Bitcoin halving 2020: what you need to know CMC Markets

Developing stage of new Pi network currency

I have always been very skeptical and distant from all the hype around digital currency in general due to my basic investment principle that when everyone on the street starts talking about an investment product, it is generally too late to invest in it. It is in this state of mind that I listen to a family friend who tried for months to encourage me to join his cryptocurrency investment group. He got my attention when he mentioned that this one is a new innovation which is at the free distribution phase with no financial commitment required.
As soon as I reached home, I started making some background research on the Pi Network and found that not only it is a very legitimate and innovative digital currency initiative, but more importantly, it is still at the right stage to jump in with an excellent risk reward ratio. Of course, there is no guaranty that it will be a successful project, but what you tent to lose is a few minutes a day of hitting a button on your mobile and the mobilization of your network of friend and family at no financial cost to you or them for a possible reward of amassing lot of Pi digital currencies that could be very valuable in the future if the project is successful. Below is the summary of the findings of my research on the PI Network and my recommendation.
  1. It is a project credited to three Stanford University PHDs namely: Dr Nicolas Kokkalls (head of technology), Dr Chengdiao Fan (Head of product) and Vincent McPhillip (head of community)
  2. The company only offers a service, but no product. After downloading the Pi Network app, you need to confirm that you are a human by pressing a lightning symbol on the app at 24 hours intervals. This will initiate the mining process at a predetermined rate on your mobile device (currently 0.20pi/hr) without draining your phone battery. You are free to exit the app after that action without discontinuing the mining process.
  3. It is an FREE App. Free to download (with no ads) either from google play or apple store. You may search pi, pinetwork,or minepi.
  4. Members can join only on invitation from other members. You can accelerate your mining rate by inviting other members to join using your code. You are welcome to use mine to join if you decide to or if this review add any value to you (Marshlerouge).
  5. After three successful mining cycles of 24 hours each, you qualify to become a contributor and you can form a security circle of 3 to 5 trusted members. This will accelerate your mining rate as well.
  6. The mining rate has been halve for any multiple of 10 members that the network achieved. The project started in March 2019 at a rate of 3.1 Pi/hr and in November 2019 the network reached 1 million members and the current rate is 0.20 pi/hr.
  7. The next milestone is at 10million members and it is not yet clear if the mining process will be discontinued at that stage or if it will continue to reduce in speed.
  8. On Pi network white paper, a summary description of the technology they use is as follows: For Pi, we introduced the additional design requirement of employing a consensus algorithm (the process that records transactions into a distributed ledger) that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones. The consensus algorithm that they use is the Stellar Consensus Protocol (SCP) that was architected by David Mazieres a Professor of Computing Science at Stanford University as stated in Pi Network white paper as well.
My recommendation: Pi has no value currently, just as Bitcoin in 2008, but could have value in the future. Pi Network is using an innovative digital currency technology that will decentralize mining of digital currency to the ordinary people and is user friendly through mobile phones. In my view the risk reward ratio justify my recommendation of jumping in while it is still open. But like for everything in life, feel free to do your own research. This is only my personal opinion and if you decide to go by it I will appreciate you using my code to join. It will bless me in return by accelerating my mining rate.
submitted by Marshlerouge to CryptoCurrencies [link] [comments]

Round up of Cryptocurrency News #2 Week 13/07 - 19/07

Round up of Cryptocurrency News #2 Week 13/07 - 19/07
So much has happened this week! We saw a capitulation point of bitcoin before bears took over and we saw the selling pressure push Bitcoin down toward the $9000USD mark then move back up above $9100USD So far it has been a stable hold, however we may see some more action within the coming weeks.
 
Widespread scamming within the Twitter-sphere, Youtube and other platforms as Bitcoin and other cryptocurrencies may seem like fair game. Cryptocurrencies providing big payouts for scammers without the ability for reversals of accounts. Remember if something seems too good to be true, do some research or just plain do not respond/believe it. Stay safe and careful with your funds!
 
On the brightside, there has been even more adoption of cryptocurrencies as rumours of Paypal utilising cryptocurrency has been confirmed as they are developing crypto capabilities. In addition to this we received exciting news at the start of this week about Binance partnering with Swipe (SXP) and offering a debit card to spend BNB, SXP, BTC and BUSD. ( I will be keeping a swift eye on BNB and Swipe as its utilisation as tokens has just increased 43 fold).
 
Positive news for the Bitcoin network as its hashrate reaches all time high which helps to secure the network further even though mining profits have dropped by 50% from the recent halving. If you didn't know already the last Bitcoin will be expected to be mined in 2140 with its difficulty ever increasing and each time securing the network further. Processing units will have to become faster, stronger and most importantly more cost effective to continue to entice miners for the block rewards and further renewable energy practices.
 
Furthermore we can see Central banks and countries discussing and developing Central Bank Digital Currencies (CBDC). Read more about it here https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp and check out some of the developments in the world above. This shows the popularity and strong nature of cryptocurrencies. As the saying goes "If you cant beat them, JOIN them".
 
Overall, very solid week full of adoption, animation and anticipation. Another post next week for a weekly round up! See you then but in the mean time join us at our Gravychain Discord.
- DISCORD LINK: https://discord.gg/zxXXyuJ 🍕 Bring some virtual pizza to share 🍕
Come have a chat, stimulate a discussion, ask a question or share some knowledge. We are all friendly crypto enthusiasts up for a chat, supportive and want to help each other with knowledge and investments!
Big thanks to our Telegram and My Crypto HQ for the constant news updates! - The Gravychain Collective: https://t.me/gravychain - My Crypto HQ: https://t.me/My_Crypto_HQ
Important/Notable/Highlights:

Special Mentions:
Other:
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Epic Cash AMA Recap with CryptoDiffer Community

CryptoDiffer team Hello, everyone! We are glad to meet here: Max Freeman (@maxfreeman4), Project Lead at Epic Cash Yoga Dude (@Yogadude), PR&Marketing at Epic Cash Xenolink (@Xenolink), Advisor at Epic Cash
Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here!
Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here!
Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us!
CryptoDiffer team Let`s start from the first introduction question: Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash?
Yoga Dude PR&Marketing at Epic Cash
Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing.
I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially.
Xenolink Advisor at Epic Cash
Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers!
Max Freeman Project Lead at Epic Cash
I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level.
CryptoDiffer team
Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:)
Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one?
Max Freeman Project Lead at Epic Cash
I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble
We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly.
There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos
that explain why we believe we have created something truly special here.
Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange.
Yoga Dude PR&Marketing at Epic Cash
Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility.
Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved.
Xenolink Advisor at Epic Cash
To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry.
To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone.
CryptoDiffer team
Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months?
Yoga Dude PR&Marketing at Epic Cash
Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content.
We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money.
You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages
Max Freeman Project Lead at Epic Cash
Our future development roadmap will be published soon and includes 4 tracks:
Usability
Mining
Core Protocol
Ecosystem Development
Core Protocol
Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020
Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020
Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a
Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a
Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a
Usability
GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020
Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020
Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a
Mining
RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a
The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin.
Ecosystem Development
Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a
Xenolink Advisor at Epic Cash
From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide.
CryptoDiffer team
Great, thank you for your answers, we now can move to community questions part!
Cryptodiffer Community
You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC?
Max Freeman Project Lead at Epic Cash
The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part.
Cryptodiffer Community
To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from?
Xenolink Advisor at Epic Cash
Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project.
Cryptodiffer Community
Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you!
Yoga Dude PR&Marketing at Epic Cash
First, I must admit that I am still a huge fan and HODLer of Monero. That said:
✅ our blockchain is MUCH lighter than Monero’s
✅ our transaction processing speed is much faster
✅ our address-less blockchain is more private
✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU
Cryptodiffer Community
  1. the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
  2. On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
  1. This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
  2. The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community
$EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future?
Who is Epic Biggest competitors?
And what’s makes epic better than competitors?
Xenolink Advisor at Epic Cash
We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity.
Cryptodiffer Community
What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Yoga Dude PR&Marketing at Epic Cash
Since we are a community project, we have many developers, in addition to the core team.
Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks.
We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked.
Cryptodiffer Community
EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges?
Xenolink Advisor at Epic Cash
In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Max Freeman Project Lead at Epic Cash
Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic.
With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash.
As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability
Cryptodiffer Community
Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ?
Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors?
Max Freeman Project Lead at Epic Cash
RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware.
Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses.
Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware.
The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved.
Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem?
Xenolink Advisor at Epic Cash
Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic.
Cryptodiffer Community
I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto?
What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ?
Yoga Dude Pr&Marketing at Epic Cash
Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential.
The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers.
The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique
Cryptodiffer Community
Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI?
Yoga Dude PR&Marketing at Epic Cash
We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on.
Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way.
Cryptodiffer Community
If you could choose one celebrity to promote Epic-cash, who that would be?
Max Freeman Project Lead at Epic Cash
I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences.
I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today.
Epic Cash will have its OWN Celebrities
Cryptodiffer Community
How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it?
Xenolink Advisor at Epic Cash
Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin.
Cryptodiffer Community
what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Max Freeman Project Lead at Epic Cash
There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make.
Cryptodiffer Community
Q1 : What are your major goals to archive in the next 3–4 years?
Q2 : What are your plans to expand and gain more adoption?
Yoga Dude Pr&Marketing at Epic Cash
Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁
We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting.
Cryptodiffer Community
It seems to me that EpicCash will have its first Halving, right? Why a halving so soon?
Is a mobile version feasible?
Max Freeman Project Lead at Epic Cash
Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140.
Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining.
Cryptodiffer Community
What markets will you add after that?
Yoga Dude PR&Marketing at Epic Cash
Well, we are aiming to have ALL markets
Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry)
We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages.
Epic Cash is More than Money and its for Everyone.
Cryptodiffer Community
Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins?
Max Freeman Project Lead at Epic Cash
With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can.
Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Xenolink Advisor at Epic Cash
Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash.
Cryptodiffer Community
  1. You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
  2. How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash
Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well.
Cryptodiffer Community
Do EPICs in 2020 focus more on research and coding, or on sales and implementation?
Yoga Dude PR&Marketing at Epic Cash
We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy.
In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC.
Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters.
Everyone with skin in the game gets the benefit of advancing the cause.
Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content —
https://www.youtube.com/watch?v=XtAVEqKGgqY
a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this
Cryptodiffer Community
I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex?
Let’s talk about the economic model, can EpicCash comply with the concept of value reserve?
Max Freeman Project Lead at Epic Cash
In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader.
We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166
Max Freeman Project Lead at Epic Cash
Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project.
Xenolink Advisor at Epic Cash
Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash .
Yoga Dude Pr&Marketing at Epic Cash
Thank you, CryptoDiffer Team, and this wonderful Community!!!
Cryptodiffer TEAM
Thank you everyone for taking your time and asking great questions
Thank you for your time, it was an insightful session
Spread the love
submitted by EpicCashFrodo to epiccash [link] [comments]

r/Bitcoin recap - June 2019

Hi Bitcoiners!
I’m back with the 30th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in May 2019
Adoption
Development
Security
Mining
Business
Research
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

Is the new cryptocurrency PI Network another scam or legit?

