A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
New York business and finance paper. An article on China and it's mining. What does this article mean? I'm not good at understanding newspaper terminology. Every week I'm seeing bitcoin in the new York papers. That's a great sign even if 8ts negative feedback.
New York business and finance paper. An article on China and it's mining. What does this article mean? I'm not good at understanding newspaper terminology. Every week I'm seeing bitcoin in the new York papers. That's a great sign even if 8ts negative feedback. /r/Bitcoin
New York business and finance paper. An article on China and it's mining. What does this article mean? I'm not good at understanding newspaper terminology. Every week I'm seeing bitcoin in the new York papers. That's a great sign even if 8ts negative feedback.
If you want to have a laugh, read CSW's new article: https://coingeek.com/risks-segregated-witness-opening-door-mining-cartels-undermine-bitcoin-network/ And check out @rogerkver's reply before he probably backs out
Putting $400M of Bitcoin on your company balance sheet
Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots. A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC). Today we'll discuss in excrutiating detail why this is not a good idea. When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust. However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:
Is Bitcoin money?
No. Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves: 1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own. As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get. You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there? 2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile. If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point: 3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away. For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast. On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC While the dollar loses value at a predictible rate, BTC is all over the place, which is bad. One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy. If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due. Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.
BTC has a fixed supply, so these problems are built in
Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense. Having control over supply of your currency is a good thing, as long as it's well run. See here Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well. Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money. Let's look at a classic poorly drawn econ101 graph The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand. Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control. It's also a national security risk... The story of the guy who crashed gold prices in North Africa In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca. He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade. This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.
Currencies are based on trust
Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged? The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president. People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all. It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board. For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government." The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.
BTC is not gold
Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value. How do we know that? Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan. Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well. Some people are puzzled at this: we don't even use gold for much! But it has great properties: First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment. Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials. Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans. It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods. To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that. On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Means of Exchange: if people seriously start using BTC to buy pizzas, then this creates a real demand for the currency to accomplish the short-term exchanges. As we saw previously, I'm not personally sold on this one and it's currently a negligible fraction of overall demand.
Criminal uses: Probably the largest inbuilt advantage of BTC is that it's anonymous, and so a great way to launder money. Hacker gangs use BTC to demand ransom on cryptolocker type attacks because it's a shared way for an honest company to pay and for the criminals to receive money without going to jail.
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.
BTC is really risky
One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds. But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:
A critical software vulnerability is found in the BTC codebase, leading to a possible exploitation.
Xi Jinping decides he's had enough of rich people in China hiding their assets from him and bans BTC.
Some form of bank run takes hold for whatever reason. Because BTC wallets are uninsured, unlike regular banks, this compounds into a Black Tuesday style crash.
Blockchain solutions are fundamentally inefficient
Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science. That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale. The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
BTC was estimated to use as much electricity as Belgium in 2019. It's hard to trace where the BTC mining comes from, but we can assume it has a huge carbon footprint.
A single transactions is necessarily expensive. A single transaction takes as much electricity as 800,000 VISA transactions, or watching 50,000 hours of youtube videos.
There is a large necessary tax on the transaction, since those checking the transaction extract a few BTC from it to be incentivized to do the work of checking it.
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
I am new to the crypto space after 2017 after we hit an All time high of 20k, & before 2017 i never heard of bitcoin, none of my friends talked about it or anyone at school. How could a person be so lucky to discover this gold when it was super affordable, can someone tell me there experience of discovering this gold if you are an early invester.
[Spoilers S7] Here's what we know about the state of Earth before the bombs
Here's a compiled list of what Earth was like pre-apocalypse using details from the show. Jason Rothenberg has said if the prequel gets greenlit, he wants to implement a lot of flashbacks LOST style. These flashbacks may include references to the following:
In Monty's video message he said: "After sucking the Earth dry of oil, they [Eligius III] went looking for another planet to tap." [Episode 5x13]
This is presumably why Eligius I (unmanned), II (manned), and IV (prison labor) were sent to asteroids to mine for hythylodium, an incredibly efficient energy source. Hythylodium was used to power the Eligius III and IV missions. [Episode 5x03]
Other energy alternatives are used, such as solar energy (the field of solar panels Jaha and Murphy see in 2x14). And in 6x04, Ryker tells Raven the propellant they use for the motorcycles is "ethanol distilled from Earth corn."
During Josephine's flashback in Boston 2043, a man walks into a diner holding a mask, brushing dust off his shoulders. Josephine's friend also says "It's really dusty outside." You can see multiple people in the diner wearing masks around their neck. [Episode 6x07]
During Josephine's flashback, the guy that commits suicide mentions that she posted about going to a water-rationing protest. [Episode 6x07]
Gabriel says his mother's water was cut off in Colombia so the rich could water their lawns. [Episode 7x10]
On Callie's TV, a headline says "Yosemite National Park Burns". [Screenshot] Another headline says: "Deadly Heat Wave". [Screenshot] You can also hear the newscaster mention "above 110 degrees." [Episode 7x08]
On Callie's TV, a headline says "Russian Ankovirus Spreads". [Screenshot] The newscaster mentions the US has declared a public health alert. [Episode 7x08]
Becca says ALIE intends to kill 6.5 billion people to solve overpopulation. She's not trying to kill 100% of the population, so 6.5 billion is not the total population count. [Episode 3x16]
On Callie's TV, a headline says "World's 11 Billionth Child Born". [Screenshot][Episode 7x08]
This is abundant when we look at the technologies developed by just Becca and Eligius, such as large space ships, cryopods, sonic drills, brain chips, ALIE, nightblood, etc.
We also see hologram technology. In 2x16, Jaha first meets ALIE in hologram form. In 7x08, it's used as a telecommunication device when Callie speaks to her father and brother.
On Callie's TV, we see a headline "first human brain transplant successfully performed in Bangalore". [Screenshot] Another headline says "Dubai's Alpha Centauri Group debuts first orbital hotel". [Screenshot][Episode 7x08]
Becca Franko, The Tech Celebrity
She was born in 2025 and went to Harvard when she was 10 years old (2035). [Episode 7x08]
In 2043, she started making tech for Eligius at 18 years old. [Episode 6x01]
She owned her own company. We don't know the name of it but we do know it's corporate logo is an infinity sign and its motto is "Seek Higher Things". [Episode 3x07]
People idolized her. The newscaster on Callie's TV said she had "legions of devotees". In 6x07, Josephine had a magazine with Becca featured on the cover. In 7x08, Reese said "Don't mind my sister. She once dressed as you for Halloween."
She owned her own television network. The channel that Callie was watching on her TV has the infinity sign as its network logo. [Screenshot] The newscaster said "The reclusive billionaire and owner of this network made her last public appearance". [Episode 7x08]
On Callie's TV, a headline says "Stock Market Headed For A ..." and it's cut off. [Screenshot] There's most likely a recession going on and stock markets are crashing. You can also see bitcoin (BTC) is worth 4563.44 (half of what it is today). [Screenshot] Also, on top of the pandemic, huge advancements in AI and technology are most likely disrupting businesses and employment as well. [Episode 7x08]
On Callie's TV, we see a headline "Wyoming joins 32 other states in legalizing the recreational use of psilocybin mushrooms". Shrooms. [Screenshot][Episode 7x08]
Battles in U.S. Cities
The Battle of San Francisco was an armed conflict that Shaw recalls watching on TV as a child. During Diyoza's time in the military, she was one of the soldiers helping the evacuation of thousands of refugees. [Episode 5x07]
Resistance Groups & Terrorism
The United Liberation Army (ULA), was a terrorist group dedicated to fighting against the corrupt government that Diyoza became a part of after the military. The ULA was involved in many terror attacks, including an attack on the 4th of July, 2041 (which they took credit for) that killed 80 civilians in a plane bombing, and a suspected metro suicide bombing in Washington D.C., killing 19 civilians in 2042. [Screenshot][Episode 5x04]
Asteroid Mining Penal Colony
The Asteroid Mining Penal Colony was an off-world penitentiary on the asteroid Proxima 6 that used prison labor to mine for hythylodium. After her arrest in 2043 [Episode 6x07], Diyoza was transported to the colony on Eligius IV.
In 2047, she and the other prisoners learned they were to be abandoned on the asteroid due to getting sick from the hythylodium so they took over the ship, damaging one of it's engines and making the ship significantly slower. It would take 109 years to fly back to Earth. Had the engine not been damaged, it's possible Diyoza and the prisoners could've made it back to Earth before the bombs. [Episode 5x03]
This damaged engine can also explain why it took Eligius IV 75 years to travel to Sanctum, while Eligius III presumably got there in shorter time. [Episode 5x13]
Corrupt U.S. Government
Diyoza says to Clarke "When the fascist government tried to take my home, I wanted blood too." [Episode 5x03]
When Reese mentions Callie dropping out of MIT, she says "Refusing to take part in fascistic regimes is my thing." [Episode 7x08]
On Callie's TV, the newscaster says "... when riot police, on orders from the Wallace Administration, moved in to clear the extreme environmental group known as The Tree Crew." [Episode 7x08]
Callie: "Extreme? What a joke. We were there peacefully. They're the extreme ones."
