9 Best Bitcoin Mining Pools: Legit Sites (2020 Companies)

Making money with Blockchain

Blockchain technology has been one of the hottest trends in the finance sector, with the potential to completely transform business models in a number of sectors. Blockchain works similarly to a massive digital ledgespreadsheet, which is shared by all the members of a decentralized network. While blockchain technology is most frequently associated with confirming Bitcoin payments, it has evolved into a complete technology platform based on adapting decentralized ledgers for operations.
So, how does one make money with this new technology platform?
Just as many investors have taken advantage of the opportunity to stockpile gold in anticipation of the rising price, other investors are taking advantage of the opportunity to stockpile Bitcoin and a variety of other coins.
The transparency and security of blockchain technology makes it attractive for use in a variety of different cases far beyond cryptocurrencies. It can be used in everything from stock trading to ride-sharing to data security.
As we move to the mainstream corporations, global entities continue to embrace the technology underlying bitcoin but that many blockchain projects have moved beyond the theoretical or testing phase, to producing real transactions, costs savings and other benefits. There are multiple opportunities that leverage the core underlying technology platform, the digital currency and the significant productivity and process improvements that are resulting from it. Investing in these companies is likely to produce solid long term gains.
The improvements in speed and security could be revolutionary as transaction times and trade costs decrease. You could even use blockchain to track property ownership in less developed nations and prevent concert or sports ticket counterfeiting right here in the United States.
Specifically, there are the companies that make chips and hardware for crypto mining. There are publicly traded companies that engage in actual cryptocurrency mining. Miners are rewarded with crypto for performing this service and can then sell it on the open market for profit. The gains are then passed on to shareholders.
Blockchain is based on a decentralized network. As a result, cloud-based technology companies are in an ideal position to take advantage of the growth of blockchain. Cloud-based companies that provide blockchain services will be a strong bet for growth down the road.
Blockchain is poised to disrupt the payment processing industry. It could cut out middlemen – companies like Visa, Mastercard & AmEx – by processing transactions more efficiently. Look for the older players to either take advantage of blockchain and adapt – or find themselves in big trouble.
There are even penny stocks for cryptocurrency. While Bitcoin is definitely the most well-known digital currency, there are a variety of specialty coins that have emerged over the last 10 years. In additional to investing in coins, there are a number of young companies that are investing in Blockchain and are listed on the junior exchanges. These companies offer exciting opportunities for growth to investors.
Crowdfunding, Angel funding and investing in startups is certainly not a new concept. There has been a tremendous amount of interest in investing in startups built on blockchain technology. As Bitcoin has become increasingly popular and accepted by more mainstream businesses, the number of entrepreneurs interested in experimenting with the technology behind the cryptocurrency has skyrocketed. Yet, as is the case with any other new venture, such startups need funding.
Blockchain technology’s cost and speed efficiencies, along with its transparency and security, will likely lead many companies to adopt the technology. Getting in on blockchain stocks now is a great way to be in on the ground floor when the technology really takes off.
TraQiQ has begun the process of moving the core platform for supply chain to Blockchain. As the company moves to leverage the power of transactions on this platform, it is likely that the Digital Currency component will play a significant role in fulfilling these transactions.

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

Membrana for me is a.... OR the story of how I got involved in a crypto world BY VOLTRON

Probably, today there is no person in the world who at least once in his life has not heard about Bitcoin.
I also heard about it before, and more than once. But at the same time, I never thought about the fact that ever in my life I will have at least some direct or even indirect relation to him.
The maximum that I could say or think when I heard the next news about the rise in the price of bitcoin - "Oh, I would have at least one bitcoin now."
At the moment, I would not refuse to have bitcoin, and not one, but many. And such phrases fly out from me no less than 2-3 years ago. But unlike that period, now I have a direct relationship to all kinds of manipulations related to both bitcoin itself and crypto in general. - How did I get to this? - you would ask - Quite easy.
Mostly, it seems to me that about making money in the crypto may think a person who either really needs money or who has an overabundance of them, although here I admit that I could be wrong. Nevertheless, I consider myself to be the first group of people who climbed into the crypto world due to a lack of money.
Everyone struggles with a lack of finance in their own way, depending on what they can and what they can’t Someone works at once in three jobs, someone steals, someone works and steals at the same time (but this is a completely different story about politics). Someone, like me, is looking for any other alternative, since working on several jobs is not an option, and education does not allow us to steal.
All in all, one day I decided to knock on the world of crypto. Since I Knocked, the first thing I realized is that there are three ways to get some crypto: - mining; - trading on exchanges; - And, perhaps, the most suitable option for the “newbie” is airdrop.
Exactly with airdrops, I got started my crypto way. Almost during whole first half a year of communication with the world of the crypto industry, I completely devoted to the indiscriminate absorption of everything that came across in my way: airdrops, cranes, spinner, cloud miners, etc.
It would be superfluous to say that 95% of everything that I downloaded, launched and used was outright swindle and fraud. But, those remaining 5% still turned out to be worthy of attention and projects spent on them. One of these airdrops was Membrana.
I stumbled upon it quite by accident, on one of the aggregator sites. I didn’t have any particular hope that this was not just another scam, but I decided to try it all the same.Registered, launched the corresponding bot in Telegram. Fulfilled all the requirements specified in the instructions. I even invited a referral. And with a calm soul, I continued my wanderings in search of other "profitable drops"
Honestly, I even forgot that I used to register there, but by chance, I saw an announcement on the Telegram channel about the following contents: $ 100 for trading on Binance to those who sign up and go through KYC. I had to go through verification. Out of inexperience, I "messed up" something there. I contacted support for help. They reacted promptly. Helped. As a result, verification passed and was among the participants in the tournament called Global Traders Competition.
The essence of the competition was that traders had to trade real money on the platform itself and earn (depending on their success) tournament points. At the same time, the entire profit that the trader earned in one round (1 week) was divided in half by the platform and returned to the trader's account 50% of the amount. That is, from the philistine point of view - an excellent "freebie."But 50% of the profit per week is only part of what the platform offered in the tournament.
The main goal and the tidbit, of course, are the prizes in the ranking of traders.It was announced that after the end of the tournament, all tournament points will be converted to MBN tokens and sent to the addresses of the participants. And besides this, the top 20 traders, according to the results of the tournament, will divide between themselves $ 100,000 also in the form of MBN.
With varying success, I wandered up the tournament ladder now and then. There were periods when I occupied a leading position right up to the first place. Profit for some rounds reached (crazy by my standards) 40 +%. Toward the end of the tournament, as is usually the case in my life, by all the laws of meanness and Murphy, I went into a big minus. This entailed suspension from participation for the whole round. There was another similar nuisance, and as a result, at the end of the Global Traders Competition, I took an offensive 22nd place, not reaching the top 20 only two steps.
This fact did not upset me slightly. I even thought of quitting this business and completely switching to something else. But, suddenly, sometime after the end of the tournament, a member of the Membrana team wrote to me and offered to take part in a trial run of their first round of Community Operated Fund. That is, almost the same as in the tournament, but with the money of real people and the platform itself, too.
Of course, I agreed. And so, at the moment I am engaged in the fact that I trade on a cryptocurrency exchange using investor funds. This is an amazing opportunity for those people who themselves do not have enough resources to at least somehow heavily invest in the exchange. But as a member of the Membrana platform, each person (interested in crypto) has the opportunity to establish cooperation with investors willing to invest in your skills and abilities and earn another penny on this.
Joining Membrana is a best way to join crypto world wether you are an investor, newbie that’s just starts it way or you are a trader willing to get new opportunities and Trust management contracts of crypto assets
Original text link ( Russian): https://teletype.in/@voltron/SylQwvHcB
submitted by Membrana_Platform to u/Membrana_Platform [link] [comments]

Top 10 Ways to Earn Bitcoin in 2020

Top 10 Ways to Earn Bitcoin in 2020

Back in 2018, the most popular way to earn bitcoin seemed to be through Initial Coin Offerings (ICOs). Over $6 billion was raised in Q1 2018 for crypto projects — many with just a white paper and a website. Business was good for founders and investors until the end of 2018 when scammers were the only ones laughing. Most investors lost money, and capital investments into ICO dropped 97%. Companies like TruStory even launched whose sole mission was to stop ICO scams from happening. By Q1 2019, less than $900 million was raised through ICOs —with regulation being the coup de gras.
So where has all the momentum shifted? The second wave of crypto projects will undoubtedly reward profits over potential. This article examines the top ways you can earn bitcoin in 2020 — from faucets and bitcoin mining to crypto savings accounts. The biggest winners of 2020 will likely fall into one of the following 10 categories. The strategy that is right for you will depend on your skills, network, access to capital, location, risk tolerance and investment timeline.

#1 - Holding
Arguably the best way to make money on Bitcoin is to buy it and hold it for many years. Smart investors rely on a strategy called Dollar Cost Averaging (DCA) to reduce market volatility. This works by investing a fixed amount on a regular schedule, ie $100 once a week for 10 weeks, which helps offset the crypto market volatility. The hard part is being patient with the investment and resisting the urge to daytrade or sell too quickly.

#2 - Lending
A number of fintech companies like BlockFi and BitBond now offer the ability to earn interest on your crypto holdings. Interest rates range start around 8% and can go as high as 20% for trusted lenders. The interest clients earn typically compounds monthly, although these returns mimic that of the S&P 500 so this is considered a low risk/reward option.

#3 - Day Trading
A common way to earn Bitcoin trading is through trading cryptocurrencies on exchanges using 1X to as high as 100X leverage. Traders can also bet on the index of any crypto on sites like eToro or Robinhood. Daytraders will trade based on charts and trends, and try to grow their portfolio.
Another much safer form of arbitrage is dropshipping. You can source products on Amazon or from sites like Oberlo who will help you find the right products to buy. You can build an e-commerce store using Shopify or just sell on eBay. If you have a store and supply chain already, it's easy to start accepting Bitcoin using a payment gateway like CoinPayments or BitPay.
Other peer-to-peer exchanges like Paxful, Purse and Redeeem allow you to trade gift cards and other digital and physical goods for bitcoin.

#4 - Gambling
Gambling with Bitcoin is highly addictive, risky, largely unregulated, and offers the biggest and fastest financial volatility. Some popular crypto gambling sites include CloudBet, BetOnline, FortuneJack, Bovada, BetUS and hundreds of others. For more rankings, click here.

#5 - Mining
Despite the fact that over 80% of Bitcoin has already been mined, bitcoin mining is still a $4 billion annual industry. Since mining was intentionally developed to require advanced hardware, it's an expensive process that requires large mining facilities to be profitable. For this reason, most large-scale mining operations are located in China where electricity is cheap.
To be successful, individual miners are forced to join collective mining pools like MinerGate or simply mine as a fun hobby with Coinmine or Homeyminer and not worry about the ROI. To learn more, click here.

#6 - Faucets
A faucet is just a website that gives free coins to every visitor for staying on the site or engaging with content. Some examples are Cointiply, FreeBitcoin, SatoshiQuiz and others. Keep in mind, a satoshi represents roughly 0.00000001 bitcoin, so 100 satoshi is about 1 penny. It would take 100 correct trivia answers on SatoshiQuiz to make $1 USD. It's far more profitable to own a Bitcoin faucet and make money on advertisements.

#7 - Services
There are dozens of job boards online where you can earn bitcoin for a variety of independent contractor services. Many clients on Upwork, Freelancer and other non-crypto platforms will gladly 15% discounts or more if they can pay their freelancers in bitcoin and avoid the costs of the marketplace. Other more dedicated sites are listed below.
Jobs4Bitcoin — Reddit job board for bitcoin tasks
AngelList — Job board for crypto companies and projects
Earn.com — Earn bitcoin while learning about crypto
CryptoGrind — Escrow for bitcoin freelancers
CryptoJobs — Job board for bitcoin freelancers
Coinality — Job board for crypto freelancers
Bitfortip — Earn bitcoin for helping people Indeed — Job board for crypto companies BitWage — HR services for paying in crypto XBTFreelancer — Freelancers get paid in bitcoin

#8 - Exchanges
The simplest and lowest-cost exchange is a Bitcoin ATM. As of January 2019, there were 4,213 Bitcoin or cryptocurrency ATMs worldwide. With many countries like Venezuela, Argentina and Nigeria experiencing hyperinflation, the world's 2.3 billion unbanked people will continue to demand bitcoin and stablecoins as hedges against inflation. The estimated startup costs for a Bitcoin ATM is about $25,000 per location, according to CoinATMRadar.
Building a crypto exchange or peer-to-peer trading platform will be a more expensive way to earn bitcoin as an exchange. This requires building a website, hosting wallets on the blockchain, building security protocols, creating KYC/AML policies, accepting crypto payments, building two sides of a marketplace, and a little marketing, branding and legal work. Some examples of successful P2P trading platforms are Paxful, Purse and Redeeem.
The fiat to crypto exchanges like Gemini, Coinbase and Kraken usually require venture funding, large engineering teams and banking partnerships for proper custody of the funds. Fiat exchanges also have to register as a Money Services Business (MSB). For a full list of fiat exchanges, click here.

