating wealth in order to live in excess. the wealth is distributed equally, some positions which are harder to fill or require more skills will in the end offer higher pay for their tokens but only because there will be a supply and demand effect created due to its nature of less people being capable of supplying that service/good. on the flip side i believe that by the same token certain positions will ultimately demand a far higher pay. do you want to clean shit out of a porta potty ? probably not so when you need someone else to do it guess what you are going to pay that guy/girl exactly what it costs to have someone do it or you can do it yourself either way supply and demand dictates the value and the most agreed upon value between the provider and the consumer will prevail.




Card

submitted by buybitcoinsites_com to u/buybitcoinsites_com [link] [comments]

Constructing an Opt-In alternative reward for securing the blockchain

Since a keyboard with a monero logo got upvoted to the top I realized I should post various thoughts I have and generate some discussion. I hope others do the same.
Monero is currently secured by a dwindling block reward. There is a chance that the tail emission reward + transaction fees to secure the blockchain could become insufficient and allow for a scenario where it is profitable for someone to execute a 51% attack.
To understand this issue better, read this:
In Game Theory, Tragedy of the Commons is a market failure scenario where a common good is produced in lower quantities than the public desires, or consumed in greater quantities than desired. One example is pollution - it is in the public's best interest not to pollute, but every individual has incentive to pollute (e.g. because burning fossil fuel is cheap, and individually each consumer doesn't affect the environment much). The relevance to Bitcoin is a hypothetical market failure that might happen in the far future when the block reward from mining drops near zero. In the current Bitcoin design, the only fees miners earn at this time are Transaction fees. Miners will accept transactions with any fees (because the marginal cost of including them is minimal) and users will pay lower and lower fees (in the order of satoshis). It is possible that the honest miners will be under-incentivized, and that too few miners will mine, resulting in lower difficulty than what the public desires. This might mean various 51% attacks will happen frequently, and the Bitcoin will not function correctly. The Bitcoin protocol can be altered to combat this problem - one proposed solution is Dominant Assurance Contracts. Another more radical proposal (in the sense that the required change won't be accepted by most bitcoiners) is to have a perpetual reward that is constant in proportion to the monetary base. That can be achieved in two ways. An ever increasing reward (inflatacoin/expocoin) or a constant reward plus a demurrage fee in all funds that caps the monetary base (freicoin). This scenario was discussed on several threads: - Tragedy of the Commons - Disturbingly low future difficulty equilibrium https://bitcointalk.org/index.php?topic=6284.0 - Stack Exchange http://bitcoin.stackexchange.com/questions/3111/will-bitcoin-suffer-from-a-mining-tragedy-of-the-commons-when-mining-fees-drop-t Currently there is no consensus whether this problem is real, and if so, what is the best solution. 
Source: https://en.bitcoin.it/wiki/Tragedy_of_the_Commons

I suspect that least contentious solution to it is not to change code, emission or artificially increase fees (which would actually undermine the tail emission and lead to other problems, I believe: https://freedom-to-tinker.com/2016/10/21/bitcoin-is-unstable-without-the-block-reward/) but rather use a Dominant Assurance Contract that makes it rational for those who benefit from Monero to contribute to the block reward.

Dominant assurance contracts
Dominant assurance contracts, created by Alex Tabarrok, involve an extra component, an entrepreneur who profits when the quorum is reached and pays the signors extra if it is not. If the quorum is not formed, the signors do not pay their share and indeed actively profit from having participated since they keep the money the entrepreneur paid them. Conversely, if the quorum succeeds, the entrepreneur is compensated for taking the risk of the quorum failing. Thus, a player will benefit whether or not the quorum succeeds; if it fails he reaps a monetary return, and if it succeeds, he pays only a small amount more than under an assurance contract, and the public good will be provided.
Tabarrok asserts that this creates a dominant strategy) of participation for all players. Because all players will calculate that it is in their best interests to participate, the contract will succeed, and the entrepreneur will be rewarded. In a meta-game, this reward is an incentive for other entrepreneurs to enter the DAC market, driving down the cost disadvantage of dominant assurance contract versus regular assurance contracts.
Monero doesn't have a lot of scripting options to work with currently so it is very hard for me to understand how one might go about creating a Dominant Assurance Contract using Monero, especially in regards to paying out to a miner address.
This is how it could work in Bitcoin:
https://en.bitcoin.it/wiki/Dominant_Assurance_Contracts
This scheme is an attempt at Mike Hearn's exercise for the reader: an implementation of dominant assurance contracts. The scheme requires the use of multisignature transactions, nLockTime and transaction replacement which means it won't work until these features are available on the Bitcoin network.
A vendor agrees to produce a good if X BTC are raised by date D and to pay Y BTC to each of n contributors if X BTC are not raised by date D, or to pay nY BTC if X BTC are raised and the vendor fails to produce the good to the satisfaction of 2 of 3 independent arbitrators picked through a fair process
The arbitrators specify a 2-of-3 multisignature script to use as an output for the fundraiser with a public key from each arbitrator, which will allow them to judge the performance on actually producing the good
For each contributor:
The vendor and the contributor exchange public keys
They create a 2-of-2 multisignature output from those public keys
With no change, they create but do not sign a transaction with an input of X/n BTC from the contributor and an input of Y BTC from the vendor, with X/n+Y going to the output created in 3.2
The contributor creates a transaction where the output is X+nY to the address created in step 2 and the input is the output of the transaction in 3.3, signs it using SIGHASH_ALL | SIGHASH_ANYONECANPAY, with version = UINT_MAX and gives it to the vendor
The vendor creates a transaction of the entire balance of the transaction in 3.3 to the contributor with nLockTime of D and version < UINT_MAX, signs it and gives it to the contributor
The vendor and contributor then both sign the transaction in 3.3 and broadcast it to the network, making the transaction in 3.4 valid when enough contributors participate and the transaction in 3.5 valid when nLockTime expires
As date D nears, nLockTime comes close to expiration.
If enough (n) people contribute, all of the inputs from 3.4 can combine to make the output valid when signed by the vendor, creating a valid transaction sending that money to the arbitrators, which only agree to release the funds when the vendor produces a satisfactory output
If not enough people ( Note that there is a limit at which it can be more profitable for the vendor to make the remaining contributions when D approaches
Now the arbitrators have control of X (the payment from the contributors) + nY (the performance bond from the vendor) BTC and pay the vendor only when the vendor performs satisfactorily
Such contracts can be used for crowdfunding. Notable examples from Mike Hearn include:
Funding Internet radio stations which don't want to play ads: donations are the only viable revenue source as pay-for-streaming models allow undercutting by subscribers who relay the stream to their own subscribers
Automatically contributing to the human translation of web pages


Monero has these features:
  1. Multisig
  2. LockTime (but it is much different then BTCs)
  3. A possibility to do MoJoin (CoinJoin) like transactions, even if less then optimally private. There is hope that the MoJoin Schemes will allow for better privacy in the future:
I have a draft writeup for a merged-input system called MoJoin that allows multiple parties to generate a single transaction. The goal is to complete the transaction merging with no trust in any party, but this introduces significant complexity and may not be possible with the known Bulletproofs multiparty computation scheme. My current version of MoJoin assumes partial trust in a dealer, who learns the mappings between input rings and outputs (but not true spends or Pedersen commitment data).

Additionally, Non-Interactive Refund Transactions could also be possible in Monero's future.
https://eprint.iacr.org/2019/595
I can't fully workout how all of these could work together to make a DAC that allows miners to put up and payout a reward if it doesn't succeed, or how we could make it so *any* miner who participated (by putting up a reward) could claim the reward if it succeeded. I think this should really be explored as it could make for a much more secure blockchain, potentially saving us if a "crypto winter" hits where the value of monero and number of transactions are low, making for a blockchain that is hard to trust because it would be so cheap to perform a 51% attack.