Lucy: "Don't they know they're defending a system that hurts people like them?"
Callie: People want to believe their leaders are telling the truth, which is why we need to get back there and continue exposing their lies.
The US president at the time of the bombs was a Wallace. In Season 2, Dante says "I love you Cage, and there's been a Wallace in this office since the bombs but if I find out that you're lying there won't be one after me". So most likely the Wallace administration and their family were corrupt. They easily decided to do away with democracy in order to have complete control in Mount Weather. [Episode 2x06]
Russell says to Diyoza in 6x03 "Your face is in our history books next to Hitler and Bin Laden". Eligius took part in federal prison labor, so most likely they had close ties with the government. Fascist governments like to vilify their opponents through propaganda. Even though Diyoza was indeed causing violence, she was probably also used as a scapegoat by the government since she was against them. Even Gabriel said in 7x04, "She was a freedom fighter, not a terrorist".
On Callie's TV, the newscaster says "The 11 billionth baby was born in the Wayne County Internment Camp". Internment camps/concentration camps are "camps where persons are confined, usually without hearings and typically under harsh conditions, often as a result of their membership in a group which the government has identified as dangerous or undesirable." [Source]
On Callie's TV, a headline says "Congress's negotiations on economic relief funds at an impasse amidst violent riots ..." [Screenshot]
Cult Mentality & Conspiracy Theories
In 7x10, Gabriel says to Bill Cadogan "Earth was pretty terrible. But it's good for the cult business, am I right?"
According to this article, Bill grew up in poverty. And Jaha mentioned in 4x03 that Bill's father beat him frequently. Bill, a millennial, says in 7x10 that his first job was flipping burgers, dreaming of the day he'd escape. "There must be more to life than politics, the dying ecosystem, the memes." In times of economic hardship and social upheaval, it's easy for people to latch onto certain beliefs.
Callie says Bill's a vulture capitalist who "traded his precious credibility to become a prophet of doom". She also called him a cultural artifact thief. He found and stole the Anomaly stone from Machu Picchu and in 2042, he started studying it. [Episode 7x08]
It's unknown when Bill founded the Second Dawn, but we know a news article was written about them in 2042, saying that only those with lots of money could "unlock the twelve seals" since it required payments of over $10 million to the cult. [Episode 4x03]
That's what I got. If you spotted anything else from the show, feel free to share! :) Edit: Thanks everyone for the kind words and the awards! Also, thanks to clwrutgers for asking me to make this list.
Nine Countries That Don’t Tax Bitcoin Gains- time to move
Tax liability is a major source of concern for anyone invested in Bitcoin and other digital assets. In sum, some have described it as nothing short of a nightmare. But while some countries are putting pressure on investors and levying taxes on income and capital gains from Bitcoin transactions, many are taking a different approach—often with the aim of promoting better adoption and innovation within the crypto industry. They’ve implemented friendlier legislation, and allow investors to buy, sell, or hold digital assets with no tax liability. Here’s our list of the nine most crypto-friendly tax jurisdictions. ———————
Belarus is taking an experimental approach to cryptocurrencies. In March 2018, a new law legalized cryptocurrency activities in the East European state, exempting individuals and businesses involved in them from taxes until 2023 (when it will come up for review.) Under the law, mining and investing in cryptocurrencies are deemed personal investments, and so exempt from income tax and capital gains. The liberal laws aim to boost the development of a digital economy, and technological innovation. The country was recently ranked third in Eastern Europe and 19th globally in levels of P2P crypto trading.
Germany offers a unique take on taxing digital currencies such as Bitcoin. Unlike most other states, Europe’s biggest economy regards Bitcoin as private money, as opposed to a currency, commodity, or stock. For German residents, any cryptocurrency held for over a year is tax-exempt, regardless of the amount. If the assets are held for less than a year, capital gains tax doesn’t accrue on a sale, as long as the amount does not exceed 600 euros ($692). However, for businesses it’s a different matter; a startup incorporated in Germany still needs to pay corporate income taxes on cryptocurrency gains, just as it would with any other asset.
Hong Kong 🇭🇰
Hong Kong’s tax legislation on cryptocurrencies is a broad brush affair, even after new guidance was issued earlier this year. Essentially, whether cryptocurrencies are taxed or not depends on their use, according to Henri Arslanian, a global crypto leader at PwC. “If digital assets are bought for long-term investment purposes, any profits from disposal would not be chargeable to profits tax,” he wrote in March when the directive was introduced. But he added that this doesn’t apply to corporations—their Hong-Kong sourced profits from cryptocurrency business activities are taxable.
In Malaysia, cryptocurrency transactions are currently tax-free, and cryptocurrencies don’t qualify for capital gains tax, because digital currencies are not considered assets or legal tender by the authorities. But the law is currently fluid; it only applies to individual taxpayers, and businesses involved in cryptocurrency are subject to Malaysian income tax. And things may soon change. Mohamad Fauzi Saat, director of Malaysia’s tax department said in 2018 that Malaysia was committed to working towards issuing comprehensive guidelines on the tax treatment of cryptocurrency by the end of 2020.
The government of the so-called “Blockchain Island” recognizes Bitcoin “as a unit of account, medium of exchange, or a store of value.” Malta doesn’t apply capital gains tax to long-held digital currencies like Bitcoin, but crypto trades are considered similar to day trading in stocks or shares, and attract business income tax at the rate of 35%. However, this can be mitigated to between five percent and zero, through “structuring options” available under the Maltese system. Malta’s fiscal guidelines, published in 2018, also discriminate between Bitcoin and so-called “financial tokens,” equivalent to dividends, interest or premiums. The latter are treated as income and taxed at the applicable rate.
Portugal has one of the most crypto-friendly tax regimes in the world. Proceeds from the sale of cryptocurrencies by individuals have been tax-exempt since 2018, and cryptocurrency trading is not considered investment income (which is normally subject to a 28% tax rate.) However, businesses that accept digital currencies as payment for goods and services are liable to income tax.
Capital gains tax does not exist in Singapore, so neither individuals nor corporations holding cryptocurrency are liable. But companies based in Singapore are liable to income tax, if their core business is cryptocurrency trading, or if they accept cryptocurrency as payment. The authorities consider payment tokens such as Bitcoin to be “intangible property” rather than legal tender, and payment in the cryptocurrency constitutes a “barter trade” where the goods and services are taxed, but not the payment token itself.
Slovenia is another country that treats individuals and businesses separately under its cryptocurrency tax system. No capital gains tax is levied on individuals when they sell Bitcoin, and gains are not considered income. However, companies that receive payment in cryptocurrencies, or through mining, are required to pay tax at the corporate rate. Notably, the Mediterranean country doesn’t permit business operations in cryptocurrency alone (such as only accepting Bitcoin as payment.)
It’s no surprise that Switzerland, home to the innovation hub known as “Crypto Valley”, has one of the most forward-thinking tax policies too. Cryptocurrency profits made by a qualified individual through investing and trading are treated as tax-exempt capital gains. For the complete link to the written article - click here Edit: hey thanks for the award, that was so awesome. Have a nice day everyone.
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. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) 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.
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.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
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 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.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
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. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
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.
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.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
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. 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!
Transcript of how Philip the tyrant admin of the Bitcoin Cash Telegram group called Spoice stupid, an idiot, a parrot among other insults then banned her instead of discussing Bitcoin Cash. That Telegram group is hostile, ABC/IFP shills run and follows the rBitcoin toxic censorship modus operandi.