#9 - Affiliate Rewards
Affiliate programs in crypto are endless, and they can come in many different shapes and sizes. Products like Lolli and Pei will reward you with bitcoin cashback everywhere you shop. Exchanges like Changelly will give you a percentage of their fee revenue for referring clients. Wallets like Abra will give you $25 for each signup. The optimal strategy is picking a familiar product that you know and love. For a list of affiliate programs, click here.

#10 - Content
Bitcoin is King. Content is King. So Bitcoin Content must be God. The ability to research, write and publish high-quality content on Bitcoin, blockchain and cryptocurrencies will be a highly coveted asset in 2020. It's free to start a Medium blog, video blog or podcast and share your ideas to passionate audiences on Facebook, Twitter, Reddit or Quora. Try to build an audience first then turn on AdSense or activate other partnerships to start collecting passive revenue for your content.
submitted by levi_d-19 to Redeeem [link] [comments]

Looking to mine

So I'm a bit late to the party. I've bought some bitcoin in the past. A year ago before the boom and bust cycle. Looking to be more involved now as it looks like less of a fad and more of a new type of technology. Can it destabilise banking culture and lead to better payment systems. Probably not but still. Does anyone have a definite link to a rig o can buy that isn't super expensive thsts easy enough to set up to either mine dash or BTC. That would be profitable say in a year or so. I'm mining bitcoin at the moment via my computer and since I don't pay Lecky it is all profit but it's a cheap laptop with no graphics card so I'm making less than pennies. Going to take me a good couple years just to make a pound. If anyone has any suggestions on this. I have bought in the last few days a couple of cloud contracts but they only last a year or 2 and if the company goes down. So does my cash. Or any other way to get involved in crypto.
submitted by joj1205 to btc [link] [comments]

The Strange Birth & History of Monero, Part IV: Monero "as it is now"

You can read here part III.
You can read this whole story translated into Spanish here
This is part IV, the last but not least.
Monero - A secure, private, untreceable cryptocurrency
Notable comments in this thread:
-201: “I would like to offer 1000 MRO to the first person who creates a pool”
[tacotime offers bounty to potential pool developer. Bytecoin devs haven’t released any code for pools, and the only existent pool, minergate (in the future related to BCN interests) was closed source]
-256: “Adam back seems to like CryptoNote the better than Zerocash https://twitter.com/adam3us/status/453493394472697856”
-264: “update on pools: The NOMP guy (zone117x) is looking to fork his open source software and get a pool going, so one should hopefully be up soon.”
-273: “Update on GUI: othe from VertCoin has notified me that he is working on it.”
-356: “Everyone wanting a pool, please help raise a bounty with me here:
And for the GUI:
[5439 MRO + 0.685 BTC + 5728555.555 BCN raised for pool and 1652 XMR, 121345.46695471 BCN for the GUI wallet. Though this wallet was "rejected" as official GUI because wallet still has to be polished before building a GUI]
-437: “Yes, most Windows users should see a higher hashrate with the new build. You can thank NoodleDoodle. ”
-446: “Even faster Windows binaries have just been uploaded. Install for more hash power! Once again, it was NoodleDoodle.”
-448: “that almost doubled my hashrate again! GREAT STUFF !!!”
-461: “Noodle only started optimization today so there may be gains for your CPU in the future.”
[First day of miner optimization by NoodleDoodle, it is only May 1st]
-706: “The unstoppable NoodleDoodle has optimized the Windows build again. Hashrate should more than double. Windows is now faster than Linux. :O”
-753: “i here tft is no longer part of the project. so is he forking or relaunching bytecoin under new name and new parameters (merged mining with flatter emission curve.) also. what is the end consensus for the emission curve for monero. will it be adjusted."
[May, 5th 2014. TFT is launching FANTOMCOIN, a clone coin which its "only" feature was merged mining]
-761: (https://bitcointalk.org/index.php?topic=583449.msg6561941#msg6561941) [May, 5th 2014 – eizh on emission curve and tail emission]
-791: “As promised, I did Russian translation of main topic.”
[one among dozens of decentralized and “altruist” collaborators of Monero in minor tasks]
-827: image
-853: (https://bitcointalk.org/index.php?topic=583449.msg6575033#msg6575033)
[some are not happy that NoodleDoodle had only released the built binaries, but not the source code]
-950: (https://bitcointalk.org/index.php?topic=583449.msg6593768#msg6593768)
[Rias, an account suspected to be related to the Bytecoin scam, dares to tag Monero as “instamine”]
-957: “It's rather bizarre that you're calling this an "instamine" scam when you're so fervently supporting BCN, which was mined 80% before entering the clearnet. Difficulty adjustments are per block, so there is no possibility of an instamine unless you don't publish your blockchain (emission is regular at the preset interval, and scales adequately with the network hash rate). What you're accusing monero of is exactly what ByteCoin did.”
[Discussion with rias drags on for SEVERAL posts]
-1016: “There is no "dev team". There is a community of people working on various aspects of the coin.
I've been keeping the repo up to date. NoodleDoodle likes to optimise his miner. TFT started the fork and also assists when things break. othe's been working on a GUI. zone117x has been working on a pool.
It's a decentralized effort to maintain the fork, not a strawman team of leet hackers who dwell in the underbellies of the internet and conspire for instamines.”
-1023: “Like I stated in IRC, I am not part of the "dev team", I never was. Just so happens I took a look at the code and changed some extremely easy to spot "errors". I then decided to release the binary because I thought MRO would benefit from it. I made this decision individually and nobody else should be culpable”
[Noodledoodle gets rid of the instaminer accusations]
-1029: “I decided to relaunch Monero so it will suit all your wishes that you had: flatter emission curve, open source optimized miner for everybody from the start, no MM with BCN/BMR and the name. New Monero will be ready tomorrow”
[people trying to capitalize mistakes is always there.]
-1030: "Pull request has been submitted and merged to update miner speed
It appears from the simplicity of the fix that there may have been deliberate crippling of the hashing algorithm from introduction with ByteCoin."
[tacotime “officially” raises suspects of possible voluntarily crippled miner]
-1053: "I don't mind the 'relaunch' or the merge-mining fork or any other new coin at all. It's inevitable that the CryptoNote progresses like scrypt into a giant mess of coins. It's not undesirable or 'wrong'. Clones fighting out among themselves is actually beneficial for Monero. Although one of them is clearly unserious and trolling by choosing the same name.
Anyway, this sudden solidarity with BCN or TFT sure is strange when none of these accounts were around for the discussions that took place 3 weeks ago. Such vested interests with no prior indications. Hmm...? "
[eizh points out the apparent organized fudding]
-1061: "There was no takeover. The original developer (who himself did a fork of bytecoin and around a dozen lines of code changes) was non-responsive and had disappeared. The original name had been cybersquatted all over the place (since the original developer did not even register any domain name much less create a web site), making it impossible to even create a suitably named web site. A bunch of us who didn't want to see the coin die who represented a huge share of the hash power and ownership of the coin decided to adopt it. We reached out to the original developer to participate in this community effort and he still didn't respond over 24 hours, so we decided to act to save the coin from neglect and actively work toward building the coin."
[smooth defends legitimacy of current “dev team” and decisions taken]
-1074: “Zerocash will be announced soon (May 18 in Oakland? but open source may not be ready then?).
Here is a synopsis of the tradeoffs compared to CyptoNote: […]"
[comparison among Zerocash y Cryptonote]
-1083: "Altcoin history shows that except in the case of premine (Tenebrix), the first implementation stays the largest by a wide margin. We're repeating that here by outpacing Bytecoin (thanks to its 80% mine prior to surfacing). No other CN coin has anywhere near the hashrate or trading volume. Go check diff in Fantom for example or the lack of activity in BCN trading.
The only CN coin out there doing something valuable is HoneyPenny, and they're open source too. If HP develops something useful, MRO can incorporate it as well. Open source gives confidence. No need for any further edge."
[eizh reminds everyone the “first mover” advantage is a real advantage]
-1132: "I decided to tidy up bitmonero GitHub rep tonight, so now there is all valuable things from latest BCN commits & Win32. Faster hash from quazarcoin is also there. So BMR rep is the freshest one.
I'm working on another good feature now, so stay tuned."
[first TFT apparition in weeks, he somehow pretends to still be the "lead dev"]
-1139: "This is not the github or website used by Monero. This github is outdated even with these updates. Only trust binaries from the first post."
[eizh tries to clarify the community, after tft interference, which are the official downloads]
-1140: “The faster hash is from NoodleDoodle and is already submitted to the moner-project github (https://github.com/monero-project/bitmonero) and included in the binaries here.
[trying to bring TFT back on board] It would be all easier if you just work together with the other guys, whats the problem? Come to irc and talk like everyone else?
[on future monero exchangers] I got confirmation from one."
[8th may 2014, othe announces NoodleDoodle optimized miner is now open source, asks TFT to collaborate and communicates an exchanger is coming]
-1146: "I'll be impressed if they [BCN/TFT shills] manage to come up with an account registered before January, but then again they could buy those.”
-1150: “Ring signatures mean that when you sign a transaction to spend an output (coins), no one looking at the block chain can tell whether you signed it or one of the other outputs you choose to mix in with yours. With a mixing factor of 5 or 10 after several transactions there are millions of possible coins all mixed together. You get "anonymity" and mixing without having to use a third party mixer.”
[smooth answering to “what are ring signatures” in layman terms]
-1170: "Someone (C++ skilled) did private optimized miner a few days ago, he got 74H/s for i5 haswell. He pointed that mining code was very un-optimized and he did essential improvements for yourself. So, high H/S is possible yet. Can the dev's core review code for that?"
[forums are talking about an individual or group of individuals with optimized miners - may 9th 2014]
-1230: "Good progress on the pool reported by NOMP dev zone117x. Stay tuned, everyone.
And remember to email your favorite exchanges about adding MRO."
-1258: "This is actually as confusing to us as you. At one point, thankful_for_today said he was okay with name change: https://bitcointalk.org/index.php?topic=563821.msg6368600#msg6368600
Then he disappeared for more than a week after the merge mining vote failed.”
[eizh on the TFT-issue]
-1358: “Jadehorse: registered on 2014-03-06 and two pages of one line posts:
Trustnobody: registered on 2014-03-06 and two pages of one line posts:
You guys should really just stop trying. It is quite transparent what you are doing. Or if you want to do it, do it somewhere else. Everyone else: ignore them please."
[FUD campaign still ongoing, smooth battles it]
-1387: "The world’s first exchange for Monero just opened! cryptonote.exchange.to"
[David Latapie announces an important milestone: exchanger is here]
-1467: "image"
[it is weird, but tft appears again, apparently as if he were in a parallel reality]
-1495: “http://monero.cc/blog/monero-price-0-002-passed/”
[“trading” milestone reached: monero surpassed for first time 0.002 btc price]
-1513: "There is one and only one coin, formerly called Bitmonero, now called Monero. There was a community vote in favor (despite likely ballot stuffing against). All of the major stakeholders at the time agreed with the rename, including TFT.
The code base is still called bitmonero. There is no reason to rename it, though we certainly could have if we really wanted to.
TFT said he he is sentimental about the Bitmonero name, which I can understand, so I don't think there is any malice or harm in him continuing to use it. He just posted the nice hash rate chart on here using the old name. Obviously he understands that they are one and the same coin."
[Smooth clears up again the relation with TFT and BMR. Every time he appears it seems to generate confusion on newbies]
-1543: "Pool software is in testing now. You can follow the progress on the pool bounty thread (see original post on this thread for link)."
-1545: "[on the tail emission debate] I've been trying to raise awareness of this issue. The typical response seems to be, "when Bitcoin addresses the problem, so will we." To me this means it will never be addressed. The obvious solution is to perpetually increase the money supply, always rewarding miners with new coins.
Tacotime mentioned a hard fork proposal to never let the block reward drop below 1 coin:
Code: if (blockReward < 1){ blockReward = 1; }
I assume this is merely delaying the problem, however. I proposed a fixed annual debasement (say 2%) with a tx fee cap of like 0.001% of the current block reward (or whatever sounds reasonable). That way we still get the spam protection without worrying about fee escalation down the road."
[Johnny Mnemonic wants to debate tail emission. Debate is moved to the “Monero Economy” thread]
-1603: “My GOD,the wallet is very very wierd and too complicated to operate, Why dont release a wallet-qt as Bitcoin?”
[Newbies have hard times with monero]
-1605: "because this coin is not a bitcoin clone and so there isnt a wallet-qt to just copy and release. There is a bounty for a GUI wallet and there is already an experimental windows wallet..."
-1611: "I like this about Monero, but it seems it was written by cryptographers, not programmers. The damned thing doesn't even compile on Arch, and there are several bugs, like command history not working on Linux. The crypto ideas are top-notch, but the implementation is not."
[Wolf0, a miner developer, little by little joining the community]
-1888: " (aka moneropool.org) successfully submitted a block. Miners will be paid for their work once payments start working.
P.S. This is actually our second block today. The first was orphaned. :/"
[May 16th: first pool block]
-1927: "Botnets aren't problem now. The main problem is a private hi-performance miner"
-1927: "Evidence?"
[smooth about the private optimized miner]
-1937: “[reference needed: smooth battling the weak evidence of optimized miner] Yes, I remember that. Some person on the Internet saying that some other unnamed person said he did something hardly constitutes evidence.
I'm not even doubting that optimized asm code could make a big difference. Just not sure how to know whether this is real or not. Rumors and FUD are rampant, so it is just hard to tell."
[smooth does not take the "proof" seriously]
-1949: "image
One i5 and One e5 connected to local pool:
[proof of optimized miner]
-1953: "lazybear are you interested in a bounty to release the source code (maybe cleaned up a bit?) your optimized miner? If not, I'll probably play around with the code myself tomorrow and see if I can come up with something, or maybe Noodle Doodle will take an interest."
[smooth tries to bring lazybear and his optimized miner on board]
-1957: "smooth, NoodleDoodle just said on IRC his latest optimizations are 4x faster on Windows. Untested on Linux so far but he'll push the source to the git repo soon. We'll be at 1 million network hashrate pretty soon."
[eizh makes publics NoodleDoodle also has more miner optimizations ready]
-1985: “Someone (not me) created a Monero block explorer and announced it yesterday in a separate thread:
[May 16th, 2014: a functional block explorer]
-2018: “Noodle is doing some final tests on Windows and will begin testing on Linux. He expects hashrate should increase across all architectures. I can confirm a 5x increase on an i7 quad-core + Windows 7 64-bit.
Please be patient. These are actual changes to the program, not just a switch that gets flicked on. It needs testing.”
[eizh has more info on last miner optimization]
-2023: “Monero marketcap is around $300,000 as of now”
-2059: I was skeptical of this conspiracy theory at first but after thinking about the numbers and looking back at the code again, I'm starting to believe it.
These are not deep optimizations, just cleaning up the code to work as intended.
At 100 H/s, with 500k iterations, 70 cycles per L3 memory access, we're now at 3.5 GHz which is reasonably close. So the algorithm is finally memory-bound, as it was originally intended to be. But as delivered by the bytecode developers not even close.
I know this is going to sound like tooting our own horn but this is another example of the kind of dirty tricks you can expect from the 80% premine crowd and the good work being done in the name of the community by the Monero developers.
Assuming they had the reasonable, and not deoptimized, implementation of the algorithm as designed all along (which is likely), the alleged "two year history" of bytecoin was mined on 4-8 PCs. It's really one of the shadiest and sleaziest premines scams yet, though this shouldn't be surprising because in every type of scam, the scams always get sneakier and more deceptive over time (the simple ones no longer work)."
[smooth blowing the lid: if miner was so de-optimized, then BCN adoption was even lower than initially thought]
-2123: (https://bitcointalk.org/index.php?topic=583449.msg6781481#msg6781481)
[fluffypony first public post in Monero threads]
-2131: "moneropool.org is up to 2KHs, (average of 26Hs per user). But that's still only 0.3% of the reported network rate of 575Khs.
So either a large botnet is mining, or someone's sitting quietly on a much more efficient miner and raking in MRO."
[with pools users start to notice that “avg” users account for a very small % of the network hashrate, either botnets or a super-optimized miner is mining monero]
-2137: “I figure its either:
-2192: “New source ( is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit."
[eizh makes official announce of last miner optimization, it is may 17th]
-2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038)
[wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools]
-2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|"
-2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro"
-2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486"
-2756: “So... ALL Pools have 50KH/s COMBINED.
Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?”
-2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.”
-2765: “Penalty for too large block size is disastrous in the long run.
Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.”
-2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes."
-3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin.
To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially."
[tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project]
-3044: "image"
[Monero added to coinmarketcap may 21st 2014]
-3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)."
[random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)]
-3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam.
In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa).
Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet."
[An answer to those trolls saying Monero has no innovation/unique feature]
-3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself."
-3119: “image
[included for the lulz]
-3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs."
[the initial "core team" so far, eizh post]
-3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085)
[fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading]
-3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526)
[fluffy again, worth to read it too, so follow link, don’t be lazy]
-3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.”
[flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner]
-3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded.
I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy."
[smooth takes the opportunity to remember the need of bigger target block]
-3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373”
[wolf0 makes public his open source optimized miner]
-3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools."
[tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it]
-3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693)
[fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins]
-3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one.
I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw).
Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar.
The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized.
That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have."
[smooth vision of a true p2p currency]
-3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth."
[smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances]
-3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them."
-3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do""
[Major FUD troll in the topic. One of the hardest I’ve ever seen]
-3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants.
Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking.
Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures.
This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)."
[Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on]
-3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars."
[Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies]
-3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412)
[partnership with i2p]
-4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373”
[super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining]
-4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here:
logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately."
[Jun 2nd 2014]
-5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0”
[4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner]
-5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724"
[miner optimization is an endless task]
-5464: "I have posted a proposal for fixed subsidy:
[Nice charts and discussion proposed by tacotime, worth reading it]
-5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default."
[Now you can recover your wallet with a 24 word seed]
-5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623)
[Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)]
-6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715)
[Monero missives: CryptoNote peer review starts whitepaper reviewed)]
-7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333)
[android monero widget built]
This is a dense digest of the first several thousand messages on the definitive Monero thread.
A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
  • 28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
  • 30th April: First NoodleDoodle's miner optimization.
  • 11th May: First Monero exchanger
  • 13th May: Open source pool code is ready.
  • 16th May: First pool mined block.
  • 19th May: Monero in poloniex
  • 20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
  • 21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
  • 25th May: partnership with i2p
  • 28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
  • 2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
  • 4th June: Claymore's open source GPU miner.
  • 10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
  • March 2015 – tail emission added to code
  • March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
  • Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
  • Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
  • The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
  • The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
submitted by el_hispano to Monero [link] [comments]

Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity

Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity
Currently the cryptocurrency space is flooded with copycat coins and initial coin offering (ICO) tokens, most of which are moving steadily down the ranks on CoinMarketCap as the bear market of 2018 continues. This bear market is weeding out cryptocurrencies that have little long term potential, and cryptocurrencies that have strong communities and unique technology are rising to the top. Burstcoin (BURST) is one such cryptocurrency that is rising to the top, like cream in a glass of fresh milk. This is because the Burstcoin community is filled with diehard Cypherpunks, and BURST is the king of Proof of Capacity.
Back in the middle of October 2018 BURST was at #248 on CoinMarketCap, which was before the ‘nuclear’ bear market took effect, where the support level was broken due to the Bitcoin Cash hard fork, Bakkt delaying the launch of physical Bitcoin futures, and the Securities and Exchange Commission (SEC) initiating its first civil enforcement penalties against ICOs. BURST has decreased in price like every other cryptocurrency, but is rising relative to other cryptocurrencies, and as of 3 December 2018 sits at #199 on CoinMarketCap with a market cap of USD 13.5 million.
This increase in the price of BURST relative to other cryptocurrencies is due to Burstcoin’s unique technology. Burstcoin is the king of Proof of Capacity, a mining algorithm that uses the hard drive, versus raw computational power like with Proof of Work, and is much more energy efficient than Proof of Work. Proof of Capacity works by writing cryptographic hashes to an allotted segment of a hard drive called a plot. This plot is then read during mining to find the correct cryptographic hash, and whoever finds the cryptographic hash the fastest receives the block reward. More hard drive space dedicated to the plot equals more cryptographic hashes available, making it easier to find an answer and earn the BURST block reward.
Currently 1TB generates 1-2 BURST per day, and even though this is only equivalent to about a penny, it is all profit since reading the plot file requires a negligible amount of energy, and BURST miners can use their computer for other activities without impediment. Compare this to Proof of Work, which slows down personal computers and costs more electricity than the cryptocurrency it mines. BURST is one of the only cryptocurrencies that can be profitably mined on personal computers.
Further, unlike with Proof of Work where specialized mining equipment is required like application specific integrated circuits (ASICs), anyone with a computer or even mobile phone can mine BURST, and if they decide to stop mining BURST they can simply delete their plot file and use the hard drive space for other things. This is unlike ASICs, which cannot be used for anything but mining, so if someone decides to stop mining they lose all the money invested into the ASIC.
The ease of mining and negligible energy usage has led to the formation of a strong BURST mining community, with over 200,000 TB securing the BURST network. This is equivalent to hundreds of thousands of personal computers. The expansive mining community gives BURST value, and some of these miners are blockchain developers, and they have been building a full suite of technology based on the Burstcoin blockchain.
CloudBurst immutably stores files directly on the Burstcoin blockchain, for a small 1-time fee. Real blockchain storage is a rarity in the cryptocurrency world. The file will be stored as long as the Burstcoin blockchain exists, which is the foreseeable future and beyond considering the expansive BURST mining community. Cloudburst would be useful if you lost your computer and all of your backups in a natural disaster like a hurricane, and is a more secure solution than cloud storage like Google. Also, the Burstcoin wallet can be used to easily issue cryptocurrencies that are based off of the Burstcoin blockchain, and there is a decentralized exchange built-in to the wallet to trade these crypto assets.
Cryptocurrency scalability is a problem even for major cryptocurrencies like Bitcoin and Ethereum, but Burstcoin has tackled and solved this problem with the launch of the Dymaxion. The scalability of the Dymaxion is so powerful that it can handle all the non-cash transactions in the world. This is done via the utilization of tangle-based lightning networks on top of the Burstcoin blockchain. Transactions done via the Dymaxion are instant, with no fees and practically no energy expenditure. The Dymaxion gives Burstcoin the room to grow as much as it needs to.
When people look for the cryptocurrencies that will survive long term, it can be confusing due to the 2,000+ cryptocurrencies listed on CoinMarketCap. However, it is clear that cryptocurrencies with truly unique and useful technology, as well as strong communities will always be around and gain value long term relative to all the ICOs and copycats. Bitcoin is the king of SHA-256, Litecoin is the king of Scrypt, Ethereum is the king of blockchain-based dApps, Dogecoin is the king of the shibes on Reddit, Dash is the King of X11, Monero is the king of privacy coins, IOTA is the king of Directed Acyclic Graphs (DAGs), and Burstcoin is the king of Proof of Capacity. These kings of cryptocurrency will definitely be the winners and survivors when the fallout from the ICO apocalypse is over.
This is for educational purposes only and is not investment advice. We are not paid by BURST to write this article.
submitted by turtlecane to burstcoin [link] [comments]