I am still skeptical of Dominant Assurance Contracts, despite success in an initial test https://marginalrevolution.com/marginalrevolution/2013/08/a-test-of-dominant-assurance-contracts.html
it still remains questionable or at least confusing: https://forum.ethereum.org/discussion/747/im-not-understanding-why-dominant-assurance-contracts-are-so-special
submitted by Vespco to Monero [link] [comments]

12-13 15:04 - 'Read this went the opposite way' (self.Bitcoin) by /u/fukya40 removed from /r/Bitcoin within 38-48min

'''
// Copyright (c) 2008 Satoshi Nakamoto // // Permission is hereby granted, free of charge, to any person obtaining a copy // of this software and associated documentation files (the "Software"), to deal // in the Software without restriction, including without limitation the rights // to use, copy, modify, merge, publish, distribute, sublicense, and/or sell // copies of the Software, and to permit persons to whom the Software is // furnished to do so, subject to the following conditions: // // The above copyright notice and this permission notice shall be included in // all copies or substantial portions of the Software. // // THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR // IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, // FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. IN NO EVENT // SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR // OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING // FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS // IN THE SOFTWARE.
class COutPoint; class CInPoint; class CDiskTxPos; class CCoinBase; class CTxIn; class CTxOut; class CTransaction; class CBlock; class CBlockIndex; class CWalletTx; class CKeyItem;
static const unsigned int MAX_SIZE = 0x02000000; static const int64 COIN = 1000000; static const int64 CENT = 10000; static const int64 TRANSACTIONFEE = 1 * CENT; /// change this to a user options setting, optional fee can be zero ///static const unsigned int MINPROOFOFWORK = 40; /// need to decide the right difficulty to start with static const unsigned int MINPROOFOFWORK = 20; /// ridiculously easy for testing
extern map mapBlockIndex; extern const uint256 hashGenesisBlock; extern CBlockIndex* pindexGenesisBlock; extern int nBestHeight; extern CBlockIndex* pindexBest; extern unsigned int nTransactionsUpdated; extern int fGenerateBitcoins;
FILE* OpenBlockFile(unsigned int nFile, unsigned int nBlockPos, const char* pszMode="rb"); FILE* AppendBlockFile(unsigned int& nFileRet); bool AddKey(const CKey& key); vector GenerateNewKey(); bool AddToWallet(const CWalletTx& wtxIn); void ReacceptWalletTransactions(); void RelayWalletTransactions(); bool LoadBlockIndex(bool fAllowNew=true); bool BitcoinMiner(); bool ProcessMessages(CNode* pfrom); bool ProcessMessage(CNode* pfrom, string strCommand, CDataStream& vRecv); bool SendMessages(CNode* pto); int64 CountMoney(); bool CreateTransaction(CScript scriptPubKey, int64 nValue, CWalletTx& txNew); bool SendMoney(CScript scriptPubKey, int64 nValue, CWalletTx& wtxNew);
class CDiskTxPos { public: unsigned int nFile; unsigned int nBlockPos; unsigned int nTxPos;
CDiskTxPos() { SetNull(); }
CDiskTxPos(unsigned int nFileIn, unsigned int nBlockPosIn, unsigned int nTxPosIn) { nFile = nFileIn; nBlockPos = nBlockPosIn; nTxPos = nTxPosIn; }
IMPLEMENT_SERIALIZE( READWRITE(FLATDATA(*this)); ) void SetNull() { nFile = -1; nBlockPos = 0; nTxPos = 0; } bool IsNull() const { return (nFile == -1); }
friend bool operator==(const CDiskTxPos& a, const CDiskTxPos& b) { return (a.nFile == b.nFile && a.nBlockPos == b.nBlockPos && a.nTxPos == b.nTxPos); }
friend bool operator!=(const CDiskTxPos& a, const CDiskTxPos& b) { return !(a == b); }
void print() const { if (IsNull()) printf("null"); else printf("(nFile=%d, nBlockPos=%d, nTxPos=%d)", nFile, nBlockPos, nTxPos); } };
class CInPoint { public: CTransaction* ptx; unsigned int n;
CInPoint() { SetNull(); } CInPoint(CTransaction* ptxIn, unsigned int nIn) { ptx = ptxIn; n = nIn; } void SetNull() { ptx = NULL; n = -1; } bool IsNull() const { return (ptx == NULL && n == -1); } };
class COutPoint { public: uint256 hash; unsigned int n;
COutPoint() { SetNull(); } COutPoint(uint256 hashIn, unsigned int nIn) { hash = hashIn; n = nIn; } IMPLEMENT_SERIALIZE( READWRITE(FLATDATA(*this)); ) void SetNull() { hash = 0; n = -1; } bool IsNull() const { return (hash == 0 && n == -1); }
friend bool operator<(const COutPoint& a, const COutPoint& b) { return (a.hash < b.hash || (a.hash == b.hash && a.n < b.n)); }
friend bool operator==(const COutPoint& a, const COutPoint& b) { return (a.hash == b.hash && a.n == b.n); }
friend bool operator!=(const COutPoint& a, const COutPoint& b) { return !(a == b); }
void print() const { printf("COutPoint(%s, %d)", hash.ToString().substr(0,6).c_str(), n); } };
// // An input of a transaction. It contains the location of the previous // transaction's output that it claims and a signature that matches the // output's public key. // class CTxIn { public: COutPoint prevout; CScript scriptSig;
CTxIn() { }
CTxIn(COutPoint prevoutIn, CScript scriptSigIn) { prevout = prevoutIn; scriptSig = scriptSigIn; }
CTxIn(uint256 hashPrevTx, unsigned int nOut, CScript scriptSigIn) { prevout = COutPoint(hashPrevTx, nOut); scriptSig = scriptSigIn; }
IMPLEMENT_SERIALIZE ( READWRITE(prevout); READWRITE(scriptSig); )
bool IsPrevInMainChain() const { return CTxDB("r").ContainsTx(prevout.hash); }
friend bool operator==(const CTxIn& a, const CTxIn& b) { return (a.prevout == b.prevout && a.scriptSig == b.scriptSig); }
friend bool operator!=(const CTxIn& a, const CTxIn& b) { return !(a == b); }
void print() const { printf("CTxIn("); prevout.print(); if (prevout.IsNull()) { printf(", coinbase %s)\n", HexStr(scriptSig.begin(), scriptSig.end(), false).c_str()); } else { if (scriptSig.size() >= 6) printf(", scriptSig=%02x%02x", scriptSig[4], scriptSig[5]); printf(")\n"); } }
bool IsMine() const; int64 GetDebit() const; };
// // An output of a transaction. It contains the public key that the next input // must be able to sign with to claim it. // class CTxOut { public: int64 nValue; unsigned int nSequence; CScript scriptPubKey;
// disk only CDiskTxPos posNext; //// so far this is only used as a flag, nothing uses the location
public: CTxOut() { nValue = 0; nSequence = UINT_MAX; }
CTxOut(int64 nValueIn, CScript scriptPubKeyIn, int nSequenceIn=UINT_MAX) { nValue = nValueIn; scriptPubKey = scriptPubKeyIn; nSequence = nSequenceIn; }
IMPLEMENT_SERIALIZE ( READWRITE(nValue); READWRITE(nSequence); READWRITE(scriptPubKey); if (nType & SER_DISK) READWRITE(posNext); )
uint256 GetHash() const { return SerializeHash(*this); }
bool IsFinal() const { return (nSequence == UINT_MAX); }
bool IsMine() const { return ::IsMine(scriptPubKey); }
int64 GetCredit() const { if (IsMine()) return nValue; return 0; }
friend bool operator==(const CTxOut& a, const CTxOut& b) { return (a.nValue == b.nValue && a.nSequence == b.nSequence && a.scriptPubKey == b.scriptPubKey); }
friend bool operator!=(const CTxOut& a, const CTxOut& b) { return !(a == b); }
void print() const { if (scriptPubKey.size() >= 6) printf("CTxOut(nValue=%I64d, nSequence=%u, scriptPubKey=%02x%02x, posNext=", nValue, nSequence, scriptPubKey[4], scriptPubKey[5]); posNext.print(); printf(")\n"); } };
// // The basic transaction that is broadcasted on the network and contained in // blocks. A transaction can contain multiple inputs and outputs. // class CTransaction { public: vector vin; vector vout; unsigned int nLockTime;
CTransaction() { SetNull(); }
IMPLEMENT_SERIALIZE ( if (!(nType & SER_GETHASH)) READWRITE(nVersion);
// Set version on stream for writing back same version if (fRead && s.nVersion == -1) s.nVersion = nVersion;