David B., [18.10.20 01:46] https://www.reddit.com/btc/comments/jdagi3/whats_up_with_the_bchn_hypocrisy/ David B., [18.10.20 01:47] Wut x2 J Stodd, [18.10.20 01:49] [In reply to David B.] Their words are meaningless. They have no principles. Wish i could comment but bitcoinxio banned me from rbtc and never told me why David B., [18.10.20 01:59] These comments are so toxic Spoice, [18.10.20 01:59] In reality, the real continuation of Bitcoin as we all know it is what is carried on by BCHN, BU, BCHD and others Spoice, [18.10.20 02:00] ABC is changing the rules to something that is not Bitcoin Spoice, [18.10.20 02:00] anyone denying those facts is selling you snake oil Spoice, [18.10.20 02:00] If Blockstream tried to take some % to their own benefit, we would have never needed BCH in the first place Spoice, [18.10.20 02:00] everyone would have rejected them in a second J Stodd, [18.10.20 02:01] [In reply to Spoice] Bitcoin Cash is not Bitcoin to start with, so who cares? David B., [18.10.20 02:01] [ Album ] Spoice, [18.10.20 02:01] yet we have ABC trying to pull this theft and all those puppets think it's ok Spoice, [18.10.20 02:01] JSTodd that's bullshit David B., [18.10.20 02:01] Like trying to talk to a core maxi about altcoins Spoice, [18.10.20 02:01] Bitcoin Cash is the most Bitcoin out of all Bitcoins Spoice, [18.10.20 02:01] it is the continuation of what Satoshi started David B., [18.10.20 02:02] Tbh they aren't even toxic Michael Nunzio, [18.10.20 02:02] [In reply to Spoice] If the hash follows then it is Bitcoin Cash. Only if it doesn't is your claim true J Stodd, [18.10.20 02:03] [In reply to Spoice] Bitcoin is Bitcoin. Bitcoin failed to be Peer to Peer Cash, so Bitcoin Cash attempted to fix this by forking Bitcoin and attacking the root of the problem. This does not mean Bitcoin Cash is literally Bitcoin. Adopt a different argument. Sorry if you bought into that bc of Rogers rantings J Stodd, [18.10.20 02:05] Bitcoin Cash can replace Bitcoin, and if Bitcoin dies and BCH wins then sure maybe it can take its name from its grave, but they are different products, trying to say Bitcoin stopped being "Bitcoin" and became BCH is a self contradiction. Jingles, [18.10.20 02:08] Jstodd's got some good points. Jingles, [18.10.20 02:08] He's learnt so much in the last year ☺️ Spoice, [18.10.20 02:08] "Bitcoin is Bitcoin" is a false statement. BTC is just an instance of Bitcoin. Bitcoin is the set of rules defined in the whitepaper first and foremost, it is peer to peer electronic cash. BTC no longer fits that criteria. Bitcoin Cash meets them. The fork proposed by ABC also fails to meet that criteria. Therefore the continuation of Bitcoin is in whatever BU, BCHN, Flowee and others will continue. Jingles, [18.10.20 02:09] What rules were defined in the WP? Spoice, [18.10.20 02:10] Let's see which rules aren't: 1) No coinbase tax going to any centralized entity such as ABC 2) No throttling of TX throughput such as BTC Spoice, [18.10.20 02:10] therefore they both fail the simple "Is this Bitcoin?" test Spoice, [18.10.20 02:11] Finally, Michael, if you think Hash rate defines what Bitcoin is, you should stick to BTC Jingles, [18.10.20 02:11] 21 million coins isn't in the WP Jingles, [18.10.20 02:11] I asked what rules did the WP define. Spoice, [18.10.20 02:12] Because BCH failed that criteria since it forked, therefore your point is wrong Spoice, [18.10.20 02:12] https://www.metzdowd.com/pipermail/cryptography/2009-January/014994.html Spoice, [18.10.20 02:12] The announcement of the white paper included the 21 million limit, close enough Jingles, [18.10.20 02:12] HIs announcement isn't the WP Spoice, [18.10.20 02:12] show me where Satoshi said that Amaury shoudl tax the chain? Spoice, [18.10.20 02:12] Doesn't matter- close enough Jingles, [18.10.20 02:12] Bitcoin is the set of rules defined in the whitepaper first and foremost - You Jingles, [18.10.20 02:13] My ears pricked up on that comment, so I'm asking you what you meant. Spoice, [18.10.20 02:13] Correct. Changing the 21 million hard limit is still more Bitcoin than taxing the Coinbase, yet both will never ever happen. Not to Bitcoin anyway Jingles, [18.10.20 02:13] If you meant Satoj's writings pre and post WP then you should be clear about it Spoice, [18.10.20 02:13] some bastardized chain might, just not Bitcoin Jingles, [18.10.20 02:14] The closest we have to anything to indicate what is "Bitcoiness" is general things like "the longest chain" Spoice, [18.10.20 02:14] No, it is never a single thing David B., [18.10.20 02:15] REEEE Jingles, [18.10.20 02:15] trustless, no single trusted third parties, and rules can change due to incentives via consensus Spoice, [18.10.20 02:15] it is a set of common sense and experiment driven and historical relevance and initial parameters and "peer to peer electronic cash" definition indicators Spoice, [18.10.20 02:15] never a single thing Jingles, [18.10.20 02:16] [In reply to Spoice] This is like the exact opposite of what you said earlier Jingles, [18.10.20 02:16] Bitcoin is defined by the rules in the WP, I mean common sense. Jingles, [18.10.20 02:16] 🤷♂️ Spoice, [18.10.20 02:16] Nope, the rule set is defined in the white paper should never change, but I never said all rules are defined in the white paper Jingles, [18.10.20 02:16] What rules? Spoice, [18.10.20 02:16] It is a union Jingles, [18.10.20 02:17] What rules are there? Spoice, [18.10.20 02:17] Rules in the white paper + what continued to define Bitcoin thereafter J Stodd, [18.10.20 02:17] [In reply to Spoice] > "Bitcoin is Bitcoin is a false statement." Alas, if we cannot agree on the law of identity, aka A=A, then i dont understand how to hold a conversation with you using logic. > BTC is an instance of Bitcoin No, BTC is a ticker used optionally by exchanges. Other common tickers for bitcoin include XBC, XBT, BC (correct me if im wrong on any of these) > "Bitcoin is a set of rules in the whitepaper" Super hard to defend this. Theres no mention of a 21M supply cap, no blocksize limit *at all*, and it also says additional rules and incentives can be enforced (implying maybe they should). Jingles, [18.10.20 02:17] I go through this with BSVers all the time. We have no spec sheet of rules defining what Bitcoin is from Satoshi. Spoice, [18.10.20 02:18] Rules such as what defines a correct block, miners receiving the full incentive of mining it, etc Jingles, [18.10.20 02:18] The WP is a highlevel document Spoice, [18.10.20 02:18] The WP is a description of a scientific experiment Spoice, [18.10.20 02:18] if you want to start your own experiment, be my guest Jingles, [18.10.20 02:18] [In reply to Spoice] Valid tx rules aren't defined in the WP Spoice, [18.10.20 02:18] just don't try to call it Bitcoin Jingles, [18.10.20 02:19] The word majority is in the WP an awful lot wouldn't you say? Spoice, [18.10.20 02:19] Not valid TX rules, but what a proof of work block is and how it diverts the reward to the miner, etc Jingles, [18.10.20 02:20] [In reply to Spoice] and? what about BTC doesn't apply? Jingles, [18.10.20 02:20] I'm not arguing for any fork of BCH here. Spoice, [18.10.20 02:20] It no longer meets the very title of the white paper experiment, "Peer to peer electronic cash" Spoice, [18.10.20 02:20] The BTC instance of the experiment is destined to move away from the very title of the white paper Jingles, [18.10.20 02:20] It's electronic, and I use it like cash. Spoice, [18.10.20 02:20] that the maintainers even wanted to edit the white paper (Cobra and co) because of this fact J Stodd, [18.10.20 02:20] u/Spoice When did BTC stop being Bitcoin in your view? The day Amaury decided to launch the fork, before Segwit happened? If someone else launched a fork first, they would have been "the real bitcoin"? This is a game of whoever forks first becomes the real Bitcoin? What if two people launched a fork at the exact same time, maybe even with identical specs? Jingles, [18.10.20 02:21] Where did I go wrong? Jingles, [18.10.20 02:21] [In reply to Spoice] Did they? Spoice, [18.10.20 02:21] Doesn't matter if you use it today, its very technical fabric will have to move your transactions to 2nd layers and it will no longer be peer to peer electronic cash on chain Jingles, [18.10.20 02:21] peer to peer electronic cash on chain - Not in the wp Jingles, [18.10.20 02:22] We have satoj talking about HFT with sidechannels. Jingles, [18.10.20 02:22] So what? Jingles, [18.10.20 02:23] I think this is a good discussion Phil, nothing disrespectful is being said. I hope this is ok? Spoice, [18.10.20 02:23] Doesn't matter, the rule of common sense, which is closer to that title? Increasing a simple variable (Blocksize) to stay on track of the title and experiment, or introduce IOUs and Watchtowers and channels and locked BTC and that whole LN Bastardization? Which is close to the title? Jingles, [18.10.20 02:23] No one said that can't happen Michael Nunzio, [18.10.20 02:24] [In reply to Spoice] Congratulations you've made an argument which isn't an argument. Jingles, [18.10.20 02:25] The whole thing that was said was the system is based on majority rules, and incentives can be changed. Majority breaks any deadlock. David B., [18.10.20 02:25] How to kill a coin 101 Spoice, [18.10.20 02:25] Logic fails anyone who tries to claim BTC, ABC, BSV or any similar standalone experiments as Bitcoin, because of simple sanity checks and logic checks, often stemming out of common sense - If what you have moves you a single step away from what is otherwise the same old experiment which Satoshi wrote about and unleashed, you're not Bitcoin. If what you have moves you a step closer, it is Bitcoin. and so on and so forth. Phlip - Not giving away coins, [18.10.20 02:25] Wow, really fanatical almost religious statements. I guess its Sunday morning. Jingles, [18.10.20 02:27] [In reply to Spoice] There's nothing common about common sense. You point to the WP to make a point, and your point isn't in there. Spoice, [18.10.20 02:27] Throttled and you need off-chain IOUs and always-on services to function (BTC) ? Not Bitcoin. Requires permission to be used and could be centrally confiscated on the whim of the organization behind it (BSV)? Not Bitcoin. Premined (Bitcoin Gold, Diamond)? Not Bitcoin. Taxing