60 DoD Week 6: Finances

60 DoD Week 6: Finances
By failing to prepare, you are preparing to fail. – Ben Franklin
Having a financial plan is vitally important for a number of reasons. What do you think the greatest stressor in relationships is? The lack of sex your wife is giving you? Close one. It’s money, although your shaved balls might think otherwise.
So don’t you think having a plan is critical to fixing your well-being? You have a MAP to get in shape. Why don’t you have a plan for your finances.
This post might better well be served in personal finance, but screw it. I’m going to town. For the folks overseas, some of this content might be US-specific.
On Net Worth
In order to calculate your net worth, you need to take your assets, such as your checking account, savings, house, etc, and subtract your liabilities, your mortgage, credit card debts, and loans, and you’ll get your net worth.
This is a good time to be spreadsheet guy. But instead of counting how many ladies you are seeing or counting how many times you had sex, use Excel for its intended purpose.
Start calculating it annually, quarterly, monthly. Whatever frequency you feel like you need to get a handle on where your net worth is going. For myself, I do this quarterly, though I have my finger on the pulse pretty frequently.
On Budget
You want to get ahead? You have to operate on a budget. Know what you are spending, what you are saving, and where your money is going.
For me, I’ve got it set where it takes me about 7 minutes to log into the various accounts, take certain numbers like food spend and so forth, and plug those numbers into the Excel boxes. Plugging them in allows me to quickly project the next three months spend and where I’ll be. Some numbers are easy to find, like the fixed costs of mortgage and student loans. Some numbers you have to estimate or look up, like variable food costs and gas/electric. I do this about once a month. It doesn’t take long at all – just making sure I have good cash flow and sticking to my budget.
Take the time to do a detailed line item comparison. You should know exactly how much is going where. The real key though is STICKING TO YOUR BUDGET. You have to keep to it in order to meet your goals.
On Financial Literacy
It’s key to have a good understanding on financial literacy. You have to understand things such as what is the market, what is a stock, what is a bond, what is a dividend, what is a mutual fund, and so forth. You have to know what you are investing in. Take your financial knowledge and move it up. There are literally tons of free information out there. Start going to town. And for the advanced players, go learn the ins and outs of your brokerage firm’s website and trading platform – I mean really learn it, not just “Oh, here’s how I do a buy order on a stock.” Learn how to screen for stocks, mutual funds, and bonds effectively.
Side note – If you are in the US, I recommend joining AAII. I have gotten a great deal of value out of my membership to them. A number of HNW individuals I know recommended it to me, though I had joined and got the lifetime membership before I met them.
On Bogleheads
Personally, I’m a Boglehead. Jack Bogle, man, he was the Chad of passive investing. I believe that passive investing (indexing) long term beats active investing long term. So does Warren Buffet. All my research agrees with this from a long term standpoint.
I’m also a fan of creating an Investment Policy Statement
Boglehead Resources
https://www.bogleheads.org/wiki/The_twelve_pillars_of_wisdom / https://web.archive.org/web/20070304091730/http://www.vanguard.com/bogle_site/april272001.html
I would highly encourage you to review these links and check out their philosophy on investing.
On Being a Contrarian
I’m also a fan of being a contrarian. Be greedy when others are fearful, and fearful when others are greedy. You see it with the Bitcoin bubble. You see it when the stock market goes up and down. Oh no, the market is going down… whatever shall we do?!? You stick to your guns. I’m not saying go catch a falling knife. I’m saying that you stick to your plan. There is opportunity when people are fearful, and caution is warranted when people are being greedy. You have to evaluate where we are in the economic cycle as well.
On a Cup of Starbucks and Retirement
You might have seen the example where someone buys a cup of Starbucks every day and then finds out that if they took that money and invested it toward their retirement, over the span of say 30 years they’ll have like an extra 200k. I have two comments on this. First, be frugal, but don’t deny yourself. Don’t let frugality control you. Second, don’t just focus on controlling the little changes like saving a cup of Starbucks every week, focus on the BIG areas. Focus on getting a new job that pays you an extra 40k per year. Focus on saving 100 bucks off your cable (1200 bucks saved per year). Focus on lowering your taxes. What I’m saying is focus on not just the small areas, but also make the bigger impact areas a higher priority. And stop drinking so much Starbucks – make it yourself. Grind the beans, for crying out loud.
On Automating
Automate your finances. Make it EASY for yourself to save money. Set up your automatic bill payments for your credit card, loans, mortgage, and bills. Take advantage of the modern tools nowadays for app/camera based check deposits. Have money taken out of your paycheck before you get it, whether it is for retirement or into a separate savings account, so you can accumulate a rainy day fund. I’ve automated as much as I can, with direct withdrawals taken out for mortgage, credit card payments, gas and electric, and for the other areas like telephone those are automatically paid from the credit card, which then is automatically paid from the checking account. Automating saves time, which is a critical resource.
On Buying a Car
Here’s your resources:
http://fightingchance.com/ - I used these for private market research, and was worth every penny.
There’s a lot more here, but this should get you through the basics. Simply, knowledge is power. The more you know, the more power you have. If you don’t know every single line item that is going into your purchase, whether it is an accessory, taxes, that stupid coating that they try to sell you for $1000 but it’s really just worth $100, etc., then you’re not ready, and you’re more likely to be fleeced.
Just even walking into the dealership and observing other customers and their interactions with the car salesman, it’s like watching sheep. Don’t be a sheep. Be prepared. And be prepared to walk too. Cars are a commodity. You can buy the same car someplace else cheaper. Remember this – cars are a commodity, and there’s lots of dealers out there.
Side note – “But Steel, what about TrueCar? That seems awesome. I’ll just go in, get my TrueCaCostco/KBB/XXX price and I won’t even have to do anything to get a great price.” Let me tell you this. Dealers would be HAPPY to sell you at the TrueCar price all day long. With proper preparation, you can negotiate a far better deal. Last time when preparing, I had a binder. That binder saved me over 9k. Cost me 5 bucks at the local pharmacy. Printed out all my info, was prepared as all get out, and had a prepared offer ready to go (I used my own sheet, not theirs). Be prepared, that’s what I’m saying. And don’t fall for the four square technique. I just chuckled at the different dealerships at how they try to pull that one. Hell, I went through YouTube and viewed a couple of videos on how car salesmen sell, so I had an understanding of their mentality and what they do. Be prepared.
Generally, there are five major parts for buying a car: Trading in your current car, buying your new car, buying options on a car (like that fancy heated steering-wheel), extended warranty, and financing. You should own every single area of this. As an example, when you are talking about trading in your current car, you should ALREADY have your price quote from CarMax in hand, as well as other offers from other dealers. You should know what your car is worth if it were to be sold (remember supply and demand – what is it really worth: what someone will buy it for). You should already have the KBB and Edmunds value of your used car. For your new car, you should have a breakdown of every single thing on it, including options, doc fees and ERT. For your fancy accessories, you should have the MSRP of these accessories, the actual cost of them buying (wholesale parts warehouse), and an estimate in your head on labor costs (cause parts don’t get installed by themselves). For your extended warranty, I would just say that there is a reason why this is one of the most profitable areas of a car dealership. If you simply must have an extended warranty for peace of mind, go find a wholesale warranty. Do your research. Don’t buy from the dealership. Most cars nowadays anyway are built quite well with high standards of quality control, so they’re not failing like they used to. On financing, make sure you set up your own financing before you walk in. It makes life much easier, as the car dealers get money on financing as well. If the dealership can beat your credit union, more power to them. It’s powerful as all get out when you walk in with a prewritten cashier’s check at a super low interest rate and you’re ready when they start asking you how you are going to pay for the car. “Well, I am preapproved for x amount (aka the full amount of the car), but I’d like to see what specials and discounts you have.”
It’s all about how much money you can save in each one of these areas.
Granted if you’re BETA BUCKS and your time is worth more than doing a bit of research, that’s fair. Some folk just walk in and buy a car right there with a minimum of haggling. That’s how much their time is worth to them, and I know a few people who are like this. I’m merely presenting an alternate approach. To me, it was worth the time to save more than a few thousands.
On Buying a House
For many people, a house is the largest purchase that they make in their lifetime. Many of you have already bought houses, so I won’t go into this in detail, but again, from The Millionaire Next Door – “If you’re not yet wealthy, but want to be someday, never purchase a home that requires a mortgage that is more than twice your household’s annual realized income.”
I see a lot of you going “Shit” after reading that.
On a Side Hustle
I didn’t even have to write anything, u/red-sfpplus already wrote an excellent post on this topic - https://www.reddit.com/marriedredpill/comments/7i7x4q/the_financial_hustle/
Learn from his example. And then buy the man a drink.
On What to Do First
"Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant." - Warren Buffett
First of all, take stock of where you are. Figure out your net worth, and what you have and what you owe (and interest rates). I would say the first thing to do is to have a three to six month emergency fund. This can be done in conjunction with getting rid of high interest debt (such as credit card debt), however if and when you have an emergency, you’re going to need to tap into something.
Start your budgeting process. Know where your money is going. Fix it.
Most people don’t even have a thousand dollars in savings. Don’t be like that.
I would also note that the Personal Finance subreddit has this already diagrammed out in a flowchart in their wiki - https://i.imgur.com/lSoUQr2.png
On Giving Back
So you give back, right. Of course you do. But what I suggest is potentially setting up a charitable fund, so that you can maximize your charitable deduction annually. You can give a larger sum one year, and then less/none the following year – and maximize your deduction the first year. Something to consider. Plus then your charitable fund is invested, will grow with the market (remember you need a plan and asset allocation here as well), and the growth can be given to the charity as well, tax free. I’d recommend Vanguard, but really there are a number of places that do this.
On Habits of Millionaires
From the book The Millionaire Next Door, here are the characteristics of millionaires:
• They live well below their means
• They allocate their time, energy, and money efficiently, in ways conducive to building wealth.
• They believe that financial independence is more important than displaying high social status
• Their parents did not provide economic outpatient care.
• Their adult children are economically self-sufficient.
• They are proficient in targeting market opportunities.
• They chose the right occupation.
On Building Wealth
You want to build wealth? Don’t have a high consumption lifestyle! Think for a moment. How much money do you think it takes to maintain an upper-middle class lifestyle vs. how much money do you think it takes to maintain a middle-class/blue collar lifestyle? Bespoke suits. Luxury cars. Bigger house. More property taxes. And so forth. Think of all the stuff you have to purchase to keep up with the Joneses. Cost of cleaning. Cost of buying furniture for that fancy house. Etc.
“But Steel, I don’t care about the Joneses.” Sure you don’t. But your wife does. Watching that HGTV, picking out the stupid pillows that breed like rabbits in your house when you’re not looking. There’s something about a house that factors into the Female Social Matrix.
Frugality is the name of the game. Frugal being “behavior characterized by or reflecting economy in the use of resources.”
Don’t be wasteful. Don’t have a lifestyle marked by lavish spending and hyper consumption. You want to build wealth? Be frugal.
Most people will not become wealthy in one generation if they are married to people who are wasteful. You can’t accumulate wealth if one of you is a hyperconsumer.
On Offence vs. Defense
So you’re not beta bucks, you’re BETA BUCKS! You make it rain! Good for you. You play great offence. But how’s your defense? How’s your wealth accumulation? Are you spending like there’s no tomorrow? If you want to win the game, you have to play great offence AND defense.
Here’s some questions for you:
• Do you operate on an annual budget?
• Do you know how much you spend each year for food, clothing, and shelter?
• Do you have a clearly defined set of daily, weekly, monthly, annual, and lifetime goals?
• Do you spend a lot of time planning your financial future?
To build wealth, minimize your realized (taxable) income, and maximize your unrealized income (wealth/capital appreciation without a cash flow).
How do you become financially independent? You have to plan, and you have to sacrifice. You sacrifice today for financial independence tomorrow.
On Your Wife & Buy-In
As part of your plan and budgeting, once you have it all set, get buy-in from your wife. But do this not like you are seeking approval from mommy (aka you validation whore you), but matter of factly here is the plan, we are budgeting x amount for these areas. Here is our plan. Set out a vision.
On Financial Vision
Read it and weep - https://www.reddit.com/marriedredpill/comments/3fecgi/first_budget_discussion_leads_to_minor_meltdown/ctnya77/
“One rarely talked-about element of Married Game is a subtle thing known as Vision. Most husbands don’t appreciate what a strong DHV possessing Vision is, and they proceed unaware of the power it can add to their relationship. Most husbands do this because they don’t understand Vision, what it is and how it is manifested, much less the subtle but important role it holds. Let me explain: once upon a time I was working for a personnel agency, and one of my jobs was coaching our people on interviewing techniques. I learned a lot about the process as a result, from both the interviewer and the interviewee side. When it came to my clients who wanted high-quality employees with good technical skills – real talent – I learned the sorts of things that such high-demand technical people wanted in a company. Money, of course, and security and benefits. But beyond that gifted employees want to work for a company with a history, a good culture, and (most importantly) a Vision.
What is Vision? In this context Vision is a manifested idea of the future. Everyone wants to work for a company that’s changing the world and is doing so in a positive, pro-active way. No one wants to work for the company that’s floundering, desperate just to meet its next quarter’s goals. Vision is a generally-stated plan-of-action toward a distant but achievable goal, presented in an enticing enough manner to inspire. It’s short on details and long on generalizations. It’s reflective of inner beliefs, values, and judgments, an indication of character, foresight, and initiative. It should be bold, meaningful, and challenging.”
Now, this quote above is excellent. You need a vision for your life, but you also need a vision for your finances. What would your financial vision be? What does it look like to you? Create it, and then be ready to share that with your family.
On Love of Money
Remember folks, money itself is not the root of all evil. It’s the LOVE of money that causes the problem. When you are so driven to be a better beta bucks to get that coin, and start neglecting yourself, your relationships, etc… you’ve got problems. Money is just a tool in the toolbox. Use it, don’t let it use you. Don’t become a slave to money. Your life doesn’t consist of how many toys you have. And you can’t take it with you when you go.
On Insurance, or Lack Thereof
Would it surprise you to know that most people are underinsured? Make sure that you have enough of the key five types of insurance: health, car, homeowners/renters, life, and disability. Preparing yourself for these situations can save you a lot of pain in the future. Also, make sure you get enough umbrella insurance. Typically they say have enough umbrella insurance to cover your net worth, but I recommend getting a bit more.
A quick note, practically, do not get whole life insurance. Get term insurance, and invest the difference in cost between whole life and term. You’ll be much better off. And yes, this is for 99.9% of situations. The remaining .1% of situations are when someone is really wealthy and there are estate and tax considerations. Aka for most of us, don’t worry about it.
And take care of your health, so you don’t get fat when you are older and have related medical problems. Put. The. Fork. Down.
On Assets and Liabilities, Rich Dad Poor Dad Edition
A number of you have read Rich Dad Poor Dad, and there’s controversy in it. I disagree with a number of items in there, but there is an interesting point in there about how he views assets and liabilities:
“You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is Rule No. 1. It is the only rule. This may sound absurdly simple, but most people have no idea how profound this rule is. Most people struggle financially because they do not know the difference between an asset and a liability.”
He has a simple, non-accounting definition - “An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.”
Buy assets. I like it. What is out there that you can buy that puts money in your pocket. Stocks. Bonds. Mutual Funds. Real Estate that produces Income. There are a ton of items.
You should also think about getting rid of your liabilities… the giant boat, the private jet, the cluster B horrible sex-depriving wife (you know who you are)… you get the idea.
On Disaster Recovery and Information Security
What were to happen if you were to croak, or your only laptop with all your financial data was stolen or destroyed in a fire along with all your financial papers (see, you should have gotten that fireproof safe)? Would you have a plan on what to do? Would your spouse? Your kids? I would suggest making a backup of your finances, statements, tax returns, and other important papers, and put that on an encrypted USB key with a password that you and your wife knows, and then storing that someplace secure. Note that you can do fancy stuff like cloud storage, and so forth – but you need to have a plan for the worst case scenario.
Additionally, make sure that you use two-factor authentication when you log into your banking accounts (if they have it), as well as don’t repeat your passwords for your financial accounts.
I would even suggest having a separate secured email for your banking accounts, and another one for your personal accounts that get those damn spam emails all the time.
Don’t be stupid with your financial accounts. Using the same password is stupid. Yeah, I’m talking to you.
On Practical Advice
Do get rid of high interest credit cards. If you’ve got a balance on your 29.99% APR credit card and are paying that interest every month, it’s in your best interest to eliminate that debt as soon as possible. You’re not going to get a 29.99% return in a month in the stock market (unless you take on excessive risk for that return, obviously). Try to transfer that balance to a promo 0% interest credit card, and work that down.
Don’t borrow from your 401k. You’re cutting out your future returns. Don’t make that 401k loan your emergency fund, but rather have a separate emergency fund.
Do use credit cards over debit cards, for a whole host of reasons (theft being the primary reason).
Do pay yourself first. Take out at least 10% of your paycheck before it hits your checking account, and start saving.
Don’t pay monthly or annual fees on checking accounts or savings accounts. You shouldn’t be paying a bank to store your money. They should be paying you for that privilege.
Do get solid credit cards that give outstanding rewards. Do your research. Get at least 2% cash back if you can. Shoot for 5% or more. For example, Discover allows you to get 5% cash back in certain categories, and then you can redeem $20 for a $25 gift card to a number of different vendors. Looks like you just got a 6.25% return.
There are plenty of other examples. Do you spend a boatload at Amazon? Get your 5% return. As an example – I get a 5% return on gas using a certain credit card. It’s unlimited throughout the year, and is redeemed as a statement credit, so I don’t have to worry about redemption. I have a certain Amex that I redeem at 4.6% points per dollar spent, plus a 2% general cash back card (some places don’t accept Amex). I could go even crazier, like getting the 3% on restaurants, or churning cards (and there are a lot of sites out there on how to churn successfully), but at some point, it’s not worth it.
Do realize that credit cards make it easy to buy things that you don’t need. Recognize that part of yourself that wants to overspend. Ask yourself, do you need whatever it is you are buying. Would it hurt more if you paid in cash rather than credit. Buying with credit encourages you to buy more than you can afford.
Do shop around for loans/services. I asked my bank what the best car loan they could give me – they said 2.99%. I asked my credit union, and they got me 1.49%. That’s a big difference in interest over the course of a loan. Generally due to how credit unions are structured (and their presence – mostly online), they will have better deals on certain loans than banks, depending on the product.
Don’t delay saving for retirement. Generally, you’ll want to be saving 15% or more of your income for retirement early on. If you don’t save early, the harder it will be.
Do try to simplify your finances. It makes it much more complicated if you chase after the best savings rate for your online bank, and then have many accounts all over the place. The 20 dollars that you get in interest is not worth the complexity and time (aka your most valuable resource) it takes to manage all that stuff.
Don’t use your HELOC unless you have to. I have a large HELOC, but I don’t use it. But who knows when I need access to a large sum of money. And don’t use it in lieu of your emergency fund. You need both.
Do some research into budgeting tools. There’s a lot of people on these threads that recommend YNAB. I personally haven’t used it, so I can’t recommend it one way or the other. I’m old school (and cheap thrifty – why would you pay for something if you can do it yourself). But definitely check those tools out – Mint, Personal Capital, YNAB, budgeting tools through your bank, etc. Also, if your credit card does an annual summary (like Amex does), make sure you look at it to get an idea on where you’re spending – it’s very helpful.
On Tips for Saving Money
There are a ton of ways you can save money. Go ahead and google “how can I save 1000”. Wait, I did that for you - https://www.google.com/search?q=how+can+I+save+1000
Take some time, call up your cell phone providecable provider and see what specials they have. There's a ton of things you can do to save money quickly.
On Too Much Money
Say you’re an ostrich farmer, and are flush with cash. You’re asking yourself, ok, so I’ve maxed out my 401k, I’ve maxed out my Traditional IRA and then backdoored it into a Roth IRA for tax diversification plus the benefits of a Roth. I’m contributing to a 529 plan for the kids. I looked into mega backdooring my Roth but darn it my employer doesn’t let me do that. I’m doing all of the tax advantaged things I can. I still have this extra 300k sitting around – what do I do with it?!? First world problems, amIrite. Again, this comes back to your plan. What’s the short term plan with this money. What’s the long term plan. What’s your risk tolerance. What assets can you invest in that fit in with your plan. You still have to manage your budget, even if you are a 1 percenter.
On the Best Investment and Most Important Resource
I’m a firm believer that the best investment is investing in yourself (and your family and kids), and your most important resource is not money, but time. Learn a skill. Go get a degree. Give your kids a head start. Help your wife accomplish a goal. Do what you can to save time. Money of course helps, but you know what happens when you teach a man to fish.
On Happiness
Is money linked to happiness? Yes, but only to a point - https://www.usatoday.com/story/money/nation-now/2018/02/26/does-money-equal-happiness-does-until-you-earn-much/374119002/ and https://www.usatoday.com/story/money/personalfinance/2016/12/09/key-money-happiness-may-how-you-spend/94308848/
Honestly, at some point, money just becomes a scoreboard. Money will give you security. It will remove a stressor in your life. It will remove fighting and stress in your relationship (about money, fool). It will allow you to do many things. But eventually, money won’t give you happiness. You have to figure that one out yourself. And of course there’s the joke about “Money can’t buy you happiness, but it can buy you a yacht big enough to pull up right alongside it.” – David Lee Roth.
On Money and Attraction
Money by itself will not make your wife’s panties wet. Keep that in mind. Having and getting money is basic adulting. Same with saving and managing it. You want to get her wet? Get in shape. Lift. Does money boost your status? Sure. Is status one of those areas that has some effect on where you are in the sexual marketplace? Sure. Pure physical attraction? No. Do you really think that making MORE money is going to have your wife give you more sex? Of course not - https://heartiste.wordpress.com/2014/06/02/money-wont-save-beta-males/
Get in shape. Be hawt. And fix your damn teeth so you can smile like you are a somebody.
On a Brief Story
So I was talking to a friend of mine, and I asked him how he and his wife set up the finances. He told me about this system, where his paycheck goes into his checking, his wife’s paycheck goes into his wife’s checking, and they have a joint savings account. Then he went into a convoluted description on how each of them pays certain bills, and how what he’s paying is not fair since he’s paying the mortgage AND property tax AND daycare, etc etc. I thought to myself, man, what a convoluted way to deal with stuff. They would then have multiple financial meetings, and discussion on who pays what, and all this extra stuff. It was just a lack of overall ownership going on.
Just take care of the finances. Figure out a system that works for you. I’m not going to tell you which system is the best, because it’s all dependent on your unique circumstances (example: heavy spender SAHM vs saver career girl, you’ll need to put some deep restrictions on the heavy spender). But own it.
On Who Owns the Finances
You own the finances. Period. End stop. From the prior post on finances, it’s so important that I’m putting it here again:
“At the core: Who do you want in charge of your financial future?
The person interested in maintaining status quo and safety at all costs with your happiness and satisfaction a secondary or minor consideration? Or you?
If you've learned anything here it's that you need to be a captain. Putting your wife in the family alpha role breeds contempt and most of the problems that brought your here. Besides control of sex, family MONEY decision veto power is the key indicator of who is wearing the pants.”
submitted by SteelSharpensSteel to marriedredpill [link] [comments]