I have always been very skeptical and distant from all the hype around digital currency in general due to my basic investment principle that when everyone on the street starts talking about an investment product, it is generally too late to invest in it. It is in this state of mind that I listen to a family friend who tried for months to encourage me to join his cryptocurrency investment group. He got my attention when he mentioned that this one is a new innovation which is at the free distribution phase with no financial commitment required.
As soon as I reached home, I started making some background research on the Pi Network and found that not only it is a very legitimate and innovative digital currency initiative, but more importantly, it is still at the right stage to jump in with an excellent risk reward ratio. Of course, there is no guaranty that it will be a successful project, but what you tent to lose is a few minutes a day of hitting a button on your mobile and the mobilization of your network of friend and family at no financial cost to you or them for a possible reward of amassing lot of Pi digital currencies that could be very valuable in the future if the project is successful. Below is the summary of the findings of my research on the PI Network and my recommendation.
  1. It is a project credited to three Stanford University PHDs namely: Dr Nicolas Kokkalls (head of technology), Dr Chengdiao Fan (Head of product) and Vincent McPhillip (head of community)
  2. The company only offers a service, but no product. After downloading the Pi Network app, you need to confirm that you are a human by pressing a lightning symbol on the app at 24 hours intervals. This will initiate the mining process at a predetermined rate on your mobile device (currently 0.20pi/hr) without draining your phone battery. You are free to exit the app after that action without discontinuing the mining process.
  3. It is an FREE App. Free to download (with no ads) either from google play or apple store. You may search pi, pinetwork,or minepi
  4. Members can join only on invitation from other members. You can accelerate your mining rate by inviting other members to join using your code. You are welcome to use mine to join if you decide to or if this review add any value to you (cakzxd).
  5. After three successful mining cycles of 24 hours each, you qualify to become a contributor and you can form a security circle of 3 to 5 trusted members. This will accelerate your mining rate as well.
  6. The mining rate has been halve for any multiple of 10 members that the network achieved. The project started in March 2019 at a rate of 3.1 Pi/hr and in November 2019 the network reached 1 million members and the current rate is 0.20 pi/hr.
  7. The next milestone is at 10million members and it is not yet clear if the mining process will be discontinued at that stage or if it will continue to reduce in speed.
  8. On Pi network white paper, a summary description of the technology they use is as follows: For Pi, we introduced the additional design requirement of employing a consensus algorithm (the process that records transactions into a distributed ledger) that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones. The consensus algorithm that they use is the Stellar Consensus Protocol (SCP) that was architected by David Mazieres a Professor of Computing Science at Stanford University as stated in Pi Network white paper as well.
My recommendation:
Pi has no value currently, just as Bitcoin in 2008, but could have value in the future. Pi Network is using an innovative digital currency technology that will decentralize mining of digital currency to the ordinary people and is user friendly through mobile phones. In my view the risk reward ratio justify my recommendation of jumping in while it is still open. But like for everything in life, feel free to do your own research. This is only my personal opinion and if you decide to go by it I will appreciate you using my code to join. It will bless me in return by accelerating my mining rate. You can reach me at [[email protected]](mailto:[email protected]) if you would like to discuss more about this project.


The apple store link is https://apps.apple.com/ca/app/pi-network/id1445472541
The Google Play store link is https://play.google.com/store/apps/details?id=com.blockchainvault
submitted by arcticglobalwin to CanadianInvestor [link] [comments]

Is the new cryptocurrency PI Network another scam or legit?

I have always been very skeptical and distant from all the hype around digital currency in general due to my basic investment principle that when everyone on the street starts talking about an investment product, it is generally too late to invest in it. It is in this state of mind that I listen to a family friend who tried for months to encourage me to join his cryptocurrency investment group. He got my attention when he mentioned that this one is a new innovation which is at the free distribution phase with no financial commitment required.
As soon as I reached home, I started making some background research on the Pi Network and found that not only it is a very legitimate and innovative digital currency initiative, but more importantly, it is still at the right stage to jump in with an excellent risk reward ratio. Of course, there is no guaranty that it will be a successful project, but what you tent to lose is a few minutes a day of hitting a button on your mobile and the mobilization of your network of friend and family at no financial cost to you or them for a possible reward of amassing lot of Pi digital currencies that could be very valuable in the future if the project is successful. Below is the summary of the findings of my research on the PI Network and my recommendation.
  1. It is a project credited to three Stanford University PHDs namely: Dr Nicolas Kokkalls (head of technology), Dr Chengdiao Fan (Head of product) and Vincent McPhillip (head of community)
  2. The company only offers a service, but no product. After downloading the Pi Network app, you need to confirm that you are a human by pressing a lightning symbol on the app at 24 hours intervals. This will initiate the mining process at a predetermined rate on your mobile device (currently 0.20pi/hr) without draining your phone battery. You are free to exit the app after that action without discontinuing the mining process.
  3. It is an FREE App. Free to download (with no ads) either from google play or apple store.You may search pi, pinetwork,or minepi
  4. Members can join only on invitation from other members. You can accelerate your mining rate by inviting other members to join using your code. You are welcome to use mine to join if you decide to or if this review add any value to you (cakzxd).
  5. After three successful mining cycles of 24 hours each, you qualify to become a contributor and you can form a security circle of 3 to 5 trusted members. This will accelerate your mining rate as well.
  6. The mining rate has been halve for any multiple of 10 members that the network achieved. The project started in March 2019 at a rate of 3.1 Pi/hr and in November 2019 the network reached 1 million members and the current rate is 0.20 pi/hr.
  7. The next milestone is at 10million members and it is not yet clear if the mining process will be discontinued at that stage or if it will continue to reduce in speed.
  8. On Pi network white paper, a summary description of the technology they use is as follows: For Pi, we introduced the additional design requirement of employing a consensus algorithm (the process that records transactions into a distributed ledger) that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones. The consensus algorithm that they use is the Stellar Consensus Protocol (SCP) that was architected by David Mazieres a Professor of Computing Science at Stanford University as stated in Pi Network white paper as well.
My recommendation:
Pi has no value currently, just as Bitcoin in 2008, but could have value in the future. Pi Network is using an innovative digital currency technology that will decentralize mining of digital currency to the ordinary people and is user friendly through mobile phones. In my view the risk reward ratio justify my recommendation of jumping in while it is still open. But like for everything in life, feel free to do your own research. This is only my personal opinion and if you decide to go by it I will appreciate you using my code to join. It will bless me in return by accelerating my mining rate. You can reach me at [[email protected]](mailto:[email protected]) if you would like to discuss more about this project.
submitted by arcticglobalwin to inflation [link] [comments]

r/Bitcoin recap - September 2019

Hi Bitcoiners!
I’m back with the 33rd monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in September 2019
Adoption
Development
Security
Mining
Business
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

Is the new sryptocurrency PI Network another scam or legit?

I have always been very skeptical and distant from all the hype around digital currency in general due to my basic investment principle that when everyone on the street starts talking about an investment product, it is generally too late to invest in it. It is in this state of mind that I listen to a family friend who tried for months to encourage me to join his cryptocurrency investment group. He got my attention when he mentioned that this one is a new innovation which is at the free distribution phase with no financial commitment required.
As soon as I reached home, I started making some background research on the Pi Network and found that not only it is a very legitimate and innovative digital currency initiative, but more importantly, it is still at the right stage to jump in with an excellent risk reward ratio. Of course, there is no guaranty that it will be a successful project, but what you tent to lose is a few minutes a day of hitting a button on your mobile and the mobilization of your network of friend and family at no financial cost to you or them for a possible reward of amassing lot of Pi digital currencies that could be very valuable in the future if the project is successful. Below is the summary of the findings of my research on the PI Network and my recommendation.
  1. It is a project credited to three Stanford University PHDs namely: Dr Nicolas Kokkalls (head of technology), Dr Chengdiao Fan (Head of product) and Vincent McPhillip (head of community)
  2. The company only offers a service, but no product. After downloading the Pi Network app, you need to confirm that you are a human by pressing a lightning symbol on the app at 24 hours intervals. This will initiate the mining process at a predetermined rate on your mobile device (currently 0.20pi/hr) without draining your phone battery. You are free to exit the app after that action without discontinuing the mining process.
  3. It is an FREE App. Free to download (with no ads) either from goggle play or apple store.You may search pi, pinetwork,or minepi
  4. Members can join only on invitation from other members. You can accelerate your mining rate by inviting other members to join using your code. You are welcome to use mine to join if you decide to or if this review add any value to you (cakzxd).
  5. After three successful mining cycles of 24 hours each, you qualify to become a contributor and you can form a security circle of 3 to 5 trusted members. This will accelerate your mining rate as well.
  6. The mining rate has been halve for any multiple of 10 members that the network achieved. The project started in March 2019 at a rate of 3.1 Pi/hr and in November 2019 the network reached 1 million members and the current rate is 0.20 pi/hr.
  7. The next milestone is at 10million members and it is not yet clear if the mining process will be discontinued at that stage or if it will continue to reduce in speed.
  8. On Pi network white paper, a summary description of the technology they use is as follows: For Pi, we introduced the additional design requirement of employing a consensus algorithm (the process that records transactions into a distributed ledger) that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones. The consensus algorithm that they use is the Stellar Consensus Protocol (SCP) that was architected by David Mazieres a Professor of Computing Science at Stanford University as stated in Pi Network white paper as well.
My recommendation:
Pi has no value currently, just as Bitcoin in 2008, but could have value in the future. Pi Network is using an innovative digital currency technology that will decentralize mining of digital currency to the ordinary people and is user friendly through mobile phones. In my view the risk reward ratio justify my recommendation of jumping in while it is still open. But like for everything in life, feel free to do your own due diligence and research. This is only my personal opinion and if you decide to go by it I will appreciate you using my code to join. It will bless me in return by accelerating my mining rate. You can reach me at [[email protected]](mailto:[email protected]) if you would like to discuss more about this project.

The apple store link is https://apps.apple.com/ca/app/pi-network/id1445472541
The Google Play store link is https://play.google.com/store/apps/details?id=com.blockchainvault
submitted by arcticglobal to Makemoneyonlinewithme [link] [comments]

Is the new sryptocurrency PI Network another scam or legit?

