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How to purchase and exchange your litecoin! (longer read)
This post will show you the best ways to buy litecoins using many different payment methods and exchanges for each method. Before you start, make sure you have a good litecoin wallet to store your LTC. NEVER store your litecoins on a crypto exchange.
Start trading fast; high limits
Easy way for newcomers to get bitcoins
Your capital is at risk.
High liquidity and buying limits
Easy way for newcomers to get bitcoins
“Instant Buy” option available with debit card
Works in almost all countries
Highest limits for buying bitcoins with a credit card
Reliable and trusted broker
Buy Litecoin with Credit Card or Debit Card
Let’s dive into some of the exchanges supporting Litecoin credit card purchases. These exchanges are our favorite ways to buy.
Coinbase is the easiest way to buy litecoins with a credit card. Coinbase is available in the United States, Canada, Europe, UK, Singapore, and Australia. The fees will come out to 3.99% per purchase. Here is a good video that can help walk you through the process of buying on Coinbase, although it’s fairly easy.
Coinmama recently added the ability to buy litecoin directly on the platform. Users from nearly any country in the world can use Coinmama to buy litecoins. Coinmama has some of the highest limits among credit card exchanges.
BitPanda is based in Austria and is a crypto brokerage service. You can buy using a credit card from most European countries.
CEX.io is based in the UK and is one of the oldest crypto exchanges online. CEX.io supports litecoin and its users from nearly anywhere in the world can buy litecoin with credit card on the platform.
Buy Litecoin with Bank Account or Bank Transfer
Coinbase is the easiest way to buy litecoins with a bank account or transfer. Coinbase, like is is for credit cards, is available in the United States, Canada, Europe, UK, Singapore, and Australia. Coinbase is one of primary exchanges used to buy Litecoins. Americans can use ACH transfer (5–7 days wait), and Europeans can use SEPA transfer (1–3 days wait). The fees will come out to 1.49% per purchase.
BitPanda is based in Austria and is a crypto brokerage service. You can buy using SEPA transfer from most European countries. You can also use SOFORT, NETELLER, or GiroPay.
CEX.io also supports litecoin buys via bank account. This is via wire transfer for US citizens, SEPA for Europe, and SWIFT for the rest of the globe.
Binance is now one of the largest if not the largest cryptocurrency exchange in the world. It supports bank and card purchases of Litecoin as well as Litecoin trading pairs with Bitcoin and Etehreum.
Get a Litecoin Wallet
Before we move onto other options: Never store your litecoins on an exchange! Always withdrawal your litecoin to an offline cryptocurrency wallet like the Ledger Nano S or any other wallet that you control. The Ledger Nano S and TREZOR are the best options for secure storage.
Other Methods to Buy Litecoin
If you don’t have a card or want to avoid the high fees, you can use the following methods to buy Litecoin as well. Find out which one works best for you.
Buy Litecoin with PayPal
Unfortunately, there is no easy way to buy Litecoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case. You can, however, now use eToro to buy Litecoin, unless you live in the United States. If you live in the US, the only way to buy Litecoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litecoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Coinbase Pro to swap the Bitcoin for Litecoin.
Buy Litecoin with Cash
There is no good way to buy litecoins with cash. LocalBitcoins is the most popular way to buy bitcoins with cash, and it does not have Litecoin support. Other popular cash to Bitcoin exchanges like BitQuick and Wall of Coins also do not support LTC. So you will have to first buy bitcoins with cash then exchange them for LTC using the method described below. The same goes for Bitcoin ATMs. Most do not support Litecoin. So if you want to buy litecoins at a Bitcoin ATM you first have to buy bitcoins and then trade the BTC for litecoins.
Buy Litecoin with Bitcoin
If you already have Bitcoins then it is VERY simple to convert some of your BTC to litecoins. You just need to find an exchange with the LTC/BTC pair, which is most exchanges since LTC/BTC is a very popular pair to trade.
Buy Litecoin with Skrill
BitPanda, mentioned above, also accepts Skrill payments for LTC. The fees will vary and are simply included in your buy price.
Cryptmixer is probably the fastest way to convert BTC to Litecoin. You just enter the amount of LTC you want to buy, and give them a LTC address. Then they will tell you how much BTC to send to their address. Once your BTC is sent, you will have LTC delivered to your wallet very shortly after.
Buy Litecoin with Ethereum
Ethereum has experienced a massive price rise. Nearly a year ago it was $10, and now at over $500, many want to move some of their ETH gains into other coins like Litecoin. Litecoin has very good liquidity, and is very popular among traders especially in China. So this guide is going to show you how to buy litecoins with Ethereum. We will show some of the best exchanges you can use, and the pros and cons of using different types of exchanges over the other.
Cryptmixer is one of the most unique exchanges, and also one of the fastest ways to convert your ETH to LTC. With Cryptmixer you do not even need to store your money with the exchange, meaning you are at very little risk of getting your funds stolen. With Cryptmixer you simply specify the amount of LTC you want to buy, and specific the address to where your litecoins should be sent and within 30 minutes you will have LTC delivered to your wallet.
Poloniex is the world’s largest altcoin exchange. However, there is a huge downside to using Poloniex to convert your ETH to LTC: Poloniex does not have a LTC/ETH market, meaning you have to first trade your ETH to BTC, and then trade your BTC for LTC. While this method works, you will have to make multiple trades and also pay fees twice.
Shapeshift is basically the same as Cryptmixer, and was actually the first company to come up with the concept of an exchange that does not hold your own funds.
Frequently Asked Questions About Buying Litecoin
Many of you may still have lots of questions about how to buy Litecoin. Odds are we have answered almost any question you could think of below. We will aim to answer many of the most common questions relating to buying Litecoin.
Why are there limited options to buying Litecoin using other altcoins?
The issue in all crypto markets is liquidity. As the space gets bigger, the liquidity also gets better. But as of now, the only VERY liquid cryptocurrency is Bitcoin. So exchanging two altcoins between each other is often harder than if BTC was involved on one side of the trade.
How much is a Litecoin worth?
Like all currencies, the value of Litecoin changes every second. The value of Litecoin also depends on the country you are in and the exchange you are trading on. You can find the most up to date price on Coinbase.
How do I buy Ripple (XRP) with Litecoin?
The best way to buy Ripple using Litecoin is to either use a non KYC exchange like Cryptmixer or start an account on Binance or Coinbase Pro and sell your Litecoin for Ripple. Look for LTC/XRP trading pairs, and make your trade.
How long does Litecoin take to confirm?
Litecoin blocks are added ever 2 and a half minutes. That means you should get one confirmation every two and a half minutes. This can vary if it takes miners longer to discover a block, but the difficulty of the finding a block should change proportionate to the hashing power on the network so that a block gets added approximately every 2.5 minutes. If you are trying to send money to a merchant, they may require more than one confirmation before they send you products. If you are depositing on an exchange, they may also require three or more confirmations before they credit your account.
How many Litoshis make one Litecoin?
one hundred million (100,000,000) Litoshis make one (1) Litecoin.
Where do I store Litecoin?
The best place to store litecoin is on a hardware wallet. You can find the best one for you on our page dedicated to hardware wallets.
When is the Litecoin halving?
The expected date of the next Litecoin block reward halving is August 7th, 2023.
Why can litecoin take so long to buy?
Litecoin can take long to buy because the legacy banking system is very slow. If you are buying with another cryptocurrency, you will see how fast it is to buy! Bank transfer in the USA, for example, take about 5 days to complete. So any purchase of Litecoin made with a US bank transfer will take a minimum of 5 days.
How do I buy Litecoin with Paypal?
Unfortunately, there is no easy way to buy Litcoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case. You can, however, now use eToro to buy Litcoineum, unless you live in the United States. If you live in the US, the only way to buy Litcoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litcoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Cryptmixer to swap the Bitcoin for Litcoin.
Can you buy partial litecoins?
Yes, litecoin, like Bitcoin, is divisible to many decimal places so you can buy 0.1 LTC, 0.001 LTC, etc.
Can you sell litecoin?
Yes, you can sell LTC on most of the exchanges mentioned above. The fees, speed, and privacy is the same in most cases.
