Quark is a decentralized digital monetary system. It facilitates sending Quarks to Friends, Family Members Online Payments free of charges and charge-backs. Military Grade Encryption. No Bank or Government Control. Quark coins are based on the original idea of Bitcoin but improved, more secure, faster transaction times and zero fees. With improvements to design and security. There is also a greater coin supply with higher block rewards for miners. Quark is fully Open Source.
Cryptocurrency just like any other technological development has given birth to many side industries and trends like ICO, white paper writing, and mining etc… just the cryptocurrency itself rises, falls and changes to adapt real life conditions, so does its side industries and trends. Today we are going to be focusing on mining. How it has risen, fell and adapted through the journey of cryptocurrency till date. Without going into details crypto mining is the process by which new blocks are validated and added to the blockchain. It first took to main stream in January 2009 when the mysterious Satoshi Nakamoto launched the bitcoin white paper within which he/she/they proposed the first mining consensus mechanism called proof of work (Pow). The PoW consensus mechanism required that one should spend a certain amount of computational power to solve a cryptographic problem (nounce) in other to have the have the right to pack/verify the next block on the blockchain. In this mechanism, the more computational power one possesses the more rights they have over the packing of the next block. The quest for faster hardware has seen significant changes in the types of hard ware dominating the PoW mining community. Back in 2009 when bitcoin first started a normal pc and its processing power worked just fine. In fact a pc with an i7 Intel processor could mine up to 50btc per day but back then it almost nothing since btc was only some few cents. When the difficulty of the network became significantly high, simple computer processing units could not match the competitiveness and so miners settled for something more powerful, the high end graphic processors (GPU). This is when the era of rigs began It was in 2010. People would combine GPUs together in mining rigs on a mother board usually in order of 6 per rig some miners operated farms containing many of these rigs. Of course with greater power came greater network difficulty and so the search for faster hard ware let to implementation of Field Programmable Gate Arrays (FPGA) in June 2012. A further search for faster, less consuming and cheaper hard ware let us to where we are today. In the year 2013, Application Specific Integrated Circuits (ASIC) miners were introduced. One ASIC miner processes 1500H/s which is 100 times processing power of CPU and GPU. But all this speed and efficiency achievements brought about another problem one which touches the core of cryptocurrency itself. The idea of decentralization was gradually fading away as wealthy and big companies are the once who could afford and build the miners therefore centralizing mining around the rich, there was a called for ASIC resistant consensus mechanism. A movement for ASIC resistant PoW algorithms began the idea is to make ASIC mining impossible or at least make it such that using ASIC doesn’t give a miner any additional advantage as to using CPU . In 2013 the MONERO the famous privacy coin proposed CryptoNight an ASIC resistant PoW consensus at least that is how they intended it to be. But things have proven much more difficult in practice than they had anticipated as ASIC producers keep matching up to every barrier put in place the PoW designers at a rate faster than it takes to build these barriers. MONERO for example has to fork every now and then in other to keep the CryptoNight ASIC resistant a trick which is still not working as reported by their CEO “We [also] saw that this was very unsustainable. … It takes a lot to keep [hard forking] again and again for one. For two, it may decentralize mining but it centralizes in another area. It centralizes on the developers because now there’s a lot of trust in developers to keep hard forking.” Another PoW ASIC resistance algorithm is the RamdonX and there are many others but could quickly imagine that the barriers to ASIC mining in these ASIC resistance algorithm would eventually be broken by the ASIC miners and so a total shift from PoW mining to other consensus mechanisms which are ASIC resistance from core were proposed some of which are in use today. Entered the Proof of Stake (PoS) consensus mechanism. PoS was first introduced in 2013 by the PeerCoin team. Here, a validator’s right to mine is proportionate to his/heit economic value in the network simple put the more amounts of coins you have the more mining rights you get. Apart from PeerCoin, NEO and LISK also use POS and soon to follow is EThereum. There are different variations to PoS including but not limited to delegated proof of stake DPoS, masternode proof of stake MPoS each of which seek to improve on something in the POS. This is a very good ASIC resistance consensus mechanism but it still doesn’t solves the centralization problem as the rich always have the power to more coins and have more mining rights plus it is also expensive to start. And then we have gotten many other proposals to combat this among which are Proof of Weight (PoW) and Proof of Capacity (PoC). We take more interest in PoC it is the latest and gives the best solution to all our mining challenges consensus as of now. Proof of Capacity was first was described 2013 in the Proofs of Space paper by Dziembowski, Faust, Kolmogorov and Pietrzak and it is now being used in Burst. The main factor that separates all the mining mechanisms is the resource used. These resources which miners spend in other to have mining rights is a measure of ensuring that one has expense a none-trivial amount of effort in making a statement. The resource being spent in PoC is disk space. This is less expensive since many people already have some unused space lying around and space is a cheap resource in the field of tech. it has no discrimination over topography… it really solves lots of centralized problems present in all most other consensus. If the future is now then one could say the future of crypto mining is PoC.