I have always been very skeptical and distant from all the hype around digital currency in general due to my basic investment principle that when everyone on the street starts talking about an investment product, it is generally too late to invest in it. It is in this state of mind that I listen to a family friend who tried for months to encourage me to join his cryptocurrency investment group. He got my attention when he mentioned that this one is a new innovation which is at the free distribution phase with no financial commitment required.
As soon as I reached home, I started making some background research on the Pi Network and found that not only it is a very legitimate and innovative digital currency initiative, but more importantly, it is still at the right stage to jump in with an excellent risk reward ratio. Of course, there is no guaranty that it will be a successful project, but what you tent to lose is a few minutes a day of hitting a button on your mobile and the mobilization of your network of friend and family at no financial cost to you or them for a possible reward of amassing lot of Pi digital currencies that could be very valuable in the future if the project is successful. Below is the summary of the findings of my research on the PI Network and my recommendation.
  1. It is a project credited to three Stanford University PHDs namely: Dr Nicolas Kokkalls (head of technology), Dr Chengdiao Fan (Head of product) and Vincent McPhillip (head of community)
  2. The company only offers a service, but no product. After downloading the Pi Network app, you need to confirm that you are a human by pressing a lightning symbol on the app at 24 hours intervals. This will initiate the mining process at a predetermined rate on your mobile device (currently 0.20pi/hr) without draining your phone battery. You are free to exit the app after that action without discontinuing the mining process.
  3. It is an FREE App. Free to download (with no ads) either from goggle play or apple store.You may search pi, pinetwork,or minepi
  4. Members can join only on invitation from other members. You can accelerate your mining rate by inviting other members to join using your code. You are welcome to use mine to join if you decide to or if this review add any value to you (cakzxd).
  5. After three successful mining cycles of 24 hours each, you qualify to become a contributor and you can form a security circle of 3 to 5 trusted members. This will accelerate your mining rate as well.
  6. The mining rate has been halve for any multiple of 10 members that the network achieved. The project started in March 2019 at a rate of 3.1 Pi/hr and in November 2019 the network reached 1 million members and the current rate is 0.20 pi/hr.
  7. The next milestone is at 10million members and it is not yet clear if the mining process will be discontinued at that stage or if it will continue to reduce in speed.
  8. On Pi network white paper, a summary description of the technology they use is as follows: For Pi, we introduced the additional design requirement of employing a consensus algorithm (the process that records transactions into a distributed ledger) that would also be extremely user friendly and ideally enable mining on personal computers and mobile phones. The consensus algorithm that they use is the Stellar Consensus Protocol (SCP) that was architected by David Mazieres a Professor of Computing Science at Stanford University as stated in Pi Network white paper as well.
My recommendation:
Pi has no value currently, just as Bitcoin in 2008, but could have value in the future. Pi Network is using an innovative digital currency technology that will decentralize mining of digital currency to the ordinary people and is user friendly through mobile phones. In my view the risk reward ratio justify my recommendation of jumping in while it is still open. But like for everything in life, feel free to do your own due diligence and research. This is only my personal opinion and if you decide to go by it I will appreciate you using my code to join. It will bless me in return by accelerating my mining rate. You can reach me at [[email protected]](mailto:[email protected]) if you would like to discuss more about this project.
submitted by arcticglobal to investing_discussion [link] [comments]

Texas Bitcoin Mining Startup Gets $50 Million From Peter Thiel to Steal China’s Crypto Crown

When it comes to producing Bitcoin, China is the pre-eminent power in the world. The People’s Republic boasts the largest mining companies, and dominates the manufacture of chips and other equipment used to mine Bitcoin. A U.S. startup wants to change all that with a bold plan to make Texas the global hub of Bitcoin mining.
On Tuesday, San Francisco-based Layer1 announced it has raised $50 million from billionaire Peter Thiel and others to move forward with its plan, which includes running its own power sub-station and purchasing solar and wind energy produced on the plains of West Texas.
According to co-founder Alex Liegl, Layer1’s facility will consist of dozens of acres that lie 150 miles west of Midland, Texas—”literally in the middle of nowhere”—and will rely on a proprietary new technology for cooling the chips used to mine Bitcoin.
Bitcoin mining, which consumes large amounts of electricity, typically takes place in colder areas where it is easier to prevent equipment from overheating. Layer1, however, believes its cooling technology will make Texas a viable location despite the heat. The state also offers additional benefits in the form of light regulation and cheap power.
One Bitcoin is currently worth around $8,300—well off its all time of nearly $20,000 in late 2017 but still much higher than 2016 when it traded as low as $300. Under Bitcoin’s mining system, miners compete to win an award distributed every ten minutes or so. Currently, the reward is 12.5 Bitcoins—a figure that will halve to 6.25 next May.
Liegl says Layer1 aspires to be the biggest Bitcoin miner in the world by controlling all aspects of the process—from chip manufacturing to electricity production to cooling. In the longer term, the company plans to use its mining facilities as a base layer for a larger cryptocurrency enterprise that will include financial services.
Layer1 launched in late 2018, with Liegl then describing it as an “activist fund for cryptocurrencies” that would invest in protocols, including a privacy focused project called Grin. At the time, the startup did not disclose mining aspirations, and raised a modest $2.1 million from Thiel, Digital Currency Group and the late investor Jeffrey Tarrant.
“From an ideological perspective, for Bitcoin to grow into its multi-trillion potential, it needs a U.S. company to lead,” says Liegl. “This ideology resonates with Peter [Thiel] and our other investors.”
Despite Layer1’s large ambitions, its backers—which also include Shasta Ventures and undisclosed wealthy cryptocurrency owners—are keeping a decidedly low-profile for the new investment, which gives Layer1 a valuation of $200 million. Thiel and other investors declined to be interviewed for this story.
Crypto mining in recent years has been a ferociously competitive business, but Layer 1 believes changes in the industry have provided an opening to wrest market power from China.

A new Bitcoin mining strategy

In the early years of Bitcoin, from 2009 to roughly 2013, it was viable to mine the cryptocurrency by using a home laptop, like Liegl did when he got his start mining Bitcoin in his Stanford University dorm room. The mining process involves solving random math problems that determine who will build the next block on Bitcoin’s blockchain—a tamper-proof ledger of transactions. The first to solve the math problem also receives a reward in the form of Bitcoins.
As the cryptocurrency caught on and prices soared, however, companies began designing special computers optimized to mine Bitcoin. This in turn led miners to join crypto mining pools—combining their computing power in order to share the proceeds whenever a member receives a Bitcoin reward.
China has dominated the Bitcoin mining industry—estimates say it accounts for around 60% of production—in large part because its government has provided miners with cheap access to electricity. The leading company has been Beijing-based Bitmain, which runs two massive mining pools and is also the leading seller of the specialized chips now needed to mine Bitcoin.
But Bitmain has stumbled in recent months. While the company’s 33-year-old CEO boasted in mid-2018 of grand plans to use artificial intelligence to further dominate the mining world, Bitmain has since suffered large losses and had to lay off half of its staff of 3,000.
Bitmain’s troubles weren’t the only factor revealing an opening in Bitcoin mining for Layer1. Liegl says the dynamic of mining has shifted. He thinks buying the latest custom chips previously gave miners an edge, but now the tech has become commoditized.
“From 2012-2019, it was mining 1.0 and a function of (capital expenditure) and who can get the newest chip first,” Liegl says. “Now, we’re in 2.0, where (operating expenses) matter most.”
Under this thesis, Layer1 believes its plans to develop “full-stack” operations in West Texas will let it capture market share—in part because it won’t be vulnerable to third party suppliers raising prices when the price of Bitcoin goes up.

An industry in flux

In moving into West Texas, Layer1 may have to tread cautiously given that the region has been burned by the cryptocurrency industry in the past. In July, _Wired_magazine ran a feature article describing how Bitmain promised the town of Rockland, Texas hundreds of good jobs operating mining pools, but then abruptly pulled out, despite a concerted good-will campaign by local officials.
Liegl, who says his colleagues at Layer1 include veterans of Apple, Google, and Goldman Sachs, plans to proceed much differently. He says the company will be respectful of government officials, and local sensibilities.
If Layer1 can successfully become a major force in the mining world, the company’s presence could shake up the geo-politics of Bitcoin. In recent years, there have been fears that China’s dominance could lead miners in that country to collude in order to manipulate records on the blockchain that records all Bitcoin transactions. If American companies can make major inroads into mining, Liegl says, Bitcoin will become more decentralized—a key tenet for the cryptocurrency’s supporters.
Layer1 isn’t the only North American company to plan a big move into crypto mining. Canada-based Blockstream, a consultancy with ties to many Bitcoin insiders, revealed it is building massive data centers for Bitcoin mining in the province of Quebec and in Adel, Georgia.
“There’s definitely an opportunity to take away market share from some of the other firms,” says Samson Mow, Blockstream’s chief strategy officer. “(Specialized chips) have started to reach their limits in terms of efficiency, so the playing field will continue to level off.”

More must-read stories from Fortune:

Digital assets will ‘trickle, trickle, trickle—then flood,’ State Street exec says
—Credit Karma is launching a savings account, but ‘high yield’ is relativeIRS’s new cryptocurrency rules create ‘messy’ problems for industry
—Ripple CEO not bullish on Facebook’s ability to launch Libra cryptocurrency
—7 CEOs on the [future of Bitcoin
](https://fortune.com/2019/07/22/7-ceos-on-the-future-of-bitcoin/)_Sign up for[_The Ledger](https://cloud.newsletters.fortune.com/fortune/nloptin?nl=THE_LEDGER&source=LinkStack)_, a weekly newsletter on the intersection of technology and finance._
* More Details Here
submitted by acerod1 to Business_Analyst [link] [comments]