Can anyone buy litecoins?
Anyone is free to buy litecoins, as long as you find an exchange that supports your country. Most cryptocurrency wallets do not require ID to sign up so you can always make a wallet and get paid in litecoin, too.
Which payment method is best to use?
For speed, credit card will likely be fastest. For larger amounts, bank transfer is best. For privacy, it’s best to buy bitcoins with cash and then trade for litecoins using Cryptmixer or Shapeshift.
Is it better to mine or buy litecoins?
If you have cheap electricity, it might be worth it to mine litecoins. If you have solar power or just want to mine for fun then it could be worth it. Otherwise, it’s probably better just to buy. Mining is constantly changing and small changes in Litecoin price or electricity can greatly affect your profitability.
What should I do with my litecoins once I buy?
You should immediately move your litecoins into a secure wallet. You should never leave your litecoins on an exchange. There have been countless hacks in cryptocurrency since Bitcoin was created in 2009. Hundreds of thousands of people have lost money. So buy your litecoins, and then instantly send them into a wallet you control so you are not at risk of losing money to a hack or scam.
Syscoin Platform’s Great Reddit Scaling Bake-off Proposal
https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44 We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution! Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality. Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining. This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.
Syscoin + Matic Integration
Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both. Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Total cost for these 100k transactions: $0.63 USD See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing: ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37) Syscoin price: $0.11 Snapshot of live fee comparison chart Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions. Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms. The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
Unique fee-market that is more efficient for microtransaction redemption and settlement
Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
Provides high throughput and secure fulfillment even if blocks are full
Probabilistic and interactive
99.9999% security assurance within 10 seconds
Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin 3.0 White Paper (4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
SHA256 merge mined with Bitcoin
UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
Z-DAG on asset layer, bridge to Ethereum on asset layer
On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.
Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask. Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2. Current supported wallets Syscoin Spark Desktop Syscoin-Qt
Mistyped the title... This is going to be a simple guide to help any R1 owner upgrade and optimize their Alpha.
(In order of importance) Storage Unit: HDD OUT SSD IN This is by far the easiest upgrade to make and the most effective. https://www.newegg.com/p/pl?N=100011693%20600038463 Any of those will work, just needs to be 2.5 Inch SATA. How to Replace Video WIFI Card: This is like a 5-15$ upgrade. Go find any Intel 7265ngw off eBay and replace it with your current WIFI card. If you don’t want to buy used then here. How to Replace Video RAM: Ram prices have tanked because of bitcoin mining, so this has become quite a cheap upgrade as well. I’d recommend 16GB just because why not, but if your tight on cash 8GB is fine. https://www.newegg.com/p/pl?N=100007609%20601190332%20601342186%20600000401&Order=BESTMATCH How to Replace Video CPU: This required the most research. I’d recommend you look through this first. The wattage of the processor slot only ranges from 35w-50w according to a developer of the Alpha (Source). The socket type is LGA 1150. If you’re going cheap, the i5-4590t (35w) and i5-4690s (65w) are both great options. i5-4590t i5-4690s The i5-4690t (45w) is also great but is hard to find from a trustworthy source for a reasonable price. If your willing to spend $100+ then easily the i7-4790t (45w). That is probably the best processor to put in the Alpha. All 45w will be used giving you 3.9 GHz Turbo. The T series apparently runs the best on the R1 according to This Reddit post. How to Replace Video GPU: Coming Soon! Maxed out Alpha R1 specs: i7-4790t, 1TB Samsung SSD, 16GB DDR3, Nvidia Geforce GTX 860m. (Upgrading to anything better then that is pointless)
Optimizing the Alpha R1
1st Completely wipe the computer
Just a good place to start, gets rid of Hivemind and other aging programs.
Hello. 👋🏻 Today we will tell you about ACIS-mining and its 3 best algorithms. 📌 With the advent of ASICs for mining, it became possible to mine Bitcoin in much larger quantities than using video cards. ASIC is an integrated circuit specialized to solve a specific problem, in our case, only for bitcoin mining. These schemes are many times more profitable than video cards, because with more power (hash calculation speed) they consume much less energy. This served as a good reason to create a cryptocurrency mining business. 📌 In bitcoin and other blockchain systems, the complexity of mining depends on how quickly the miners find the block. Compared with the GPU and CPU, specialized #ASIC miners solve #PoW puzzles better and are therefore able to quickly find new blocks. 📌 Since PoW is still the preferred mining consensus mechanism, we propose to take a multiple algorithm approach. Instead of trying to use algorithms which are ASIC resistant, we propose to use algorithms which have had ASIC miners for quite some time. These are: #SHA256, #Scrypt, and #X11. 🔹 The SHA-256 algorithm has a number of advantages over other information protection technologies. Over the years of use in the cryptocurrency industry, he has shown his resistance to various hacking attempts. 🔹 Scrypt is a cryptocurrency mining algorithm that was previously interesting to many single miners in view of its resistance to the so-called “hardware attack”. The speed of creating blocks in a Scrypt-based blockchain is about 30 seconds. The hashrate, like Ethash, is measured in Megahash per second. Scrypt, first of all, became popular due to its use in Litecoin #cryptocurrency. 🔹 X11 is an encryption algorithm in which eleven are used instead of one function. This means that this technology can provide a high degree of security, because in order to harm the system, an attacker will have to crack all 11 functions, which is very unlikely, because the changes made will be visible after breaking the first function, and developers will have a lot of time to protect the system before the hacker reaches the eleventh function. Since these miners are already in wide use, the distribution of mining should be fair and even. Furthermore, the use of three different algorithms results in a far less chance of any single person gaining a majority hash rate share. Lastly, we use the Multishield difficulty adjustment algorithm to prevent difficulty spike issues resulting from burst mining. Read more about PYRK mining solutions here: https://www.pyrk.org Read our Whitepaper to know more about the project: https://www.pyrk.org/Pyrk-Whitepaper.pdf https://preview.redd.it/rxmlr7wt1k251.png?width=1200&format=png&auto=webp&s=162f9ddaacb3cf3e137638464a208bdf25e50a21
The Intellectual Foundation of Bitcoin比特幣的智識基礎. By Chapman Chen, HKBNews
https://preview.redd.it/w6v3l8n3zxu41.jpg?width=2551&format=pjpg&auto=webp&s=fb0338a36a1a321d3781f43ff5eb6929d8b92edc Summary: Bitcoin was invented by the anonymous Satoshi Nakamoto as recently as 2008, but it is backed up by a rich intellectual foundation. For instance, The 1776 First Amendment separates church and state, and contemporary American liberation psychologist Nozomi Hayase (2020) argues that money and state should similarly be separated. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the anonymous creator Satoshi Nakamoto's desire for a “modernized gold standard” given rise to Bitcoin. Indeed, Bloomberg's 2020 report confirms Bitcoin to be gold 2.0. Montesquieu (1774) asserted that laws that secure inalienable rights can only be found in Nature, and the natural laws employed in Bitcoin include its consensus algorithm and the three natural laws of economics (self-interest, competition, and supply and demand). J.S. Mill (1859) preferred free markets to those controlled by governments. Ludwig von Mises (1951) argued against the hazards of fiat currency, urging for a return to the gold standard. Friedrich Hayek (1984) suggested people to invent a sly way to take money back from the hands of the government. Milton Friedman (1994) called for FED to be replaced by an automatic system and predicted the coming of a reliable e-cash. James Buchanan (1988) advocated a monetary constitution to constrain the governmental power of money creation. Tim May (1997) the cypherpunk proclaimed that restricting digital cash impinges on free speech, and envisioned a stateless digital form of money that is uncensorable. The Tofflers (2006) pictured a non-monetary economy. In 2016, UCLA Professor of Finance Bhagwan Chowdhry even nominated Satoshi for a Nobel Prize. Full Text: Separation between money and state The 1791 First Amendment to the U.S. Constitution enshrines free speech and separates church and state, but not money and state. "Under the First Amendment, individuals’ right to create, choose their own money and transact freely was not recognized as a part of freedom of expression that needs to be protected," Japanese-American liberation psychologist Nozomi Hayase (2020) points out (1). The government, banks and corporations collude together to encroach upon people's liberties by metamorphosing their inalienable rights into a permissioned from of legal rights. Fiat currencies function as a medium of manipulation, indulging big business to generate market monopolies. "Freedom of expression has become further stifled through economic censorship and financial blockage enacted by payment processing companies like Visa and MasterCard," to borrow Hayase's (2020) words. Satoshi is a Modern Newton Although most famous for discovering the law of gravity, Isaac Newton was also a practising alchemist. He never managed to turn lead into gold, but he did find a way to transmute silver into gold. In 1717, Newton announced in a report that, based on his studies, one gold guinea coin weighed 21 shillings. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the desire for a “modernized gold standard” given rise to Bitcoin. "In a way, Satoshi is a modern Newton. They both believed trust is best placed in the unchangeable facets of our economy. Beneath this belief is the assumption that each individual is their own best master," as put by Jon Creasy (2019) (2). J.S. Mill: free markets preferable to those controlled by governments John Stuart Mill (1806-1873) the great English philosopher would be a Bitcoiner were he still around today. In On Liberty (1859), Mill concludes that free markets are preferable to those controlled by governments. He argues that economies function best when left to their own devices. Therefore, government intervention, though theoretically permissible, would be counterproductive. Bitcoin is precisely decentralized or uncontrolled by the government, unconfiscatable, permissonless, and disinflationary. Bitcoin regulates itself spontaneously via the ordinary operations of the system. "Rules are enforced without applying any external pressure," in Hayase's (2020) words. Ludwig von Mises (1958): Liberty is always Freedom from the Government In The Free Market and its Enemies, theoretical Austrian School economist Ludwig von Mises (1951) argues against the hazards of fiat currency, urging for a return to the gold standard. “A fiat money system cannot go on forever and must one day come to an end,” Von Mises states. The solution is a return to the gold standard, "the only standard which makes the determination of the purchasing power of money independent of the changing ideas of political parties, governments, and pressure groups" under present conditions. Interestingly, this is also one of the key structural attributes of Bitcoin, the world’s first, global, peer-to-peer, decentralized value transfer network. Actually, Bloomberg's 2020 report on Bitcoin confirms that it is gold 2.0. (3) Von Mises prefers the price of gold to be determined according to the contemporaneous market conditions. The bitcoin price is, of course, determined across the various global online exchanges, in real-time. There is no central authority setting a spot price for gold after the which the market value is settled on among the traders during the day. Hayek: Monopoly on Currency should End Austrian-British Nobel laureate Friedrich Hayek’s theory in his 1976 work, Denationalization of Money, was that not only would the currency monopoly be taken away from the government, but that the monopoly on currency itself should end with multiple alternative currencies competing for acceptance by consumers, in order "to prevent the bouts of acute inflation and deflation which have played the world for the past 60 years." He forcefully argues that if there is no free competition between different currencies within any nation, then there will be no free market. Bitcoin is, again, decentralized, and many other cryptocurrencies have tried to compete with it, though in vain. In a recently rediscovered video clip from 1984, Hayek actually suggested people to invent a cunning way to take money out of the hands of the government:- “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something they can’t stop” (4). Reviewing those words 36 years hence and it is difficult not to interpret them in the light of Bitcoin. Milton Friedman Called for FED to be Replaced by an Automatic System Nobel laureate economist Milton Friedman (1994) was critical of the Federal Reserve due to its poor performance and felt it should be abolished (5). Friedman (1999) believed that the Federal Reserve System should ultimately be replaced with a computer program, which makes us think of the computer code governing Bitcoin (6).[\](https://en.wikipedia.org/wiki/Criticism_of_the_Federal_Reserve#cite_note-:2-12) He (1970) favored a system that would automatically buy and sell securities in response to changes in the money supply. This, he argued, would put a lid on inflation, setting spending and investment decisions on a surer footing (7). Bitcoin is exactly disflationary as its maximum possible supply is 21 million and its block reward or production rate is halved every four years. Friedman passed away before the coming of bitcoin, but he lived long enough to see the Internet’s spectacular rise throughout the 1990s. “I think that the Internet is going to be one of the major forces for reducing the role of government," said Friedman in a 1999 interview with NTU/F. On the same occasion, he sort of predicted the emergence of Bitcoin, "The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A." (8) “Of course, Friedman didn’t predict the block chain,” summed up American libertarian economist Jeffery Tucker (2014). “But he was hoping for a trustless system. He saw the need.” (9). Bitcoin Computer Code as Constitution in the Buchananian Sense American economist cum Nobel laureate James Buchanan (1988) advocates constitutional constraints on the governmental power to create money (10). Buchanan distinguishes a managed monetary system—a system “that embodies the instrumental use of price-level predictability as a norm of policy”—from an automatic monetary system, “which does not, at any stage, involve the absolute price level” (Buchanan 1962, 164–65). Leaning toward the latter, Buchanan argues that automatic systems are characterized by an organization “of the institutions of private decision-making in such a way that the desired monetary predictability will emerge spontaneously from the ordinary operations of the system” (Buchanan 1962, 164). Again, "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone" (Hayase 2020). Shruti Rajagopalan (2018) argues that the computer code governing how the sundry nodes/computers within the Bitcoin network interact with one another is a kind of monetary constitution in the Buchananian sense. One of Buchanan's greatest inputs is to differentiate the choice of rules from the choice within rule (Buchanan 1990). One may regard the Bitcoin code as a sort of constitution and "the Bitcoin network engaging in both the choice of rules and choice within rules" (Rajagopalan 2018) (11). Tim May: Restricting Digital Cash may Impinge on Free Speech Cypherpunks are activists who since the 1980s have advocated global use of strong cryptography and privacy-enhancing technologies as a route to social and political liberation. Tim May (Timothy C. May [1951-2018]), one of the influential cypherpunks published The Crypto Anarchist Manifesto in September 1992, which foretold the coming of Bitcoin (12). Cypherpunks began envisioning a stateless digital form of money that cannot be censored and their collaborative pursuit created a movement akin to the 18th Enlightenment. At The 7th Conference on Computers, Freedom, and Privacy, Burlingame, CA. in 1997, Tim May equated money with speech, and argued that restricting digital cash may impinge on free speech, for spending money is often a matter of communicating orders to others, to transfer funds, to release funds, etc. In fact, most financial instruments are contracts or orders, instead of physical specie or banknotes (13). Montesquieu: Laws that secure inalienable rightscan only be found in Nature In his influential work The Spirit of Laws (1748), Montesquieu wrote, “Laws ... are derived from the nature of things … Law, like mathematics, has its objective structure, which no arbitrary whim can alter". Similarly, once a block is added to the end of the Bitcoin blockchain, it is almost impossible to go back and alter the contents of the block, unless every single block after it on the blockchain is altered, too. Cypherpunks knew that whereas alienable rights that are bestowed by law can be deprived by legislation, inalienable rights are not to be created but can be discovered by reason. Thus, laws that secure inalienable rights cannot be created by humankind but can be found in nature. The natural laws employed in Bitcoin to enshrine the inalienable monetary right of every human being include its consensus algorithm, and the three natural laws of economics (self-interest, competition, and supply and demand) as identified by Adam Smith, father of modern economics. Regarding mathematics, bitcoin mining is performed by high-powered computers that solve complex computational math problems. When computers solve these complex math problems on the Bitcoin network, they produce new bitcoin. And by solving computational math problems, bitcoin miners make the Bitcoin payment network trustworthy and secure, by verifying its transaction information. Regarding economic laws, in accordance with the principle of game theory to generate fairness, miners take part in an open competition. Lining up self-interests of all in a network, with a vigilant balance of risk and rewards, rules are put in force sans the application of any exterior pressure. "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone," to borrow the words of Hayase (2020). A Non-monetary Economy as Visualized by the Tofflers In their book, Revolutionary Wealth (2006), futurists Alvin Toffler and his wife Heidi Toffler toy with the concept of a world sans money, raising a third kind of economic transaction that is neither one-on-one barter nor monetary exchange. In the end, they settle on the idea that the newer non-monetary economy will exist shoulder-to-shoulder with the monetary sector in the short term, although the latter may eventually be eclipsed by the former in the long run. What both the Tofflers' The Third Wave (1980) and Revolutionary Wealth bring into question is the very premise of monetary exchange. The vacuum left over by cash in such a non-monetary economy may be filled up by Bitcoin as a cryptocurrency. Satoshi Nakamoto Nominated for Nobel Prize by UCLA Finance Prof. UCLA Anderson School Professor of Finance Bhagwan Chowdhry nominated Satoshi Nakamoto for the 2016 Nobel Prize in Economics on the following grounds:- It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet bypassing governments, central banks and financial intermediaries such as Visa, Mastercard, Paypal or commercial banks eliminating time delays and transactions costs.... Satoshi Nakamoto’s Bitcoin Protocol has spawned exciting innovations in the FinTech space by showing how many financial contracts — not just currencies — can be digitized, securely verified and stored, and transferred instantaneously from one party to another (14). Fb link: https://www.facebook.com/hongkongbilingualnews/posts/947121432392288?__tn__=-R Web link: https://www.hkbnews.net/post/the-intellectual-foundation-of-bitcoin%E6%AF%94%E7%89%B9%E5%B9%A3%E7%9A%84%E6%99%BA%E8%AD%98%E5%9F%BA%E7%A4%8E-by-chapman-chen-hkbnews Disclaimer: This article is neither an advertisement nor professional financial advice. End-notes