the miners through Coinbase and changing the incentives which were at play since day 0 (ABC)? Not Bitcoin Spoice, [18.10.20 02:27] simple checks really, yet those who are set to benefit will of course be oblivious to these Phlip - Not giving away coins, [18.10.20 02:28] This whole “Bitcoin Cash is the true Bitcoin - see whitepaper” is really stupid. It also ignores the history of how Bitcoin Cash came into existence Jingles, [18.10.20 02:28] Phillip, remove anyone here that has said Bitcoin Gold was the original Bitcoin immediately Jingles, [18.10.20 02:28] ^^^^ Jingles, [18.10.20 02:29] [In reply to Phlip - Not giving away coins] It falls to pieces the moment it's questioned. Spoice, [18.10.20 02:29] It is not about "True" Bitcoin Spoice, [18.10.20 02:30] It is about the Bitcoin closest to the experiment which always was Spoice, [18.10.20 02:30] I don't care about "True" or not, they all are true Phlip - Not giving away coins, [18.10.20 02:30] [In reply to Jingles] Sorry, I hve stopped reading all the sillyness above. Will reread later Jingles, [18.10.20 02:30] [In reply to Phlip - Not giving away coins] I'm joking around 😂 Spoice, [18.10.20 02:30] but the rule of entropy says I shouldn't place my money nor effort in experiments which are set to fade eventually, because they have skewed incentives Phlip - Not giving away coins, [18.10.20 02:31] [In reply to Spoice] You get to chose that for yourself but you do not get to dictate it for others David B., [18.10.20 02:31] [In reply to Phlip - Not giving away coins] Don't read it. You will have no braincells left Spoice, [18.10.20 02:31] Bitcoin as we know it has a long track record of incentives which work Spoice, [18.10.20 02:31] I won't ever dictate it for others Spoice, [18.10.20 02:31] I only would dictate it for myself, just like how I never use BTC or BSV today, I won't use ABC tomorrow Spoice, [18.10.20 02:32] only because they're new experiments Spoice, [18.10.20 02:32] interesting, and I wish them luck Jingles, [18.10.20 02:32] "Bitcoin is Bitcoin" is a false statement - Spoice 2020 Spoice, [18.10.20 02:32] but I would rather stick to the Bitcoin I know Spoice, [18.10.20 02:32] that's all Jingles, [18.10.20 02:32] I won't ever dictate it for others - Also Spoice Phlip - Not giving away coins, [18.10.20 02:32] Bitcoin Cash came with a plan snd goals. They were clearly presented in two presentations that happened before viabtc announced they would mine with ABC software and create a coin and chain named Bitcoin Cash Spoice, [18.10.20 02:32] Yes, because he means BTC is Bitcoin, and that's a false statement Jingles, [18.10.20 02:32] How is it false? Spoice, [18.10.20 02:32] It is an instance of Bitcoin Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:33] [In reply to Michael Nunzio] you're looking intimidatingly handsome in your new profile picture Phlip - Not giving away coins, [18.10.20 02:33] [In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]] Lol Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:33] [In reply to J Stodd] actually a good question Spoice, [18.10.20 02:34] Anyway, those are my two cents Spoice, [18.10.20 02:34] Everyone is free to choose which experiments to pour their effort on and their money in Phlip - Not giving away coins, [18.10.20 02:34] [In reply to Spoice] You are entitled to your opinion. Spoice, [18.10.20 02:34] Andreas is publishing Lightning Network books, I mean Spoice, [18.10.20 02:34] So to each his own Phlip - Not giving away coins, [18.10.20 02:35] [In reply to Spoice] Lets leave it at that Spoice, [18.10.20 02:35] but Bitcoin as I know it continues with no Tax, and that in my opinion is BCH with no tax Phlip - Not giving away coins, [18.10.20 02:35] Ah you had to continue Phlip - Not giving away coins, [18.10.20 02:36] Good thing no tax is proposed by anyone Spoice, [18.10.20 02:35] Isn't this the Bitcoin Cash telegram? Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:35] 😅 Spoice, [18.10.20 02:36] If I don't discuss Bitcoin Cash here, where should I? Spoice, [18.10.20 02:36] Tax, IFP, call it what you will Spoice, [18.10.20 02:36] from my perspective as a user, it's one the same J Stodd, [18.10.20 02:36] [In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]] I bet nobody will answer it, either Phlip - Not giving away coins, [18.10.20 02:37] [In reply to Spoice] Apparently btc /s David B., [18.10.20 02:37] [In reply to Spoice] As a user what do you care? Jingles, [18.10.20 02:37] Ooh, can I shill the Bitcoin room in here? Spoice, [18.10.20 02:37] Nah, I prefer quick responses and chats Spoice, [18.10.20 02:37] Reddit is broken Phlip - Not giving away coins, [18.10.20 02:37] [In reply to Jingles] Lol J Stodd, [18.10.20 02:37] [In reply to Spoice] Nobody even pays it, it just comes out of the block reward. The block reward is not sentient, it cannot be stolen from or wronged Phlip - Not giving away coins, [18.10.20 02:37] Dont push your luck 😉 Jingles, [18.10.20 02:37] [ 😀 Sticker ] Michael Nunzio, [18.10.20 02:38] [In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]] You too brother. 🙏 Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:38] [In reply to Michael Nunzio] but mine is the same....i need new ones everyone always calls me fat because of this one Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:38] literally if i say 1 thing to any troll anywhere first thing they say is "ok fatass" Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:38] i blame this dumb photographer Michael Nunzio, [18.10.20 02:38] [In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]] Don't listen. Phlip - Not giving away coins, [18.10.20 02:39] u/spoice maybe write a read.cash article if you really feel you need to educate people Spoice, [18.10.20 02:39] David, as a user I believe that each new experiment carries risk with it, why should I take part in a new fork of Bitcoin which has a new set of game-theory rules which doesn't even benefit me, rather it benefits some other entity which will take 5% of any effort or economic activity I produce on this chain? They're also off-loading the risk to me as a usebuildebusiness who choose to join their experiment. Spoice, [18.10.20 02:40] Why should I take that risk while the Bitcoin I know and have known for over 10 years worked perfectly for me thus far? (BCH, that is) Jingles, [18.10.20 02:40] small fees and empty blocks? Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:41] It will insure that a centralized group has control over development and they are by decree in the code, it's a literal take over. Phlip - Not giving away coins, [18.10.20 02:41] [In reply to Spoice] “BSV-freeze the protocol - true Bitcoin” sounds like more your thing David B., [18.10.20 02:41] [In reply to Spoice] Better run bitcoin core 0.1 Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:41] Imagine if satoshi keyd his address in the code to be paid out of every block, but instead of paying himself started a company "Bitcoin Dev Co" Spoice, [18.10.20 02:42] Not really, BSV kills the incentives I am discussing too Phlip - Not giving away coins, [18.10.20 02:42] [In reply to Jingles] Please stay nice now Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:42] No one would ever be able to say Bitcoin was Decentralized, Bitcoin Dev Co would get paid directly from the reward. Jingles, [18.10.20 02:42] [In reply to Phlip - Not giving away coins] "BSV: We have all the Bad Idea. On chain" Spoice, [18.10.20 02:42] The Nash equilibrium we have tested for the past 10 years will be changed with ABC, it changed with BTC and BSV too Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:42] "Bad Solutions Verified" Spoice, [18.10.20 02:42] that game-theory set of incentives Spoice, [18.10.20 02:43] why would I want to take a risk with any of those experiments when I gain 0? David B., [18.10.20 02:43] Better run bitcoin core 0.1 Spoice, [18.10.20 02:43] Nope, you're talking technical freezing of development, that's not what I am addressing Jingles, [18.10.20 02:43] [In reply to David B.] Thats the BTC chain though Phlip - Not giving away coins, [18.10.20 02:43] [In reply to Spoice] O please share with us your background in the subject. Or are you now just parroting others Spoice, [18.10.20 02:44] BSV wants to freeze the technical development and they want a stable protocol from an API/development perspective Spoice, [18.10.20 02:44] but from an incentive ruleset perspective, they already butchered the equilibrium Bitcoin had Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ], [18.10.20 02:44] [In reply to Phlip - Not giving away coins] That's one of those phrases, when you hear it you know they are just a parrot of someones propaganda. "MUH NASH EQUILIBRIUM!" David B., [18.10.20 02:44] Stable = bad? Jingles, [18.10.20 02:45] [In reply to Jc Crown [ I DON'T DM PEOPLE - DON'T GIVE ME MONEY! ]] I love you Spoice, [18.10.20 02:45] Philip, for an admin you are ought to be nicer, if you think I am parroting others you're free to think that, but to state it so bluntly in your position is just... wrong Spoice, [18.10.20 02:46] If you think the point I made is wrong, discuss it Phlip - Not giving away coins, [18.10.20 02:46] [In reply to Jingles] Maybe talk to him in DM about that?😉 Spoice, [18.10.20 02:46] not me Jingles, [18.10.20 02:46] [In reply to Phlip - Not giving away coins] working on it. Phlip - Not giving away coins, [18.10.20 02:46] [In reply to Spoice] I ought to be nicer...😂😂😂 Spoice, [18.10.20 02:47] Also, anyone who studied Bitcoin at length and its set of incentives and game-theory ruleset should know what a Nash Equilibrium is and who the players are in the Bitcoin game Phlip - Not giving away coins, [18.10.20 02:47] [In reply to Spoice] You state as fact. You get to dhow why your statements or opinions are even relevant. Spoice, [18.10.20 02:48] If it's not a fact, highlight how Spoice, [18.10.20 02:48] don't attack me Spoice, [18.10.20 02:48] prove me wrong Spoice, [18.10.20 02:48] if you fail that simple debate test David B., [18.10.20 02:48] How's that breakfast helping? Spoice, [18.10.20 02:48] you should rename from Janitor to Tyrant Jingles, [18.10.20 02:48] I'm still waiting to see the defined rules as per the wp Michael Nunzio, [18.10.20 02:49] [In reply to Spoice] Didn't know this was stand up comedy night in here. Michael Nunzio, [18.10.20 02:49] I missed the memo Phlip - Not giving away coins, [18.10.20 02:49] If I have to prove all idiots on the internet wrong I would have a hard time. You are starting to really waste everybody’s time. You state, you prove. Or you are just generating noise Phlip - Not giving away coins, [18.10.20 02:50] [In reply to Spoice] Be careful now. Michael Nunzio, [18.10.20 02:50] Noisy bugger. Phlip - Not giving away coins, [18.10.20 02:52] Getting close to just do some cleaning up. Spoice, [18.10.20 02:52] If you can't debate technical points I am making about Bitcoin Cash on a Bitcoin Cash Telegram, and within the span of 10 minutes you called me stupid, idiot, noisy and a parrot, you absolutely are a tyrant and I stand by my point: You should not be an admin here, nor anywhere actually. If you think I should be careful for the fear of you banning me, go ahead. You still fail to debate the simplest technical point and yet claim you can "but can't be bothered to". You remind me of that Thermos guy. Spoice, [18.10.20 02:53] How do people with 0 technical know how end up in these admin positions is beyond me Jingles, [18.10.20 02:53] I challenged your comments and you just changed the goal posts. Phlip - Not giving away coins, [18.10.20 02:53] [In reply to Spoice] Ok. You are not paying me and you are free to create noise elsewhere