IRC Log from Ravencoin Open Developer Meeting - Aug 24, 2018

[14:05] <@wolfsokta> Hello Everybody, sorry we're a bit late getting started
[14:05] == block_338778 [[email protected]/web/freenode/ip.72.214.222.226] has joined #ravencoin-dev
[14:06] <@wolfsokta> Here are the topics we would like to cover today • 2.0.4 Need to upgrade - What we have done to communicate to the community • Unique Assets • iOS Wallet • General Q&A
[14:06] == Chatturga changed the topic of #ravencoin-dev to: 2.0.4 Need to upgrade - What we have done to communicate to the community • Unique Assets • iOS Wallet • General Q&A
[14:06] <@wolfsokta> Daben, could you mention what we have done to communicate the need for the 2.0.4 upgrade?
[14:07] == hwhwhsushwban [[email protected]/web/freenode/ip.172.58.37.35] has joined #ravencoin-dev
[14:07] <@wolfsokta> Others here are free to chime in where they saw the message first.
[14:07] == hwhwhsushwban [[email protected]/web/freenode/ip.172.58.37.35] has quit [Client Quit]
[14:08] Whats up bois
[14:08] hi everyone
[14:08] hi hi
[14:08] <@wolfsokta> Discussing the 2.0.4 update and the need to upgrade.
[14:08] <@Chatturga> Sure. As most of you are aware, the community has been expressing concerns with the difficulty oscillations, and were asking that something be done to the difficulty retargeting. Many people submitted suggestions, and the devs decided to implement DGW.
[14:09] <@Tron> I wrote up a short description of why we're moving to a new difficulty adjustment. https://medium.com/@tronblack/ravencoin-dark-gravity-wave-1da0a71657f7
[14:09] <@Chatturga> I have made posts on discord, telegram, bitcointalk, reddit, and ravencointalk.org from testnet stages through current.
[14:10] <@Chatturga> If there are any other channels that can reach a large number of community members, I would love to have more.
[14:10] <@wolfsokta> Thanks Tron, that hasn't been shared to the community at large yet, but folks feel free to share it.
[14:10] When was this decision made and by whom and how?
[14:10] <@Chatturga> I have also communicated with the pool operators and exchanges about the update. Of all of the current pools, only 2 have not yet updated versions.
[14:11] <@wolfsokta> The decision was made by the developers through ongoing requests for weeks made by the community.
[14:12] <@wolfsokta> Evidence was provided by the community of the damages that could be caused to projects when the wild swings continue.
[14:12] So was there a meeting or vote? How can people get invited
[14:12] <@Tron> It was also informed by my conversations with some miners that recommended that we make the change before the coin died. They witnessed similar oscillations from which other coins never recovered.
[14:13] only two pools left to upgrade is good, what about the exchanges? Any word on how many of those have/have not upgraded?
[14:13] <@wolfsokta> We talked about here in our last meeting Bruce_. All attendees were asked if they had any questions or concerns.
[14:13] == blondfrogs [[email protected]/web/freenode/ip.185.245.87.219] has joined #ravencoin-dev
[14:13] == roshii [[email protected]/web/freenode/ip.41.251.25.100] has joined #ravencoin-dev
[14:13] sup roshii long time no see
[14:14] <@Chatturga> Bittrex, Cryptopia, and IDCM have all either updated or have announced their intent to update.
[14:14] == wjcgiwgu283ik3cj [[email protected]/web/freenode/ip.172.58.37.35] has joined #ravencoin-dev
[14:15] sup russki
[14:15] what's the status here?
[14:15] I don’t think that was at all clear from the last dev meeting
[14:15] I can’t be the only person who didn’t understand it
[14:15] <@wolfsokta> Are there any suggestions on how to communicate the need to upgrade even further? I am concerned that others might also not understand.
[14:17] I’m not sold on the benefit and don’t understand the need for a hard fork — I think it’s a bad precedent to simply go rally exchanges to support a hard fork with little to no discussion
[14:17] so just to note, the exchanges not listed as being upgraded or have announced their intention to upgrade include: qbtc, upbit, and cryptobridge (all with over $40k usd volume past 24 hours according to coinmarketcap)
[14:18] <@wolfsokta> I don't agree that there was little or no discussion at all.
[14:19] <@wolfsokta> Looking back at our meeting notes from two weeks ago "fork" was specifically asked about by BrianMCT.
[14:19] If individual devs have the power to simple decide to do something as drastic as a hard fork and can get exchanges and miners to do it that’s got a lot of issues with centralization
[14:19] <@wolfsokta> It had been implemented on testnet by then and discussed in the community for several weeks before that.
[14:19] == under [[email protected]/web/freenode/ip.72.200.168.56] has joined #ravencoin-dev
[14:19] howdy
[14:19] Everything I’ve seen has been related to the asset layer
[14:19] I have to agree with Bruce_, though I wasn't able to join the last meeting here. That said I support the fork
[14:20] Which devs made this decision to do a fork and how was it communicated?
[14:20] well mostly the community made the decision
[14:20] Consensus on a change is the heart of bitcoin development and I believe the devs have done a great job building that consensus
[14:20] a lot of miners were in uproar about the situation
[14:20] <@wolfsokta> All of the devs were supporting the changes. It wasn't done in isolation at all.
[14:21] This topic has been a huge discussion point within the RVN mining community for quite some time
[14:21] the community and miners have been having issues with the way diff is adjusted for quite some time now
[14:21] Sure I’m well aware of that -
[14:21] Not sold on the benefits of having difficulty crippled by rented hashpower?
[14:21] The community saw a problem. The devs got together and talked about a solution and implemented a solution
[14:21] I’m active in the community
[14:22] So well aware of the discussions on DGW etc
[14:22] Hard fork as a solution to a problem community had with rented hashpower (nicehash!!) sounds like the perfect decentralized scenario!
[14:23] hard forks are very dangerous
[14:23] mining parties in difficulty drops are too
[14:23] <@wolfsokta> Agreed, we want to keep them to an absolute minimum.
[14:23] But miners motivation it’s the main vote
[14:24] What would it take to convince you that constantly going from 4 Th/s to 500 Gh/s every week is worse for the long term health of the coin than the risk of a hard fork to fix it?
[14:24] == Tron [[email protected]/web/freenode/ip.173.241.144.77] has quit [Ping timeout: 252 seconds]
[14:24] This hardfork does include the asset layer right? if so why is it being delayed in implementation?
[14:24] <@wolfsokta> Come back Tron!
[14:24] coudl it have been implement through bip9 voting?
[14:24] also hard fork is activated by the community! that's a vote thing!
[14:24] @mrsushi to give people time to upgrade their wallet
[14:25] @under, it would be much hard to keep consensus with a bip9 change
[14:25] <@wolfsokta> We investigated that closely Under.
[14:25] == Tron [[email protected]/web/freenode/ip.173.241.144.77] has joined #ravencoin-dev
[14:25] <@wolfsokta> See Tron's post for more details about that.
[14:25] <@spyder_> Hi Tron
[14:25] <@wolfsokta> https://medium.com/@tronblack/ravencoin-dark-gravity-wave-1da0a71657f7
[14:25] Sorry about that. Computer went to sleep.
[14:26] I'm wrong
[14:26] 2 cents. the release deadline of october 31st puts a bit of strain on getting code shipped. (duh). but fixing daa was important to the current health of the coin, and was widely suppported by current mining majority commuity. could it have been implemented in a different manner? yes . if we didnt have deadlines
[14:27] == wjcgiwgu283ik3cj [[email protected]/web/freenode/ip.172.58.37.35] has quit [Quit: Page closed]
[14:27] sushi this fork does not include assets. it's not being delayed though, we're making great progress for an Oct 31 target
[14:28] I don’t see the urgency but my vote doesn’t matter since my hash power is still CPUs
[14:28] <@wolfsokta> We're seeing the community get behind the change as well based on the amount of people jumping back in to mine through this last high difficulty phase.
[14:28] So that will be another hardfork?
[14:28] the fork does include the asset code though set to activate on oct 30th
[14:28] yes
[14:29] <@wolfsokta> Yes, it will based on the upgrade voting through the BIP9 process.
[14:29] I wanted to ask about burn rates from this group: and make a proposal.
[14:29] we're also trying hard to make it the last for awhile
[14:29] Can you clear up the above — there will be this one and another hard fork?
[14:29] <@wolfsokta> Okay, we could discuss that under towards the end of the meeting.
[14:30] If this one has the asset layer is there something different set for October
[14:30] <@wolfsokta> Yes, there will be another hard fork on October 31st once the voting process is successful.
[14:31] <@wolfsokta> The code is in 2.0.4 now and assets are active on testnet
[14:31] Bruce, the assets layer is still being worked on. Assets is active on mainnet. So in Oct 31 voting will start. and if it passes, the chain will fork.
[14:31] this one does NOT include assets for mainnet Bruce -- assets are targeted for Oct 31
[14:31] not***
[14:31] not active****
[14:31] correct me if I'm wrong here, but if everyone upgrades to 2.0.4 for this fork this week, the vote will automatically pass on oct 31st correct? nothing else needs to be done
[14:31] Will if need another download or does this software download cover both forks?
[14:31] <@wolfsokta> Correct Urgo
[14:32] thats how the testnet got activated and this one shows "asset activation status: waiting until 10/30/2018 20:00 (ET)"
[14:32] Will require another upgrade before Oct 31
[14:32] thank you for the clarification wolfsokta
[14:32] <@wolfsokta> It covers both forks, but we might have additional bug fixes in later releases.
[14:32] So users DL one version now and another one around October 30 which activates after that basically?
[14:33] I understand that, but I just wanted to make it clear that if people upgrade to this version for this fork and then don't do anything, they are also voting for the fork on oct 31st
[14:33] Oh okay — one DL?
[14:33] Bruce, Yes.
[14:33] Ty
[14:33] well there is the issue that there maybe some further consensus bugs dealing with the pruneability of asset transactions that needs to be corrected between 2.0.4 and mainnet. so i would imagine that there will be further revisions required to upgrade before now and october 31
[14:33] @under that is correct.
[14:34] I would highly recommend bumping the semver up to 3.0.0 for the final pre 31st release so that the public know to definitely upgrade
[14:34] @under +1
[14:35] out of curiosity, have there been many bugs found with the assets from the version released in july for testnet (2.0.3) until this version? or is it solely a change to DGW?
[14:35] <@wolfsokta> That's not a bad idea under.
[14:35] <@spyder_> @under good idea
[14:35] @urgo. Bugs are being found and fixed daily.
[14:35] Any time the protocol needs to change, there would need to be a hard fork (aka upgrade). It is our hope that we can activate feature forks through the BIP process (as we are doing for assets). Mining pools and exchanges will need to be on the newest software at the point of asset activation - should the mining hash power vote for assets.
[14:35] blondfrogs: gotcha
[14:35] There have been bugs found (and fixed). Testing continues. We appreciate all the bug reports you can give us.
[14:36] <@wolfsokta> Yes! Thank you all for your help in the community.
[14:37] (pull requests with fixes and test coverage would be even better!)
[14:37] asset creation collision is another major issue. current unfair advantage or nodes that fore connect to mining pools will have network topologies that guarantee acceptance. I had discussed the possibility of fee based asset creation selection and i feel that would be a more equal playing ground for all users
[14:38] *of nodes that force
[14:38] <@wolfsokta> What cfox said, we will always welcome development help.
[14:38] So just to make sure everyone know. When assets is ready to go live on oct 31st. Everyone that wants to be on the assets chain without any problems will have to download the new binary.
[14:39] <@wolfsokta> The latest binary.
[14:39] under: already in the works
[14:39] excellent to hear
[14:39] == UserJonPizza [[email protected]/web/freenode/ip.24.218.60.237] has joined #ravencoin-dev
[14:39] <@wolfsokta> Okay, we've spent a bunch of time on that topic and I think it was needed. Does anybody have any other suggestions on how to get the word out even more?
[14:40] maybe preface all 2.0.X releases as pre-releases... minimize the number of releases between now and 3.0 etc
[14:41] <@wolfsokta> Bruce_ let's discuss further offline.
[14:41] wolfsokta: which are the remaining two pools that need to be upgraded? I've identified qbtc, upbit, and cryptobridge as high volume exchanges that haven't said they were going to do it yet
[14:41] so people can help reach out to them
[14:41] f2pool is notoriously hard to contact
[14:41] are they on board?
[14:42] <@wolfsokta> We could use help reaching out to QBTC and Graviex
[14:42] I can try to contact CB if you want?
[14:42] <@Chatturga> The remaining pools are Ravenminer and PickAxePro.
[14:42] <@Chatturga> I have spoken with their operators, the update just hasnt been applied yet.
[14:42] ravenminer is one of the largest ones too. If they don't upgrade that will be a problem
[14:42] okay good news
[14:42] (PickAxePro sounds like a Ruby book)
[14:43] I strongly feel like getting the word out on ravencoin.org would be beneficial
[14:44] that site is sorely in need of active contribution
[14:44] Anyone can volunteer to contribute
[14:44] <@wolfsokta> Okay, cfox can you talk about the status of unique assets?
[14:44] sure
[14:45] <@wolfsokta> I'll add website to the end of our topics.
[14:45] code is in review and will be on the development branch shortly