What is EPIC CASH? Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money: 1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved; 2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services; 3. Unit of Account — the unit by which the value of a thing is accounted for and compared. Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list Oleg✌🏻 Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself? Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide. Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year. JLong I am John, Doing the general engineering and managerial work Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years. Oleg✌🏻 nice to meet you🙂 Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September. Yoga Dude Great to meet everyone :) Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about? Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine. Oleg✌🏻 Look like a real Bitcoin🙂 Yoga Dude with privacy and fungibility 😄 Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins? Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses. Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin? Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value. Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time. Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam? Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs. Yoga Dude Yes, all that ☝️😄 Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for? Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments. Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms? Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC. Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable. Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂 Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash? Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄 Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team. Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto? Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals. Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet. Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward? Yoga Dude First and foremost, we are focused on security and usability. We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it. We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability. And of course we are constantly looking to add more exchanges both with and without KYC. Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be? Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life. Yoga Dude The idea is to be able to access Epic Cash from any platform and device Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate. Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash? Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊 Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world! Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer. AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ? Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins. Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet. Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency. Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible. Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much? Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction. Joxes It is a pleasure. When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far? We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term? Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it. S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash? Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50 Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home? Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS. Does your GREAT PROJECT have plan about TOKEN BURN? Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place. Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more? Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔 kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain? Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have. Dr Mönica Hello sir @maxfreeman4@Johnsstec@Yogadude Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm??? Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action. Oleg✌🏻Perfect!It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
Venezuela’s largest department store will install blockchain-enabled cash registers in its 49 retail outlets. The megastore operator Traki announced August 22, it will integrate Singapore-based Pundi X’s point-of-sale device, XPOS, to offer a cryptocurrency payment rail for shoppers. Already available in 30 countries, Pundi aims to sell 100,000 XPOS devices by 2021. This is part of the firm’s plan to introduce cryptocurrencies for everyday use, through an ecosystem of financial products like its XPASS crypto debit cards and Xwallet. The XPOS payments system supports payments in a range of cryptocurrencies including BTC, ETH, Binance’s BNB stablecoin, as well as Pundi X’s own NPXS and NPXSXEM tokens.
Top cryptocurrency exchange Binance is launching an open blockchain project “Venus” focused on developing localized stablecoins worldwide. In an announcement published on Aug. 19, the exchange argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures. The exchange says it is seeking partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries. Binance’s ambitious new venture appears to compete directly with plans from social media titan Facebook to launch a fiat-pegged stablecoin, Libra, that would power a global crypto payments network embedded into the company’s three wholly-owned apps: WhatsApp, Messenger, and Instagram.
One of the largest mobile providers in Austria is planning to accept cryptocurrency for payment at certain store locations. A1, which services some 5.1 million mobile and 2.1 million fixed lines across Austria, is testing cryptocurrency payments at store locations across Austria. Dash, ethereum, litecoin, stellar and XRP will be available for payment, according to a report by Austrian tech news site Futurezone. The pilot program will also host payments for Alipay and WeChat Pay by the end of August. As of now, Futurezone listed seven initial locations accepting cryptocurrency payments across Austria. Moreover, A1 told Futurezone that the payment option is not only for local Austrians but increasingly geared toward tourists.
Ukraine’s top law-enforcement and counterintelligence agency uncovered crypto mining equipment on site at a nuclear power plant. According to local media reports, the Security Service of Ukraine (SBU) confiscated six Radeon RX 470 GPU video cards, a motherboard, power supplies and extension cords, a USB and hard drive, and cooling units installed in the South Ukrainian Nuclear Power Plant on July 10. All of the equipment was located in a single office, No. 104, in the administrative wing separate from the power facility, from the state-owned Energoatom enterprise. The power plant is registered as a state secret and outside computer equipment is not authorized to enter the property. The same day, a National Guard of Ukraine branch uncovered additional crypto mining equipment at same nuclear plant. In this search and seizure, 16 GPU video cards, 7 hard drives, 2 solid-state drives and router were uncovered.
Japanese cryptocurrency exchange Rakuten Wallet has launched trading a year after acquiring Everybody’s Bitcoin. Confirmed in a press release on Aug. 19, Rakuten Wallet, which is a subsidiary of Japanese e-commerce giant Rakuten, said spot trading of three cryptocurrencies — Bitcoin (BTC), Ether (ETH) and Bitcoin Cash (BCH) — was now live. In future, developers plan to release an app for iOS and Android, use of which will be mandatory for deposits and withdrawals. The exchange joins a rapidly expanding ecosystem on the Japanese market, with multiple competitors vying for a slice of the domestic cryptocurrency trade.
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So, from around 2010 to 2014 I used to mess around with mining Bitcoin. I started with CPU mining then bought a dozen of those usb asic miners then acquired a couple blade miners. My backup was to have multiple copies of my Core wallet so I wouldn't lose the coins. My failure was to keep multiple copies of the password. I used KeePass to store my password. Long story short, the KeePass database appears to be lost forever. I only know that the password is 32 characters long. By examining passwords generated by the software I can assume that it only contains no more than 3 of each characters and no two characters repeat simultaneously. It could contain upper case, lower case, and special characters. With my video card I can only brute force 5000 passwords per second. At today's bitcoin price it is not practical to invest in more computing power but someday for my kids it could be worth it. Right now it is just a project I am working on because these challenges intrigue me. I assume with a 12 GPU mining rig I could get more than 60,000 passwords per second but it would still be a matter of luck to crack it before I die. ...and go
HODLing since 2013. Sold 1/3rd of BTC today at $19.5k. Don't be afraid to take gains. Thoughts and ramblings inside.
Throwaway account for obvious reasons. I am posting this for others who may be debating about what to do with their BTC gains. First heard about Bitcoin in 2013. Ordered $8k worth of computer parts and took over the extra power in my house and built milk crate mining rigs. Kept them running, even as the price fell... As cards failed I didn't replace them. Long story short, I end up with ~80 BTC. During the "down years" before things really picked up steam I played around mining some other things, so I have around 65 Litecoin and 70 Ethereum. I messed around and spent some BTC just because I could, a couple BTC on online pokecasino sites to see how it worked... And that ill fated 1 BTC porn video from a Redditor who is probably laughing her way to retirement by now.... ;) Earlier this month I became a cryptomillionaire on December 10th. That was an awesome achievement. Luckily for me I've been involved in technology so I was already a millionaire in the traditional sense. Not anything too crazy... 4M net worth or so, but used to dealing with money and investments. My advice to others is based on 30 years in technology and being a high net worth individual since the early 2000's. Today I passed 1.5M in crypto wealth and I cashed out a third of my holdings to pay off my mortgage. I did this for multiple reasons:
I think we are in a speculative bubble. I believe in crypto and blockchain technology. It is going to change the world. But the utility is not fully there yet. The current price, in my opinion, is overinflated relative to what these things are really doing in the world. I think there will be a correction but eventually things will really take off, similar to the dot com bubble. Having worked in technology since 1997 this is just my opinion based on my gut reaction to everything going on.