About Ethereum mining pitfalls, risks, and threats
Bitcoin miners are massively switching to Ethereum. According to 8btc estimates, the payback period for a Bitcoin miner is 600 days, while for the same metric on Ether it only takes 200 days. But this goodness won’t last forever. Read about what threatens the development of Ethereum below. Hardware and Filling – Halfway to Success Experienced folks advise taking the most productive video cards, for example, the latest models from Nvidia and AMD. When choosing, pay attention to the amount of video memory (ideally from 2 GB), memory speed (with DDR 5 memory), bus width (better with a 256-bit bus), and cooling (basically there’s no competition to Radeon devices). Take Radeon RX 570, this 169 USD card produces 24-30 Mh/s, which is superb. The Illusion of Stability The entire multi-million community of Ether lovers trembled in early August when the Ethereum Classic network was subjected to several 51% attacks at once. In addition, in the first half of 2020 alone, over 5 attacks were carried out on popular DeFi platforms, including Balancer ($500,000 stolen) and bZx (17,500 ETH were stolen in total). Moreover, cybercriminals do not always use technical vulnerabilities, sometimes good old social engineering works. Reduction of Reward Ethereum developers have proposed to reduce the block mining reward by 75%. ConsenSys Managing Director John Leelik published the EIP-2878 proposal aimed at reducing inflation and preserving purchasing power. If supported, the reward will drop to 0.5 ETH. The transition of ETH to ETH 2.0 (PoS) We already wrote about this in the article "Problems of Ethereum Mining", and you can also watch the interview by Peter McCormack with the project founder Vitalik Buterin. While the opportunity is still there, we offer everyone to get the most out of it and mine profitably. For example, take a closer look at the new CoinFLy ETH Pool, that nowadays offers more rewards than others, at least by 10%. Profit That is Not Profit A hidden and obvious problem is choosing the pool based on its profitability. If you only have a few capacities, then it is better to choose a pool that uses the PPS+ model, if you’ve got a lot of them, then a powerful pool with PPLNS is better. And if you’ve got so many capacities that there’s even enough for others, then you can also go SOLO, buddy. More details - here.
Microsoft patent 2020-060606 linking human brain to crypto payment system
Microsoft filed a patent 2020-060606 on June 20, 2019 for the link between the human body and the crypto payment system. It is a cryptocurrency mining system that uses human pulses such as brain waves and body heat to perform online tasks such as using search engines, chatbots, and reading ads. "A user can solve the arithmetically difficult problem unconsciously," says the patent. In fact, this is a very brief description of a brain computer interface, which can read and write electromagnetic signals from the brain at such a finely meshed level that the brain literally becomes a biocomputer in a network. To understand that, please watch the video below and read on below. This is necessary so that you understand the current technological state of affairs. Steve Hoffman - Brain Hacking & MindTech - Produced by DingDingTV How cryptocurrency works The aim is that we are collectively hung in a hyve mind and it seems that what with crpyo-currency like Bitcoin still had to be done on energy-guzzling mining servers, can now be filled in by the “human bio-computer”. The unique thing about blockchain payment systems was that as soon as you took a so-called wallet into the network, your computer formed a block in the network, where your computer receives a kind of calculation program that calculates the security key of a coin. All computers on the network must then come up with the same key as confirmation. If the entire network sees a transaction of a coin, all those keys are checked and if one is different, the transaction is illegal and rejected. That would create unhackable security. The problem, however, is that Bitcoin mining requires a lot of computing power and that requires electricity. That's why Bitcoin mining ended up being one of the most energy-guzzling industries in the world. The Microsoft patent seems to aim at making this blockchain principle, which is not only very energy-guzzling, but also puts a heavy burden on the internet in terms of bandwidth (after all, all computers in the chain must always be checked for positive encryption), superfluous to make. Simply put: Microsoft wants to use the human brain as a block in the blockchain. The 5G network will provide sufficient bandwidth to realize this. Link digital ID, vaccination ID and social credit system: The coronavirus pandemic provides the perfect alibi for the introduction of such a system. In concrete terms, this means that a score of your behavior (expressed in points) will initially be kept in the cloud. If you stick to the rules, you can take public transport or plane. If you don't follow the rules, your score will go down. The upcoming social distancing apps are a precursor to such a behavioral scoring system. After all, if you do not keep enough distance from potential infections, you have to quarantine at home. We also see China taking the lead there. Watch the video below and then read on. Wuhan coronavirus covid-19 totalitarian UN propaganda? Although Bill Gates officially retired from Microsoft's board this year, we can guess who the big driving force behind patent 2020-060606 is. Of course, I need not point out to the attentive reader that we recognize here the Biblical number of the mark of the beast from the Bible book of Revelation: 666. It states that the time will come when no one will be able to buy or sell without to bear 'the beast'. This under the statement that this number is six hundred and sixty-six. The same Bill Gates is behind the ID2020 initiative that wants to develop a digital ID for vaccination registration. If you combine such a digital ID hallmark with a digital passport (ID) and with patent 2020-060606, then you have completely enslaved people. Revelation 13: 16-18 16: And it causes it to give a mark to all, small and great, and rich and poor, and free and servants, on their right hand or on their foreheads; 17: And that no one should buy or sell except he who has that mark, or the name of the beast, or the number of his name. 18: Here is wisdom: let him that have understanding count the number of the beast; for the number of a man is, and his number is six hundred sixty and six. The "Official Gazette of the Kingdom of the Netherlands" announced on March 31, 2020 (“coincidentally”) change in law that allows a digital ID. Translated: Kingdom Act of 6 March 2020 amending the Passport Act in connection with the introduction of electronic identification with a public identification means and the expansion of the basic register of travel documents. We Willem-Alexander, by the grace of God, King of the Netherlands, Prince of Oranje-Nassau, etc. etc. etc. All who will see or hear it read, salute! do to know: Thus We have considered that it is desirable to amend the Passport Act in connection with the introduction of electronic identification with a public means and the extension of the basic register of travel documents; The consequences: So if we don't wake up in masses now and discover that we are witnessing a Psychological Operation that fully complies with the master script, then there is no escape. Then we cannot buy or sell anything if we do not meet all the requirements of the state. And to all, it really means all. Making a minor offense once has immediate consequences. Not cooperating with the vaccination obligation (think Bill Gates) will definitely mean the end of being able to travel and participate in society at all. You should consider the most basic things such as being able to buy food and drink. We must step out of our programming and know that we are sovereign. Please read the article from the official journal above again. In it you see that you can fully rely on your consciousness sovereignty. You are sovereign by nature and no law can bind you to anything. It says "We Willem-Alexander, by the grace of God". Now let him prove "that grace of God". Every law is signed by the king by the grace of God. There is no evidence whatsoever of this and so the law does not apply. The only problem is the fact that social systems have built up around that grace of God, to which many swear allegiance. Do we sit back and relax until we are swallowed up by the system of "the internet of things" by the grace of God, or do we activate ourselves to concrete things? Concrete matters means that we have to switch from passive to active and discover who we are in potential and in essence.
