Nuvmining | What Is Bitcoin, How Is It Various Than "Real" Cash and also How Can I Get Some?
Bitcoin is a digital money. It does not exist in the kind of physical type that the currency & coin we're used to exist in. It does not even exist in a type as physical as Syndicate cash. It's electrons - not molecules. nuv mining Yet consider just how much cash you directly handle. You obtain an income that you require to the bank - or it's autodeposited without you even seeing the paper that it's not printed on. You after that utilize a debit card (or a checkbook, if you're old school) to access those funds. At finest, you see 10% of it in a money form in your pocket or in your pocketbook. So, it turns out that 90% of the funds that you take care of are online - electrons in a spreadsheet or data source. nuvmining However delay - those are UNITED STATE funds (or those of whatever nation you come from), safe in the financial institution and also ensured by the complete belief of the FDIC approximately about $250K per account, right? Well, not exactly. Your banks might just called for to maintain 10% of its deposits on down payment. In some cases, it's much less. It offers the rest of your cash bent on other individuals for approximately thirty years. It charges them for the funding, and also costs you for the advantage of letting them offer it out. Just how does money obtain developed? Your financial institution reaches produce money by offering it out. State you deposit $1,000 with your bank. They then lend out $900 of it. Unexpectedly you have $1000 as well as another person has $900. Magically, there's $1900 floating around where prior to there was only a grand. Currently claim your bank instead offers 900 of your dollars to another financial institution. That financial institution in turn lends $810 to an additional financial institution, which after that offers $720 to a client. Poof! $3,430 in an immediate - virtually $2500 produced out of nothing - as long as the bank follows your federal government's central bank rules. Production of Bitcoin is as different from bank funds' creation as cash money is from electrons. It is not managed by a government's reserve bank, but rather by consensus of its customers as well as nodes. It is not developed by a restricted mint in a structure, however rather by dispersed open source software program and computer. As well as it needs a type of real work for production. Extra on that particular shortly. Who created BitCoin? The very first BitCoins remained in a block of 50 (the "Genesis Block") created by Satoshi Nakomoto in January 2009. It really did not really have any type of worth initially. It was simply a cryptographer's toy based on a paper published two months earlier by Nakomoto. Nakotmoto is an evidently imaginary name - nobody appears to know that she or he or they is/are. That monitors everything? Once the Genesis Block was developed, BitCoins have actually because been produced by doing the work of keeping track of all deals for all BitCoins as a kind of public journal. The nodes/ computers doing the computations on the journal are awarded for doing so. For each collection of effective calculations, the node is rewarded with a specific quantity of BitCoin (" BTC"), which are after that freshly produced right into the BitCoin community. For this reason the term, "BitCoin Miner" - because the procedure develops new BTC. As the supply of BTC increases, and also as the number of transactions boosts, the job essential to update the public ledger gets harder and also much more complicated. As a result, the variety of new BTC right into the system is created to be concerning 50 BTC (one block) every 10 minutes, worldwide. Although the computer power for mining BitCoin (as well as for upgrading the public ledger) is currently boosting exponentially, so is the intricacy of the mathematics problem (which, incidentally, additionally needs a certain amount of thinking), or "evidence" needed to mine BitCoin as well as to settle the transactional publications at any type of provided moment. So the system still only generates one 50 BTC block every 10 minutes, or 2106 blocks every 2 weeks. So, in a sense, everyone tracks it - that is, all the nodes in the network keep track of the background of every single BitCoin. Just how much is there and also where is it? There is a maximum variety of BitCoin that can ever before be produced, and that number is 21 million. According to the Khan Academy, the number is anticipated to peak around the year 2140. Since, today there were 12.1 million BTC in flow Your very own BitCoin are kept in a documents (your BitCoin purse) in your very own storage space - your computer system. The data itself is evidence of the number of BTC you have, and also it can move with you on a mobile phone. If that data with the cryptographic key in your wallet obtains lost, so does your supply of BitCoin funds. And also you can't obtain it back. Just how much is it worth? The value differs based on just how much people believe it deserves - similar to in the exchange of "real cash." Yet due to the fact that there is no central authority trying to maintain the value around a certain level, it can vary a lot more dynamically. The very first BTC were generally worth absolutely nothing at the time, however those BTC still exist. Since 11AM on December 11, 2013, the general public value was $906.00 United States per BitCoin. When I completed composing this sentence, it was $900.00. Around the start of 2013, the value was around $20.00 United States. On November 27, 2013 it was valued at greater than $1,000.00 United States per BTC. So it's kind of unstable presently, yet it's expected to calm down. The complete value of all BitCoin - since the period at the end of this sentence - is around 11 billion US bucks. How can I get me some? First, you have to have a BitCoin purse. This post has links to get one. Then one method is to purchase some from one more private party, like these individuals on Bloomberg TV. One method is to purchase some on an exchange, like Mt. Gox. As well as finally, one means is to dedicate a lot of computer power as well as power to the process as well as become a BitCoin miner. That's well outside the extent of this post. However if you have a couple of thousand extra dollars lying around, you can obtain rather a gear. Exactly how can I spend it? There are numerous vendors of all sizes that take BitCoin in payment, from cafes to auto dealers. There's also a BitCoin ATM in Vancouver, British Columbia for transforming your BTC to cash in Vancouver, BC. And so? Money has had a lengthy background - centuries in size. Somewhat recent tale tells us that Manhattan Island was bought for wampum - seashells & the like. In the very early years of the United States, different financial institutions printed their own money. On a recent visit to Salt Spring Island in British Columbia, I invested currency that was just good on the beautiful island. The common style among these was a trust agreement amongst its customers that specific currency held value. In some cases that worth was tied directly to something strong and physical, like gold. In 1900 the U.S. connected its currency straight to gold (the "Gold Requirement") and in 1971, ended that tie. Currently money is traded like any kind of various other commodity, although a certain nation's currency worth can be propped up or decreased through activities of their reserve bank. BitCoin is an alternative money that is also traded as well as its value, like that of various other products, is figured out via trade, yet is not stood up or lessened by the action of any kind of bank, however rather straight by the activities of its individuals. Its supply is minimal as well as known nevertheless, and also (unlike physical money) so is the history of each and every single BitCoin. Its viewed worth, like all various other money, is based on its utility and also count on. As a form of currency, BitCoin not specifically a new thing in Production, however it absolutely is a new means for cash to be created.