Traditional banking needs reformed/to die. Why should a big bank get to collect thousands in interest from me every year? I view selling some of my crypto and clearing a major debt as not only a personal gain but a vote against the system. I would encourage anyone who can clear debt against existing fiat to do so. I would rather put $1k back into crypto a month than be giving $1k in interest back to the banks.
You are not investing if you are not ever willing to take gains, you are just gambling. I don't think anyone should ever sell 100% of their crypto, but you need to be able to part with some of your BTC at the time and choosing that makes the most sense for you and your goals.
As part of adjusting my crypto portfolio for the future today, I also converted all my Bitcoin Cash to BTC. I very much do not like what is coming out of the mouths of that group, and I believe there should only be one "Bitcoin." I am appreciative of the free money that landed in my lap from that fork, but too many options is going to confuse the general public. I encourage everyone to do the same. As I write this, I am still a cryptomillionaire and am looking forward to the future. But I have future goals in mind where I may clear other debts or continue to diversify. Unless you have no debts at all and no plans in your life I think HODLing until death is a pretty silly idea. Everyone should have some goals in mind with any financial venture. Just make sure they are big enough checkboxes that you won't keep looking back. EDIT: Since many people have asked: I used Gemini to do the sale. I also have a Coinbase account, but the fees are much higher for a large sale. Yes, you can have your limits raised at both places to be able to do larger sale quantities and bank transfers. EDIT2: Just to clarify, me mentioning my net worth and background is not to brag (to be honest, many of the people I know in the industry are worth 10X me because they took more risks) than wanting other people to know that I consider myself a successful and educated investor. When someone who has no experience is handed 1M they lose it (look at lottery winners). I want people to NOT lose, so I am using my knowledge to make sure others without that think carefully and realize that taking some gains is not a bad thing. HODL is great and all, but you need to be smart about what you own, crypto or otherwise. I apologize to anyone if it comes off as grandstanding, but you shouldn't get emotional about money.
The importance of being mindful of security at all times - nearly everyone is one breach away from total disaster
This is a long one - TL;DR at the end!
If you haven't heard yet: BlankMediaGames, makers of Town of Salem, have been breached which resulted in almost 8 million accounts being leaked. For most people, the first reaction is "lol so what it's just a game, why should I really care?" and that is the wrong way to look at it. I'd like to explain why everyone should always care whenever they are part of a breach. I'd also like to talk about some ways game developers - whether they work solo or on a team - can take easy steps to help protect themselves and their customers/players. First I'd like to state that there is no practical way to achieve 100% solid security to guarantee you'll never be breached or part of a breach. The goal here will be to get as close as possible, or comfortable, so that you can rest easy knowing you can deal with problems when they occur (not if, when).
Why You Should Care About Breaches
The sad reality is most people re-use the same password everywhere. Your email account, your bank account, your steam account, your reddit account, random forums and game websites - you get the idea. If you haven't pieced it together yet the implication is that if anyone gets your one password you use everywhere, it's game over for you - they now own all of your accounts (whether or not they know it yet). Keep in mind that your email account is basically the holy grail of passwords to have. Most websites handle password changes/resets through your email; thus anyone who can login to your email account can get access to pretty much any of your accounts anywhere. Game over, you lose.
But wait, why would anyone want to use my password? I'm nobody!
It doesn't matter, the bad guys sell this information to other bad guys. Bots are used to make as much use of these passwords as possible. If they can get into your bank they might try money transfers. If they get into your Amazon account they might spin up $80,000 worth of servers to mine Bitcoin (or whatever coin is popular at the time). They don't care who you are; it's all automated. By the way, according to this post (which looks believable enough to be real) this is pretty much how they got into the BMG servers initially. They checked for usernames/emails of admins on the BMG website(s) in previous breach dumps (of which there are many) and found at least one that used the same password on other sites - for their admin account! If you want to see how many of your accounts are already breached check out Have I Been Pwned - I recommend registering all of your email addresses as well so you get notified of future breaches. This is how I found out about the Town of Salem breach, myself.
How You Can Protect Yourself
Before I go into all the steps you can (and should) take to protect yourself I should note that security is in a constant tug of war with convenience. What this means is that the more security measures you apply the more inconvenienced you become for many tasks. It's up to you to decide how much is too much either way. First of all I strongly recommend registering your email(s) on https://haveibeenpwned.com/ - this is especially important if your email address is associated to important things like AWS, Steam developer account, bank accounts, social media, etc. You want to know ASAP when an account of yours is compromised so you can take steps to prevent or undo damage. Note that the bad guys have a head start on this!
You probably need to have better password hygiene. If you don't already, you need to make sure every account you have uses a different, unique, secure password. You should change these passwords at least once a year. Depending on how many accounts you have and how good your memory is, this is your first big security vs convenience trade-off battle. That's easily solved, though, by using a password manager. You can find a list of password managers on Wikipedia here or you can search around for some comparison articles. Some notable choices to consider:
1Password - recommend by Troy Hunt, creator of Have I Been Pwned
LastPass - I use this at work and it's generally good
BitWarden - free and open source! I use this at home and in some ways it's better than LastPass
KeePass (and forks) - free, open source, and totally offline; if you don't trust "the cloud" you can trade away some more convenience in exchange for taking full responsibility of your password security (and backups)
Regardless of which one you choose, any of them is 100x better than not using one at all.
The problem with all these passwords is that someone can still use them if they are found in a breach. Your passwords are only as strong as the website you use them on. In the case of the BMG breach mentioned above - all passwords were stored in an ancient format which has been insecure for years. It's likely that every single password in the breach can be reversed/cracked, or already have been. The next step you need to take is to make it harder for someone else to login with your password. This is done using Multi-Factor Authentication (or Two-Factor Authentication). Unfortunately not every website/service supports MFA/2FA, but you should still use it on every single one that does support it. You can check which sites support MFA/2FA here or dig around in account options on any particular site. You should setup MFA/2FA on your email account ASAP! If it's not supported, you need to switch to a provider that does support it. This is more important than your bank account! All of the big email providers support it: GMail, Outlook.com, Yahoo Mail, etc. The type of MFA/2FA you use depends on what is supported by each site/service, but there is a common approach that is compatible on many of them. Most of them involve phone apps because a phone is the most common and convenient "thing you have" that bad guys (or anyone, really) can't access easily. Time-based One-time Password or TOTP is probably the most commonly used method because it's easy to implement and can be used with many different apps. Google Authenticator was the first popular one, but it has some limitations which continue the security vs convenience battle - namely that getting a new phone is a super huge chore (no backup/restore option - you have to disable and setup each site all over again). Many alternatives support cloud backup which is really convenient, though obviously less secure by some measure. Notable choices to consider:
Authy - probably the first big/popular one after Google Authenticator came out (I think) - NOTE: They let you use it on your desktop/browser, too, but this is TOO much convenience! Don't fall for that trap.
LastPass Authenticator - conveniently links up with a LastPass account, some sites support extra features (like not needing to type a code, just answer a phone notification)
Yubikey - A real physical MFA device! Some models are compatible with phones, too.
Duo - this one is more geared towards enterprise, but they have a free option
Some sites/services use their own app, like Blizzard (battle.net) and Steam, and don't allow you to use other ones. You will probably have a few apps on your phone when all your accounts are setup, but it's worth it. You'll definitely want to enable it on your password manager as well if you chose a cloud-based one. Don't forget to save backup codes in an actual secure location! If you lose your backup codes and your auth app/physical key you will be locked out of accounts. It's really not fun recovering in that situation. Most recommendations are to print them and put in a fireproof safe, but using some other secure encrypted storage is fine. There is such a thing as bad MFA/2FA! However, anything is at least better than nothing. A lot of places still use SMS (text messaging) or e-mail for their MFA/2FA implementation. The e-mail one has the most obvious flaw: If someone gets into your email account they have defeated that security measure. The SMS flaws are less obvious and much less likely to affect you, but still a risk: SMS is trivial to intercept (capture data over the air (literally), clone your SIM card data, and some other methods). Still, if you're not a person of interest already, it's still better than nothing.