There have been many recent posts about the blackmail email scam, so I have written this post and will keep it stickied until the posts about the scam die down. Blackmail email scams have that name because they started as an email spam campaign, however there have also been reports of these scams being sent via SMS and physical mail. If you are reading this because you have received one of these emails and you are worried, you can stop worrying. The blackmail email scam is a spam campaign that is sent out to thousands of addresses at a time. The threats are lies and you do not have anything to worry about. In many cases, the emails will contain some sort of privileged information about you such as your name, part or all of your phone number, and your password.The emails may also look like they were sent from your own email address. The data is gathered from data breaches, and if the email looks like it came from your account that is due to email spoofing. You can use the service Have I Been Pwned? to see if you are in any publicly known data breaches. If you receive an email that contains a password that you currently use, you should immediately change that. Current recommended password guidelines say that you should use a different, complex password for every account. You can generate and save passwords using a password manager for convenience. You should also be using two factor authentication using an app like Google Authenticator instead of receiving codes through SMS. Here are some news articles about this scam. Here is a story from Brian Krebs, and here is a story from the New York Times. Below are a few examples, but if you receive an email that is similar but not the same as the examples you see, that does not matter and does not mean that the email is real. The spammers constantly switch up their templates in order to bypass spam filters, so it's normal to receive an email that hasn't yet been posted online.
Hey, some time ago your computer was infected with my private malware, RAT (Remote Administration Tool). I know at the time of infection your passwords was: xxxxxxxxxxx My malware gave me full access to all your accounts, contacts and it also was possible to spy on you over your webcam. Sometimes when I was bored I was spying on you, then once you started to SATISFYING YOURSELF! At first I didn't knew how to react as I was shocked, then I decided to record you, I checked on google and found the software: Bandicam and it did the job. After that I removed my malware to not leave any traces and this email was sent from some hacked account. I can send the video of you to all your friends, contacts and publish it on social networks and the whole web. You can stop me and only I can help you out in this situation. Pay exactly 740$ in Bitcoin (BTC). It's easy to buy Bitcoin (BTC), for example here: https://paxful.com/buy-bitcoin , https://www.buybitcoinworldwide.com/ , https://www.kraken.com/ , or google another exchanger. My Bitcoin (BTC) wallet is: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Yes that's how the wallet looks like, copy and paste it, it's (cAsE-sEnSEtiVE) I give you 3 days time to pay. As I got access to this email account, I will know if this email has already been read, so the time is running. After receiving the payment, I will remove the video and you can life your live in peace like before. Learn from the mistake and update your browser before browsing the web next time! I know XXXX is one of your password on day of hack.. Lets get directly to the point. Not one person has paid me to check about you. You do not know me and you're probably thinking why you are getting this email? in fact, i actually placed a malware on the adult vids (adult porn) website and you know what, you visited this site to experience fun (you know what i mean). When you were viewing videos, your browser started out operating as a RDP having a key logger which provided me with accessibility to your display and web cam. immediately after that, my malware obtained every one of your contacts from your Messenger, FB, as well as email account. after that i created a double-screen video. 1st part shows the video you were viewing (you have a nice taste omg), and 2nd part displays the recording of your cam, and its you. Best solution would be to pay me $1004. We are going to refer to it as a donation. in this situation, i most certainly will without delay remove your video. My -BTC -address: 1GohL1jDz8BapZhohN2Xry6AKPq6PiJrjw [case SeNSiTiVe, copy & paste it] You could go on your life like this never happened and you will not ever hear back again from me. You'll make the payment via Bitcoin (if you do not know this, search 'how to buy bitcoin' in Google). if you are planning on going to the law, surely, this e-mail can not be traced back to me, because it's hacked too. I have taken care of my actions. i am not looking to ask you for a lot, i simply want to be paid. if i do not receive the bitcoin;, i definitely will send out your video recording to all of your contacts including friends and family, co-workers, and so on. Nevertheless, if i do get paid, i will destroy the recording immediately. If you need proof, reply with Yeah then i will send out your video recording to your 8 friends. it's a nonnegotiable offer and thus please don't waste mine time & yours by replying to this message. I know xxxxxxxxxxxx is one of your password on day of hack.. Lets get directly to the point. Not one person has paid me to check about you. You do not know me and you're probably thinking why you are getting this email? in fact, i actually placed a malware on the adult vids (adult porn) website and you know what, you visited this site to experience fun (you know what i mean). When you were viewing videos, your browser started out operating as a RDP having a key logger which provided me with accessibility to your display and web cam. immediately after that, my malware obtained every one of your contacts from your Messenger, FB, as well as email account. after that i created a double-screen video. 1st part shows the video you were viewing (you have a nice taste omg), and 2nd part displays the recording of your cam, and its you. Best solution would be to pay me $1013. We are going to refer to it as a donation. in this situation, i most certainly will without delay remove your video. My -BTC -address: 1KzA7GYSyvXCmPpojZ4qTbZGmjjbbSfwBg [case SeNSiTiVe, copy & paste it] You could go on your life like this never happened and you will not ever hear back again from me. You'll make the payment via Bitcoin (if you do not know this, search 'how to buy bitcoin' in Google). if you are planning on going to the law, surely, this e-mail can not be traced back to me, because it's hacked too. I have taken care of my actions. i am not looking to ask you for a lot, i simply want to be paid. if i do not receive the bitcoin;, i definitely will send out your video recording to all of your contacts including friends and family, co-workers, and so on. Nevertheless, if i do get paid, i will destroy the recording immediately. If you need proof, reply with Yeah then i will send out your video recording to your 8 friends. it's a nonnegotiable offer and thus please don't waste mine time & yours by replying to this message. Lets get directly to the point. Not one person has paid me to check about you. You do not know me and you're probably thinking why you are getting this email? in fact, i actually placed a malware on the adult vids (adult porn) website and you know what, you visited this site to experience fun (you know what i mean). When you were viewing videos, your browser started out operating as a RDP having a key logger which provided me with accessibility to your display and web cam. immediately after that, my malware obtained every one of your contacts from your Messenger, FB, as well as email account. after that i created a double-screen video. 1st part shows the video you were viewing (you have a nice taste omg), and 2nd part displays the recording of your cam, and its you. Best solution would be to pay me $1002. We are going to refer to it as a donation. in this situation, i most certainly will without delay remove your video. My -BTC -address: 1JXvEapcRCvywymcrYZ1rcCfLfNZKri4LP [case SeNSiTiVe, copy & paste it] You could go on your life like this never happened and you will not ever hear back again from me. You'll make the payment via Bitcoin (if you do not know this, search 'how to buy bitcoin' in Google). if you are planning on going to the law, surely, this e-mail can not be traced back to me, because it's hacked too. I have taken care of my actions. i am not looking to ask you for a lot, i simply want to be paid. if i do not receive the bitcoin;, i definitely will send out your video recording to all of your contacts including friends and family, co-workers, and so on. Nevertheless, if i do get paid, i will destroy the recording immediately. If you need proof, reply with Yeah then i will send out your video recording to your 8 friends. it's a nonnegotiable offer and thus please don't waste mine time & yours by replying to this message. Hello! I'm the software engineer who hacked into your device's OS. I've been observing you for months now. The thing is, you've been infected with malware through the adult website you visited. In case you're not familiar with it, I'll explain. The Trojan infection gives me full access and control over your computer or any other device on your local. It means that I can see everything on your screen, turn on my camera and microphone, but you do not know about