[14:45] would it make sense to have a page on the wiki (or somewhere else) that lists the wallet versions run by pools & exchanges?
[14:45] will be in next release
[14:45] furthermore, many sites have friendly link to the standard installers for each platform, if the site linked to the primary installers for each platform to reduce github newb confusion that would be good as well
[14:46] likely to a testnetv5 although that isn't settled
[14:46] <@wolfsokta> Thanks cfox.
[14:46] <@wolfsokta> Are there any questions about unique assets, and how they work?
[14:47] after the # are there any charachters you cant use?
[14:47] will unique assets be constrained by the asset alphanumeric set?
[14:47] ^
[14:47] <@Chatturga> @Urgo there is a page that tracks and shows if they have updated, but it currently doesnt show the actual version that they are on.
[14:47] a-z A-Z 0-9
[14:47] <@Chatturga> https://raven.wiki/wiki/Exchange_notifications#Pools
[14:47] There are a few. Mostly ones that mess with command-line
[14:47] you'll be able to use rpc to do "issueunique MATRIX ['Neo','Tank','Tank Brother']" and it will create three assets for you (MATRIX#Neo, etc.)
[14:47] @cfox - No space
[14:48] @under the unique tags have an expanded set of characters allowed
[14:48] Chatturga: thank you
[14:48] @UJP yes there are some you can't use -- I'll try to post gimmie a sec..
[14:49] Ok. Thank you much!
[14:49] 36^36 assets possible and 62^62 uniques available per asset?
[14:49] <@spyder_> std::regex UNIQUE_TAG_CHARACTERS("^[[email protected]$%&*()[\\]{}<>_.;?\\\\:]+$");
[14:50] regex UNIQUE_TAG_CHARACTERS("^[[email protected]$%&*()[\\]{}<>_.;?\\\\:]+$")
[14:50] oh thanks Mark
[14:51] <@wolfsokta> Okay, next up. I want to thank everybody for helping test the iOS wallet release.
[14:51] <@wolfsokta> We are working with Apple to get the final approval to post it to the App Store
[14:51] @under max asset length is 30, including unique tag
[14:51] Does the RVN wallet have any other cryptos or just RVN?
[14:52] == BruceFenton [[email protected]/web/freenode/ip.67.189.233.170] has joined #ravencoin-dev
[14:52] will the android and ios source be migrated to the ravenproject github?
[14:52] I've been adding beta test users. I've added about 80 new users in the last few days.
[14:52] <@wolfsokta> Just RVN, and we want to focus on adding the asset support to the wallet.
[14:53] == Bruce_ [[email protected]/web/freenode/ip.67.189.233.170] has quit [Ping timeout: 252 seconds]
[14:53] <@wolfsokta> Yes, the code will also be freely available on GitHub for both iOS and Android. Thank you Roshii!
[14:53] Would you consider the iOS wallet to be a more secure place for one's holdings than say, a Mac connected to the internet?
[14:53] will there be a chance of a more user freindly wallet with better graphics like the iOS on PC?
[14:53] the android wallet is getting updated for DGW, correct?
[14:53] <@wolfsokta> That has come up in our discussion Pizza.
[14:54] QT framework is pretty well baked in and is cross platform. if we get some qt gurus possibly
[14:54] Phones are pretty good because the wallet we forked uses the TPM from modern phones.
[14:54] Most important is to write down and safely store your 12 word seed.
[14:54] TPM?
[14:54] <@wolfsokta> A user friendly wallet is one of our main goals.
[14:55] TPM == Trusted Platform Module
[14:55] Ahhh thanks
[14:55] just please no electron apps. they are full of security holes
[14:55] <@spyder_> It is whats makes your stuffs secure
[14:55] not fit for crypto
[14:55] under: depends on who makes it
[14:55] The interface screenshots I've seen look like Bread/Loaf wallet ... I assume that's what was forked from
[14:55] ;)
[14:56] <@wolfsokta> @roshii did you see the question about the Android wallet and DGW?
[14:56] Yes, it was a fork of breadwallet. We like their security.
[14:56] chromium 58 is the last bundled electron engine and has every vuln documented online by google. so unless you patch every vuln.... methinks not
[14:56] Agreed, great choice
[14:57] <@wolfsokta> @Under, what was your proposal?
[14:58] All asset creation Transactions have a mandatory OP_CHECKLOCKTIMEVERIFY of 1 year(or some agreed upon time interval), and the 500 RVN goes to a multisig devfund, run by a custodial group. We get: 1) an artificial temporary burn, 2) sustainable community and core development funding for the long term, after OSTK/Medici 3) and the reintroduction of RVN supply at a fixed schedule, enabling the removal of the 42k max cap of total As
[14:58] *im wrong on the 42k figure
[14:58] <@wolfsokta> Interesting...
[14:59] <@wolfsokta> Love to hear others thoughts.
[14:59] Update: I posted a message on the CryptoBridge discord and one of their support members @stepollo#6276 said he believes the coin team is already aware of the fork but he would forward the message about the fork over to them right now anyway
[14:59] Ifs 42 million assets
[14:59] yep.
[15:00] I have a different Idea. If the 500 RVN goes to a dev fund its more centralized. The 500 RVN should go back into the unmined coins so miners can stay for longer.
[15:01] *without a hardfork
[15:01] <@wolfsokta> lol
[15:01] that breaks halving schedule, since utxos cant return to an unmined state.
[15:01] @UJP back into coinbase is interesting. would have to think about how that effects distribution schedule, etc.
[15:01] only way to do that would be to dynamicaly grow max supply
[15:02] and i am concerned already about the max safe integer on various platforms at 21 billion
[15:02] js chokes on ravencoin already
[15:02] <@wolfsokta> Other thoughts on Under's proposal? JS isn't a real language. ;)
[15:02] Well Bitcoin has more than 21 bn Sats
[15:02] Is there somebody who wants to volunteer to fix js.
[15:02] hahaha
[15:03] I honestly would hate for the coins to go to a dev fund. It doesn't seem like Ravencoin to me.
[15:03] Yep, but we're 21 billion x 100,000,000 -- Fits fine in a 64-bit integer, but problematic for some languages.
[15:03] <@wolfsokta> Thanks UJP
[15:04] <@wolfsokta> We're past time but I would like to continue if you folks are up for it.
[15:04] Yeah no coins can go anywhere centrality contorted like a dev fund cause that would mean someone has to run it and the code can’t decide that so it’s destined to break
[15:05] currently and long term with out the financial backing of development then improvements and features will be difficult. we are certainly thankful for our current development model. but if a skunkworks project hits a particular baseline of profitability any reasonable company would terminate it
[15:05] Yes let’s contibue for sure
[15:05] the alternative to a dev fund in my mind would be timelocking those funds back to the issuers change address
[15:06] But we can’t have dev built in to the code — it has to be open source like Bitcoin and monero and Litecoin - it’s got drawbacks but way more advantages- it’s the best model
[15:06] Dev funding
[15:06] i highly reccommend not reducing the utility of raven by removing permanently the supply
[15:07] == BW_ [[email protected]/web/freenode/ip.138.68.243.202] has joined #ravencoin-dev
[15:07] timelocking those funds accompllishes the same sacrifice
[15:07] @under timelocking is interesting too
[15:07] How exactly does timelocking work?
[15:07] <@wolfsokta> ^
[15:07] I mean you could change the price of assets with the Block reward halfing.
[15:07] == Roshiix [[email protected]/web/freenode/ip.105.67.2.212] has joined #ravencoin-dev
[15:08] funds cant be spent from an address until a certain time passes
[15:08] but in a what magical fairy land do people continue to work for free forever. funding development is a real issue... as much as some might philosphically disagree. its a reality
[15:08] You’d still need a centralized party to decide how to distribute the funds
[15:08] even unofficially blockstream supports bitcoin devs
[15:08] on chain is more transparent imho
[15:09] == Tron_ [[email protected]/web/freenode/ip.173.241.144.77] has joined #ravencoin-dev
[15:09] @UJP yes there are unlimited strategies. one factor that I think is v important is giving application developers a way to easily budget for projects which leads to flat fees
[15:09] If the project is a success like many of believe it will be, I believe plenty of people will gladly done to a dev fund. I don't think the 500 should be burned.
[15:09] *donate
[15:09] centralized conservatorship, directed by community voting process
[15:10] == Tron [[email protected]/web/freenode/ip.173.241.144.77] has quit [Ping timeout: 252 seconds]
[15:10] <@wolfsokta> Thanks Under, that's an interesting idea that we should continue to discuss in the community. You also mentioned the existing website.
[15:10] It would need to be something where everyone with a QT has a vote
[15:10] think his computer went to sleep again :-/
[15:10] I agree UJP
[15:10] with the website
[15:10] No that’s ico jargon — any development fund tied to code would have to be centralized and would therefor fail
[15:11] ^
[15:11] ^
[15:11] ^
[15:11] dashes model for funding seems to be pretty decentralized
[15:11] community voting etc
[15:11] Once you have a dev fund tied to code then who gets to run it? Who mediates disputes?
[15:11] oh well another discussion
[15:11] Dash has a CEO
[15:12] <@wolfsokta> Yeah, let's keep discussing in the community spaces.
[15:12] Dash does have a good model. It's in my top ten.
[15:12] having the burn go to a dev fund is absolute garbage
[15:12] These dev chats should be more target than broad general discussions — changing the entire nature of the coin and it’s economics is best discussed in the RIPs or other means
[15:13] <@wolfsokta> Yup, let's move on.
[15:13] just becuase existing implementation are garbage doesnt mean that all possible future governance options are garbage
[15:13] <@wolfsokta> To discussing the website scenario mentioned by under.
[15:13] the website needs work. would be best if it could be migrated to github as well.
[15:13] What about this: Anyone can issue a vote once the voting feature has been added, for a cost. The vote would be what the coins could be used for.
[15:14] features for the site that need work are more user friendly links to binaries
[15:14] <@wolfsokta> We investigated how bitcoin has their website in Github to make it easy for contributors to jump in.
[15:14] that means active maintenance of the site instead of its current static nature
[15:15] <@wolfsokta> I really like how it's static html, which makes it super simple to host/make changes.
[15:15] the static nature isn’t due to interface it’s due to no contributors
[15:15] no contribution mechanism has been offered
[15:15] github hosted would allow that
[15:16] We used to run the Bitcoin website from the foundation & the GitHub integration seemed to cause some issues
[15:16] its doesnt necessarily have to be hosted by github but the page source should be on github and contributions could easily be managed and tracked
[15:17] for example when a new release is dropped, the ability for the downlaods section to have platform specific easy links to the general installers is far better for general adoption than pointing users to github releases
[15:18] <@wolfsokta> How do people currently contribute to the existing website?
[15:18] they dont?
[15:18] We did that and it was a complete pain to host and keep working — if someone wants to volunteer to do that work hey can surely make the website better and continually updated — but they could do that in Wordpress also
[15:19] I’d say keep an eye out for volunteers and maybe we can get a group together who can improve the site
[15:19] == digitalvap0r-xmr [[email protected]/web/cgi-irc/kiwiirc.com/ip.67.255.25.134] has joined #ravencoin-dev
[15:19] And they can decide best method
[15:20] I host the source for the explorer on github and anyone can spin it up instantly on a basic aws node. changes can be made to interface etc, and allow for multilingual translations which have been offered by some community members
[15:20] there are models that work. just saying it should be looked at
[15:20] i gotta run thank you all for your contributions
[15:20] <@wolfsokta> I feel we should explore the source for the website being hosted in GitHub and discuss in our next dev meeting.
[15:21] <@Chatturga> Thanks Under!
[15:21] == under [[email protected]/web/freenode/ip.72.200.168.56] has quit [Quit: Page closed]
[15:21] <@wolfsokta> Thanks, we also need to drop soon.
[15:21] There is no official site so why care. Someone will do better than the next if RVN is worth it anyway. That's already the case.
[15:21] <@wolfsokta> Let's do 10 mins of open Q&A
[15:22] <@wolfsokta> Go...
[15:23] <@Chatturga> Beuller?
[15:24] No questions ... just a comment that the devs and community are great and I'm happy to be a part of it
[15:24] I think everyone moved to discord. I'll throw this out there. How confident is the dev team that things will be ready for oct 31st?
[15:24] <@wolfsokta> Alright! Thanks everybody for joining us today. Let's plan to get back together as a dev group in a couple of weeks.
[15:25] thanks block!
[15:25] <@wolfsokta> Urgo, very confident
[15:25] Please exclude trolls from discord who havent read the whitepaper
[15:25] great :)
[15:25] "things" will be ready..
[15:25] Next time on discord right?
[15:25] woah why discord?
[15:25] some of the suggestions here are horrid
[15:25] this is better less point
[15:25] == blondfrogs [[email protected]/web/freenode/ip.185.245.87.219] has quit [Quit: Page closed]
[15:25] Assets are working well on testnet. Plan is to get as much as we can safely test by Sept 30 -- this includes dev contributions. Oct will be heavy testing and making sure it is safe.
[15:26] people
[15:26] <@wolfsokta> Planning on same time, same IRC channel.
[15:26] == BW_ [[email protected]/web/freenode/ip.138.68.243.202] has quit [Quit: Page closed]
[15:26] @xmr any in particular?
[15:27] (or is "here" discord?)
[15:27] Cheers - Tron
[15:27] "Cheers - Tron" - Tron
submitted by Chatturga to Ravencoin [link] [comments]