Story about how I went from having no job, no education and in debt to financially independent in 7 years
In the summer of 2010 I was in my early 20s, took a year off from school and tried working on a business with a friend in the IT field, but the business failed. I was studying Computer Science in college, but was not doing too well. I had my credit cards maxed out at about 20k in debt due to irresponsible spending. I made some money in the past because I worked in the summer in an IT job thanks to a connection, but that opportunity went away. I was living with my parents and wanted ANY job - I was desperate. I tried to get a job at the mall in a clothing store, so I walked around handing out my resume, but failed the interviews. I even interviewed at McDonalds, but they didn't take me. I felt like a loser. In the fall of 2010 I hit rock bottom and decided to turn things around. I quit smoking and started taking my school seriously, because I realized that it’s my only way out of the mess I was in. I realized that succeeding in business (like Bill Gates) is super hard and started doing pretty well in Computer Science. Later that year I got a job in an electronics store for a few months, at which point I was happy. Later on, I got a part time job in a field related to IT to support myself. I graduated with debt in 2013 and got an entry level IT job in the city where I grew up, making around 50k a year. I was so happy when I got the offer, but later on I found the job to be boring. My dream was to get into Silicon Valley, so I started learning more about coding and practicing for coding interviews. I was still living with my parents and was slowly paying off my credit cards and student debts. In early 2014, I interviewed at 2 companies in Silicon Valley and one of them gave me an offer. The salary and stocks offer was much better than I could have dreamed of, including a good signing bonus. That was one of the best days of my life. I moved and started working. I was saving up most of my money and paying off my debts aggressively. Then, in the winter of 2015, I came across this video on Reddit about Bitcoin. It made an impression on me and I became very curious: what are all those those machines doing? I heard the word Bitcoin before, but had no idea what it was and decided to look into it seriously. I found a great introduction on Khan Academy (which I already used when I was in school and respected it). I was blown away ... wow that's so clever, I thought. I immediately bought this audiobook, which was recently released at the time and listened to the whole thing in just a few days. I loved the book and learned so much from it: the history of Bitcoin and it discussed things like "why is money valuable at all?". I was also randomly browsing Wikipedia around this time and came across this page from 2015. I briefly researched the top projects on that page, but what got me interested was item #2: Ethereum. I started researching it on youtube. I found these videos https://youtu.be/l9dpjN3Mwps and https://youtu.be/fbEtivJIfIU and they made SO MUCH sense to me. I also read the white paper like 5 times becoming more and more impressed every time I read it. I became depressed when I realized that I missed the crowdsale in 2014 and there was no way to invest at that point. I thought that my chance to acquire ETH at a good price was gone forever. I was sure that after it is released the price will be much higher than the crowdsale price of 30 cents per ETH. My thinking at the time was that Ethereum is at least 10 times better than Bitcoin in every possible way and if Bitcoin market cap was a few billion, then ETH should at least match that. When Ethereum was released in the summer, I started buying it. My debts were paid off by this point thanks to a high salary. The initial price was around $3, but was quickly falling. I was praying that the price falls more and more. The price dropped to below a dollar and I put all of my net worth into it because I thought it was an unbelievable bargain. Every extra penny I had I would put into ETH. I ended up investing around 30k. To me it was so obvious that it is much more valuable than $1 and that people were completely out of their minds for selling it for so low. It felt like people are selling gold bars for a dollar. Bitcoin market cap was a few billion, but Ethereum was something like 50 million AND it is better than Bitcoin in every way by at least 10x I kept telling myself. I remember predicting to people that it will go up 1000x in 10 years. I was talking to some friends about it at the time, but none of them bought as far as I know (until much later). The price jumped to about $10 in the spring of 2016. I didn’t even think about selling. I held through the DAO hack and DDOS attacks, when the price dropped by more than half. I actually felt that these things are good for the system because it’s antifragile. In early 2017 the price jumped from $10 to around $30 and I was officially a millionaire. Was I thinking about selling at this point? Hell no, it’s still undervalued! It went to 400, then dropped to 180, slashing my net worth in half and I lost like 10 million on the way down. I still felt it was undervalued at this point. It was kind of crazy: eating lunch with my coworkers, then checking the price and realizing I lost like 1 million in the past hour. And then going to meetings, discussing some bugs or features with my teammates at work. I did not participate in any ICOs because I felt they were not a good value and if some ICO succeeds, it would be good for Ethereum anyways. I think I’m a pretty unusual crypto investor: I don’t hold any Bitcoins, only ETH and no other tokens. I