Blowing the lid off the CryptoNote/Bytecoin scam (with the exception of Monero) - Reformatted for Reddit

Original post by rethink-your-strategy on Bitcointalk.org here
This post has been reformatted to share on Reddit. What once was common knowledge, is now gone. You want a quality history lesson? Share this like wildfire.
August 15, 2014, 08:15:37 AM


I'd like to start off by stating categorically that the cryptography presented by CryptoNote is completely, entirely solid. It has been vetted and looked over by fucking clever cryptographers/developers/wizards such as gmaxwell. Monero have had a group of independent mathematicians and cryptographers peer-reviewing the whitepaper (their annotations are here, and one of their reviews is here), and this same group of mathematicians and cryptographers is now reviewing the implementation of the cryptography in the Monero codebase. Many well known Bitcoin developers have already had a cursory look through the code to establish its validity. It is safe to say that, barring more exotic attacks that have to be mitigated over time as they are invented/discovered, and barring a CryptoNote implementation making rash decisions to implement something that reduces the anonymity set, the CryptoNote currencies are all cryptographically unlinkable and untraceable.
Two other things I should mention. I curse a lot when I'm angry (and scams like this make me angry). Second, where used my short date format is day/month/year (smallest to biggest).
If you find this information useful, a little donation would go a long way. Bitcoin address is 1rysLufu4qdVBRDyrf8ZjXy1nM19smTWd.

The Alleged CryptoNote/Bytecoin Story

CryptoNote is a new cryptocurrency protocol. It builds on some of the Bitcoin founding principles, but it adds to them. There are aspects of it that are truly well thought through and, in a sense, quite revolutionary. CryptoNote claim to have started working on their project years ago after Bitcoin's release, and I do not doubt the validity of this claim...clearly there's a lot of work and effort that went into this. The story as Bytecoin and CryptoNote claim it to be is as follows:
They developed the code for the principles expressed in their whitepaper, and in April, 2012, they released Bytecoin. All of the copyright messages in Bytecoin's code are "copyright the CryptoNote Developers", so clearly they are one and the same as the Bytecoin developers. In December 2012, they released their CryptoNote v1 whitepaper. In September 2013, they released their CryptoNote v2 whitepaper. In November 2013, the first piece of the Bytecoin code was first pushed to Github by "amjuarez", with a "Copyright (c) 2013 amjuarez" copyright notice. This was changed to "Copyright (c) 2013 Antonio Juarez" on March 3rd, 2014. By this juncture only the crypto libraries had been pushed up to github. Then, on March 4th, 2014, "amjuarez" pushed the rest of the code up to github, with the README strangely referring to "cybernote", even though the code referred to "Cryptonote". The copyrights all pointed to "the Cryptonote developers", and the "Antonio Juarez" copyright and license file was removed. Within a few days, "DStrange" stumbled across the bytecoin.org website when trying to mine on the bte.minefor.co.in pool (a pool for the-other-Bytecoin, BTE, not the-new-Bytecoin, BCN), and the rest is history as we know it. By this time Bytecoin had had a little over 80% of its total emission mined.