What Does This Have To Do With GameDev?
Yeah, I do know which subreddit I'm posting in! Here's the section that gets more into things specific to game development (or software development in general).
Secure Your Code
Securing your code actually has multiple meanings here: Securing access to your code, and ensuring your code itself is secure against exploitation. Let's start with access since that's the easier topic to cover! If you're not already using some form of Source Control Management (SCM) you really need to get on board! I'm not going to go in depth on that as it's a whole other topic to itself, but I'll assume you are using Git or Mercurial (hg) already and hosting it on one of these sites (or a similar one):
First, ensure that you have locked down who can access this code already. If you are using private repositories you need to make sure that the only people who have access are the people who need access (i.e. yourself and your team). Second, everyone should have strong passwords and MFA/2FA enabled on their accounts. If 1 person on the team does not follow good security practices it puts your whole project at risk! So make sure everyone on the team is following along. You can also look into tools to do some auditing and even automate it so that if anyone's account becomes less secure over time (say they turned off MFA one day) they would automatically lose their access. Additionally you should never commit secrets (passwords, API keys, tokens, social security numbers, etc) to your code repository. Probably 90% of cases where people have their AWS/Google Cloud/Azure accounts compromised and racking up huge bills for bitcoin mining is due to having their passwords/keys stored in their git repo. They either accidentally made it public or someone got access to the private repo through a compromised account. Never store sensitive information in your code repository! Next topic: Securing your code from vulnerabilities. This one is harder to talk about for game dev as most engines/frameworks are not as susceptible (for lack of a better word) to these situations as others. In a nutshell, you need to keep track of the following:
Is my code doing anything "dangerous"? (system-level stuff, memory access, saving passwords anywhere)
Could someone get the keys to the kingdom (API key, server password, etc) by just opening Cheat Engine and looking at memory values? Or doing a strings/hex edit/decompile/etc on my game executable?
Am I using outdated libraries/framework/engine? Do they have any known security bugs?
Secure Your Computer
I'm not going to go in depth on this one because at this point everyone should have a handle on this; if not there are limitless articles, blogs, and videos about the how/what/why. In summary: Keep everything updated, and don't open suspicious links.
Lock your computer when idle - use a password (or PIN or face unlock or whatever your OS uses) - no one should ever be able to walk up to your computer and use it if you're not looking, nor should they be able to get in if they grabbed your closed laptop off the table at starbucks (thanks u/3tt07kjt for reminding me of this one)
Use full disk encryption (especially on laptops)
Update your OS for security updates ASAP
Use anti-virus (yes, Windows Defender is fine) and keep it updated
Update your web browser ALWAYS (this is your 99% chance attack vector, so don't postpone it!)
Don't install browser extensions that you don't need - a LOT of extensions are either malware from the start or become malware later (my favorite emoji extension started mining bitcoins, FFS!) - check reviews regularly after extensions update
DO use adblock and privacy extensions - ads are a common attack vector - I recommend uBlock Origin and Privacy Badger at a minimum (note that some legit sites can break and so you'll have to fiddle with settings or whitelist)
Don't open suspicious or unknown links on e-mail, social media, discord, etc (be sure to hover over the links in this post before clicking them)
Don't open attachments, ever - unless you were expecting it from that person at that time
Don't fill out ANY forms (comments, login, registration, etc) on websites that don't have HTTPS (secure) connection - your browser will show this in the address bar, usually
In general, be suspicious of everything that comes from people you don't know - and even from people you do know if it was unexpected
E-Mail is (probably) the least secure form of communications ever invented - so try not to use it for sensitive things
Secure Your Website
I will have to add more to this later probably, but again there are tons of good articles, blogs, and videos on these topics. Hopefully the information in this section is enough to get you on the right track - if not feel free to ask for more info. Lots of guides can be found on Digital Ocean's site and they are relevant even if you don't use DO for your servers.
Use HTTPS (SSL/TLS) secure connections - it's FREE and EASY thanks to Let's Encrypt
KEEP EVERYTHING UPDATED - automate as much as you can
If you have control over the server, you MUST update the OS, the web server, and any backend application servers/languages/frameworks involved. Equifax breach was due to having out of date server software. BMG breach was worsened by having out of date server software. YOU MUST STAY UPDATED, ALWAYS
Don't store sensitive personal information - it's a huge pain to be PCI compliant, it's a huge fine if you mess it up - avoid storing any customer information that you don't actually need (see also: GDPR )
Do not allow access to SSH/Remote desktop/Database services from the whole world; the general public should only ever be able to reach ports 80 and 443 on your web server (and 80 should permanently redirect to HTTPS)
Use SSH keys instead of passwords on Linux servers
Don't run your own email server - it's just not worth it; use google apps for business, office 365, zoho, or something else for business email
Secure your domain registrar account! Don't lose your domain to a bad password or lack of MFA/2FA or an old email address! If your registrar doesn't support actual security then transfer to one that does. (namecheap, namesilo, google domains, amazon aws route53, even godaddy, the absolutely worst web company, has good security options)
A lot of this will apply to your game servers as well - really any kind of server you expect to setup.
That's it, for now
I ran out of steam while typing this all up after a couple hours, but I may revisit it later to add more info. Feel free to ask any questions about any of these topics and I'll do my best to answer them all.
TL;DR (y u words so much??)
Use a password manager so you can have different, random, secure passwords on every account on every website/service/game
Use MFA/2FA on every account, if possible
Lock your computer when idle/away
Use full disk encryption on laptops
Update your operating system (we all hate Windows Update, but it really is for our own good)
Use anti-virus (Windows Defender is fine)
Update your browser
Use good adblockeprivacy blocker browsers extensions
Don't use browser extensions that you don't really need (they could be a trojan horse of bitcoin mining later)
Don't trust anything sent by anyone, unless you were expecting it and know it's safe
E-mail is the least secure form of communications in use these days; don't trust it for sensitive things
Use source control for your game code (git, mercurial, etc)
Lock down access to your source code
Don't put secrets (passwords, API keys/tokens, social security numbers, credit card numbers) in your code repository
Don't do dumb things like store your AWS keys in your game for players to just find with simple tools
Check your code dependencies for security bugs, update them when needed
Use HTTPS on your website
Update your web server OS and software
Use secure password storage (don't reinvent this wheel, it's been solved by way smarter people)
Use SSH keys instead of passwords for Linux servers
Use a firewall to block the world from getting in with SSH/Remote desktop/database direct connections
Only allow your own IP address (which can change!) into the server for admin tasks
Don't run your own email server, let someone who knows what they are doing handle that for you
Secure your domain registrar account, keep email address up to date
... in general... in general... in general... I sure wrote those 2 words a lot.
Why Should I Trust This Post?