only used BTC in order to buy ETH in 2015, and converted all of them to ETH ASAP. I remember a friend asking “what is so good about Bitcoin? Is there anything I can buy with Bitcoin, that you can’t with dollars”. I jokingly answered ETH. I didn’t sell a single ETH until the price hit about $500 in the fall of 2017. At every point before $500, I thought that it was still extremely undervalued. I started selling to diversify. I ended up selling on the way up to $1400 and continued selling until it went down to about $600. I cashed out a few million dollars, about 20% of my holdings. I actually didn't feel great selling, because I still felt that the assets are still more valuable than what I’m getting for them. After paying taxes, I diversified into stocks and bonds. According to my calculations, I can live comfortably for the rest of my life without working or selling a single ETH again. I quit my job in 2018 and traveled around the world for many months. I think to myself, did I get lucky? Or am I some kind of investment genius and maybe I should go into angel investing? I looked around for some investment opportunities, but nothing comes close to how I felt about ETH in 2015. Back then it felt to me extremely obvious that this thing is extremely undervalued. I never got that feeling about any other investment since, even though I looked, so I never invested in anything else. I still find it surprising that people were willing to sell ETH for under a dollar just a few years ago.
My username ydtm refers to a foundational principle behind Bitcoin: You Do The Math. Regarding the Craig Wright spectacle, I must say that Theymos and Luke-Jr are the ones who best reflect this idea of "you do the math" - while Gavin's blog post and comments (for whatever mysterious reasons) do not.
Craig Wright just performed a public spectacle, not a mathematical proof It is totally irrelevant whether someone, anyone - be it Gavin or Satoshi or Galileo or the Pope - writes some blog post saying they personally "witnessed the keys signed and then verified on a clean computer that could not have been tampered with". [emphasis added] Even the further detail which Gavin provides here... https://np.reddit.com/btc/comments/4hfyyo/gavin_can_you_please_detail_all_parts_of_the/d2plygg ...might be interesting from a sociological perspective, but from the perspective of mathematics, it is utterly meaningless. People who know my post history know that I have supported Gavin's approach for "simpler and safer scaling now" via things like bigger blocks and Classic - and I have vehemently criticized Theymos for being tyrannical and Luke-Jr for being doctrinaire. But regarding Craig Wright's extraordinary claims and his unorthodox methods for supposedly "proving" them, Gavin is wrong (for believing them - or, more precisely, for expecting us to believe his hearsay testimony about them) and people like Theymos and Luke-Jr - as well as many other people on these threads - are right (for questioning or simply ignoring Craig's claims and "demos"). This little demo in London is not, and has never been, the way a mathematical proof is done. And, frankly, aside from any particular details of this so-called irrelevant pseudo-"proof", it is shocking that Gavin does not know this basic underlying fact about the methods of mathematics - which go back for centuries, long before we started doing mathematics with the assistance of electronic computing machines. Someone (in this case, Gavin) talking about having witnessed some pixels on a screen driven by a heap of metal and silicon stirring "a vast sea of binary soup" on a machine running a von Neumann architecture manufactured by Intel or AMD using some "funky OpenSSL procedure" is not and has never been "mathematical proof" - and it is shocking that Gavin suddenly seems to have forgotten this well-known mathematical fact. Gavin may "believe" that he "witnessed" a mathematical proof. And it's fine for him to write about this on his blog. But he should not present his witnessing and his blogging as some kind of "mathematical proof" for the rest of us. Because (as many of us might remember from our high school geometry classes): mathematical proof is not and cannot be provided by a mere human witness or blog report or reddit comment. As we all know, a person or a comment might talk about a proof, and might even (for convenience) provide a reference or link to the proof itself - so that we could all reproduce it. But the "proof itself" must involve a publicly available method or algorithm which any interested party can access and repeat / reproduce on their own, to their own satisfaction. And it would be shocking and appalling for someone who supposedly knows a bit about math (Gavin) to not understand this basic fact about mathematics. I don't know what the hell happened to Gavin here, but this sure is yet one more fascinating event in the ongoing drama of Bitcoin! Proofs vs politics If you're inclined towards tinfoil theories, then what we're seeing could also possibly be interpreted as an economic or political event (ie: a stunt?), when we remember that the proposition whose truth is supposedly being "proven" in this case happens to involve:
a guy claiming to be the inventor of a controversial new debt-free currency which has been struggling mightily to liberate and resuscitate a dying global civilization which has been enslaved by certain people who issue their own debt-backed currencies, and
another guy who has also generated a certain amount of controversy by being a prominent advocate and coder (often treated as a figurehead for certain people to focus their hate) on the "big-blocks" side of the ongoing scaling debate.