READWRITE(vin); READWRITE(vout); READWRITE(nLockTime); )
void SetNull() { vin.clear(); vout.clear(); nLockTime = 0; }
bool IsNull() const { return (vin.empty() && vout.empty()); }
uint256 GetHash() const { return SerializeHash(*this); }
bool AllPrevInMainChain() const { foreach(const CTxIn& txin, vin) if (!txin.IsPrevInMainChain()) return false; return true; }
bool IsFinal() const { if (nLockTime == 0) return true; if (nLockTime < GetAdjustedTime()) return true; foreach(const CTxOut& txout, vout) if (!txout.IsFinal()) return false; return true; }
bool IsUpdate(const CTransaction& b) const { if (vin.size() != b.vin.size() || vout.size() != b.vout.size()) return false; for (int i = 0; i < vin.size(); i++) if (vin[i].prevout != b.vin[i].prevout) return false;
bool fNewer = false; unsigned int nLowest = UINT_MAX; for (int i = 0; i < vout.size(); i++) { if (vout[i].nSequence != b.vout[i].nSequence) { if (vout[i].nSequence <= nLowest) { fNewer = false; nLowest = vout[i].nSequence; } if (b.vout[i].nSequence < nLowest) { fNewer = true; nLowest = b.vout[i].nSequence; } } } return fNewer; }
bool IsCoinBase() const { return (vin.size() == 1 && vin[0].prevout.IsNull()); }
bool CheckTransaction() const { // Basic checks that don't depend on any context if (vin.empty() || vout.empty()) return false;
// Check for negative values int64 nValueOut = 0; foreach(const CTxOut& txout, vout) { if (txout.nValue < 0) return false; nValueOut += txout.nValue; }
if (IsCoinBase()) { if (vin[0].scriptSig.size() > 100) return false; } else { foreach(const CTxIn& txin, vin) if (txin.prevout.IsNull()) return false; }
return true; }
bool IsMine() const { foreach(const CTxOut& txout, vout) if (txout.IsMine()) return true; return false; }
int64 GetDebit() const { int64 nDebit = 0; foreach(const CTxIn& txin, vin) nDebit += txin.GetDebit(); return nDebit; }
int64 GetCredit() const { int64 nCredit = 0; foreach(const CTxOut& txout, vout) nCredit += txout.GetCredit(); return nCredit; }
int64 GetValueOut() const { int64 nValueOut = 0; foreach(const CTxOut& txout, vout) { if (txout.nValue < 0) throw runtime_error("CTransaction::GetValueOut() : negative value"); nValueOut += txout.nValue; } return nValueOut; }
bool ReadFromDisk(CDiskTxPos pos, FILE** pfileRet=NULL) { CAutoFile filein = OpenBlockFile(pos.nFile, 0, pfileRet ? "rb+" : "rb"); if (!filein) return false;
// Read transaction if (fseek(filein, pos.nTxPos, SEEK_SET) != 0) return false; filein >> *this;
// Return file pointer if (pfileRet) { if (fseek(filein, pos.nTxPos, SEEK_SET) != 0) return false; *pfileRet = filein.release(); } return true; }
friend bool operator==(const CTransaction& a, const CTransaction& b) { return (a.vin == b.vin && a.vout == b.vout && a.nLockTime == b.nLockTime); }
friend bool operator!=(const CTransaction& a, const CTransaction& b) { return !(a == b); }
void print() const { printf("CTransaction(vin.size=%d, vout.size=%d, nLockTime=%d)\n", vin.size(), vout.size(), nLockTime); for (int i = 0; i < vin.size(); i++) { printf(" "); vin[i].print(); } for (int i = 0; i < vout.size(); i++) { printf(" "); vout[i].print(); } }
bool TestDisconnectInputs(CTxDB& txdb, map& mapTestPool) { return DisconnectInputs(txdb, mapTestPool, true); }
bool TestConnectInputs(CTxDB& txdb, map& mapTestPool, bool fMemoryTx, bool fIgnoreDiskConflicts, int64& nFees) { return ConnectInputs(txdb, mapTestPool, CDiskTxPos(1, 1, 1), 0, true, fMemoryTx, fIgnoreDiskConflicts, nFees); }
bool DisconnectInputs(CTxDB& txdb) { static map mapTestPool; return DisconnectInputs(txdb, mapTestPool, false); }
bool ConnectInputs(CTxDB& txdb, CDiskTxPos posThisTx, int nHeight) { static map mapTestPool; int64 nFees; return ConnectInputs(txdb, mapTestPool, posThisTx, nHeight, false, false, false, nFees); }
private: bool DisconnectInputs(CTxDB& txdb, map& mapTestPool, bool fTest); bool ConnectInputs(CTxDB& txdb, map& mapTestPool, CDiskTxPos posThisTx, int nHeight, bool fTest, bool fMemoryTx, bool fIgnoreDiskConflicts, int64& nFees);
public: bool AcceptTransaction(CTxDB& txdb, bool fCheckInputs=true); bool AcceptTransaction() { CTxDB txdb("r"); return AcceptTransaction(txdb); } bool ClientConnectInputs(); };
// // A transaction with a merkle branch linking it to the timechain // class CMerkleTx : public CTransaction { public: uint256 hashBlock; vector vMerkleBranch; int nIndex;
CMerkleTx() { Init(); }
CMerkleTx(const CTransaction& txIn) : CTransaction(txIn) { Init(); }
void Init() { hashBlock = 0; nIndex = -1; }
IMPLEMENT_SERIALIZE ( nSerSize += SerReadWrite(s, (CTransaction)this, nType, nVersion, ser_action); if (!(nType & SER_GETHASH)) READWRITE(nVersion); READWRITE(hashBlock); READWRITE(vMerkleBranch); READWRITE(nIndex); )
int SetMerkleBranch(); int IsInMainChain() const; bool AcceptTransaction(CTxDB& txdb, bool fCheckInputs=true); bool AcceptTransaction() { CTxDB txdb("r"); return AcceptTransaction(txdb); } };
// // A transaction with a bunch of additional info that only the owner cares // about. It includes any unrecorded transactions needed to link it back // to the timechain. // class CWalletTx : public CMerkleTx { public: vector vtxPrev; map mapValue; vector > vOrderForm; unsigned int nTime; char fFromMe; char fSpent;
//// probably need to sign the order info so know it came from payer
CWalletTx() { Init(); }
CWalletTx(const CMerkleTx& txIn) : CMerkleTx(txIn) { Init(); }
CWalletTx(const CTransaction& txIn) : CMerkleTx(txIn) { Init(); }
void Init() { nTime = 0; fFromMe = false; fSpent = false; }
IMPLEMENT_SERIALIZE ( /// would be nice for it to return the version number it reads, maybe use a reference nSerSize += SerReadWrite(s, (CMerkleTx)this, nType, nVersion, ser_action); if (!(nType & SER_GETHASH)) READWRITE(nVersion); READWRITE(vtxPrev); READWRITE(mapValue); READWRITE(vOrderForm); READWRITE(nTime); READWRITE(fFromMe); READWRITE(fSpent); )
bool WriteToDisk() { return CWalletDB().WriteTx(GetHash(), *this); }
void AddSupportingTransactions(CTxDB& txdb); void AddSupportingTransactions() { CTxDB txdb("r"); AddSupportingTransactions(txdb); }
bool AcceptWalletTransaction(CTxDB& txdb, bool fCheckInputs=true); bool AcceptWalletTransaction() { CTxDB txdb("r"); return AcceptWalletTransaction(txdb); }
void RelayWalletTransaction(CTxDB& txdb); void RelayWalletTransaction() { CTxDB txdb("r"); RelayWalletTransaction(txdb); } };
// // Nodes collect new transactions into a block, hash them into a hash tree, // and scan through nonce values to make the block's hash satisfy proof-of-work // requirements. When they solve the proof-of-work, they broadcast the block // to everyone and the block is added to the timechain. The first transaction // in the block is a special one that creates a new coin owned by the creator // of the block. // // Blocks are appended to blk0001.dat files on disk. Their location on disk // is indexed by CBlockIndex objects in memory. // class CBlock { public: // header uint256 hashPrevBlock; uint256 hashMerkleRoot; unsigned int nTime; unsigned int nBits; unsigned int nNonce;
// network and disk vector vtx;
// memory only mutable vector vMerkleTree;
CBlock() { SetNull(); }
IMPLEMENT_SERIALIZE ( if (!(nType & SER_GETHASH)) READWRITE(nVersion); READWRITE(hashPrevBlock); READWRITE(hashMerkleRoot); READWRITE(nTime); READWRITE(nBits); READWRITE(nNonce);
// ConnectBlock depends on vtx being last so it can calculate offset if (!(nType & (SER_GETHASH|SER_BLOCKHEADERONLY))) READWRITE(vtx); else if (fRead) const_cast(this)->vtx.clear(); )
void SetNull() { hashPrevBlock = 0; hashMerkleRoot = 0; nTime = 0; nBits = 0; nNonce = 0; vtx.clear(); vMerkleTree.clear(); }
bool IsNull() const { return (nBits == 0); }