Immediate Red Flags

The first thing that is a red flag in all of this is that nobody, and I mean no-fucking-body, is a known entity. "Antonio Juarez" is not a known entity, "DStrange" is not a known entity, none of the made up names on the Bytecoin website exist (they've since removed their "team" page, see below), none of the made up names on the CryptoNote website exist (Johannes Meier, Maurice Planck, Max Jameson, Brandon Hawking, Catherine Erwin, Albert Werner, Marec Plíškov). If they're pseudonyms, then say so. If they're real names, then who the fuck are they??? Cryptographers, mathematicians, and computer scientists are well known - they have published papers or at least have commented on articles of interest. Many of them have their own github repos and Twitter feeds, and are a presence in the cryptocurrency community.
The other immediate red flag is that nobody, and I mean no-fucking-body, had heard of Bytecoin. Those that had heard of it thought it was the crummy SHA-256 Bitcoin clone that was a flop in the market. Bytecoin's claim that it had existed "on the deep web" for 2 years was not well received, because not a single vendor, user, miner, drug addict, drug seller, porn broker, fake ID card manufacturer, student who bought a fake ID card to get into bars, libertarian, libertard, cryptographer, Tor developer, Freenet developer, i2p developer, pedophile, or anyone else that is a known person - even just known on the Internet - had ever encountered "Bytecoin" on Tor. Ever. Nobody.

Indisputable Facts

Before I start with some conjecture and educated guesswork, I'd like to focus on an indisputable fact that obliterates any trust in both Bytecoin's and CryptoNote's bullshit story. Note, again, that I do not doubt the efficacy of the mathematics and cryptography behind CryptoNote, nor do I think there are backdoors in the code. What I do know for a fact is that the people behind CryptoNote and Bytecoin have actively deceived the Bitcoin and cryptocurrency community, and that makes them untrustworthy now and in the future. If you believe in the fundamentals in CryptoNote, then you need simply use a CryptoNote-derived cryptocurrency that is demonstrably independent of CryptoNote and Bytecoin's influence. Don't worry, I go into this a little later.
So as discussed, there were these two whitepapers that I linked to earlier. Just in case they try remove them, here is the v1 whitepaper and the v2 whitepaper mirrored on Archive.org. This v1/v2 whitepaper thing has been discussed at length on the Bytecoin forum thread, and the PGP signature on the files has been confirmed as being valid. When you open the respective PDFs you'll notice the valid signatures in them:
signature in the v1 whitepaper
signature in the v2 whitepaper
These are valid Adobe signatures, signed on 15/12/2012 and 17/10/2013 respectively. Here's where it gets interesting. When we inspect this file in Adobe Acrobat we get a little more information on the signature
Notice the bit that says "Signing time is from the clock on the signer's computer"? Now normally you would use a Timestamp Authority (TSA) to validate your system time. There are enough public, free, RFC 3161 compatible TSAs that this is not a difficult thing. CryptoNote chose not do this. But we have no reason to doubt the time on the signature, right guys? crickets
See these references from the v1 whitepaper footnotes? Those two also appear in the v2 whitepaperth. Neither of those two footnotes refer to anything in the main body of the v1 whitepaper's text, they're non-existent (in the v2 whitepaper they are used in text). The problem, though, is that the Bitcointalk post linked in the footnote is not from early 2012 (proof screenshot is authentic: https://bitcointalk.org/index.php?topic=196259.0)
May 5, 2013. The footnote is referencing a post that did not exist until then. And yet we are to believe that the whitepaper was signed on 12/12/2012! What sort of fucking fools do they take us for?
A little bit of extra digging validates this further. The document properties for both the v1 whitepaper as well as the v2 whitepaper confirms they were made in TeX Live 2013, which did not exist on 12/12/2012. The XMP properties are also quite revealing
XMP properties for the v1 whitepaper
XMP properties for the v2 whitepaper
According to that, the v1 whitepaper PDF was created on 10/04/2014, and the v2 whitepaper was created on 13/03/2014. And yet both of these documents were then modified in the past (when they were signed). Clearly the CryptoNote/Bytecoin developers are so advanced they also have a time machine, right?
Final confirmation that these creation dates are correct are revealed those XMP properties. The properties on both documents confirm that the PDF itself was generated from the LaTeX source using pdfTeX-1.40.14 (the pdf:Producer property). Now pdfTeX is a very old piece of software that isn't updated very often, so the minor version (the .14 part) is important.
pdfTeX 1.40.14 pushed to source repo on Feb 14, 2014
This version of pdfTeX was only pushed to the pdfTeX source repository on February 14, 2014, although it was included in a very early version of TeX Live 2013 (version 2013.20130523-1) that was released on May 23, 2013. The earliest mentions on the Internet of this version of pdfTeX are in two Stack Exchange comments that confirm its general availability at the end of May 2013 (here and here).
The conclusion we draw from this is that the CryptoNote developers, as clever as they were, intentionally deceived everyone into believing that the CryptoNote whitepapers were signed in 2012 and 2013, when the reality is that the v2 whitepaper was created in March, 2014, and the v1 whitepaper haphazardly created a month later by stripping bits out of the v2 whitepaper (accidentally leaving dead footnotes in).
Why would they create this fake v2 whitepaper in the first place? Why not just create a v1 whitepaper, or not even version it at all? The answer is simple: they wanted to lend credence and validity to the Bytecoin "2 years on the darkweb" claim so that everyone involved in CryptoNote and Bytecoin could profit from the 2 year fake mine of 82% of Bytecoin. What they didn't expect is the market to say "no thank you" to their premine scam.

And Now for Some Conjecture

As I mentioned earlier, the Bytecoin "team" page disappeared. I know it exists, because "AtomicDoge" referred to it as saying that one of the Bytecoin developers is a professor at Princeton. I called them out on it, and within a week the page had disappeared. Fucking cowards.
That was the event that triggered my desire to dig deeper and uncover the fuckery. As I discovered more and more oddities, fake accounts, trolling, and outright falsehoods, I wondered how deep the rabbit hole went. My starting point was DStrange. This is the account on Bitcointalk that "discovered" Bytecoin accidentally a mere 6 days after the first working iteration of the code was pushed to Github, purely by chance when mining a nearly dead currency on a tiny and virtually unheard of mining pool. He has subsequently appointed himself the representative of Bytecoin, or something similar. The whole thing is so badly scripted it's worse than a Spanish soap opera...I can't tell who Mr. Gonzales, the chief surgeon, is going to fuck next.
At the same time as DStrange made his "fuck me accidental discovery", another Bitcointalk account flared up to also "accidentally discover this weird thing that has randomly been discovered": Rias. What's interesting about both the "Rias" and "DStrange" accounts are their late 2013 creation date (October 31, 2013, and December 23, 2013, respectively), and yet they lay dormant until suddenly, out of the blue, on January 20th/21st they started posting. If you look at their early posts side by side you can even see the clustering: Rias, DStrange.
At any rate, the DStrange account "discovering" Bytecoin is beyond hilarious, especially with the Rias account chiming in to make the discovery seem natural. Knowing what we unmistakably do about the fake CryptoNote PDF dates lets us see this in a whole new light.
Of course, as has been pointed out before, the Bytecoin website did not exist in its "discovered" form until sometime between November 13, 2013 (when it was last captured as this random picture of a college girl) and February 25, 2014 (when it suddenly had the website on it as "discovered"). This can be confirmed by looking at the captures on Wayback Machine: https://web.archive.org/web/*/http://bytecoin.org
The CryptoNote website, too, did not exist in its current form until after October 20, 2013, at which time it was still the home of an encrypted message project by Alain Meier, a founding member of the Stanford Bitcoin Group and co-founder of BlockScore. This, too, can be confirmed on Wayback Machine: https://web.archive.org/web/*/http://cryptonote.org
~It's hard to ascertain whether Alain had anything to do with CryptoNote or Bytecoin. It's certainly conceivable that the whitepaper was put together by him and other members of the Stanford Bitcoin Group, and the timeline fits, given that the group only formed around March 2013. More info on the people in the group can be found on their site, and determining if they played a role is something you can do in your own time.~
Update: Alain Meier posted in this thread, and followed it up with a Tweet, confirming that he has nothing to do with CryptoNote and all the related...stuff.

Batshit Insane

The Bytecoin guys revel in creating and using sockpuppet accounts. Remember that conversation where "Rias" asked who would put v1 on a whitepaper with no v2 out, and AlexGR said "a forward looking individual"? The conversation took place on May 30, and was repeated verbatim by shill accounts on Reddit on August 4 (also, screenshot in case they take it down).
Those two obvious sockpuppet/shill accounts also take delight in bashing Monero in the Monero sub-reddit (here are snippets from WhiteDynomite and cheri0). Literally the only thing these sockpuppets do, day in and day out, is make the Bytecoin sub-reddit look like it's trafficked, and spew angry bullshit all over the Monero sub-reddit. Fucking batshit insane - who the fuck has time for that? Clearly they're pissy that nobody has fallen for their scam. Oh, and did I mention that all of these sockpuppets have a late January/early February creation date? Because that's not fucking obvious at all.
And let's not forget that most recently the sockpuppets claimed that multi-sig is "a new revolutionary technology, it was discovered a short time ago and Bytecoin already implemented it". What the actual fuck. If you think that's bad, you're missing out on the best part of all: the Bytecoin shills claim that Bytecoin is actually Satoshi Nakamoto's work. I'm not fucking kidding you. For your viewing pleasure...I present to you...the Bytecoin Batshit Insane Circus:
Seriously. Not only is this insulting as fuck to Satoshi Nakamoto, but it's insulting as fuck to our intelligence. And yet the fun doesn't stop there, folks! I present to you...the centerpiece of this Bytecoin Batshit Insane Circus exhibit...
Of course! How could we have missed it! The clues were there all along! The CryptoNote/Bytecoin developers are actually aliens! Fuck me on a pogostick, this is the sort of stuff that results in people getting committed to the loony bin.
One last thing: without doing too much language analysis (which is mostly supposition and bullshit), it's easy to see common grammar and spelling fuck ups. My personal favorite is the "Is it true?" question. You can see it in the Bytecoin thread asking if it's Satoshi's second project, in the Monero thread asking if the Monero devs use a botnet to fake demand, and in the Dashcoin thread confirming the donation address (for a coin whose only claim is that they copy Bytecoin perfectly, what the fuck do they need donations for??).