There could be enough drama and mystery here for us to engage in wild speculation and theorizing until the last Bitcoin is mined. But that's not what this post is mainly about. This post is about proof. Everyone who took high school geometry knows what a "proof" is As we know, a mathematical proof, unlike a political stunt or a public spectacle, is essentially an abstract artifact (in math it's often called a "theorem" or an "assertion") in association with one or more concrete (but, most importantly: public and reproducible) "realizations" or implementations demonstrating the "truth" of that theorem of assertion. By the way, all these various realizations or implementations (or proofs) are in some sense equivalent - even if they might happen to use different "languages" or formats. The important thing of course is that a proof must be arbitrarily reproducible by anyone, using their own methods and tools - and hardware! For example, some people might prefer to go through the steps of a proof on a laptop using a library written in C++ or Python, others might use the Coq theorem prover, and others might use pen-and-paper. Some people might use an algebraic approach, others might use a geometric approach, etc. But the point is: a proof is just an abstract idea (theorem or assertion) plus the concrete implementation(s) which demonstrate its "truth" - with the implementation(s) getting done again and again, by anyone in the public who wants to - not just once on some laptop during some event in London before some hand-picked witness who got specially flown in for the occasion. A "proof" must be public, repeatable, and reproducible A proof is something you (can and should) do yourself. You. The public. Everyone in their own way, using their own language, to repeatedly prove the same proposition, in their own way, to their own satisfaction, on their own device. In order to verify that 32 + 42 = 52 you don't rely on a blog post from some guy who got flown to London and who personally "witnessed" it. You prove it yourself, whichever way you know best - using a calculator, your laptop, your smartphone, chalk on a blackboard, pen and ink on back of a cocktail napkin, or scribbles drawn in the sand. Or, in another situation, to verify that some software you downloaded is authentic, you grab some public keys off servers and you run some code to check some signatures, while of course taking reasonable steps to avoid man-in-the-middle attacks, ensure that your computer is virus-free, etc. You Do The Math What you do not do is "believe" the mathematical proof of the Pythagorean Theorem or the Quadratic Formula or someone's cryptographic signature simply because some well-known guy got flown to London and personally "witnessed" it "on a clean computer that could not have been tampered with". Also, by the way, that "well-known guy" should be very careful how he writes about what he "witnessed":
It's fine for him to say that he believes what he witnessed.
And it would be helpful if he were to also provide a link so that everyone else could repeat the same proof themselves - as is standard procedure in public-key cryptography.
But in no way should Gavin's blog post or reddit comments, on their own, be considered "mathematical proof".
Those are just reporting of something that Gavin says he saw. Mildly interesting - but mathematically irrelevant. And it is very strange that Gavin is even posting them. You would that he has enough mathematical background to know that such communications, devoid of reproducible results, are meaningless. We all need to be able to repeat the proof ourselves Sometimes, if a proof involves lots of details or some tricky concepts, we could alternatively watch someone else do it - but there can't be anything "up their sleeve". They have to "show all their work" - to us. For example, you can watch some Khan Academy YouTube videos that provide nice, easy-to-follow proofs of the Pythagorean Theorem or the Quadratic Formula. These videos are quite satisfyingly convincing. For example, to prove the Pythagorean Theorem, they use a geometric approach where they break up a triangle into chunks, and then they move the chunks around to reposition them, so you, me, anyone, can literally (geometrically) see, and "prove", thathow a2 + b2 = c2 (where a and b are the "legs" and c is the "hypoteneuse" of a right triangle). In this approach, we are verifying everything ourselves. There is nothing "hidden" - there is nothing that even could be tampered with behind the scenes: the little triangles are all there in front of us. Those proofs on the Khan Academy YouTube channel are done in chalk before our eyes. Not behind the scenes, spitting out some result, on some computer that we merely believe "could not have been tampered with". So, the essence of the meaning of "proof" is that anyone who is interested must able to conceptually go through the actual steps themselves - it's not about taking someone else's word for it. Proof, like Bitcoin itself, is permissionless "Proof" isn't about doing something behind a curtain (or on a chip on a computer in London) for a specially chosen audience. "Proof" is about me and you and anyone else being able to repeat and reproduce the results ourselves. Maybe Gavin himself did indeed "see" something, and as far as that goes, it's fine - for him. And of course he's entitled to write a post expressing his opinions and beliefs. But that has nothing to do with mathematical proof for us, and it would be crazy (and very un-mathematical) of him to expect us to give any mathematical weight to his personal experiences and opinions and beliefs as expressed on his blog or in his comments. Real mathematicians and programmers (and, presumably, Satoshi) already know all this All over these subs, many people are saying that if Craig Wright wants to prove that he is Satoshi, then he should simply follow the standard procedures for proving this (from mathematics and public-key cryptography). And if not, GTFO. And they're absolutely right. Satoshi Nakamoto certainly knows the standard procedures and requirements of science and mathematics and public-key cryptography - and none of them have been followed in this weird farce: most importantly, the requirements that scientific and mathematical proof must be based on a permissionless, repeatable, reproducible procedure (and not some private performance). A bizarre episode Maybe eventually we'll get to the bottom of all the fascinating social or political or economic details behind this bizarre episode. And if Bitcoin does turn out to be anti-fragile the way many of us believe, then hopefully someday we all might be able to look back on this strange day as yet another twist in the history of Bitcoin and cryptocurrency. Bitcoin is about trusting math, not humans I have no idea what's going on with Gavin. The fact that someone so central to Bitcoin development (and so prominent on one side of the scaling debates) has gotten involved with this whole weird Craig Wright spectacle is, shall we say, "very interesting" - and could be the basis for any number of wild speculative theories. My own (admittedly somewhat tinfoil) theory would be that, even though we don't know what specifically is happening here, we can at least take this as one more suggestive indication that certain people seem to be trying very hard to do various things to the publicly visible developers of Bitcoin. Many devs seem to have been "neutralized" in various ways - whether co-opted by a corporation (like most of the Core devs now at Blockstream), or ostracized and hounded into rage-quitting (like Mike Hearn), or now (apparently) publicly duped and discredited (like Gavin). Meanwhile, right now I'm just happy that people like Theymos and Luke-Jr (both of whom I've vehemently disagreed with in the past) - as well as many other people on these threads - understand and insist that the only way you can prove something in Bitcoin is if "you do the math" yourself.