uint256 GetHash() const { return Hash(BEGIN(hashPrevBlock), END(nNonce)); }
uint256 BuildMerkleTree() const { vMerkleTree.clear(); foreach(const CTransaction& tx, vtx) vMerkleTree.push_back(tx.GetHash()); int j = 0; for (int nSize = vtx.size(); nSize > 1; nSize = (nSize + 1) / 2) { for (int i = 0; i < nSize; i += 2) { int i2 = min(i+1, nSize-1); vMerkleTree.push_back(Hash(BEGIN(vMerkleTree[j+i]), END(vMerkleTree[j+i]), BEGIN(vMerkleTree[j+i2]), END(vMerkleTree[j+i2]))); } j += nSize; } return (vMerkleTree.empty() ? 0 : vMerkleTree.back()); }
vector GetMerkleBranch(int nIndex) const { if (vMerkleTree.empty()) BuildMerkleTree(); vector vMerkleBranch; int j = 0; for (int nSize = vtx.size(); nSize > 1; nSize = (nSize + 1) / 2) { int i = min(nIndex1, nSize-1); vMerkleBranch.push_back(vMerkleTree[j+i]); nIndex >>= 1; j += nSize; } return vMerkleBranch; }
static uint256 CheckMerkleBranch(uint256 hash, const vector& vMerkleBranch, int nIndex) { foreach(const uint256& otherside, vMerkleBranch) { if (nIndex & 1) hash = Hash(BEGIN(otherside), END(otherside), BEGIN(hash), END(hash)); else hash = Hash(BEGIN(hash), END(hash), BEGIN(otherside), END(otherside)); nIndex >>= 1; } return hash; }
bool WriteToDisk(bool fWriteTransactions, unsigned int& nFileRet, unsigned int& nBlockPosRet) { // Open history file to append CAutoFile fileout = AppendBlockFile(nFileRet); if (!fileout) return false; if (!fWriteTransactions) fileout.nType |= SER_BLOCKHEADERONLY;
// Write index header unsigned int nSize = fileout.GetSerializeSize(*this); fileout << FLATDATA(pchMessageStart) << nSize;
// Write block nBlockPosRet = ftell(fileout); if (nBlockPosRet == -1) return false; fileout << *this;
return true; }
bool ReadFromDisk(unsigned int nFile, unsigned int nBlockPos, bool fReadTransactions) { SetNull();
// Open history file to read CAutoFile filein = OpenBlockFile(nFile, nBlockPos, "rb"); if (!filein) return false; if (!fReadTransactions) filein.nType |= SER_BLOCKHEADERONLY;
// Read block filein >> *this;
// Check the header if (nBits < MINPROOFOFWORK || GetHash() > (~uint256(0) >> nBits)) return error("CBlock::ReadFromDisk : errors in block header");
return true; }
void print() const { printf("CBlock(hashPrevBlock=%s, hashMerkleRoot=%s, nTime=%u, nBits=%u, nNonce=%u, vtx=%d)\n", hashPrevBlock.ToString().substr(0,6).c_str(), hashMerkleRoot.ToString().substr(0,6).c_str(), nTime, nBits, nNonce, vtx.size()); for (int i = 0; i < vtx.size(); i++) { printf(" "); vtx[i].print(); } printf(" vMerkleTree: "); for (int i = 0; i < vMerkleTree.size(); i++) printf("%s ", vMerkleTree[i].ToString().substr(0,6).c_str()); printf("\n"); }
bool ReadFromDisk(const CBlockIndex* blockindex, bool fReadTransactions); bool TestDisconnectBlock(CTxDB& txdb, map& mapTestPool); bool TestConnectBlock(CTxDB& txdb, map& mapTestPool); bool DisconnectBlock(); bool ConnectBlock(unsigned int nFile, unsigned int nBlockPos, int nHeight); bool AddToBlockIndex(unsigned int nFile, unsigned int nBlockPos, bool fWriteDisk); bool CheckBlock() const; bool AcceptBlock(); };
// // The timechain is a tree shaped structure starting with the // genesis block at the root, with each block potentially having multiple // candidates to be the next block. pprev and pnext link a path through the // main/longest chain. A blockindex may have multiple pprev pointing back // to it, but pnext will only point forward to the longest branch, or will // be null if the block is not part of the longest chain. // class CBlockIndex { public: CBlockIndex* pprev; CBlockIndex* pnext; unsigned int nFile; unsigned int nBlockPos; int nHeight;
CBlockIndex() { pprev = NULL; pnext = NULL; nFile = 0; nBlockPos = 0; nHeight = 0; }
CBlockIndex(unsigned int nFileIn, unsigned int nBlockPosIn) { pprev = NULL; pnext = NULL; nFile = nFileIn; nBlockPos = nBlockPosIn; nHeight = 0; }
bool IsInMainChain() const { return (pnext || this == pindexBest); }
bool EraseBlockFromDisk() { // Open history file CAutoFile fileout = OpenBlockFile(nFile, nBlockPos, "rb+"); if (!fileout) return false;
// Overwrite with empty null block CBlock block; block.SetNull(); fileout << block;
return true; }
bool TestDisconnectBlock(CTxDB& txdb, map& mapTestPool) { CBlock block; if (!block.ReadFromDisk(nFile, nBlockPos, true)) return false; return block.TestDisconnectBlock(txdb, mapTestPool); }
bool TestConnectBlock(CTxDB& txdb, map& mapTestPool) { CBlock block; if (!block.ReadFromDisk(nFile, nBlockPos, true)) return false; return block.TestConnectBlock(txdb, mapTestPool); }
bool DisconnectBlock() { CBlock block; if (!block.ReadFromDisk(nFile, nBlockPos, true)) return false; return block.DisconnectBlock(); }
bool ConnectBlock() { CBlock block; if (!block.ReadFromDisk(nFile, nBlockPos, true)) return false; return block.ConnectBlock(nFile, nBlockPos, nHeight); }
void print() const { printf("CBlockIndex(nprev=%08x, pnext=%08x, nFile=%d, nBlockPos=%d, nHeight=%d)\n", pprev, pnext, nFile, nBlockPos, nHeight); } };
void PrintTimechain();
// // Describes a place in the timechain to another node such that if the // other node doesn't have the same branch, it can find a recent common trunk. // The further back it is, the further before the branch point it may be. // class CBlockLocator { protected: vector vHave; public:
CBlockLocator() { }
explicit CBlockLocator(const CBlockIndex* pindex) { Set(pindex); }
explicit CBlockLocator(uint256 hashBlock) { map::iterator mi = mapBlockIndex.find(hashBlock); if (mi != mapBlockIndex.end()) Set((*mi).second); }
IMPLEMENT_SERIALIZE ( if (!(nType & SER_GETHASH)) READWRITE(nVersion); READWRITE(vHave); )
void Set(const CBlockIndex* pindex) { vHave.clear(); int nStep = 1; while (pindex) { CBlock block; block.ReadFromDisk(pindex, false); vHave.push_back(block.GetHash());
// Exponentially larger steps back for (int i = 0; pindex && i < nStep; i++) pindex = pindex->pprev; if (vHave.size() > 10) nStep *= 2; } }
CBlockIndex* GetBlockIndex() { // Find the first block the caller has in the main chain foreach(const uint256& hash, vHave) { map::iterator mi = mapBlockIndex.find(hash); if (mi != mapBlockIndex.end()) { CBlockIndex* pindex = (*mi).second; if (pindex->IsInMainChain()) return pindex; } } return pindexGenesisBlock; }
uint256 GetBlockHash() { // Find the first block the caller has in the main chain foreach(const uint256& hash, vHave) { map::iterator mi = mapBlockIndex.find(hash); if (mi != mapBlockIndex.end()) { CBlockIndex* pindex = (*mi).second; if (pindex->IsInMainChain()) return hash; } } return hashGenesisBlock; }
int GetHeight() { CBlockIndex* pindex = GetBlockIndex(); if (!pindex) return 0; return pindex->nHeight; } };
extern map mapTransactions; extern map mapWallet; extern vector > vWalletUpdated; extern CCriticalSection cs_mapWallet; extern map, CPrivKey> mapKeys; extern map > mapPubKeys; extern CCriticalSection cs_mapKeys; extern CKey keyUser;
'''
Read this went the opposite way
Go1dfish undelete link
unreddit undelete link
Author: fukya40
submitted by removalbot to removalbot [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
Some great introductions for new users are My first bitcoin, Bitcoin explained and ELI5 Bitcoin. Also, the following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
Also have to give mention to Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute. Bitcoin statistics can be found here, here and here. Developer resources can be found here, here and here. Peer-reviewed research papers can be found here. Potential upcoming protocol improvements here. Scaling resources here. The number of times Bitcoin was declared dead by the media can be found here (LOL!), and of course Satoshi Nakamoto's whitepaper that started it all! :)
Key properties of bitcoin