Full English Transcript of Gavin's AMA on 8BTC, April 21st. (Part 1)

Part 2
Part 3
Raw transcript on Google Docs (English+Chinese): https://docs.google.com/document/d/1p3DWMfeGHBL6pk4Hu0efgQWGsUAdFNK6zLHubn5chJo/edit?usp=sharing
Translators/Organizers: emusher, kcbitcoin, nextblast, pangcong, Red Li, WangXiaoMeng. (Ranked in alphabetical order)
1.crypto888
Q: What is your relationship with Blockstream now? Are you in a Cold War? Your evaluation on BS was pretty high “If this amazing team offers you a job, you should take it,” tweeted Gavin Andresen, Chief Scientist, Bitcoin Foundation.” But now, what’s your opinion on BS?
A: I think everybody at Blockstream wants Bitcoin to succeed, and I respect and appreciate great work being done for Bitcoin by people at Blockstream.
We strongly disagree on priorities and timing; I think the risks of increasing the block size limit right away are very small. I see evidence of people and businesses getting frustrated by the limit and choosing to use something else (like Ethereum or a private blockchain); it is impossible to know for certain how dangerous that is for Bitcoin, but I believe it is more danger than the very small risk of simply increasing or eliminating the block size limit.
2. Ma_Ya
Q: 1) Why insist on hard fork at only 75%? You once explained that it is possible to be controlled by 5% if we set the threshold at 95%. I agree, but there should be some balance here. 75% means a high risk in splitting, isn’t it too aggressive? Is it better if we set it to 90%?
A: 1)The experience of the last two consensus changes is that miners very quickly switch once consensus reaches 75% -- the last soft fork went from 75% support to well over 95% support in less than one week. So I’m very confident that miners will all upgrade once the 75% threshold is reached, and BIP109 gives them 28 days to do so. No miner wants to create blocks that will not be accepted by the network.
Q: 2) How to solve the potentially very large blocks problem Classic roadmap may cause, and furthur causing the centralization of nodes in the future?
A: 2)Andreas Antonopoulos gave a great talk recently about how people repeatedly predicted that the Internet would fail to scale. Smart engineers proved them wrong again and again, and are still busy proving them wrong today (which is why I enjoy streaming video over my internet connection just about every night).
I began my career working on 3D graphics software, and saw how quickly we went from being able to draw very simple scenes to today’s technology that is able to render hundreds of millions of triangles per second.
Processing financial transactions is much easier than simulating reality. Bitcoin can easily scale to handle thousands of transactions per second, even on existing computers and internet connections, and even without the software optimizations that are already planned.
Q: 3) Why do you not support the proposal of RBF by Satoshi, and even plan to remove it in Classic completely?
A: 3) Replace-by-fee should be supported by most of the wallets people are using before it is supported by the network. Implementing replace-by-fee is very hard for a wallet, especially multi-signature and hardware wallets that might not be connected to the network all of the time.
When lots of wallet developers start saying that replace-by-fee is a great idea, then supporting it at the network level makes sense. Not before.
Q: 4) . Your opinion on soft fork SegWit, sidechain, lighnting network. Are you for or against, please give brief reasons. Thanks.
A: 4) The best way to be successful is to let people try lots of different things. Many of them won’t be successful, but that is not a problem as long as some of them are successful.
I think segregated witness is a great idea. It would be a little bit simpler as a hard fork instead of a soft fork (it would be better to put the merkle root for the witness data into the merkle root in the block header instead of putting it inside a transaction), but overall the design is good.
I think sidechains are a good idea, but the main problem is finding a good way to keep them secure. I think the best uses of sidechains will be to publish “write-only” public information involving bitcoin. For example, I would like to see a Bitcoin exchange experiment with putting all bids and asks and trades on a sidechain that they secure themselves, so their customers can verify that their orders are being carried out faithfully and nobody at the exchanges is “front-running” them.
Q: 5) Can you share your latest opinion on Brainwallet? It is hard for new users to use long and complex secure passphrase, but is it a good tool if it solves this problem?
A: 5) We are very, very bad at creating long and complex passphrases that are random enough to be secure. And we are very good at forgetting things.
We are much better at keeping physical items secure, so I am much more excited about hardware wallets and paper wallets than I am about brain wallets. I don’t trust myself to keep any bitcoin in a brain wallet, and do not recommend them for anybody else, either.
3. BiTeCui
Q: Gavin, do you have bitcoins now? What is your major job in MIT? Has FBI ever investigated on you? When do you think SHA256 might be outdated, it seems like it has been a bit unsafe?
A: Yes, a majority of my own person wealth is still in bitcoins -- more than a financial advisor would say is wise.
My job at MIT is to make Bitcoin better, in whatever way I think best. That is the same major job I had at the Bitcoin Foundation. Sometimes I think the best way to make Bitcoin better is to write some code, sometimes to write a blog post about what I see happening in the Bitcoin world, and sometimes to travel and speak to people.
The FBI (or any other law enforcement agency) has never investigated me, as far as I know. The closest thing to an investigation was an afternoon I spent at the Securities and Exchange Commission in Washington, DC. They were interested in how I and the other Bitcoin developers created the software and how much control we have over whether or not people choose to run the software that we create.
“Safe or unsafe” is not the way to think about cryptographic algorithms like SHA256. They do not suddenly go from being 100% secure for everything to completely insecure for everything. I think SHA256 will be safe enough to use in the all ways that Bitcoin is using it for at least ten years, and will be good enough to be used as the proof-of-work algorithm forever.
It is much more likely that ECDSA, the signature algorithm Bitcoin is using today, will start to become less safe in the next ten or twenty years, but developer are already working on replacements (like Schnorr signatures).
4. SanPangHenBang
Q: It’s a pleasure to meet you. I only have one question. Which company are you serving? or where do you get your salary?
A: The Media Lab at MIT (Massachusetts Institute of Technology) pays my salary; I don’t receive regular payments from anybody else.
I have received small amounts of stock options in exchange for being a techical advisor to several Bitcoin companies (Coinbase, BitPay, Bloq, Xapo, Digital Currency Group, CoinLab, TruCoin, Chain) which might be worth money some day if one or more of those companies do very well. I make it very clear to these companies that my priority is to make Bitcoin better, and my goal in being an advisor to them is to learn more about the problems they face as they try to bring Bitcoin to more of their customers.
And I am sometimes (once or twice a year) paid to speak at events.
5.SaTuoXi
Q: Would you mind share your opinion on lightning network? Is it complicated to implement? Does it need hard fork?
A: Lightning does not need a hard fork.
It is not too hard to implement at the Bitcoin protocol level, but it is much more complicated to create a wallet capable of handling Lightning network payments properly.
I think Lightning is very exciting for new kinds of payments (like machine-to-machine payments that might happen hundreds of times per minute), but I am skeptical that it will be used for the kinds of payments that are common on the Bitcoin network today, because they will be more complicated both for wallet software and for people to understand.
6. pangcong
Q: 1) There has been a lot of conferences related to blocksize limit. The two took place in HongKong in Decemeber of 2015 and Feberary of 2016 are the most important ones. Despite much opposition, it is undeniable that these two meetings basically determines the current status of Bitcoin. However, as the one of the original founders of Bitcoin, why did you choose to not attend these meetings? If you have ever attended and opposed gmax’s Core roadmap (SegWit Priority) in one of the meetings, we may be in a better situation now, and the 2M hard fork might have already begun. Can you explain your absence in the two meetings? Do you think the results of both meetings are orchestrated by blockstream?
A: 1) I attended the first scaling conference in Montreal in September of 2015, and had hoped that a compromise had been reached.
A few weeks after that conference, it was clear to me that whatever compromise had been reached was not going to happen, so it seemed pointless to travel all the way to Hong Kong in December for more discussion when all of the issues had been discussed repeatedly since February of 2015.
The February 2016 Hong Kong meeting I could not attend because I was invited only a short time before it happened and I had already planned a vacation with my family and grandparents.
I think all of those conferences were orchestrated mainly by people who do not think raising the block size limit is a high priority, and who want to see what problems happen as we run into the limit.
Q: 2) We have already known that gmax tries to limit the block size so as to get investment for his company. However, it is obvious that overthrowing Core is hard in the short term. What if Core continues to dominate the development of Bitcoin? Is it possible that blockstream core will never raise the blocksize limit because of their company interests?
A: 2) I don’t think investment for his company is Greg’s motivation-- I think he honestly believes that a solution like lightning is better technically.
He may be right, but I think it would be better if he considered that he might also be wrong, and allowed other solutions to be tried at the same time.
Blockstream is a funny company, with very strong-willed people that have different opinions. It is possible they will never come to an agreement on how to raise the blocksize limit.
7. HeiYanZhu
Q: I would like to ask your opinion on the current situation. It’s been two years, but a simple 2MB hard fork could not even be done. In Bitcoin land, two years are incredibly long. Isn’t this enough to believe this whole thing is a conspiracy?
A: I don’t think it is a conspiracy, I think it is an honest difference of opinion on what is most important to do first, and a difference in opinion on risks and benefits of doing different things.
Q: How can a multi-billion network with millions of users and investors be choked by a handful of people? How can this be called decentrilized and open-source software anymore? It is so hard to get a simple 2MB hard fork, but SegWig and Lighting Network with thousands of lines of code change can be pushed through so fast. Is this normal? It is what you do to define if you are a good man, not what you say.
A: I still believe good engineers will work around whatever unnecessary barriers are put in their way-- but it might take longer, and the results will not be as elegant as I would prefer.
The risk is that people will not be patient and will switch to something else; the recent rapid rise in developer interest and price of Ethereum should be a warning.
Q: The problem now is that everybody knows Classic is better, however, Core team has controlled the mining pools using their powers and polical approaches. This made them controll the vast majority of the hashpower, no matter what others propose. In addition, Chinese miners have little communication with the community, and do not care about the developement of the system. Very few of them knows what is going on in the Bitcoin land. They almost handed over their own power to the mining pool, so as long as Core controls the pools, Core controls the whole Bitcoin, no matter how good your Classic is. Under this circumstance, what is your plan?
A: Encourage alternatives to Core. If they work better (if they are faster or do more) then Core will either be replaced or will have to become better itself. I am happy to see innovations happening in projects like Bitcoin Unlimited, for example. And just this week I see that Matt Corallo will be working on bringing an optmized protocol for relaying blocks into Core; perhaps that was the plan all along, or perhaps the “extreme thin blocks” work in Bitcoin Unlimited is making that a higher priority. In any case, competition is healthy.
Q: From this scaling debate, do you think there is a huge problem with Bitcoin development? Does there exsit development centrilization? Does this situation need improvment? For example, estabilish a fund from Bitcoin as a fundation. It can be used for hiring developers and maintainers, so that we can solve the development issue once and for all.
A: I think the Core project spends too much time thinking about small probability technical risks (like “rogue miners” who create hard-to-validate blocks or try to send invalid blocks to SPV wallets) and not enough time thinking about much larger non-technical risks.
And I think the Core project suffers from the common open source software problem of “developers developing for developers.” The projects that get worked on are the technically interesting projects-- exciting new features (like the lightning network), and not improving the basic old features (like improving network performance or doing more code review and testing).
I think the situation is improving, with businesses investing more in development (but perhaps not in the Core project, because the culture of that project has become much less focused on short-term business needs and more on long-term exciting new features).
I am skeptical that crowd-funding software development can work well; if I look at other successful open source software projects, they are usually funded by companies, not individuals.
8.jb9802
You are one of the most-repected person in Bitcoin world, I won’t miss the chance to ask some questions. First of all, I am a Classic supporter. I strongly believe that on-chain transcations should not be restrained artificially. Even if there are transcations that are willing to go through Lighting Network in the future, it should be because of a free market, not because of artificial restrication. Here are some of my questions:
Q: 1) For the past two years, you’ve been proposing to Core to scale Bitcoin. In the early days of the discussion, Core devs did agree that the blocksize should be raised. What do you think is the major reason for Core to stall scaling. Does there exist conflict of interest between Blockstream and scaling?
A: 1) There might be unconscious bias, but I think there is just a difference of opinion on priorities and timing.
Q: 2) One of the reason for the Chinese to refuse Classic is that Classic dev team is not technically capable enough for future Bitcoin development. I also noticed that Classic does have a less frequent code release compared to Core. In your opinion, is there any solution to these problems? Have you ever thought to invite capable Chinese programers to join Classic dev team?
A: 2) The great thing about open source software is if you don’t think the development team is good enough (or if you think they are working on the wrong things) you can take the software and hire a better team to improve it.
Classic is a simple 2MB patch on top of Core, so it is intentional that there are not a lot of releases of Classic.
The priority for Classic right now is to do things that make working on Classic better for developers than working on Core, with the goal of attracting more developers. You can expect to see some results in the next month or two.
I invite capable programmers from anywhere, including China, to help any of the teams working on open source Bitcoin software, whether that is Classic or Core or Unlimited or bitcore or btcd or ckpool or p2pool or bitcoinj.
Q: 3) Another reason for some of the Chinese not supporting Classic is that bigger blocks are more vulnerable to spam attacks. (However, I do think that smaller blocks are more vlunerable to spam attack, because smaller amount of money is needed to choke the blockchain.) What’s our opinion on this?
A: 3) The best response to a transaction spam attack is for the network to reject transactions that pay too little fees but to simply absorb any “spam” that is paying as much fees as regular transactions.
The goal for a transaction spammer is to disrupt the network; if there is room for extra transactions in blocks, then the network can just accept the spam (“thank you for the extra fees!”) and continue as if nothing out of the ordinary happened.
Nothing annoys a spammer more than a network that just absorbs the extra transactions with no harmful effects.
Q: 4) According to your understanding on lighting network and sidechains,if most Bitcoin transactions goes throught lighting network or sidechains, it possible that the fees paid on the these network cannot reach the main-chain miners, which leaves miners starving. If yes, how much percent do you think will be given to miners.
A: 4) I don’t know, it will depend on how often lightning network channels are opened and closed, and that depends on how people choose to use lightning.
Moving transactions off the main chain and on to the lightning network should mean less fees for miners, more for lightning network hubs. Hopefully it will also mean lower fees for users, which will make Bitcoin more popular, drive up the price, and make up for the lower transaction fees paid to miners.
Q: 5) The concept of lighting network and sidechains have been out of one or two years already, when do you think they will be fully deployed.