When economists refer to industrialization, does it mean a move from agricultural to manufacturing economy? Is the growth in services a different term? (24 points, 6 comments)
Do economists actually calculate consumer surplus empirically, or is it more of s theoretical concept? (19 points, 5 comments)
Does employees of a company with a relatively inelastic demand have an incentive not to care too much? (13 points, 9 comments)
why is ceteris paribus important for analyzing/thinking about the world? (12 points, 7 comments)
Is me making more money than I would necessarily require to work( so more than my 'opportunity wage') for a job an economic inefficiency? or is ineffiency in labor markets a wedge between my marginal revenue product and my wage? (11 points, 3 comments)
With a land value tax, since the supply of land is perfectly inelastic(or less elastic than demand), would theory suggest land owners will pay most of the tax? (10 points, 4 comments)
Are policies such as the gov creating jobs that arent necessary(like gas station attendants) an example of the Broken window fallacy? (7 points, 7 comments)
what is meant by value added? (7 points, 3 comments)
Question about planned economies without price mechanism and forced labor (5 points, 2 comments)
Why does inflation necessarily mean wages will be increasing too? (5 points, 3 comments)
[uncensored-r/btc] Bitcoin Tech Rant: Smart Contracts - December 27 2017
The following post by L14dy is being replicated because the post has been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ btc/comments/7mg6l1 The open modlog reason it was removed as reported by /btc was: spam The original post's content was as follows:
Bontshour Moonboys. This is a really really long one, so I'll put the TL;DR at the top. TL;DR: I am ICOing next year for a free online Crypto Univesity where I will be doing things differently than ever done before. The token structure will be Colored Coins on BTC and I believe that people who get their degrees for free will donate to the project, and the donations will be redistributed to the token HODLers. I will be responsible for all/most of the content at the beginning, but anyone will be able to provide me with content, and noone will get paid for making content, just participate in the ICO if you think it's good shit. The degrees will be accredited from an actual Top 10 university, and degrees will be issued as colored coins on the Bitcoin blockchain signed by yours truly. ICO pre-sale address is: 1H3HuW3edwmxfWv73ebs7hcLDHYfMy4RAP (Haha, No SegWit :DDDD) @Mods, please dont ban me, I love you. Smart Contracts are not that great, but here's how they work from a deep deep deep mathematical level, and here's one way (out of literally thousands) they were implemented in CryptoCurrencies. ICO: I'm starting a website where I will do things in a more serious fashion. I'm planning to ICO a blockchain academy where you will be able to get an actual Bachelor's and Master's degree (accredited from an actual university) for free. Everything will be 100% online and it will be a Math/Comp Sci major with a focus on Cryptography, Game Theory and Distributed Systems (nothing else, even though I could do Chemistry, Bio, Physics and maybe even some Engineering disciplines.. Maybe Later.. maybe also some economics). It'll be called something like www.L14dy.com... www.SoYouThinkYouCanBitcoin.com... www.CryptoCunts.com... www.ShillinIsAHabit.com... Something funny. If you want to post ideas on the name for the website, please feel free to do so. It'll be great! Everything will be completely free, but there will be a payout structure for donations. That's why I want to ICO it. I want people to have skin in the game, and I expect that people who get their degrees there for free will actually pay in the form of donations, which will be redistributed to the Token HODLers. The whole thing will be built on Colored Coins, and even the degrees will be issues as colored coins signed by yours truly. Stay tuned. ICO pre-sale address: 1H3HuW3edwmxfWv73ebs7hcLDHYfMy4RAP No SegWit, cuz I dont have access to a computer rn, and I dont have my wallet app. I actually manually computed this address using my iPhone's random number generator. It's legit, I have the private key :D NOT trying to shill here, but there is really no harm in posting it in case someone just wants to YOLO in. Please don't send big amounts... It's more just a joke because I hate ICOs, but feel free to do whatever you please with it. I'll do something cool for the pre-sale like issue you a special color (Big fan of Purple, cuz my pimp game is strong). Please don't send any large amounts of BTC, I'm not looking for money, I'm looking for a BTC success story. DO NOT SEND MORE THAN 1BTC UNDER ANY CIRCUMSTANCES. PPS: @ mods... Please don't ban me. I know I have a problem. I will do better. I promise. Im not looking for a handout either. I'm looking to make Crypto a success. Here goes nothin: RANT: Ok, now that we've had enough time holding each other's dicks, it's time for the big tech rant..... This time it's about... WAIT FOR IT.... SMART CONTRACTS. Holy fuck... There is literally nothing I could care less about that Smart Contracts (except shitcoins). I think it's the dumbest shit since Beanie Babies. But... I guess others care, so whatever. u/GenghisKhanSpermShot asked me to do a tech rant on RSK, so I guess here goes nothing. Once again though... I really think RSK is vaporware, I couldn't give two shits about any of the BS coming out of the shitcoin industry regarding Smart Contracts