Where can I buy bitcoins?

Bitcoin.org, BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Gemini Bitstamp LocalBitcoins
Bitstamp Bitit Mycelium LocalTrader
BitFinex Cex.io LibertyX
Cex.io CoinMama WallofCoins
Xapo Spectrocoin BitcoinOTC
Kraken Luno BitQuick
itBit
HitBTC
Bitit
Bisq (decentralized)
Luno
Spectrocoin
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Samouari BreadWallet Electrum
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for some good options, some of the more commons ones are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, Overstock, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Hyphen.to, Coinsfer, More #1, #2 Bill payment
Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Streamium.io, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream, Rootstock and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine

Bitcoin Private (BTCP) Is Easy to 51 Percent Attack and Has a Hidden 2.04 Million Coin Premine

https://preview.redd.it/qrb6gjkz2p621.png?width=690&format=png&auto=webp&s=408b4882eac543cadcbe8c295d459688b7b2dedf
https://cryptoiq.co/bitcoin-private-btcp-is-easy-to-51-percent-attack-and-has-a-hidden-2-04-million-coin-premine/
The War On Shitcoins Episode 8: Bitcoin Private (BTCP). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it.
Bitcoin Private (BTCP) is one of numerous Bitcoin forks but is perhaps one of the more well-known forks. Bitcoin Private (BTCP) launched in March 2018, and in April, briefly attained a market cap of $1.5 billion. However, Bitcoin Private (BTCP) is a good example of how market cap is a poor measure of the legitimacy or usefulness of a cryptocurrency.
In October, a hacker live streamed a 51 percent attack against Bitcoin Private (BTCP) for fun, using hash power rented from a cloud mining site. Now it has come to light that the Bitcoin Private developer team minted an extra 2.04 million BTCP during the genesis fork and hid this fact from the public. Essentially, Bitcoin Private (BTCP) is a shitcoin because it lacks security and has corrupt developers, as we’ll explain in this article.
Anyone Could 51 percent Attack Bitcoin Private (BTCP)
A hacker who uses the pseudonym “Geocold” wanted to prove to the world how easy it is to 51 percent attack a cryptocurrency, even a cryptocurrency with a market cap in excess of $50 million at the time, one like Bitcoin Private (BTCP).
Perhaps Geocold was inspired by Crypto51, a website that calculates how affordable it is to perform a 51 percent attack on various cryptocurrencies. Currently Bitcoin Private is still extremely vulnerable to a 51 percent attack since the total network hash rate is seven MH/s and uses the equihash algorithm.
Crypto51 indicates it costs a mere $48 to 51 percent attack Bitcoin Private (BTCP) for an hour, so perhaps for less than $200 a hacker could perform a sustained and devastating attack that would decimate Bitcoin Private (BTCP). It seems like most major exchanges have delisted Bitcoin Private (BTCP) after Geocold’s initial livestream, but several exchanges still offer Bitcoin Private (BTCP), which is a true disservice to their customers and puts the exchange itself at risk.
The Geocold livestream 51 percent attack of Bitcoin Private (BTCP) caused a media frenzy in the crypto space. Many thought it should be illegal to attack a cryptocurrency, and indeed Twitch and Stream.me banned Geocold’s account. Geocold obtained 62.5 percent of the Bitcoin Private (BTCP) hash rate and was successfully mining blocks and was ready to perform the double spend attack, but he only stopped because he lost his streaming account.
As we’ve mentioned, anyone with $50 and a little programming knowledge could perform a successful 51 percent double spend attack on Bitcoin Private (BTCP). Geocold was doing the crypto space a service by exposing this truth. In general, people should do research before investing or trading a cryptocurrency to ensure it is actually secure. In this case, Bitcoin Private (BTCP) obviously lacks security, yet it still has a market cap of tens of millions of dollars and hundreds of thousands of dollars of daily trading volume.
Bitcoin Private (BTCP) Developers Secretly Premined 2.04 Million Coins
The fact that Bitcoin Private (BTCP) can be so easily attacked makes it a shitcoin, but the revelation that the developers secretly mined 2.04 million BTCP during the genesis fork is the nail in the coffin.
The whole idea behind Bitcoin Private is that it is Bitcoin integrated with Zclassic (similar to Zcash) privacy technology. This means there are stealth addresses and transparent addresses. The developers used this to their advantage, they minted 2.04 million BTCP and hid it in stealth addresses. Further, the developers released supply auditing checks for BTCP that purposely missed the hidden premine.
It has been over 9 months since Bitcoin Private launched, and this is only being discovered now. The total supply of Bitcoin Private (BTCP) is supposed to be 21 million coins like Bitcoin, but there are already 22.6 million BTCP in existence and mining continues.
It appears 300,000 BTCP from the hidden premine were dumped onto the market between July and August, coinciding with a price crash from $10 to $3. It is estimated that these dumped BTCP from the hidden premine netted the developers between $1 million and $3 million, while simultaneously the total BTCP market cap lost over $100 million.
There is nothing to stop the developers from dumping the other 1.74 million BTCP that they have in their not-so-hidden premine. The market is reacting to this revelation, and the price of BTCP has dropped to $2. If the developers were to actually cash out this premine all at once it would completely saturate the order books and drop the price of BTCP to near zero.
Even at this lower price the market cap of Bitcoin Private (BTCP) is in excess of $40 million. This makes zero sense for a cryptocurrency that can easily be 51 percent attacked by any script kiddie, while simultaneously the market could be sucked dry at any moment by the corrupt developers.
submitted by turtlecane to CryptoCurrency [link] [comments]