A: 5) Sidechains are already “fully deployed” (unless you mean the version of sidechains that doesn’t rely on some trusted gateways to move bitcoin on and off the sidechain, which won’t be fully deployed for at least a couple of years). I haven’t seen any reports of how successful they have been.
I think Lightning will take longer than people estimate. Seven months ago Adam Back said that the lightning network might be ready “as soon as six months from now” … but I would be surprised if there was a robust, ready-for-everybody-to-use lightning-capable wallet before 2018.
Q: 6)Regarding the hard fork, Core team has assumed that it will cause a chain-split. (Chinese miners are very intimitated by this assumption, I think this is the major reason why most of the Chinese mining pools are not switching to Classic). Do you think Bitcoin will have a chain-split?
A: 6) No, there will not be a chain split. I have not talked to a single mining pool operator, miner, exchange, or major bitcoin business who would be willing to mine a minority branch of the chain or accept bitcoins from a minority branch of the main chain.
Q: 7) From your point of view, do you think there is more Classic supporters or Core supporters in the U.S.?
A: 7) All of the online opinion pools that have been done show that a majority of people worldwide support raising the block size limit.
9. btcc123
Q: Which is more in line with the Satoshi’s original roadmap, Bitcoin Classic or Bitcoin Core? How to make mining pools support and adopt Bitcoin Classic?
A: Bitcoin Classic is more in line with Satoshi’s original roadmap.
We can’t make the mining pools do anything they don’t want to do, but they are run by smart people who will do what they think is best for their businesses and Bitcoin.
10.KuHaiBian
Q: Do you have any solution for mining centralization? What do you think about the hard fork of changing mining algorithms?
A: I have a lot of thoughts on mining centralization; it would probably take ten or twenty pages to write them all down.
I am much less worried about mining centralization than most of the other developers, because Satoshi designed Bitcoin so miners make the most profit when they do what is best for Bitcoin. I have also seen how quickly mining pools come and go; people were worried that the DeepBit mining pool would become too big, then it was GHash.io…
And if a centralized mining pool does become too big and does something bad, the simplest solution is for businesses or people to get together and create or fund a competitor. Some of the big Bitcoin exchanges have been seriously considering doing exactly that to support raising the block size limit, and that is exactly the way the system is supposed to work-- if you don’t like what the miners are doing, then compete with them!
I think changing the mining algorithm is a complicated solution to a simple problem, and is not necessary.
11. ChaLi
Q: Last time you came to China, you said you want to "make a different". I know that in USA the opposition political party often hold this concept, in order to prevent the other party being totally dominant. Bitcoin is born with a deep "make a different" nature inside. But in Chinese culture, it is often interpreted as split “just for the sake of splitting”, can you speak your mind on what is your meaning of "make a different"?
A: I started my career in Silicon Valley, where there is a lot of competition but also a lot of cooperation. The most successful companies find a way to be different than their competitors; it is not a coincidence that perhaps the most successful company in the world (Apple Computer) had the slogan “think different.”
As Bitcoin gets bigger (and I think we all agree we want Bitcoin to get bigger!) it is natural for it to split and specialize; we have already seen that happening, with lots of choices for different wallets, different exchanges, different mining chips, different mining pool software.
12. bluestar
Q: 1) The development of XT and Classic confirmed my thoughts that it is nearly impossible to use a new version of bitcoin to replace the current bitcoin Core controlled by Blockstream. I think we will have to live with the power of Blockstream for a sufficient long time. It means we will see the deployment of SegWit and Lighting network. If it really comes to that point, what will you do? Will you also leave like Mike Hearn?
A: 1) With the development of Blockchain, bitcoin will grow bigger and bigger without any doubts, And also there will be more and more companies related to the bitcoin network. When it comes to money, there will be a lot of fights between these companies. Is it possible to form some kind of committee to avoid harmful fights between these companies and also the situation that a single company controlling the direction of the bitcoin development? Is there any one doing this kind of job right now?
Q: 2) My final question would be, do you really think it is possible that we can have a decentralized currency? Learning from the history, it seems like every thing will become centralized as long as it involves human. Do you have any picture for a decentralized currency or even a society? Thanks.
A: 2) I think you might be surprised at what most people are running a year or three from now. Perhaps it will be a future version of Bitcoin Core, but I think there is a very good chance another project will be more successful.
I remember when “everybody” was running Internet Explorer or Firefox, and people thought Google was crazy to think that Chrome would ever be a popular web browser. It took four years for Chrome to become the most popular web browser.
In any case, I plan on working on Bitcoin related projects for at least another few years. Eventually it will become boring or I will decide I need to take a couple of years of and think about what I want to do next.
As for fights between companies: there are always fights between companies, in every technology. There are organizations like the IETF (Internet Engineering Task Force) that try to create committees so engineers at companies can spend more time cooperating and less time fighting; I’m told by people who participate in IETF meetings that they are usually helpful and create useful standards more often than not.
Finally, yes, I do think we can have a “decentralized-enough” currency. A currency that might be controlled at particular times by a small set of people or companies, but that gives everybody else the ability to take control if those people or businesses misbehave.
13. satoshi
Hi Gavin, I have some questions:
Q: 1) I noticed there are some new names added to the classic team list. Most people here only know you and Jeff. Can you briefly introduce some others to the Chinese community?
A: 1)
Tom Zander has been acting as lead developer, and is an experienced C++ developer who worked previously on the Qt and Debian open source projects.
Pedro Pinheiro is on loan from Blockchain.info, and has mostly worked on continuous integration and testing for Classic.
Jon Rumion joined recently, and has been working on things that will make life for developers more pleasant (I don’t want to be more specific, I don’t want to announce things before they are finished in case they don’t work out).
Jeff has been very busy starting up Bloq, so he hasn’t been very active with Classic recently. I’ve also been very busy traveling (Barbados, Idaho, London and a very quick trip to Beijing) so haven’t been writing much code recently.
Q: 2) if bitcoin classic succeeded (>75% threshold), what role would you play in the team after the 2MB upgrade finished, as a leader, a code contributor, a consultant, or something else?
A: 2)Contributor and consultant-- I am trying not to be leader of any software project right now, I want to leave that to other people who are better at managing and scheduling and recruiting and all of the other things that need to be done to lead a software project.
Q: 3) if bitcoin classic end up failed to achieve mainstream adoption (<75% 2018), will you continue the endeavor of encouraging on-chain scaling and garden-style growth of bitcoin?
A: 3) Yes. If BIP109 does not happen, I will still be pushing to get a good on-chain solution to happen as soon as possible.
Q: 4) Have you encountered any threat in your life, because people would think you obviously have many bitcoins, like what happened to Hal Finney (RIP), or because some people have different ideas about what bitcoin's future should be?
A: 4) No, I don’t think I have received any death threats. It upsets me that other people have.
Somebody did threaten to release my and my wife’s social security numbers and other identity information if I did not pay them some bitcoins a couple of years ago. I didn’t pay, they did release our information, and that has been a little inconvenient at times.
Q: 5) Roger Ver (Bitcoin Jesus) said bitcoin would worth thousands of dollars. Do you have similar thoughts? If not, what is your opinion on bitcoin price in future?
A: 5) I learned long ago to give up trying to predict the price of stocks, currencies, or Bitcoin. I think the price of Bitcoin will be higher in ten years, but I might be wrong.
Q: 6) You've been to China. What's your impression about the country, people, and the culture here? Thank you!
A: 6) I had a very quick trip to Beijing a few weeks ago-- not nearly long enough to get a good impression of the country or the culture.
I had just enough time to walk around a little bit one morning, past the Forbidden City and walk around Tianmen Square. There are a LOT of people in China, I think the line to go into the Chairman Mao Memorial Hall was the longest I have ever seen!
Beijing reminded me a little bit of London, with an interesting mix of the very old with the very new. The next time I am in China I hope I can spend at least a few weeks and see much more of the country; I like to be in a place long enough so that I really can start to understand the people and cultures.
14. Pussinboots
Q: Dear Gavin, How could I contact you, we have an excellent team and good plans. please confirm your linkedin.
A: Best contact for me is [email protected] : but I get lots of email, please excuse me if your messages get lost in the flood.
15. satoshi
Q: Gavin, you've been both core and classic code contributor. Are there any major differences between the two teams, concerning code testing (quality control) and the release process of new versions?
A: Testing and release processes are the same; a release candidate is created and tested, and once sufficiently tested, a final release is created, cryptographically signed by several developers, and then made available for download.
The development process for Classic will be a little bit different, with a ‘develop’ branch where code will be pulled more quickly and then either fixed or reverted based on how testing goes. The goal is to create a more developer-friendly process, with pull requests either accepted or rejected fairly quickly.
16. tan90d
I am a bitcoin enthusiast and a coin holder. I thank you for your great contribution to bitcoin. Please allow me to state some of my views before asking:
  1. I'm on board with classic
  2. I support the vision to make bitcoin a powerful currency that could compete with Visa
  3. I support segwit, so I'll endorse whichever version of bitcoin implementation that upgrades to segwit, regardless of block size.
  4. I disagree with those who argue bitcoin main blockchain should be a settlement network with small blocks. My view is that on the main chain btc should function properly as a currency, as well as a network for settlement.
  5. I'm against the deployment of LN on top of small block sized blockchain. Rather, it should be built on a chain with bigger blocks.
  6. I also won’t agree with the deployment of many sidechains on top of small size block chain. Rather, those sidechains should be on chain with bigger blocks.
With that said, below are my questions:
Q: 1) If bitcoin is developed following core's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 1) If the block limit is not raised, then no, I don’t think transaction fees will be that high.
Q: 2) If bitcoin is developed following classic's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 2) Yes, the vision is lots of transactions, each paying a very small fee, adding up to a big total for the miners.
Q: 3) If bitcoin is developed following core's vision, do you think POW would fail in future, because the mining industry might be accounted too low value compared with that of the bitcoin total market, so that big miners could threaten btc market and gain profit by shorting?
*The questioner further explained his concern.
Currently, its about ~1.1 billion CNY worth of mining facilities protecting ~42 billion CNY worth (6.5 Billion USD) of bitcoin market. The ratio is ~3%. If bitcoin market cap continues to grow and we adopt layered development plan, the mining portion may decrease, pushing the ratio go even down to <1%, meaning we are using very small money protecting an huge expensive system. For example, in 2020 if bitcoin market cap is ~100 billion CNY, someone may attempt to spend ~1 billion CNY bribe/manipulate miners to attack the network, thus making a great fortune by shorting bitcoin and destroying the ecosystem.
A: 3) Very good question, I have asked that myself. I have asked people if they know if there have been other cases where people destroyed a company or a market to make money by shorting it -- as far as I know, that does not happen. Maybe because it is impossible to take a large short position and remain anonymous, so even if you were successful, you would be arrested for doing whatever you did to destroy the company or market (e.g. blow up a factory to destroy a company, or double-spend fraud to try to destroy Bitcoin).
Q: 4) If bitcoin is developed following classic's vision, will the blocks become too big that kill decentralization?
A: 4) No, if you look at how many transactions the typical Internet connection can support, and how many transactions even a smart phone can validate per second, we can support many more transactions today with the hardware and network connections we have now.
And hardware and network connections are getting faster all the time.
Q: 5) In theory, even if we scale bitcoin with just LN and sidechains, the main chain still needs blocks with size over 100M, in order to process the trading volume matching Visa's network. So does core have any on-chain scaling plan other than 2MB? Or Core does not plan to evolve bitcoin into something capable of challenging visa?
A: 5) Some of the Core developer talk about a “flexcap” solution to the block size limit, but there is no specific proposal.
I think it would be best to eliminate the limit all together. That sounds crazy, but the most successful Internet protocols have no hard upper limits (there is no hard limit to how large a web page may be, for example), and no protocol limit is true to Satoshi’s original design.
Q: 6) If (the majority of) hash rate managed to switch to Classic in 2018, will the bitcoin community witness the deployment of LN in two years (~2018)?
A: 6) The bottleneck with Lightning Network will be wallet support, not support down at the Bitcoin protocol level. So I don’t think the deployment schedule of LN will be affected much whether Classic is adopted or not.
Q: 7) If (majority) hash rate upgraded to blocks with segwit features in 2017 as specified in core's roadmap, would classic propose plans to work on top of that (blocks with segwit)? Or insist developing simplified segwit blocks as described in classic's roadmap?
A: 7) Classic will follow majority hash rate. It doesn’t make sense to do anything else.
Q: 8) If most hash rate is still on core's side before 2018, will you be disappointed with bitcoin, and announce that bitcoin has failed like what Mike did, and sell all your stashed coins at some acceptable price?
A: 8) No-- I have said that I think if the block size limit takes longer to resolve, that is bad for Bitcoin in the short term, but smart engineers will work around whatever road blocks you put in front of them. I see Bitcoin as a long-term project.
Q: 9) If we have most hash rate switched to classic's side before 2018, what do you think will be the fate of Blockstream company?
A: 9) I think Blockstream might lose some employees, but otherwise I don’t think it will matter much. They are still producing interesting technology that might become a successful business.
Q: 10) If we have most hash rate still on core's side before 2018, what do you think will be the fate of Blockstream company?
A: 10) I don’t think Blockstream’s fate depends on whether or not BIP109 is adopted. It depends much more on whether or not they find customers willing to pay for the technology that they are developing.
Q: 11) If we have most hash rate still on core's side before 2018, what do you think will be the fate of companies that support classic, such as Coinbse, bitpay, and Blockchain.info?
A: 11) We have already seen companies like Kraken support alternative currencies (Kraken supports Litecoin and Ether); if there is no on-chain scaling solution accepted by the network, I think we will see more companies “hedging their bets” by supporting other currencies that have a simpler road map for supporting more transactions.
Q: 12) If we have most hash rate switched to classic's side before 2018, will that hinder the development of sidechain tech? What will happen to companies like Rockroot(Rootstock?) ?
A: 12) No, I think the best use of sidechains is for things that might be too risky for the main network (like Rootstock) or are narrowly focused on a small number of Bitcoin users. I don’t think hash rate supporting Classic will have any effect on that.
Q: 13) Between the two versions of bitcoin client, which one is more conducive to mining industry, classic or core?
A: 13) I have been working to make Classic better for the mining industry, but right now they are almost identical so it would be dishonest to say one is significantly better than the other.
17. Alfred
Q: Gavin, can you describe what was in your mind when you first learned bitcoin?
A: I was skeptical that it could actually work! I had to read everything I could about it, and then read the source code before I started to think that maybe it could actually be successful and was not a scam.
submitted by kcbitcoin to btc [link] [comments]