and I truly believe the entire market missed the point of this whole thing... Bitcoin Script is a way better option for creating "Smart Contracts". It's just cleaner, more elegant and I personally think MAST blows all this shit firmly out of the water... So I've decided to give you guys an overview of the current state of Smart Contracts as well as my utopian technical view on "Smart Contracts" in Bitcoin. No Bullshit RSK, Ethereum, Cardano, EOS, whatever the fuck else is out there. I seriously think it's all junk, and I can get into a lengthy discussion as to why but I have honestly decided to just let sleeping dogs lie and just be the best me I can be. If you like the bullshit they spew, then please just don't post it here. I will report your post to the mods (again, mods... please dont ban me. I love you guys, I love this sub and I love Bitcoin). Don't ask me about other shitcoins and just please leave me the fuck alone about your "Blockchain X.0" bullshit. Agree to disagree I guess. You're just mad you missed the boat on BTC and now you need to lie to yourself to make up for it. Take a good look in the mirror and embrace the truth: There is only one true coin It's name is Bitcoin Satoshi is a genius (RIP Hal) This is religion This whole market is super overinflated, and I'm pretty sure we will see a 90-95% correction across the board one day (over the course of weeks/months)... Yes, even Bitcoin will go down a FUCKTON. But not today I guess. Ok, so now on to the main course. Smart Contracts is nothing new. It's just a new way of saying Code tbh. If you can do it in a Smart Contract, then you can do it on a regular server in some Turing Complete language. My personal favorite language in C (but only because I fux hard with assembly), but Python and Go are other great options. Never learned Rust, but planning on doing so. Hate java... never wrote a single line of Java in my life, but apparently others like and I think whoever came up with Haskell deserves the turing award and the fields metal for their beautiful handling of monads (unpopular opinion). I come from the school of thought of Euler, Bernoulli, Galois, Ramanujan, but I stumbled into Bitcoin due to my drug addition. Ok, so back to the rant. At it's most basic level, Smart Contracts are simply an implementation of what is commonly referred to as a Finite State Machine on top of a blockchain. The bitcoin blockchain and PoW based Nakamoto Consensus (read my post on mining if you have to) is used to achieve an eventually consistent state replication of a distributed fully-replicated database that tracks a ledger (https://en.wikipedia.org/wiki/Ledger) It's basically a Cryptographic calculator with the ability to memoize a bunch of variables. But Satoshi (all hail our god) was such a fucking genius that he included Bitcoin Script (which wasn't even in the fucking whitepaper - How was one man so fucking smart???? RIP Hal), and Bitcoin Script allowed to actually program some (but not all) the Cryptography needed to set conditions on when the memoized variables of that calculator could be changed (it still keeps me up at night how one man could be so insightful... I sit there staring into nothing wishing that I can one day achieve such greatness and be so god damn selfless that I give it out for free... Bitcoin is freedom for the people by the people and if you don't believe that, you just don't get it I'm sorry). Ok, so now we've gone into a lengthy discussion as to what Bitcoin actually is using our analogy of a calculator (and retards like Italic Buterin actually consider this to be an issue with Bitcoin... Saying something like ETH is a computer compared to BTCs Calculator... Bla Bla Bullshit) The thing is that it is VERY VERY possible to make Smart Contracts in Bitcoin. Not only is it possible, it's elegant, it's functional, it's amazing. I am not a huge cockstream fan (sorry guys... You're all great people, but the joke was too good to pass up), but their implementation of Simplicity (although overcomplicated and somewhat useless in my eyes is actually pretty damn insightful and deff goes very far down one of my personal favorit rabbit holes, Monads (https://en.wikipedia.org/wiki/Monad_(category_theory) and https://en.wikipedia.org/wiki/Monad_(functional_programming)) Feel free to reach out to me if you need help... You're going to need some fucking help unless you have a PhD in Mathematics. Ok, so back to the point here.. Sorry, I'm a little aspy tbh. The point is that Smart Contracts are a "change" (I would say a minute and non-interesting vaporware BS type of incremental change we shouldn't even give a second thought), where instead of using Pow based Nakamoto consensus on this globally distributed fully-replicated database to keep track of a decentralized ledger, we keep track of a decentralized Finite State Machine (shoutout to my main man Alan Turing, you went too soon... And I'm really sorry, because you didnt deserve what happened to you, nobody does. You do you in heaven my man... You do you.). And a finite state machine is interesting as fuck. There's a ton of stuff out there on FSM (Funny Slutty Mexicans... Na, Finite State Machine). If you don't know what it is, you deff should (Monads not so much). Basically, at any given point in time t \in [0,T], there is a a state S_t which describes the "state" of the machine. For the most part this is just an abstract thing and it can be encoded in a number of ways: one of which is just a union of ordered sets of fixed-length byte arrays that live in the power set of the ...