Something is rotten in the state of DOGE mining

Shibes, something stinks in doge land. A problem in the design of dogecoin means that dishonest (or perhaps we should call them "creative") miners can take a disproportionate share of rewards, leaving everyone else to earn less than they deserve. Many of you have probably noticed that calculators estimate payouts larger than what you earn in practice (for example, dustcoin estimates ~1500DOGE/day @ 200KH/s while Non Stop Mine pays about a quarter of that rate), and most have written it off as bad luck: the blocks your pool found happened to be small, or your pool happened to be unlucky, and such is life. At least another friendly Shibe is having a better day, and it'll come around in tips anyway! Unfortunately, the truth is much darker.
The "random" DOGE rewards per block are not random. In fact, the value of each block is predetermined by a simple equation applied to the hash of the previous block. A creative miner can take advantage of this fact to mine dogecoin when the potential reward is high, and switch to litecoin when the potential reward is low. During some rounds, the reward is so small it isn't worth the electricity spent finding it; during more rounds, the reward is less than can be earned mining LTC; in a few rounds, the reward is spectacular. Honest miners mine with the expectation of earning an average of 500,000 DOGE per block, but when people are selectively mining the high-profit DOGE rounds, the average reward falls for honest miners.
So the question is: is this problem theoretical, or are honest miners really losing value to cheaters? I spent some time digging, and it appears that cheating is rampant! There are a few ways cheating can be detected.
If there is outside competition for high-value blocks, then pools should on average be finding blocks worth less than 500,000 DOGE (because some of the valuable blocks, but none of the low-value blocks, will be found by cheaters). The largest pool, Dogehouse, reports some useful averages: over all time, the pool has found 11,241 valid blocks worth 5365077071.0746 DOGE, for an average of 477,277 DOGE (including fees, which should actually raise the average above 500,000!). That's 4.5% below the expected average block value. Is it simply bad luck? No. With so many blocks found, there's about a 7% chance that the average will be above 505,000 or below 495,000; there's a <<1% chance their average will be above 510,000 or below 490,000, and effectively NO chance of seeing an average below 485,000. 477,000 is simply preposterous. Dogepool is either mind-bogglingly unlucky, or something is fishy.
Maybe Dogehouse is doing something fishy...but we can look at other pools. Dogechain's pool's all-time average block value is similar: 478847 DOGE. They're a smaller pool so the odds of this being bad luck aren't astronomical, but it's not very likely. Fast-pool's average is 477892. They're big enough that the odds are again astronomical.
And this only accounts for people cheating outside of the pools. Cheaters can operate inside our pools (more on this later)!
Maybe there's something wrong with the pools. They mostly run similar software. All their owners could be lying to us. We can check for signs of cheating independent of the pools: if more people are mining high-value blocks than low-value blocks, the hash-rate will be higher when the next block is high-value, so high-value blocks will be found faster than low-value blocks. Here's what you find if you look at 5000 recent blocks (blocks 80,001 to 85,000) and measure the average time to find a block, broken out by the block value:
I had to drop about 50 blocks which were missing good timestamps, but they're evenly distributed and shouldn't skew the averages.
The pattern is clear: the network is finding high-value blocks significantly faster than low-value blocks. Low-value rounds take as much as 10% longer than intended, and high-value rounds take around 5% less time than intended. Significant hashrate belongs to miners that cheat.
I mentioned cheaters can operate inside our pools. The payment algorithms used by most pools were carefully designed for bitcoin's (effectively) fixed block reward. They reliably protect against cheaters trying to hop in and out of pools based on short-term profitability, by making payouts solely dependent on the unknowable future (the straightforward pool payment schemes allow cheaters to look at a pool's recent history and use that to take an unfair share of its earnings; read this awesome paper for details). Since the future reward for a bitcoin pool is completely unknowable, PPLNS does not protect against a hopper who knows the future. In the case of Dogecoin, the future reward IS knowable, and PPLNS offers no protection.
Dogehouse is so big we can reasonably assume they'll find any particular block. Dogehouse is using a PPLNS target similar to an ordinary round's length. Someone who mines only during high-value rounds will, with high confidence, earn significantly more DOGE per share submitted than someone who mines Dogecoin 24/7. They also experience much lower variance in earnings.
The random block reward size needs to be removed. It's fun, but it rewards cheaters. Developing a more secure random block value selection technique is possible, but based on observations of GitHub, I do not trust the Dogecoin creator to get it right. Even subtle errors re-open the opportunity for cheating.
While I believe cheating is already unacceptably common, many will disagree until it worsens. To force the issue, I've included everything you need to join the cheaters.
Patch dogecoin/src/main.cpp:
diff --git a/src/main.cpp b/src/main.cpp index 2af23af..8c32dad 100644 --- a/src/main.cpp +++ b/src/main.cpp @@ -1794,6 +1794,8 @@ bool CBlock::ConnectBlock(CValidationState &state, CBlockIndex* pindex, CCoinsVi prevHash = pindex->pprev->GetBlockHash(); } +fprintf(stdout, "Next block value: %lld\n", GetBlockValue(pindex->nHeight, 0, GetHash())); +fflush(stdout); if (vtx[0].GetValueOut() > GetBlockValue(pindex->nHeight, nFees, prevHash)) return state.DoS(100, error("ConnectBlock() : coinbase pays too much (actual=%"PRI64d" vs limit=%"PRI64d")", vtx[0].GetValueOut(), GetBlockValue(pindex->nHeight, nFees, prevHash))); 
Perl script to control cgminer:
#!/usbin/perl use strict; use warnings; my $ltcMiner = "192.168.1.1 4029"; my $dogeMiner = "192.168.1.1 4028"; open (INSTREAM, "dogecoind|") or die; my $lastPool = 0; # LTC while (my $line = ) { if ($line =~ /Next block value: ([\d].*)/) { my $val = $1; if ($val >= 70000000000000) { # High-value DOGE round if ($lastPool == 0) { # Switch from LTC to DOGE $lastPool = 1; &onoff($dogeMiner, "en"); &onoff($ltcMiner, "dis"); } else { # Already mining DOGE } } elsif ($lastPool == 1) { # Low-value DOGE round and currently mining DOGE $lastPool = 0; print " Switching to LTC\n"; &onoff($ltcMiner, "en"); &onoff($dogeMiner, "dis"); } else { # Low-value DOGE round; already mining LTC anyway } } } close (INSTREAM); exit; sub onoff { my $miner = shift; my $enDis = shift; open (OUT1, "|nc $miner") or die $!; print OUT1 "gpu${enDis}able|0"; close (OUT1); } 
Then, simply run two instances of cgminer with separate API ports, one configured for LTC and the other configured for DOGE.
submitted by DisappointedShibe to dogemining [link] [comments]

Time to discuss the elephant in the room. Nicehash 51% Attacks.