Layer After Layer

One of the things that happened soon after the Bytecoin "big reveal" was a string of forks popping up. The first was Bitmonero on April 18. Fantomcoin was launched May 6. Quazarcoin was launched May 8. HoneyPenny was announced on April 21, although only launched as Boolberry on May 17. duckNote was launched on May 30. MonetaVerde as launched June 17.
Now for some reason unbeknownst to anyone with who isn't a retarded fuckface, the Bytecoin code was pushed up to SourceForge on 08/04/2014 (the "Registered" date is at the bottom of the page). I have no idea why they did this, maybe it's to try and lend credence to their bullshit story (oh hey, look how old Bytecoin is, it's even on Sourceforge!)
Coincidentally, and completely unrelated (hurr durr), Quazarcoin, Fantomcoin, and Monetaverde are all also on Sourceforge. This gives us a frame of reference and a common link between them - it's quite clear that at least these three are run by the same team as CryptoNote. There is further anecdotal evidence that can be gathered by looking at the shill posts in the threads (especially the way the Moneteverda shills praise merge mining, in a way that is nearly fucking indistinguishable from the Bytecoin praise for multi-sig technology).
QuazarCoin is a special case and deserves a little attention. Let's start with OracionSeis, who launched it. He's well known on Bitcointalk for selling in-game currencies. In that same thread you'll notice this gem right at the end from Fullbuster: "Hey,OracionSeis is no longer under my use so please https://bitcointa.lk/threads/selling-most-of-the-game-currencies.301540/#post-5996983 come into this thread! thank you !" Click through to his new link and Fullbuster clarifies: "Hello, I may look new around here but i've sold my first account and created new one and i have an intention to keep the same services running as my first account did." So now that we know that OracionSeis is a fucking bought account, we can look at his actions a little more critically.
On May 7, just when Monero was being taken back by the community (see below), OracionSeis out of the blue decided to take it overelaunch it himself. This included a now-defunct website at monero.co.in, and a since-abandoned Github. The community pushed back hard, true to form, with hard-hitting statements such as "To reiterate, this is not the original devs, and thus not a relaunch. OP, fuck you for trying this. This should warrant a ban." A man after my own heart. OracionSeis caved and decided to rename it to...QuazarCoin, which launched on May 8. To recap: bought account, launched by trying to "relaunch" Monero, got fucked up, renamed it to QuazarCoin. Clearly and undeniably goes in our pile of fuckface coins.
The other three are a little more interesting. Let's start with ~fuckNote~duckNote. It's hard to say if duckNote is a CryptoNote/Bytecoin project. The addition of the HTML based wallet is a one-trick pony, a common thread among most of the CryptoNote/Bytecoin controlled coins, but that could also be the result of a not-entirely-retarded developer. Given the shill posts in the duckNote thread I'm going to flag it as possibly-controlled-by-the-fuckface-brigade.
And now we come to ~HoneyPenny~ ~MoneyPenny~ ~HoneyBerry~ ~Boolean~ Boolberry. This is an interesting one. This was "pre-announced" on April 21, although it was only released with the genesis block on May 17. This puts it fourth in line, after Fantomcoin and Quazarcoin, although fucktarded proponents of the shittily-named currency insist that it was launched on April 21 because of a pre-announcement. Fucking rejects from the Pool of Stupidity, some of them. At any rate, "cryptozoidberg" is the prolific coder that churned out a Keccak-derived PoW (Wild Keccak) in a month, and then proceeded to add completely fucking retarded features like address aliasing that requires you to mine a block to get an address (lulz) and will never cause any issues when "google" or "obama" or "zuckerberg" want their alias back. Namecoin gets around this by forcing you to renew every ~200 - 250 days, and besides, nobody is making payments to microsoft.bit. This aliasing system is another atypical one-trick-pony that the CryptoNote developers push out and claim is monumental and historical and amazing.
There's also the matter of cryptozoidberg's nickname. In the Bytecoin code there's the BYTECOIN_NETWORK identifiert, which according to the comment is "Bender's nightmare" (hurr durr, such funny, 11100111110001011011001210110110 has a 2 in it). Now this may be a little bit of conjecture, yo, but the same comment appears twice in the "epee" contributed library, once in the levin signature, and again in the portable storage signature. The contexts are so disconnected and different that it would be a fucking stretch to imagine that the same person did not write both of these. We can also rule out this being a Bytecoin-specific change, as the "Bender's nightmare" comments exist in the original epee library on githubw (which is completely unused anywhere on the planet except in Bytecoin, most unusual for a library that has any usefulness, and was first committed to github on February 9, 2014).
We know from the copyright that Andrey N. Sabelnikov is the epee author, and we can say with reasonable certainty that he was involved in Bytecoin's creation and is the dev behind Boolberry. Sabelnikov is quite famous - he wrote the Kelihos botnet code and worked at two Russian security firms, Microsoft took him to court for his involvement (accusing him of operating the botnet as well), and then settled with him out of court on the basis of him not running the botnet but just having written the code. Kelihos is a botnet that pumped out online pharmacy spam (you know the fucking annoying "Y-ou Ne3D Vi-4Gra!?" emails? those.) so it's good to see he transitioned from that to a cryptocurrency scam. Regardless of BBR's claim to have "fixed" CryptoNote's privacy (and the fake fight on Bitcointalk between the "Bytecoin devs" and cryptozoidberg), it's clear that the link between them is not transparent. BBR is either the brainchild of a spam botnet author that worked on Bytecoin, or it's the CryptoNote developers trying to have one currency distanced from the rest so that they have a claim for legitimacy. I think it's the second one, and don't want to enter into a fucking debate about it. Make up your own mind.
Which brings us to the oddest story of the bunch: Bitmonero. It's pretty clear, given its early launch date and how unfamiliar anyone was with creating a genesis block or working in completely undocumented code, that thankful_for_today is/was part of the CryptoNote developers. He made a fatal error, though: he thought (just like all the other cryptocurrencies) that being "the dev" made him infallible. Ya know what happened? He tried to force his ideas, the community politely said "fuck you", and Bitmonero was forked into Monero, which is leading the pack of CryptoNote-based coins today. Let me be perfectly fucking clear: it doesn't matter that the Bytecoin/CryptoNote developers know their code and can push stuff out, and it doesn't matter that Sabelnikov can shovel bullshit features into his poorly named cryptocurrency, and it doesn't matter that Monetaverde is "green" and has "merged mining". Nobody working behind these cryptocurrencies is known in the cryptocurrency community, and that alone should be a big fucking red flag. Monero is streets ahead, partly because of the way they're developing the currency, but mostly because the "core devs" or whatever they're called are made up of reasonably well-known people. That there are a bunch of them (6 or 7?) plus a bunch of other people contributing code means that they're sanity checking each other.
And, as we saw, this has fucking infuriated the Bytecoin/CryptoNote developers. They're so angry they waste hours and hours with their Reddit accounts trawling the Monero sub-reddit, for what? Nobody has fallen for their scam, and after my revelation today nobody fucking will. Transparency wins, everything else is bullshit.
As pointed out by canonsburg, when the Bytecoin/CryptoNote people realised they'd lost the fucking game, they took a "scorched earth" approach. If they couldn't have the leading CryptoNote coin...they'd fucking destroy the rest by creating a shit-storm of CryptoNote coins. Not only did they setup a thread with "A complete forking guide to create your own CryptoNote currency", but they even have a dedicated website with a fuckton of JavaScript. Unfortunately this plan hasn't worked for them, because they forgot that nobody gives a fuck, and everyone is going to carry on forking Bitcoin-based coins because of the massive infrastructure and code etc. that works with Bitcoin-based coins.
There are a bunch of other useless CryptoNote coins, by the way: Aeon, Dashcoin, Infinium-8, OneEvilCoin. We saw earlier that Dashcoin is probably another CryptoNote developer driven coin. However, this entire group is not really important enough, nor do they have enough potential, for me to give a single fuck, so make up your own mind. New CryptoNote coins that pop up should be regarded with the utmost caution, given the bullshit capabilities that we've already seen.

All Tied Up in a Bow

I want to cement the relationship between the major CryptoNote shitcoins. I know that my previous section had a lot of conjecture in it, and there's been some insinuation that I'm throwing everyone under the bus because I'm raging against the machine. That's not my style. I'm more of a Katy Perry fan..."you're going to hear me roar". There were some extra links I uncovered during my research, and I lacked the time to add it to this post. Thankfully a little bit of sleep and a can of Monster later have given me the a chance to add this. Let's start with an analysis of the DNS records of the CN coins.
If we look at the whois and DNS records for bytecoin.org, quazarcoin.org, fantomcoin.org, monetaverde.org, cryptonote.org, bytecoiner.org, cryptonotefoundation.org, cryptonotestarter.org, and boolberry.com, we find three common traits, from not-entirely-damming to oh-shiiiiiiit:
  1. There's a lot of commonality with the registrar (NameCheap for almost all of them), the DNS service (HurricaneElectric's Free DNS or NameCheap's DNS), and with the webhost (LibertyVPS, QHosteSecureFastServer.com, etc.)
  2. All of the CN domains use WhoisGuard or similar private registration services.
  3. Every single domain, without exception, uses Zoho for email. The only outlier is bitmonero.org that uses Namecheap's free email forwarding, but it's safe to disregard this as the emails probably just forward to the CryptoNote developers' email.
The instinct may be to disregard this as a fucking convenient coincidence. But it isn't: Zoho used to be a distant second go Google Apps, but has since fallen hopelessly behind. Everyone uses Google Apps or they just use mail forwarding or whatever. With the rest of the points as well, as far-fetched as the link may seem, it's the combination that is unusual and a dead giveaway of the common thread. Just to demonstrate that I'm not "blowing shit out of proportion" I went and checked the records for a handful of coins launched over the past few months to see what they use.
darkcoin.io: mail: Namecheap email forwarding, hosting: Amazon AWS, open registration through NameCheap monero.cc: mail: mail.monero.cc, hosting: behind CloudFlare, open registration through Gandi xc-official.com: mail: Google Apps, hosting: MODX Cloud, hidden registration (DomainsByProxy) through GoDaddy blackcoin.io: mail: Namecheap email forwarding, hosting: behind BlackLotus, open registration through NameCheap bitcoindark.org: mail: no MX records, hosting: Google User Content, open registration through Wix viacoin.org: mail: mx.viacoin.org, hosting: behind CloudFlare, closed registration (ContactPrivacy) through Hostnuke.com neutrinocoin.org: mail: HostGator, hosting: HostGator, open registration through HostGator
There's no common thread between them. Everyone uses different service providers and different platforms. And none of them use Zoho.
My next check was to inspect the web page source code for these sites to find a further link. If you take a look at the main CSS file linked in the source code for monetaverde.org, fantomcoin.org, quazarcoin.org, cryptonotefoundation.org, cryptonote-coin.org, cryptonote.org, bitmonero.org, and bytecoiner.org, we find a CSS reset snippet at the top. It has a comment at the top that says "/* CSS Reset /", and then where it resets/sets the height it has the comment "/ always display scrollbars */". Now, near as I can find, this is a CSS snipped first published by Jake Rocheleau in an article on WebDesignLedger on October 24, 2012 (although confusingly Google seems to think it appeared on plumi.de cnippetz first, but checking archive.org shows that it was only added to that site at the beginning of 2013). It isn't a very popular CSS reset snippet, it got dumped in a couple of gists on Github, and translated and re-published in an article on a Russian website in November, 2012 (let's not go full-blown conspiritard and assume this links "cryptozoidberg" back to this, he's culpable enough on his own).
It's unusual to the point of being fucking impossible for one site to be using this, let alone a whole string of supposedly unrelated sites. Over the past few years the most popular CSS reset scripts have been Eric Meyer's "Reset CSS", HTML5 Doctor CSS Reset, Yahoo! (YUI 3) Reset CSS, Universal Selector ‘’ Reset, and Normalize.css, none of which contain the "/ CSS Reset /" or "/ always display scrollbars */" comments.
You've got to ask yourself a simple question: at what point does the combination of all of these fucking coincidental, completely unusual elements stop being coincidence and start becoming evidence of a real, tenable link? Is it possible that bytecoin.org, quazarcoin.org, fantomcoin.org, monetaverde.org, cryptonote.org, bytecoiner.org, cryptonotefoundation.org, cryptonotestarter.org, and boolberry.com just happen to use similar registrars/DNS providers/web hosts and exactly the fucking same wildly unpopular email provider? And is it also possible that monetaverde.org, fantomcoin.org, quazarcoin.org, cryptonotefoundation.org, cryptonote-coin.org, cryptonote.org, and bytecoin.org just happen to use the same completely unknown, incredibly obscure CSS reset snippet? It's not a conspiracy, it's not a coincidence, it's just another piece of evidence that all of these were spewed out by the same fucking people.

The Conclusion of the Matter

Don't take the last section as any sort of push for Monero. I think it's got potential (certainly much more than the other retarded "anonymous" coins that "developers" are popping out like street children from a cheap ho), and I hold a bit of XMR for shits and giggles, so take that tacit endorsement with a pinch of fucking salt.
The point is this: Bytecoin's 82% premine was definitely the result of a faked blockchain. CryptoNote's whitepaper dates were purposely falsified to back up this bullshit claim. Both Bytecoin and CryptoNote have perpetuated this scam by making up fake website data and all sorts. They further perpetuate it using shill accounts, most notably "DStrange" and "Rias" among others.
They launched a series of cryptocurrencies that should be avoided at all cost: Fantomcoin, Quazarcoin, and Monetaverde. They are likely behind duckNote and Boolberry, but fuck it, it's on your head if you want to deal with scam artists and botnet creators.
They developed amazing technology, and had a pretty decent implementation. They fucked themselves over by being fucking greedy, being utterly retarded, being batshit insane, and trying to create legitimacy where there was none. They lost the minute the community took Monero away from them, and no amount of damage control will save them from their own stupidity.
I expect there to be a fuck-ton of shills posting in this thread (and possibly a few genuine supporters who don't know any better). If you want to discuss or clarify something, cool, let's do that. If you want to have a protracted debate about my conjecture, then fuck off, it's called conjecture for a reason you ignoramus. I don't really give a flying fuck if I got it right or wrong, you're old and ugly enough to make up your own mind.
tl;dr - CryptoNote developers faked dates in whitepapers. Bytecoin faked dates in fake blockchain to facilitate an 82% premine, and CryptoNote backed them up. Bytecoin, Fantomcoin, Quazarcoin, Monetaverde, Dashcoin are all from the same people and should be avoided like the fucking black plague. duckNote and Boolberry are probably from them as well, or are at least just fucking dodgy, and who the fuck cares anyway. Monero would have been fucking dodgy, but the community saved it. Make your own mind up about shit and demand that known people are involved and that there is fucking transparency. End transmission.
Just a reminder that if you found this information useful, a little donation would go a long way. Bitcoin address is 1rysLufu4qdVBRDyrf8ZjXy1nM19smTWd.
submitted by OsrsNeedsF2P to CryptoCurrency [link] [comments]