An article that I wrote which will be published in a newsletter to about 50k people What is Bitcoin? Wall Street Journal has being blogging about it, Dell.com started to accept it, and you probably have heard that it was hacked but somehow it is still around. Bitcoin is the first ever crypto-currency. Most of the attention from the media has being focused on Bitcoin’s price, and the fact that it allows for money laundering and drug trafficking. For the start-ups such as Xapo and CIRCLE, who have raised $20 M and $17 M respectively, and the VCs, who have invested a total of $154M in cryptocurrency start-ups as of first-half of 2014, they see something more than the price. Simply put, they see it as a technology that has the potential to disrupt finance. The questions that I get the most often are: • Who “owns” Bitcoin? • How are they created? • Is Bitcoin money? • How is this relevant to Actuaries? Bitcoin has put the way finance work on its head and completely changed the way digital assets can be used, stored and traded. I will attempt to explain exactly how this is accomplished and provide some resources for those who are willing to dig deeper. Who owns, creates and secures bitcoins? Bitcoin started as an experiment by Satoshi Nakamoto. The goal for the experiment was to decentralize trust when you send and receive money. Bitcoin itself is an open-source project. It means that no one owns it. To join the network, everyone needs to have a compatible version of the software. Anyone can contribute to Bitcoin’s source code. As of now, there are a few core developers pushing for changes and updates within the software. Bitcoins are created in a way that is intimately linked to how Bitcoin transactions are secured. The genius of Bitcoin is the fact that it allows for consensus throughout the network to emerge by a process called proof-of-work. The proof-of-work solves an important problem in computer science that originated half a century ago. There were previous attempt at solving the Byzantine Generals’ problem but none really succeeded until now. People reach consensus and guarantee the legitimacy of financial records through a central entity. Be it bank, Paypal or a credit card processor, they all hold a central ledger that they are responsible for. When a payment is made either online or in stores, they take care of making updates to their central ledger. Crypto-currencies do it in a completely different way. There are no central ledgers. Instead, “everybody who runs the (full) software has their own copy of the ledger.” This means no one has the power to cut off another connection, confiscate their assets, or charge them an unfair fee. The magic of Bitcoin was a way to incentivise people to maintain these ledgers in an honest way by paying those doing the work with bitcoins (mining). How this exactly works takes a while to grasp but the end-result is a cryptographic based system that incents everyone who is in the network, to secure the network. Is Bitcoin money? Legally, Bitcoin has being classified as property in the United States. The Canadian government just tabled a bill to regulate virtual currencies. Germany has recognized Bitcoin as private money. China has banned its financial institutions from Bitcoin transactions. Needless to say, regulator and politicians are starting to pay attention to this technology and figuring out how to protect their citizens and country. (Here is a list of Bitcoin’s legal status around the world.) Socially things are a bit different. Sea shells, Rai stones, precious metals, and even Tide are used as a medium of exchange. It is “money” as long as one can spend it (there are thousands of online and offline locations to spend bitcoins). Currently, it is very confusing for the average user to acquire, store, and spend bitcoins. It needs to reach a point where everything is easy; someone needs to do with Bitcoin what Apple did with personal computers. Company such as Coinbase, Bitpay, CIRCLE and Blockchain are at the forefront of this effort, building a one-click solution for merchants and customers. Why is this important to the insurance industry Blockchain technology makes Bitcoin possible. While Bitcoin is the first application of this technology, there are already companies and start-ups that focus on other innovative applications. This technology allows a way to transact without a trusted third party. It does not have to stop at currency. It could be a parking ticket issued over the internet, or a digital “pink slip” as proof of ownership. Bitcoin 2.0 platforms are being built to fulfill promises of decentralising exchanges, prediction markets, cloud storage and name registry. One of such platform is called Etheruem. The hope is to create a platform on which anyone could write smart-contracts. Ultimately the developers are looking to build DAOs, or decentralised autonomous organization. What about decentralized insurance? This might still be far down the road, but one thing is for sure, technology is breaking up the traditional value chain. With technological advancements, we will see more policies being sold online which are managed by independent brokers, claim adjusters, underwriters and actuaries. With the help of decentralised applications, anyone would be able to write a smart insurance policy, find a third party that is willing to hold the risk, and automatically treat for premiums, payouts, lapses and expiry. Until Bitcoin, paper money is the most recent innovation on money. What we have here is a quantum leap towards what money and digital assets can be in the 21st century.Imagine a decentralised and secure database that every insurer and reinsurer has the access to instead of segregated database costing millions to reconcile and audit. Data and events are updated on the go with calculations of reserves and premiums done in real-time. There is a reason why so many bright minds are attracted to Bitcoin and its underlying technology. As it is said in Bitcoinland: to the moon! For those who are curious, Khan Academy has a series of videos that explains mining in more details.