While I've argued for ProgPoW because I'm not a fan of ASIC manufactures because of their malicious business practices, I think we all know the real problem for PoW security, Hashrate Rental sites. Let's go through a short-list of coins that are listed on Nicehash, where hashpower could be bought and then executed a 51% attack.
Monacoin 51%
BitcoinGold 51%
EthereumClassic 51%
Vertcoin 51%
ZenCash(Now Horizen) 51%
BitcoinPrivate 51% (Ethical Hack)

Nicehash has been the #1 to go to "sell" hashpower for whatever coin they support for BTC and other rental services such as miningrigrental. While we cannot prove that this attacks were used by buying hashpower on nicehash, a ethical hacker Geocold lived streamed how easy it was to attack PoW coin BTCP. "using a couple of hundred dollars’ worth of rented hashpower he’d purchased from Nicehash with BTC" (bitcoin.com). We can assume then that other 51% attacks all follow this method.

Step 1. Buy more Hashpower than the current network using rental services
Step 2. moves coins on the true network to other addresses, makes deposits, then withdraws them to a safe addresses
Step 3. broadcast the untruthful chain to the network
Step 4. this reverts the truthful network.
Step 5. Profit.
Shockingly, several crypto-currencies not only were cheap to attack but also had plenty of hash rate for sale on NiceHash with which such an attack could take place. When 51% attacks were considered in the past, most calculations included the cost of hardware, electricity, and maintenance. But this new “rent-a-attack” method is proving dangerous for smaller networks. (ccn.com)
This is what happened to ETC recently. Few people who were using nicehash services commented that they noticed a pay-bump mining ETH-HASH.

One PoW altcoin team has set up a script to constantly monitor their hashrate. In the event of a spike of over 10%, they will be automatically notified. Should the newly added hashrate emanate from an unknown pool, or be in danger of tipping an existing pool over 50%, they have a large quantity BTC on standby with Nicehash ready to purchase their own firepower to counter the attack (bitcoin.com)
Again it shows the only way that people counter this is to over-bid/buy more hashrate.

While I understand PoS doesn't suffer from these type of attacks. However I find it unreasonable to say PoW is flawed because 51% attacks. Hashrental services we not envisioned by Satoshi's PoW. Any actual mining actors not using hash rentals would need a sizable amount of resources to perform a 51% and double-spend even on small cap coins. Nicehash takes your money and doesn't care.

The elephant Crypto needs to deal with it shutting off nicehash and rental services. After the nicehash hack I know I saw a sizable increase in profits because difficulty dropped on so many coins.

IMHO Nicehash needs to turn-off purchasing hashrate and instead turn to "auto-covert" where they mine the coin that's profitable that day and turn into bitcoin for the user. We wouldn't have the chance of 51% attacks.
submitted by Xazax310 to gpumining [link] [comments]

I’ve been researching privacy coins deeply and feel I’ve reached a sufficient findings to merit sharing my stance re SUMO.