it. I also have access to all your contacts, social networking data and all your correspondence. Why didn't your antivirus detect any malware? A: My malware uses a driver, I update its signatures every 4 hours to keep your antivirus silent. I have made a video showing how you satisfy yourself on the left side of the screen, and on the right side you see the video you have been watching. With one click, I can send this video to all your contacts in the email and social networks. I can also publish access to all your emails and messaging apps that you use. If you want to prevent this, at that point: Transfer $400(USD) to my bitcoin wallet (if you do not know how to do it, then type in to Google: "Purchase a bitcoin"). My Bitcoin Wallet:1EGBGBptS9yKNPYYU9qUEoPNLptee8CEq9 After getting the payment, I will destroy the video and you won't hear from me again. I will provide you 50 hours (more than two days) to pay. I have a notice that you read this email and the timer started you opened it. Don't attempt to answer me. It doesn't make any sense (the sender's address is generated by random). Filing a complaint somewhere doesn't make sense, because this email cannot be tracked, and neither can my bitcoin address. I don't make mistakes. If I find that you shared this message with someone else, the video will be distributed immediately. Good luck with that. And here are some common keywords used in the email so that this thread can be found by people Googling the email: "Marlware, international hacker group, No person has compensated, very own video clip, software on the adult, porno sitio, one of your pass word, .br, specific pixel, sexual content web portal, a malware on the adult, a malware on the, double-screen, is a reasonable price tag for our little secret, you have a good taste lmao, I placed a malware on the adult vids, your browser began operating as a RDP, had been abusing yourself in front of computer display, you are one of those people that downloaded the malicious, I made a split-screen video, While you were watching the video, your web browser acted as, malware on the porn website and guess what, an unique pixel, you jerked off while watching an online video, When you pressed the play button the virus begins saving all the things thru, ja.scr, My malicious soft started your front cam, and also send the video link to all of yourfriends, I infected your gadget with a malware and now, AnywaysI downloaded all contacts, my program quickly got into your system, To a time where you jerk off watching","For the present moment I have at my disposal all, When you arouse sexually watching porno, In such a way all needed compromising material and contact, All information to yours SNSs user accounts, You watched sexual content portal and toss","Hello! WannaCry is back! All your, in front of the screen browsing adult stuff, As you flog the dummy watching, U are going to be offered 5 days after checking this notice, RAT 68006, the damnific malware, pastime and entertainment there, not my single victim, beat the dummy, buff the muffin, choke a chicken, front camera capturing video, with you frigging, with you chaturbating, with you masturbating, web digicam, U are going to have 5 dayss, i utilize just hacked wi, pressured this trojan to, glue a pair of videos, glue two videos, the RAT, if you want me to destroy this whole video, downloaded all contacts from your computer, your list of contacts or relatives will, I made a video that shows how you masturbate, hacked you through a virus in an ad on a porn website, my illiteracy, nоt mind on my illiterаcy, I рilfered all рrivy bаckground, videоtaре with yоur masturbаtion, my delеtеrious soft, cаmеra shооt the videоtaрe, you sеlf-аbusing, Differently I will send the video to all your colleagues and friends, your front-camera made the videotape with you self-abusing, RAT 98390 malware, the minute you went to one adult page, information to contact info I discovered on your devices and remember there is a lot of these, not including Double VPN As a result, I forced my malware to hook up to a mic, web camera and catch the video from it, poisoned a number of adult sites, video clip to fit on a single tv screen, This letter has invisible monitoring program inside and i will be aware of when you are going to check, doing ur stuff and a clip u jerked to, the investigation will last, I uploaded our malicious program on your device, furthermore malware saved exactly the video you chose, its a record with your wanking, friends will see u taking proper care of yourself, Your system is controlled by the malicious program, If you were more careful while playing with yourself, that whacking off to adult web-sites is, adult website which was poisoned with my malware, nor i think that jerking off to porn sites is really a gross thing, so I dgf lmao, proof just reply to this email with, if you want me to destroy all this compromising evidence, will send your video to 5 contacts, amount in Usd that can cope with this scenario, You are welcome to contact your local authorities, If you want proof, reply with, i pride myself in being apart of an internet group, so i dgf, I take good care of my being anonymous, information related to the RAT virus, been able get in to all ur units, to all of your contacts including, search engines like goo, case sensitive, so copy,, and at this moment I, It is a non-nego, don't waste my perso, thi s mes, back while visiting, showe ring, what should you do ?, porno webpage, this embarrassing situation, navigated to the page, bare-assed, on well-known websites and publications, I got an order from someone to kill you and your family, immediately kill your family, is an explosive device, My mercenary is, explosive device detonates, triggered your webcam, piquant websites, my exploit downloaded, replenish btc wallet, instantaneously erase, actual recorded material, neglect this email, my RAT trojan, video you jerked, I used keylogger, your disk dump, malware intercepts, installed a malware, remove your video footage, RAT onto your computer, greasy stimulating actions, excentric preferrables, porn web-page, to your Tax Department, network will be DDoS, friends, WannaCry, building a protection policy, in Tax Departament, Yours service going, we pass CloudFlare, hear fake-experts, backuped phone, -1663, of your joys, digits your phone, (porno), BIG pervert, both files and scale, naughty video clips, Soy un hacker, I installed spyware, n website with teen, malware on the porn website, very own recorded material""Marlware, international hacker group, No person has compensated, very own video clip, software on the adult, porno sitio, one of your pass word, specific pixel, sexual content web portal, a malware on the adult, a malware on the, double-screen, is a reasonable price tag for our little secret, you have a good taste lmao, I placed a malware on the adult vids, your browser began operating as a RDP, had been abusing yourself in front of computer display, you are one of those people that downloaded the malicious, I made a split-screen video, While you were watching the video, your web browser acted as, malware on the porn website and guess what, an unique pixel, you jerked off while watching an online video, When you pressed the play button the virus begins saving all the things thru, ja.scr, My malicious soft started your front cam, and also send the video link to all of yourfriends, I infected your gadget with a malware and now, AnywaysI downloaded all contacts, my program quickly got into your system, To a time where you jerk off watching","For the present moment I have at my disposal all, When you arouse sexually watching porno, In such a way all needed compromising material and contact, All information to yours SNSs user accounts, You watched sexual content portal and toss","Hello! WannaCry is back! All your, in front of the screen browsing adult stuff, As you flog the dummy watching, U are going to be offered 5 days after checking this notice, RAT 68006, the damnific malware, pastime and entertainment there, not my single victim, beat the dummy, buff the muffin, choke a chicken, front camera capturing video, with you frigging, with you chaturbating, with you masturbating, web digicam, U are going to have 5 dayss, i utilize just hacked wi, pressured this trojan to, glue a pair of videos, glue two videos, the RAT, if you want me to destroy this whole video, downloaded all contacts from your computer, your list of contacts or relatives will, I made a video that shows how you masturbate, hacked you through a virus in an ad on a porn website, my illiteracy, nоt mind on my illiterаcy, I рilfered all рrivy bаckground, videоtaре with yоur masturbаtion, my delеtеrious soft, cаmеra shооt the videоtaрe, you sеlf-аbusing, Differently I will send the video to all your colleagues and friends, your front-camera made the videotape with you self-abusing, RAT 98390 malware, the minute you went to one adult page, information to contact info I discovered on your devices and remember there is a lot of these, not including Double VPN As a result, I forced my malware to hook up to a mic, web camera and catch the video from it, poisoned a number of adult sites, video clip to fit on a single tv screen, This letter has invisible monitoring program inside and i will be aware of when you are going to check, doing ur stuff and a clip u jerked to, the investigation will last, I uploaded our malicious program on your device, furthermore malware saved exactly the video you chose, its a record with your wanking, friends will see u taking proper