4/10/14 Video News - China & BTC, Bitcoin Tax Solutions, Libra & BitInvest Coincards
http://www.moneyandtech.com/apr10-news-update/ Here are your top news stories today in Money & Tech: Bitcoin prices plunged again today, this time as much as 10%, as more Chinese banks confirmed rumors and sent out official deposit shutdown notices to bitcoin businesses, including exchanges BTCTrade, BTC100.org and Huobi. The People’s Bank of China, however, continues to offer no official statement. And BTC China CEO Bobby Lee confirms that they still haven’t received any official word, maintaining their promise to operate in full until they do. Lee reiterates that this is not the end, but rather “a cooling off period,” and that they “are still very excited.” April 15th is also a big day for the US. Tyson Cross of Bitcoin Tax Solutions is partnering with BitcoinTaxes, to create the first specialized preparation service for cryptocurrency users and help them navigate the recent IRS tax ruling. The new service will automatically monitor purchases and mining income through the blockchain, then calculate short-term and long-term capital gains, and prepare your tax files, all while offering expert tax advice and planning throughout the process. Bitcoin startup Libra is also building a user-friendly tax solution, which can automatically track your transaction history and calculate your capital gains in accordance with the new IRS regulations. Libra won’t be ready to launch until the third quarter, but founder and CEO Jake Benson promises it will at least be ready quote “in time for the extended tax deadline, so we advise everyone to file for an extension this year.” Brazil digital currency exchange BitInvest is introducing a new pre-paid MasterCard called the Coincard which actually holds bitcoins, and can be used at any location that accepts MasterCard. This launch date hasn’t been announced yet, but will be timed nicely with the upcoming World Cup, allowing visitors coming into the country for the games to buy things during their stay without the hassle of exchange rates. Netsolus announced at Inside Bitcoins NY this week that it has begun creating a custom data center for industrial mining customers, which will “be bringing close to 20 megawatts online.” 1 megawatt alone would be enough to power 1,000 homes. The hosting and data center provider already earns 75% of its profits from bitcoin customers, and offers a total of about 3 megawatts of power capacity across its existing five data centers and various custom bitcoin mining sites. Law and Business school professors at NYU are designing a new course for this coming Fall term called “The Law and Business of Bitcoin and Other Cryptocurrencies” which would join similar programs such as Khan Academy’s online course “Bitcoin: What is it?” and in Cyprus, the University of Nicosia’s digital currency master’s program. This year, annual tech startup award show The Europas is adding a brand new category for the “Best Virtual Currency Startup”. The event’s founder, Mike Butcher, who is also TechCrunch’s “Editor At Large,” is very confident about this new category, saying “you’d have to live under a rock not to realise that digital currency is potentially one of the biggest tech trends in the last 20 years.” In our effort to bring you regulatory updates and insights this week, we interviewed CoinApex CEO and co-founder Alex Waters about his newest startup CoinValidation. Find that video here shortly.
If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. Bitcoin is a revolutionary system that is quite complex and has a steep learning curve. Make sure you have a decent grasp of the system before you store a significant amount of value in it. Note that this list is open source; please suggest additions on Github! Getting Started: Explain Bitcoin Like I’m Five; Bitcoin Explained (illustrated guide in simple terms) The Bitcoin Whitepaper written ... Khan Academy Bitcoin Series - Founded in 2008 by Salman Khan, the non-profit Khan Academy is on a mission to provide a free world-class education for anyone, anywhere. Captain Bitcoin. At CaptainBitcoin.org our goal is to educate, explain and encourage adoption of bitcoin. Truth, Justice and Bitcoin! Getting Started: Explain Bitcoin Like I'm Five; The Bitcoin Whitepaper written by Satoshi Nakamoto; Watch / Listen: The Bitcoin Whitepaper; The Value of Blockchains; How Bitcoin Works (non technical) (5 min video) How Bitcoin Works (a bit technical) (5 min video ... Or at k: "bitcoin khan academy." The online learning startup has a great video introduction to the currency.. Or down at X: for its infancy, most people abbreviated Bitcoins BTC. But recently, XBT ...
Nominal interest, real interest, and inflation calculations AP Macroeconomics Khan Academy - Duration: 3:34. Khan Academy 46,616 views. 3:34. FRM: TI BA II+ to compute bond yield (YTM ... Basic Shorting. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/shorting-stock/... Many people wonder how the price of Bitcoin is calculated, but it’s important to remember that it works no different than it would with other currencies or objects. Let’s first look at how the ... bitcoin exchange, bitcoin exchange rate, get bitcoins, bitcoin exchange gbp, bitcoin exchange rate gbp, bitcoin exchange rate history, bitcoin exchange rate usd, bitcoin exchange rate euro ... Khan Academy is a 501(c)(3) nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. Our interactive practice...