By Taylor Margot. Everyone should read this!
THE BASICS
SUMOkoin is a fork of MONERO (XMR). XMR is a fork of Bytecoin. In my opinion, XMR is hands down the most undervalued coin in the top 15. Its hurdle is that people do not know how to price in privacy to the price of a coin yet. Once people figure out how to accurately assess the value privacy into the value of a coin, XMR, along with other privacy coins like SUMOkoin, will go parabolic.
Let’s be clear about something. I am not here to argue SUMOkoin is superior to XMR. That’s not what this article is about and frankly is missing the point. I don’t find the SUMOkoin vs. XMR debate interesting. From where I stand, investing in SUMOkoin has nothing to do with SUMOkoin overtaking XMR or who has superior tech. If anything, I think the merits of XMR underline the value of SUMOkoin. What I do find interesting is return on investment (“ROI”).
Imagine SUMO was an upcoming ICO. But you knew ahead of time that they had a proven product-market fit and an awesome, blue chip code base. That’s basically what you have in SUMO. Most good ICOs raise over 20mil (meaning their starting market cap is $20 mil) but after that, it’s a crapshoot. Investing in SUMO is akin to getting ICO prices but with the amount of information associated with more established coins.
Let me make one more thing clear. Investing is all about information. Specifically it’s about the information imbalance between current value and the quality of your information. SUMO is highly imbalanced.
The fact of the matter is that if you are interested in getting the vision and product/market fit of a $6 billion market cap coin for $20 mil, you should keep reading.
If you are interested in arguing about XMR vs. SUMOkoin, I point you to this infographic
Background
I’m a corporate tech & IP lawyer in Silicon Valley. My practice focuses on venture capital (“VC)”) and mergers & acquisitions (“M&A”). Recently I have begun doing more IP strategy. Basically I spend all day every day reviewing cap tables, stock purchase agreements, merger agreements and patent portfolios. I’m also the CEO of a startup (Scry Chat) and have a team of three full-time engineers.
I started using BTC in 2014 in conjunction with Silk Road and TOR. I recently had a minor conniption when I discovered how much BTC I handled in 2014. My 2017 has been good with IOTA at sub $0.30, POWR at $0.12, ENJIN at $0.02, REQ at $0.05, ENIGMA at $0.50, ITC (IoT Chain) and SUMO.
My crypto investing philosophy is based on betting long odds. In the words of Warren Buffet, consolidate to get rich, diversify to stay rich. Or as I like to say, nobody ever got rich diversifying.
That being said I STRONGLY recommend you have an IRA and/or 401(k) in place prior to venturing into crypto. But when it comes to crypto, I’d rather strike out dozens of times to have a chance at hitting a 100x home run. This approach is probably born out of working with VCs in Silicon Valley who do the same only with companies, not coins. I view myself as an aggressive VC in the cryptosphere.
The Number 1 thing I’ve taken away from venture law is that it pays to get in EARLY.
Did you know that the typical founder buys their shares for $0.00001 per share? So if a founder owns 5 million shares, they bought those shares for $50 total. The typical IPO goes out the door at $10-20 per share. My iPhone calculator says ERROR when it tries to divide $10/0.00001 because it runs out of screen real estate.
At the time of this writing, SUMO has a Marketcap of $18 million. That is 3/10,000th or 1/3333th. Let that sink in for a minute. BCH is a fork of BTC and it has the fourth largest market cap of all cryptos. Given it’s market cap, I am positive SUMO is the best value proposition in the Privacy Coin arena at the time of this writing. *
ROI MERITS OF SUMOkoin
So what’s so good about SUMOkoin? Didn’t you say it was just a Monero knock-off?
1) Well, sort of. SUMO is based on CryptoNote and was conceived from a fork of Monero, with a little bit of extra privacy thrown in. It would not be wrong to think SUMO is to Litecoin as XMR is to Bitcoin.
2) Increased Privacy. Which brings us to point 2. SUMO is doing several things to increase privacy (see below). If Monero is the King of Privacy Coins, then SUMO is the Standard Bearer fighting on the front lines. Note: Monero does many of these too (though at the time of fork XMR could not). Don’t forget Monero is also 5.8 billion market cap to SUMO’s 18 million.
a) RingCT. All transactions since genesis are RingCT (ring confidential transactions) and the minimum “mixin” transactions is 13 (12 plus the original transaction). This passes the threshold to statistically resist blockchain attacks. No transactions made on the SUMO blockchain can ever be traced to the actual participants. Nifty huh? Monero (3+1 mixins) is considering a community-wide fork to increase their minimum transactions to 6, 9, or 12. Not a bad market signal if you’re SUMOkoin eh?
b) Sub-addresses. The wallet deploys disposable sub-addresses to conceal your real sumo wallet address even from senders (who typically would need to know your actual address to send currency). Monero also does this.
3) Fungibility aka “Digital Cash” aka Broad Use Case. “Fungibility” gets thrown about a bunch but basically it means ‘how close is this coin to cash in terms of usage?’ SUMO is one of a few cryptos that can boast true fungibility — it acts just like physical cash i.e. other people can never trace where the money came from or how many coins were transferred. MONERO will never be able to boast this because it did not start as fungible.
4) Mining Made Easy Mode. Seeing as SUMO was a fork, and not an ICO, they didn’t have to rewrite the wheel. Instead they focused on product by putting together solid fundamentals like a great wallet and a dedicated mining app. Basically anyone can mine with the most intuitive GUI mining app out there. Google “Sumo Easy Miner” – run and mine.
5) Intuitive and Secure Wallet. This shouldn’t come as a surprise, yet in this day and age, apparently it is not a prereq. They have a GUI wallet plus those unlimited sub-addresses I mentioned above. Here’s the github if you’d like to review: https://github.com/sumoprojects/SumoGUIWallet The wallet really is one of the best I have seen (ENJIN’s will be better). Clear, intuitive, idiot proof (as possible).
6) Decentralization. SUMO is botnet-proof, and therefore botnet mining resistant. When a botnet joins a mining pool, it adjusts the mining difficulty, thereby balancing the difficulty level of mining.
7) Coin Emission Scheme. SUMO’s block reward changes every 6-months as the following “Camel” distribution schema (inspired by real-world mining production like of crude oil, coal, etc. that is often slow at first, then accelerated in before decline and depletion). MONERO lacks this schema and it is significant. Camel ensures that Sumokoin won’t be a short-lived phenomena. Specifically, since Sumo is proof-of-work, not all SUMO can be mined. If it were all mined, miners would no longer be properly incentivized to contribute to the network (unless transaction fees were raised, which is how Bitcoin plans on handling when all 21 million coins have been mined, which will go poorly given that people already complain about fees). A good emission scheme is vital to viability. Compare Camel and Monero’s scheme if you must: https://github.com/sumoprojects/sumokoin/blob/mastescripts/sumokoin_camel_emission_cal.cpp vs. https://monero.stackexchange.com/questions/242/how-was-the-monero-emission-curve-chosen/247.
8) Dev Team // Locked Coins // Future Development Funds. There are lots of things that make this coin a ‘go.’ but perhaps the most overlooked in crypto is that the devs have delivered ahead of schedule. If you’re an engineer or have managed CS projects, you know how difficult hitting projected deadlines can be. These guys update github very frequently and there is a high degree of visibility. The devs have also time-locked their pre-mine in a publicly view-able wallet for years so they aren’t bailing out with a pump and dump. The dev team is based in Japan.
9) Broad Appeal. If marketed properly, SUMO has the ability to appeal to older individuals venturing into crypto due to the fungibility / similarities to cash. This is not different than XMR, and I expect it will be exploited in 2018 by all privacy coins. It could breed familiarity with new money, and new money is the future of crypto.
10) Absent from Major Exchanges. Thank god. ALL of my best investments have happened off Binance, Bittrex, Polo, GDAX, etc. Why? Because by the time a coin hits a major exchange you’re already too late. Your TOI is fucked. You’re no longer a savant. SUMO is on Cryptopia, the best jenky exchange.
11) Marketing. Which brings me to my final point – and it happens to be a weakness. SUMO has not focused on marketing. They’ve instead gathered together tech speaks for itself (or rather doesn’t). So what SUMO needs a community effort to distribute facts about SUMO’s value prop to the masses. A good example is Vert Coin. Their team is very good at disseminating information. I’m not talking about hyping a coin; I’m talking about how effectively can you spread facts about your product to the masses.
To get mainstream SUMO needs something like this VertCoin post: https://np.reddit.com/vertcoin/comments/7ixkbf/vertbase_a_vertcoin_to_usd_exchange/
MARKET CAP DISCUSSION
For a coin with using Monero’s tech, 20 million is minuscule. For any coin 20 mil is nothing. Some MC comparisons [as of Jan 2, 2017]:
Let’s talk about market cap (“MC”) for a minute.
It gets tossed around a lot but I don’t think people appreciate how important getting in as early as possible can be. Say you buy $1000 of SUMO at 20 mil MC. Things go well and 40 million new money gets poured into SUMO. Now the MC = 60 million. Your ROI is 200% (you invested $1,000 and now you have 3,000, netting 2,000).
Now let’s says say you bought at 40 million instead of 20 million. $20 mill gets poured in until the MC again reaches 60 mil. Your ROI is 50% (you put in $1,000, you now have 1,500, netting 500).
Remember: investing at 20 mil MC vs. 40 mil MC represents an EXTREMELY subtle shift in time of investment (“TOI”). But the difference in net profit is dramatic. the biggest factor is that your ROI multiplier is locked in at your TOI — look at the difference in the above example. 200% ROI vs. 50% ROI. That’s huge. But the difference was only 20 mil — that’s 12 hours in the crypto world.
I strongly believe SUMO can and will 25x in Q1 2018 (400m MC) and 50x by Q4 2018 reach. There is ample room for a tricked out Monero clone at 1 bil MC. That’s 50x.
Guess how many coins have 500 mil market caps? 58 as of this writing. 58! Have many of these coins with about ~500 mil MC have you heard of?
MaidSafeCoin?
Status?
Decred?
Veritaseum?
DRAGONCHAIN ARE YOU KIDDING ME
THE ROLE OF PRIVACY
I want to close with a brief discussion of privacy as it relates to fundamental rights and as to crypto. 2018 will be remembered as the Year of Privacy Coins. Privacy has always been at the core of crypto. This is no coincidence. “Privacy” is the word we have attached to the concept of possessing the freedom to do as you please within the law without explaining yourself to the government or financial institution.
Discussing privacy from a financial perspective is difficult because it has very deep political significance. But that is precisely why it is so valuable.
Privacy is the right of billions of people not to be surveilled. We live in a world where every single transaction you do through the majority financial system is recorded, analyzed and sold — and yet where the money goes is completely opaque. Our transactions are visible from the top, but we can’t see up. Privacy coins turn that upside down.
Privacy is a human right. It is the guarantor of American constitutional freedom. It is the cornerstone of freedoms of expression, association, political speech and all our other freedoms for that matter. And privacy coins are at the root of that freedom. What the internet did for freedom of information, privacy coins will do for freedom of financial transactions.
POST SCRIPT: AN ENGINEER’S PERSPECTIVE
Recently a well respected engineer reached out to me and had this to say about SUMO. I thought I’d share.
"I’m messaging you because I came at this from a different perspective. For reference, I started investing in Sumo back when it was around $0.5 per coin. My background is in CS and Computer Engineering. I currently research in CS.
When I was looking for a coin to invest in, I approached it in a completely different way from what you described in your post, I first made a list of coins with market caps < 20m, and then I removed all the coins that didn’t have active communities.
Next, because of my background, I read through the code for each of the remaining coins, and picked the coins which had both frequent commits to GitHub (proving dev activity), and while more subjective, code that was well written. Sumo had both active devs, and (very) well written code.
I could tell that the people behind this knew what they were doing, and so I invested.
I say all of this, because I find it interesting how we seem to have very different strategies for selecting ‘winners’ but yet we both ended up finding Sumo."

Legal Disclaimer:
THIS POST AND ANY SUBSEQUENT STATEMENTS BY THE AUTHOR DO NOT CONSTITUTE LEGAL OR FINANCIAL ADVICE AND IS NOT INTENDED TO BE LEGAL OR FINANCIAL ADVICE OR RELIED UPON. NO REFERENCES TO THIS POST SHALL BE CONSTRUED AS LEGAL OR FINANCIAL ADVICE. THIS POST REPRESENTS THE LONE OPINION OF A NON-SOPHISTICATED INVESTOR.
submitted by MaesterEmi to CryptoCurrency [link] [comments]

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