Hopefully I have provided enough information and good links in this post that you can trust the contents to be accurate (or mostly accurate). There is certainly enough information to do some searches on your own to find out how right or wrong I might be about these things. If you want my appeal to authority answer: I've been working at a major (network/computer) security company for almost 7 years as a software developer, and I've had to put up with pretty much every inconvenience brought on by security. I've also witnessed the aftermath of nearly every type of security failure covered in this post, via customers and the industry at large. None of the links I used are related to my employer or its products. Edit: Fixed some typos and added some more links More edit: added a few more points and links
Which type of curren(t) do you want to see(cy)? An analysis of the intention behind bitcoin(s). Part 3
Part 1 Part 2 So I have been subbed to /bitcoin since it had less than two thousand subs but haven't posted there in years. I think I took a break from researching bitcoin to take a foray into the world of conspiracy around 2014 and only got back in to it around the beginning of 2017 but with a bit of sense of skepticism and cynicism about everything. I think I returned to /bitcoin around that time but there had been a rift that had emerged in the community between those that said that bitcoin was censoring any discussion around big blocks but then also just censorship in general. This lead to the formation of /btc which became the main spot for big blockers to gather to talk about protocol development. Following the fork of Bitcoin Cash and SegWit (BTC) in August 2017 the camps were further divided when the fence sitters were denied their SegWit2x compromise. Many from the fence sitters then deferred back to the incumbent bitcoin as citing muh network effect, liquidity, and hashpower while some who felt betrayed by the failure of getting S2X through went to support BCH for some attempt at on chain scaling rather than through pegged side chains or Lightning Network. Bitcoin cash initially went with a modest doubling of the blocksize to 2MB but implemented some other features like a new more rapidly adjusting difficulty algorithm to protect themselves against hashpower fluctuations from the majority chain. In about July of that year I had seen what I potentially thought was someone LARPing on /biz/ but screencapped, that segwit2x which was scheduled for november 2017 would be called off and then hashpower would switch to BCH causing congestion and chain death spiral on BTC and BCH would pump massively. I was partial to the idea as the game theory and incentives on a big block bitcoin should attract miners. About a month after SegWit2x was indeed called off while the BTC blockchain was hugely congested, BCH went through a violent pump reaching 0.5 BTC/BCH on a European exchange called Kraken while it also pumped ridiculously on American exchange coinbase. Shortly afterwards the market took a giant dump all over those people who bought the top and it has since retraced to roughly 30:1 or so now. After that pump though BCH kind of gained some bagholders I guess who started to learn the talking points presented by personalities like Roger Ver, Jihan Wu, Peter Rizun and Amaury Sechet. Craig S Wright by this time had been outed as Satoshi but had in 2016 publicly failed to convince the public with the cryptographic proof he provided. To which he later published the article I don't have the courage to prove I am the bitcoin creator. In essence this allowed many to disregard anything he offered to the crypto community though his company nChain was very much interested in providing the technical support to scale what he saw as the true implementation of bitcoin. Following debate around a set of planned protocol upgrades between a bitcoin node implementation by his company nChain and the developers of another client Bitcoin ABC (adjustable block cap), the two parties both dug their heels in and wouldn't compromise. As it became clear that a fork was imminent there was a lot of vitriol tossed out towards Wright, another big billionaire backer Calvin Ayre and other personalities like Roger Ver and Jihan Wu. Craig's credibility was disregarded because of his failure to provide convincing cryptographic proof but still people who wanted to pursue the protocol upgrades that nChain were planning (as it best followed their interpretation of the bitcoin white paper) pursued his variant, while others who followed the socia consensus deferred to the positions of their personalities like Wu, Ver, and Sechet but even developers from Ethereum and other protocols chimed in to convince everyone that CSW is a fraud. This was referred to as the hash war and was the first time that the bitcoin protocol had been contentiously hard forked. Hashpower is the CPU cycles you can commit to the Proof of Work function in bitcoin and the majority will generate the longest chain as they have the most proof of work. To win the contentious hard fork legitimately and make sure your chain will always be safe going forward you need to maintain your version of the blockchain with 51% of the hashpower on the network and force the other parties to continue to spend money on building a blockchain that is never going to be inserted in to the majority chain. As well as this you need to convince exchanges that you have the majority chain and have them feel safe to accept deposits and withdrawals so that they don't lose money in the chaos. This is how it would play out if both parties acted according to the rules of bitcoin and the Nakamoto Consensus. There was a lot of shit talking between the two parties on social media with Craig Wright making a number of claims such as "you split, we bankrupt you" "I don't care if there is no ability to move coins to an exchange for a year" and other such warnings not to engage in foul play.. To explain this aftermath is quite tedious so It might be better to defer to this video for the in depth analysis but basically Roger Ver had to rent hashpower that was supposed to be mining BTC from his mining farm bitcoin.com, Jihan Wu did the same from his Bitmain Mining Farm which was a violation of his fiduciary duty as the CEO of a company preparing for an IPO. In this video of a livestream during the hashwar where Andreas Brekken admits to basically colluding with exchange owners like Coinbase, Kraken (exchange Roger Ver invested in), Bitfinex and others to release a patched ABC client to the exchanges and introducing "checkpoints" in to the BCH blockchain (which he even says is arguably "centralisation") in order to prevent deep reorgs of the BCH blockchain. >"We knew we were going to win in 30 mins we had the victory because of these checkpoints that we released to a cartel of friendly businesses in a patch so then we just sat around drinking beers all day". By releasing a patched client that has code in it to prevent deep reorgs by having the client refer to a checkpoint from a block mined by someone who supported BCHABC if another group of hash power was to try to insert a new chain history, this cartel of exchanges and mining farm operators conspired in private to change the nature of the bitcoin protocol and Nakamoto Consensus. Since the fork there have been a number of other BCH clients that have come up that require funding and have their own ideas about what things to implement on the BCH chain. What began to emerge was actually not necessarily an intention of scaling bitcoin but rather to implement Schnorr signatures to obfuscate transactions and to date the ABC client still has a default blocksize of 2MB but advertised as 16MB. What this demonstrates for BCH is that through the collusion, the cartel can immediately get a favourable outcome from the developers to keep their businesses secure and from the personalities/developers to work on obfuscating records of transactions on the chain rather than scaling their protocol. After the SegWit fork, many from the BCH camp alleged that through the funding to Blockstream from AXA and groups that tied to the Bilderbergs, Blockstream would be beholden to the legacy banking and would be a spoke and hub centralised model, so naturally many of the "down with central banks anarcho capitalist types" had gathered in the BCH community. Through these sympathies it seems that people have been susceptible to being sold things like coin mixing and obfuscation with developers offering their opinions about how money needs to be anonymous to stop the evil government and central banks despite ideas like Mises’ Regression Theorem, which claims that in order for something to be money in the most proper sense, it must be traceable to an originally non-monetary barter commodity such as gold. What this suggests is that there is an underlying intent from the people that have mechanisms to exert their will upon the protocol of bitcoin and that if obfuscation is their first priority rather than working on creating a scalable platform, this demonstrates that they don't wish to actually be global money but more so something that makes it easier to move money that you don't want seen. Roger Ver has often expressed sentiments of injustice about the treatment of Silk Road found Ross Ulbricht and donated a large amount of money to a fund for his defence. I initially got in to bitcoin seeking out the Silk Road and though I only wanted to test it to buy small quantities of mdma, lsd, and mescaline back in 2011 there was all sorts of criminal activity on there like scam manuals, counterfeits, ID, Credit Card info, and other darknet markets like armoury were selling pretty crazy weapons. It has been alleged by Craig Wright that in his capacity as a digital forensics expert he was involved with tracing bitcoin that was used to fund the trafficking of 12-16 year olds on the silk road. There have been attempts at debunking such claims by saying that silk road was moderated for such stuff by Ulbricht and others, but one only has to take a look in to the premise of pizza gate to understand that there it may be possible to hide in plain site with certain code words for utilising the market services and escrow of websites like the silk road. The recent pedo bust from South Korea demonstrates the importance of being able to track bitcoin transactions and if the first thing BCH wanted to do after separating itself from Satoshi's Vision and running on developer and cartel agendas was to implement obfuscation methods, this type of criminal activity will only proliferate. Questions one must ask oneself then are things like why do they want this first? Are some of these developers, personalities and cartel businesses sitting on coins that they know are tarnished from the silk road and want to implement obfuscation practices so they can actually cash in some of the value they are unable to access? Merchants from the silk road 1 are still being caught even as recently as this year when they attempted to move coins that were known to have moved through the silk