care of yourself, Your system is controlled by the malicious program, If you were more careful while playing with yourself, that whacking off to adult web-sites is, adult website which was poisoned with my malware, nor i think that jerking off to porn sites is really a gross thing, so I dgf lmao, proof just reply to this email with, if you want me to destroy all this compromising evidence, will send your video to 5 contacts, amount in Usd that can cope with this scenario, You are welcome to contact your local authorities, If you want proof, reply with, i pride myself in being apart of an internet group, so i dgf, I take good care of my being anonymous, information related to the RAT virus, been able get in to all ur units, to all of your contacts including, search engines like goo, case sensitive, so copy,, and at this moment I, It is a non-nego, don't waste my perso, thi s mes, back while visiting, showe ring, what should you do ?, porno webpage, this embarrassing situation, navigated to the page, bare-assed, on well-known websites and publications, I got an order from someone to kill you and your family, immediately kill your family, is an explosive device, My mercenary is, explosive device detonates, triggered your webcam, piquant websites, my exploit downloaded, replenish btc wallet, instantaneously erase, actual recorded material, neglect this email, my RAT trojan, video you jerked, I used keylogger, your disk dump, malware intercepts, installed a malware, remove your video footage, RAT onto your computer, greasy stimulating actions, excentric preferrables, porn web-page, to your Tax Department, network will be DDoS, friends, WannaCry, building a protection policy, in Tax Departament, Yours service going, we pass CloudFlare, hear fake-experts, backuped phone, -1663, of your joys, digits your phone, (porno), BIG pervert, both files and scale, naughty video clips, Soy un hacker, I installed spyware, n website with teen, malware on the porn website, very own recorded material, ιs yοur ραssρhrαse, after seeing the video of you jerking off, τhιηκ οf ιτ αs α dοηατιοη, split-screen video, 𝐄𝐧𝐭𝐢𝐫𝐞 𝐯𝐢𝐝𝐞𝐨 𝐜𝐥𝐢𝐩 𝐮𝐧𝐝𝐞𝐫𝐭𝐚𝐤𝐢𝐧𝐠 𝐫𝐚𝐮𝐧𝐜𝐡𝐲 𝐦𝐚𝐭𝐭𝐞𝐫𝐬, 𝐚𝐜𝐭𝐮𝐚𝐥𝐥𝐲 𝐞𝐧𝐭𝐞𝐫𝐞𝐝 𝐭𝐡𝐚𝐭 𝐩𝐨𝐫𝐧𝐨 𝐢𝐧𝐭𝐞𝐫𝐧𝐞𝐭 𝐬𝐢𝐭𝐞, 𝐇𝐨𝐰 𝐰𝐢𝐥𝐥 𝐲𝐨𝐮 𝐩𝐮𝐭 𝐭𝐨𝐠𝐞𝐭𝐡𝐞𝐫 𝐭𝐡𝐞 𝐩𝐚𝐲𝐦𝐞𝐧𝐭"
Minimum Viable Issuance - Why Ethereum’s lack of a hard cap on ETH issuance is a good thing.
This post will explain how the argument used by the average Bitcoin maximalist, thinking that they have found Ethereum’s achilles heel when talking about issuance is actually highlighting one of Ethereum’s strong points and one of the main threats to the longevity of the Bitcoin network. So first let’s answer the question which I know many people have about Ethereum:
What is Ethereum’s ETH issuance schedule?
Ethereum has an issuance policy of Minimum Viable Issuance. So what does this mean exactly? It means that the issuance of ETH will be as low as possible while also maintaining a sufficient budget to pay miners (and soon to be stakers) to keep the network secure. For example, if ETH issuance was halved, miners would drop off the network and stop mining as it is no longer profitable for them to mine. As a result, the network would be less secure as it would cost less money for an attacker to control 51% of the hash power and attack the network. This means that the Ethereum community plans to change ETH issuance as time goes on to maintain a reasonable security budget which will keep the network secure but will also keep inflation in check. We have done this twice in the past with EIP-649 and EIP-1234 which reduced block rewards from 5 ETH per block to 3 ETH and from 3 ETH to 2 ETH respectively. I previously made a graph of ETH issuance over time here: https://redd.it/it8ce7 So while Ethereum doesn’t have a strictly defined issuance schedule, the community will reject any proposals which either put the security of the network at risk such as the recent EIP-2878, or we will reject proposals which will lead to excessive network security and therefore an unnecessarily high inflation rate (or we will accept proposals which reduce issuance after price rises and therefore the security budget rises). This means that when Bitcoiners accuse the Ethereum Foundation of being no better than a central bank because they can “print more Ether”, this is completely untrue. Any proposals made by the EF which would increase issuance unnecessarily would be rejected by the community in the same way that a proposal to increase the supply of Bitcoin from 21 million to 22 million would be rejected. There is a social contract around both Bitcoin’s and Ethereum’s issuance schedules. Any networks or proposals which break the social contracts of 21 million Bitcoins and minimal viable issuance of Ether would be a breach of these contracts and the new proposed network would be labeled by the community as illegitimate and the original network would live on.
So why is minimum viable issuance better than a hard cap?
Minimum viable issuance is better than a hard cap because it puts the most important part of the network first - the security. MVI ensures that the Ethereum network will always have a security budget which keeps the cost of a 51% attack impractically high. Bitcoin on the other hand, halves its security budget every 4 years until eventually only the transaction fees pay for network security. This means that every 4 years, the amount of money paying for network security halves until eventually, the value of attacking the network becomes greater than the security budget and someone performs a 51% attack (technically the security budget only halves if terms of BTC not in dollars. However, even if the price of Bitcoin more than doubles in the time that the security budget halves, the ratio of security budget to value secured on the network still halves, doubling the financial viability of performing a network attack). The strategy to pay for the security budget once Bitcoin issuance stops is for transaction fees to secure the network since transaction fees are paid to miners. Not only does this have its own security problems which I won’t detail here, but unless Bitcoin scales on layer 1 (layer 2 scaling solutions have their own security mechanisms separate from L1), then fees would have to cost well in the thousands of dollars to secure a trillion dollar market cap Bitcoin that is secured by nothing but fees. If Bitcoin maximalists want a 10 trillion or 100 trillion dollar market cap then expect fees to go up another 10 or 100 times from there. Ethereum on the other hand, will be able to keep its network secure with approximately 1-2% annual issuance being paid to stakers under ETH 2.0. This is because not all of the network will be staking, so if 33 million of the approximately 110 million Ether in existence stakes under ETH 2.0, then paying this 33 million Ether 6% a year (a very decent yield!) would cost just under 2 million ETH per year which would equate to less than 2% annual ETH inflation. This is also before considering EIP-1559 which will burn a portion of transaction fees which will counter the effect of this inflation and potentially even make ETH deflationary if the sum of all burned transaction fees are greater than the annual inflation. Also, under ETH 2.0, an attacker performing a 51% attack would get his funds slashed (they would lose their funds) if they attack the network, meaning that they can only perform a 51% attack once. However, in Bitcoin, anyone who controls 51% of the mining hash power could perform multiple 51% attacks without losing everything like they could in ETH 2.0. So in conclusion, while Ethereum doesn’t have the guaranteed anti-inflation security of a hard cap, it does have the guarantee of always paying it’s miners (or stakers under ETH 2.0) enough to keep the network secure. In contrast, while Bitcoin’s social contract may guarantee a hard cap of 21 million, it cannot simultaneously guarantee network security in the long run. Eventually, its users will have to decide if they want a secure network with more than 21 million coins or a tax to pay for security or an insecure network with super high fees and a hard cap of 21 million Bitcoin. Disclaimer:The details I covered around 51% attacks and network security are simplified. I am not an expert in this field and things are a lot more nuanced than I laid out in my simplifications above.
I'm from the UK, I've just seen on the Daily Corona Virus Update that they'll be removing the debt to our social health care system. And while I should be happy about this since it's all for saving people's lives. I know that this is a cheque the economy can't cash. I see that in the states the Federal Reserve says they have unlimited cash and that all loan collectors will be able to use the debt of the people who haven't paid them as leverage for their debts. And so on and so on. I'm seeing a complete failure of the western banking system. And while I know there is that magical cryptocurrency. I know next to nothing about it. Where to start, how to begin. I don't want to risk losing any more money than what could already be lost in the quarantine. I still want to work for my money. I know that mining using graphics cards and there is only a chance it can happen, is a thing but I don't know where to go. Do I need a new browser? How strong a graphics card do I need? If there was an easy guide to bitcoin everyone would be rich or its value would be massive. This is not an ask for a hard out. I want to be taught how to fish so I can keep my family from growing hungry.
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