How Bitcoin Saved My Life

This is a story of how Bitcoin saved my life from severe stress and grave danger.
This is not a fictional story. This is a true story. It's my story.
First things first. I'm from India. Things are a bit different in India than in the world.
There is this demonetization move in the November of 2016. On 8th November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes. People were given a month's time to exchange the old notes for new in the banks. But, the source of the money has to be provided at the time of exchange. The motive of this move is to curb black money.
I stay with my parents and they've deposited some money in my bank account. Remember, the money is theirs, not mine. Which means I had to return the money at some point in time, in the very near future. In the next few days, I've spent some of the money deposited in my account with my parents' consent. With fully their consent.
[Fast Forward Six Months] May 2017: The money is still in my bank account. I had graduated in Bachelor's Degree majoring in Electronics & Communication Engineering. And I was jobless. I'm in search of a job. Everything went well until May.
June 2017: I've heard of Bitcoin and bought 0.01079054BTC from Unocoin (www.unocoin.com), one of the biggest Bitcoin service providers in India.
Days go on. I've started spending some of the money deposited in my bank account for my personal uses; Like mobile recharges, at the restaurants, movies, web hosting, domains, and more (Forgot to tell you, I'm a blogger and a programmer). By the way, I'm spending every penny without my parents' consent. So, at anytime, they can ask me to give back their money. I started fearing. I'm skipping the "Money" talk every time at home. I'm skipping every situation at home that involves money. I tried very hard to earn money online to pay them back. Told you that I'm a blogger. Here is my blog address: www.dustmoon.com. I couldn't put enough effort to make some good money online. It was totally my mistake.
Days pass by but not even a single penny through my blog. Things are getting really bad. Bitcoin's on the rise. It's rising all the through the days. I started to feel better. Just a bit.
August 2017: One of my most trusted friends promised a job and I had to pay some charges to the consultation company in return. I'm paying to the consulting company, not to my friend; I thought. I paid a good sum expecting to get a good job. I thought I could pay back my parents from the salary I earn from my job.
But God has different plans.
Very nasty plans. No one would expect things to go that crazy.
[The Next Day After I Paid My Friend] I called him over the phone. No response. He is not attempting my call. Assumed he was busy. I sensed no bad. Called him the same night. No response this time too. Again, I thought he was asleep.
The next morning I met him at the roadside. I asked him about the status of the job. Now here is where the things went crazy. "What job?", he asked. I thought he's joking. But his face was too serious to be joking. No way one could act like that. Not even the Oscar winner, Leonardo DiCaprio.
I can't believe what's happening. I was angry and pulled him by his collar. He just pushed me back and left the place on his bike. I was cheated. I was betrayed by the person whom I thought would never do such a thing to me. Later that day I tried calling him several times over the phone. No response and switched off, later.
At this point, I can't proceed legally. Because, if I complain at the local Police Station, my parents would get to know about the matter. I called another friend of mine and explained the situation. He's puzzled.
The only way I could pay back my parents is to work somewhere. Being a graduate in a technical subject, my parents wouldn't allow me to work as a customer executive or in a job that doesn't require any technical expertise. I started applying for companies. Software companies. No positive response yet. Searching for a job. Searching and still searching. Wait for the big moment.
September: I use Cloudflare for my blog. One day, they sent me an email asking me to apply for a Google program. If accepted into that program, I may receive Google Cloud credits. I made some plans for the big party. But I strongly believed that I wouldn't be accepted. But no, I was accepted.
Now I have $3000 Google Cloud credits.
I executed the plans. NiceHash and 8 x Nvidia Tesla P100 GPUs. The resultant is a giant beast with an incredible computing power. You know what I did with such a mammoth computer. Bitcoin mining. Yes, it was that simple. NiceHash made things easy. I just exhausted all my Cloud credits. Got some good amount of Bitcoins. All safe and sound in my Unocoin wallet. Still not enough. Still a long way to the target amount.
[Fast Forward Two Months] Early-December: No job yet. But the only good thing is, Bitcoin's on the rise. Kept rising. A sharp rise. Somewhere, I'm feeling like Bitcoin may come to my rescue. My blog isn't running well. I had an Apple MacBook Air and started learning iOS Development. Personally, I'm a fan of Apple products.
Present: "LUCK Factor" comes to me once again. Again, Google. The Google Cloud platform has USD as their default billing currency until mid-December. After that, they've added INR as the default currency for my region. Here is the best that could have ever happened to me. There's a BUG. Bugs in software are very common but they will cost a lot. Very good bug to me.
There's a bug in Google Cloud's billing system. Remember? I told that I've exhausted all my credits. But due to the bug, I was once again given the credits. And they're ₹1,96,282 in my local currency.
Big plans again. But this time, not Bitcoin but Ethereum. Ethereum mining is more profitable. Booted up beast once again. 8 x Nvidia Tesla P100 GPUs running Ubuntu 16.04. More powerful and more efficient this time. Pool: ethermine.org. I got unexpected results. Mining was extremely powerful and highly profitable.
I've made much more money than I actually need. Lots of money. No debt. So, I placed a withdrawal request for only the amount to cover by debt.
Revelation: THIS IS A WORK OF FICTION. This story is a result of month's hard work; I THANK SRI RAM FOR THE EDITS. THANKS FOR READING!
submitted by PraneethKarnena to stories [link] [comments]

Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity

Burstcoin (BURST): A Dark Horse That Could Become A Major Cryptocurrency, The King of Proof of Capacity

Currently the cryptocurrency space if flooded with copycat coins and initial coin offering (ICO) tokens, most of which are moving steadily down the ranks on CoinMarketCap as the bear market of 2018 continues. This bear market is weeding out cryptocurrencies that have little long term potential, and cryptocurrencies that have strong communities and unique technology are rising to the top. Burstcoin (BURST) is one such cryptocurrency that is rising to the top, like cream in a glass of fresh milk. This is because the Burstcoin community is filled with diehard Cypherpunks, and BURST is the king of Proof of Capacity.
Back in the middle of October 2018 BURST was at #248 on CoinMarketCap, which was before the ‘nuclear’ bear market took effect, where the support level was broken due to the Bitcoin Cash hard fork, Bakkt delaying the launch of physical Bitcoin futures, and the Securities and Exchange Commission (SEC) initiating its first civil enforcement penalties against ICOs. BURST has decreased in price like every other cryptocurrency, but is rising relative to other cryptocurrencies, and as of 3 December 2018 sits at #199 on CoinMarketCap with a market cap of USD 13.5 million.
This increase in the price of BURST relative to other cryptocurrencies is due to Burstcoin’s unique technology. Burstcoin is the king of Proof of Capacity, a mining algorithm that uses the hard drive, versus raw computational power like with Proof of Work, and is much more energy efficient than Proof of Work. Proof of Capacity works by writing cryptographic hashes to an allotted segment of a hard drive called a plot. This plot is then read during mining to find the correct cryptographic hash, and whoever finds the cryptographic hash the fastest receives the block reward. More hard drive space dedicated to the plot equals more cryptographic hashes available, making it easier to find an answer and earn the BURST block reward.
Currently 1TB generates 1-2 BURST per day, and even though this is only equivalent to about a penny, it is all profit since reading the plot file requires a negligible amount of energy, and BURST miners can use their computer for other activities without impediment. Compare this to Proof of Work, which slows down personal computers and costs more electricity than the cryptocurrency it mines. BURST is one of the only cryptocurrencies that can be profitably mined on personal computers.
Further, unlike with Proof of Work where specialized mining equipment is required like application specific integrated circuits (ASICs), anyone with a computer or even mobile phone can mine BURST, and if they decide to stop mining BURST they can simply delete their plot file and use the hard drive space for other things. This is unlike ASICs, which cannot be used for anything but mining, so if someone decides to stop mining they lose all the money invested into the ASIC.
The ease of mining and negligible energy usage has led to the formation of a strong BURST mining community, with over 200,000 TB securing the BURST network. This is equivalent to hundreds of thousands of personal computers. The expansive mining community gives BURST value, and some of these miners are blockchain developers, and they have been building a full suite of technology based on the Burstcoin blockchain.
CloudBurst immutably stores files directly on the Burstcoin blockchain, for a small 1-time fee. Real blockchain storage is a rarity in the cryptocurrency world. The file will be stored as long as the Burstcoin blockchain exists, which is the foreseeable future and beyond considering the expansive BURST mining community. Cloudburst would be useful if you lost your computer and all of your backups in a natural disaster like a hurricane, and is a more secure solution than cloud storage like Google. Also, the Burstcoin wallet can be used to easily issue cryptocurrencies that are based off of the Burstcoin blockchain, and there is a decentralized exchange built-in to the wallet to trade these crypto assets.
Cryptocurrency scalability is a problem even for major cryptocurrencies like Bitcoin and Ethereum, but Burstcoin has tackled and solved this problem with the launch of the Dymaxion. The scalability of the Dymaxion is so powerful that it can handle all the non-cash transactions in the world. This is done via the utilization of tangle-based lightning networks on top of the Burstcoin blockchain. Transactions done via the Dymaxion are instant, with no fees and practically no energy expenditure. The Dymaxion gives Burstcoin the room to grow as much as it needs to.
When people look for the cryptocurrencies that will survive long term, it can be confusing due to the 2,000+ cryptocurrencies listed on CoinMarketCap. However, it is clear that cryptocurrencies with truly unique and useful technology, as well as strong communities will always be around and gain value long term relative to all the ICOs and copycats. Bitcoin is the king of SHA-256, Litecoin is the king of Scrypt, Ethereum is the king of blockchain-based dApps, Dogecoin is the king of the shibes on Reddit, Dash is the King of X11, Monero is the king of privacy coins, IOTA is the king of Directed Acyclic Graphs (DAGs), and Burstcoin is the king of Proof of Capacity. These kings of cryptocurrency will definitely be the winners and survivors when the fallout from the ICO apocalypse is over.
This is for educational purposes only and is not investment advice. We are not paid by BURST to write this article.
submitted by turtlecane to CryptoCurrency [link] [comments]

Is Mining Bitcoin Still Profitable in 2020? - YouTube Bitcoin Cloud Mining in 2019 Review - Profitable? Scam? Rock Miner  Genesis Mining  Hashflare GENESIS MINING - Is It PROFITABLE Again? - YouTube How Are Mining PROFITS Now? January 8th 2020 Bitcoin Mining in August 2018 - Still Profitable? - YouTube

Others pop around, mining different coins based on which one they think is most profitable at the time. They use various factors to decide this, including the hash rate of the pool at the time, and the rate of exchange between different coins. Local vs cloud mining: Some mining pools combine cloud-based mining with pooled activity. This means ... Most Bitcoin mining hardware appears profitable at first glance. Bitcoin mining, unfortunately, isn’t simple and there are a number of hidden costs and constantly changing factors. This guide will help you understand Bitcoin mining profitability and give you a good estimate of your expenses and earnings. Cloud mining is where you pay a service provider to mine for you and you get the rewards. Just Want Bitcoins? If you just want bitcoins, mining is NOT the best way to obtain coins. Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins. Get $10 worth of free bitcoins when you buy $100 or more at Coinbase. Which Countries Mine the most Bitcoins? Bitcoin mining tends to gravitate ... Bitcoin penny stocks are rife with pumping and dumping. It's a sector that's a hot button topic. As a result, people feel strongly about it one way or the other. You have the believers who go for it hardcore. Then you have the skeptics who aren't sure if bitcoin stocks are good investments. Bitcoin is a touchy subject. AWS cloud mining operation has been making waves on making high profitability claims, despite major drops on the Bitcoin cloud mining profit making. I recently got involved in this project, and along the line, i figured out some suspicious practices that makes it not a viable crypto cloud mining software to invest in.

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Is Mining Bitcoin Still Profitable in 2020? - YouTube

OUR NEW BITCOIN MINING RIG NOW GENERATES 7 BITCOINS PER DAY. Did you know that Bitcoin Cloud Mining is still 100% profitable don't be deceived by speculators. you can earn $1,471 daily from cloud ... Whether you love Bitcoin cloud mining and it has made you rich, or you hate it and bought Genesis cloud mining contracts at the top of the 2017-2018 crypto bull-run and are now in massive debt ... So is it time to revisit GENESIS MINING? Could CLOUD MINING be an option again? Let's find out. Subscribe for more awesome videos and a chance at Free Bitcoi... Send Your Mining Rig Pics in Discord be featured in upcoming Community Mining Rigs Episodes! Buy GPU's on Amazon - https://geni.us/46Bo1 Favorite GPU For Mining: https://geni.us/MaOtD Is mining Bitcoin BTC still profitable in 2020? Let's review mining profitability, Bitcoin, Bitcoin Cash, and Bitcoin SV. Block reward halving, network diffi...