road. Chain analytics are only becoming more and more powerful and the records can never be changed under the original bitcoin protocol but with developer induced protocol changes like Schnorr signatures, and coinjoin it may be possible to start laundering these coins out in to circulation. I must admit with the cynicism I had towards government and law enforcement and my enjoying controlled substances occasionally I was sympathetic to Ross and donated to his legal fund back in the day and for many years claimed that I wouldn't pay my taxes when I wanted to cash out of bitcoin. I think many people in the space possess this same kind of mentality and subsequently can be preyed upon by people who wish to do much more in the obfuscation than dodge tax and party. Another interesting observation is that despite the fact that btc spun off as a result of censorship around big block scaling on bitcoin, that subreddit itself has engaged in plenty of censorship for basically anyone who wants to discuss the ideas presented by Dr Craig Wright on that sub. When I posted my part 2 of this series in there a week ago I was immediately met with intense negativity and ad hominems so as to discourage others from reading the submission and my post history was immediately throttled to 1 comment every 10 mins. This is not quite as bad as cryptocurrency where my post made it through the new queue to gather some upvotes and a discussion started but I was immediately banned from that sub for 7 days for reason "Content standards - you're making accusations based on no evidence just a dump of links that do nothing to justify your claims except maybe trustnodes link (which has posted fabricated information about this subreddit mods) and a Reddit post. Keep the conspiracy theories in /conspiracy" My post was also kept at zero in bitcoin and conspiracy so technically btc was the least censored besides C_S_T. In addition to the throttling I was also flagged by the u/BsvAlertBot which says whether or not a user has a questionable amount of activity in BSV subreddits and then a break down of your percentages. This was done in response to combat the "toxic trolls" of BSV but within bitcoincashSV there are many users that have migrated from what was originally supposed to be a uncensored subreddit to discuss bitcoin and many such as u/cryptacritic17 has have switched sides after having been made to essentially DOXX themselves in btc to prove that they aren't a toxic troll for raising criticisms of the way certain things are handled within that coin and development groups. Other prominent users such as u/jim-btc have been banned for impersonating another user which was in actual fact himself and he has uploaded evidence of him being in control of said account to the blockchain. Mod Log, Mod Damage Control, Mod Narrative BTFO. Interestingly in the comments on the picture uploaded to the blockchain you can see the spin to call him an SV shill when in actual fact he is just an OG bitcoiner that wanted bitcoin to scale as per the whitepaper. What is essentially going on in the Bitcoin space is that there is a battle of the protocols and a battle for social consensus. The incumbent BTC has majority of the attention and awareness as it is being backed by legacy banking and finance with In-Q-Tel and AXA funding blockstream as well as Epstein associates and MIT, but in the power vaccum that presented itself as to who would steward the big block variant, a posse of cryptoanarchists have gained control of the social media forums and attempted to exert their will upon what should essentially be a Set In Stone Protocol to create something that facilitates their economic activity (such as selling explosives online)) while attempting to leverage their position as moderators who control the social forum to spin their actions as something different (note memorydealers is Roger Ver). For all his tears for the children killed in wars, it seems that what cryptoanarchists such as u/memorydealers want is to delist/shut down governments and they will go to any efforts such as censorship to make sure that it is their implementation of bitcoin that will do that. Are we really going to have a better world with people easier able to hide transactions/launder money? Because of this power vacuum there also exists a number of different development groups but what is emerging now is that they are struggling for money to fund their development. The main engineering is done by self professed benevolent dictator Amaury Sechet (deadalnix) who in leaked telegram screen caps appears to be losing it as funding for development has dried up and money raised in an anarchist fashion wasn't compliant with laws around fundraising sources and FVNI (development society that manages BCH development and these donations) is run by known scammer David R Allen. David was founder of 2014 Israeli ICO Getgems (GEMZ) that scammed investors out of more than 2500 Bitcoins. The SV supported sky-lark who released this information has since deleted all their accounts but other users have claimed that sky-lark was sent personal details about themselves and pictures of their loved ones and subsequently deleted all their social media accounts afterwards. There are other shifty behaviours like hiring Japanese influencers to shill their coin, recruiting a Hayden Otto that up until 2018 was shilling Pascal Coin to become a major ambassador for BCH in the Australian city of Townsville. Townsville was claimed to be BCH city hosting a BCH conference there and claiming loads of adoption, but at the conference itself their idea of demonstrating adoption was handing a Point of Sale device to the bar to accept bitcoin payments but Otto actually just putting his credit card behind the bar to settle and he would keep the BCH that everyone paid. In the lead up to the conference the second top moderator of btc was added to the moderators of townsville to shill their coin but has ended up with the townsville subreddit wanting to ban all bitcoin talk from the subreddit. Many of the BCH developers are now infighting as funding dries up and they find themselves floundering with no vision of how to achieve scale or get actual real world adoption. Amaury has recently accused Peter Rizun of propagandising, told multiple users in the telegram to fuck off and from all accounts appears to be a malignant narcissist incapable of maintaining any kind of healthy relationship with people he is supposed to be working with. Peter Rizun has begun lurking in bitcoincashSV and recognising some of the ideas coming from BSV as having merit while Roger has started to distance himself from the creation of BCH. Interestingly at a point early in the BCH history Roger believed Dr Craig Wright was Satoshi, but once CSW wouldn't go along with their planned road map and revealed the fact he had patents on blockchain technology and wanted to go down a path that worked with Law, Roger retracted that statement and said he was tricked by Craig. He joined in on the faketoshi campaign and has been attempted to be sued by Dr Wright for libel in the UK to which Roger refused to engage citing grounds of jurisdiction. Ironically this avoidance of Roger to meet Dr Wright in court to defend his claims can be seen as the very argument against justice being served by private courts under an anarchocapitalist paradigm with essentially someone with resources simply being able to either flee a private court's jurisdiction or engage a team of lawyers that can bury any chances of an everyday person being able to get justice. There is much more going on with the BCH drama that can be explained in a single post but it is clear that some of the major personalities in the project are very much interested in having their ideals projected on to the technical implementation of the bitcoin protocol and have no qualms spouting rhetoric around the anti-censorship qualities of bitcoin/BCH while at the same time employing significant censorship on their social media forums to control what people are exposed to and getting rid of anyone who challenges their vision. I posit that were this coin to become a success, these "benevolent dictators" as they put it would love their new found positions of wealth/dominance yet if their behaviour to get there is anything to go by, would demonstrate the same power tripping practices of censorship, weasel acts, misleading people about adoption statistics and curating of the narrative. When the hashrate from Rogers bitcoin.com minging operation on BCH dropped dramatically and a lot of empty blocks were being mined, his employer and 2IC moderator u/BitcoinXio (who stepped in to replace roger as CEO) was in the sub informing everyone it was simply variance that was the reason when only a few days later it was revealed that they had reduced their hash power significantly. This is not appropriate behaviour for one of the primary enterprises engaged in stewarding BCH and encouraging adoption nor is the inability to be accountable for such dishonest practices as well. It seems bitcoin.com treats btc as their own personal spam page where Roger can ask for donations despite it being against the sub rules and spin/ban any challenge to the narrative they seek to create. Let's see how the censorship goes as I post this around a few of the same places as the last piece. Stay tuned for the next write up where I take a deep dive in to the coin that everyone doesn't want you to know about.
Recap: you can start to mine Bitcoin Gold on your gaming PC, but you will need a GPU mining rig to get serious. Six high-end video cards. A good Hard Drive. Efficient PSU with enough power to supply your video cards. A Motherboard that can run the whole thing. Don't save on a great cooling solution. It will pay off in the end. If you’re new to mining with video cards the essential difference is the chips at the core of the two video card platforms. They are both good technologies. Each excels at mining different cryptocurrency algorithms, however. Finally, AMD cards require some non-beginner tinkering to get them to perform at speed. Thus, we’re going with the highly flexible Nvidia GTX 1070 video card to do our ... SLI has nothing to do with mining - it's a gaming technology. Yes you can run as many GPUs as there are PCIE slots on your motherboard. In the x1 sockets we use risers which connect the x16 plug on the GPU to the x1 socket on the motherboard. I have 2 rigs (two motherboards) and each one has 5 AMD GPUs in it. So 10 graphics cards, two computers. Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. As new video cards for mining hit the market, some retain their efficiency, while others become obsolete. Let’s see which ones are the best GPU for mining in 2020. Bitcoin Mining with a GPU. Bitcoin is the most valuable cryptocurrency on the market. It goes without saying that it draws the most interest when it comes to mining. But even the best GPU for mining isn’t good enough for Bitcoin ...
Miners Guide 101 - Setting Up A Multi-GPU Mining Rig ...
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