BITCOIN HALVING AFTERMATH!! IS BITCOIN MINING PROFITABLE 2020?! BTC & CRYPTO NEWS! Bitcoin Finite Supply and Block Mining Reward Halving 01 ... Bitcoin Halving  Ethereum Staking  Ripple XRP  Ravencoin KAWPOW fork! Bitcoin Halving Explained Simple - Does it Affect Bitcoin ... Bitcoin Halving Countdown (May 11, 2020) - YouTube

Bitcoin halving is an event where the block reward for mining new bitcoin is halved, meaning that bitcoin traders will receive 50% less bitcoin for every transaction they verify. BTC halving occurs every 210,000 blocks, which equates to a halving occurring approximately every 4 years. In his bitcoin price outlook for 2020, he predicted that the crypto coin would drop to around $5000 as a result of the big ‘halving event’ in May, whereby the reward for mining new blocks is halved, meaning miners receive 50% fewer BTC for verifying transactions. On November 28th, 2012, the first bitcoin halving occurred, which saw the price of bitcoin increase from $11 to $1,000 around a year later. During July 2016, the second halving took place and the ... Every four years, Reuters reports, the reward for bitcoin miners is cut in half, in a move that was originally designed to keep bitcoin inflation in check. So on Saturday, rather than 25 bitcoins ... But every four years the mining reward is halved and on 12 May this will drop from 12.5 bitcoins per block mined to 6.25. Bitcoin has not been immune to the coronavirus pandemic, as its value collapsed in mid-March to under $5,000 (£4,030) a coin, having previously sat at $10,000, just one month earlier.

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BITCOIN HALVING AFTERMATH!! IS BITCOIN MINING PROFITABLE 2020?! BTC & CRYPTO NEWS!

Is Bitcoin Mining profitable? will bitcoin miners sell? bitcoin mining is an interesting topic after the bitcoin block reward halving as millions of dollars of bitcoin miners just because bricks. While the Bitcoin price has risen sharply this year, we will explain how Bitcoin the underlying Blockchain technology works and help you get a better picture of what lies ahead for Bitcoin in the ... Bitcoin is halving, Ripple XRP is being dumped, Ravencoin is hardforking to a new GPU mining algorithm, and Ethereum Staking is soon?! Subscribe to VoskCoin to stay up to date w/ crypto! - http ... The "Halving" reduce the reward for mining a Bitcoin by one half. This occurs every 210,000 blocks that are mined on bitcoin's blockchain.Halving will contin... The Bitcoin halving of 2020 is almost upon us! What is the Bitcoin halving? Will Bitcoin's price pump?? What does the Bitcoin halving mean for you!?! Let's d...

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