A Beginners Guide to Bitcoin, Blockchain & Cryptocurrency
As cryptocurrency, and blockchain technology become more abundant throughout our society, it’s important to understand the inner workings of this technology, especially if you plan to use cryptocurrency as an investment vehicle. If you’re new to the crypto-sphere, learning about Bitcoin makes it much easier to understand other cryptocurrencies as many other altcoins' technologies are borrowed directly from Bitcoin. Bitcoin is one of those things that you look into only to discover you have more questions than answers, and right as you’re starting to wrap your head around the technology; you discover the fact that Bitcoin has six other variants (forks), the amount of politics at hand, or that there are over a thousand different cryptocurrencies just as complex if not even more complex than Bitcoin. We are currently in the infancy of blockchain technology and the effects of this technology will be as profound as the internet. This isn’t something that’s just going to fade away into history as you may have been led to believe. I believe this is something that will become an integral part of our society, eventually embedded within our technology. If you’re a crypto-newbie, be glad that you're relatively early to the industry. I hope this post will put you on the fast-track to understanding Bitcoin, blockchain, and how a large percentage of cryptocurrencies work.
Altcoin: Short for alternative coin. There are over 1,000 different cryptocurrencies. You’re probably most familiar with Bitcoin. Anything that isn’t Bitcoin is generally referred to as an altcoin. HODL: Misspelling of hold. Dank meme accidentally started by this dude. Hodlers are much more interested in long term gains rather than playing the risky game of trying to time the market. TO THE MOON: When a cryptocurrency’s price rapidly increases. A major price spike of over 1,000% can look like it’s blasting off to the moon. Just be sure you’re wearing your seatbelt when it comes crashing down. FUD: Fear. Uncertainty. Doubt. FOMO: Fear of missing out. Bull Run: Financial term used to describe a rising market. Bear Run: Financial term used to describe a falling market.
What Is Bitcoin?
Bitcoin (BTC) is a decentralized digital currency that uses cryptography to secure and ensure validity of transactions within the network. Hence the term crypto-currency. Decentralization is a key aspect of Bitcoin. There is no CEO of Bitcoin or central authoritative government in control of the currency. The currency is ran and operated by the people, for the people. One of the main development teams behind Bitcoin is blockstream. Bitcoin is a product of blockchain technology. Blockchain is what allows for the security and decentralization of Bitcoin. To understand Bitcoin and other cryptocurrencies, you must understand to some degree, blockchain. This can get extremely technical the further down the rabbit hole you go, and because this is technically a beginners guide, I’m going to try and simplify to the best of my ability and provide resources for further technical reading.
A Brief History
Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto is unknown. The idea of Bitcoin was first introduced in 2008 when Nakamoto released the Bitcoin white paper - Bitcoin: A Peer-to-Peer Electronic Cash System. Later, in January 2009, Nakamoto announced the Bitcoin software and the Bitcoin network officially began. I should also mention that the smallest unit of a Bitcoin is called a Satoshi. 1 BTC = 100,000,000 Satoshis. When purchasing Bitcoin, you don’t actually need to purchase an entire coin. Bitcoin is divisible, so you can purchase any amount greater than 1 Satoshi (0.00000001 BTC).
What Is Blockchain?
Blockchain is a distributed ledger, a distributed collection of accounts. What is being accounted for depends on the use-case of the blockchain itself. In the case of Bitcoin, what is being accounted for is financial transactions. The first block in a blockchain is referred to as the genesis block. A block is an aggregate of data. Blocks are also discovered through a process known as mining (more on this later). Each block is cryptographically signed by the previous block in the chain and visualizing this would look something akin to a chain of blocks, hence the term, blockchain. For more information regarding blockchain I’ve provided more resouces below:
Bitcoin mining is one solution to the double spend problem. Bitcoin mining is how transactions are placed into blocks and added onto the blockchain. This is done to ensure proof of work, where computational power is staked in order to solve what is essentially a puzzle. If you solve the puzzle correctly, you are rewarded Bitcoin in the form of transaction fees, and the predetermined block reward. The Bitcoin given during a block reward is also the only way new Bitcoin can be introduced into the economy. With a halving event occurring roughly every 4 years, it is estimated that the last Bitcoin block will be mined in the year 2,140. (See What is Block Reward below for more info). Mining is one of those aspects of Bitcoin that can get extremely technical and more complicated the further down the rabbit hole you go. An entire website could be created (and many have) dedicated solely to information regarding Bitcoin mining. The small paragraph above is meant to briefly expose you to the function of mining and the role it plays within the ecosystem. It doesn’t even scratch the surface regarding the topic.
How do you Purchase Bitcoin?
The most popular way to purchase Bitcoin through is through an online exchange where you trade fiat (your national currency) for Bitcoin. Popular exchanges include:
There’s tons of different exchanges. Just make sure you find one that supports your national currency.
Bitcoin and cryptocurrencies are EXTREMELY volatile. Swings of 30% or more within a few days is not unheard of. Understand that there is always inherent risks with any investment. Cryptocurrencies especially. Only invest what you’re willing to lose.
Transaction & Network Fees
Transacting on the Bitcoin network is not free. Every purchase or transfer of Bitcoin will cost X amount of BTC depending on how congested the network is. These fees are given to miners as apart of the block reward. Late 2017 when Bitcoin got up to $20,000USD, the average network fee was ~$50. Currently, at the time of writing this, the average network fee is $1.46. This data is available in real-time on BitInfoCharts.
In this new era of money, there is no central bank or government you can go to in need of assistance. This means the responsibility of your money falls 100% into your hands. That being said, the security regarding your cryptocurrency should be impeccable. The anonymity provided by cryptocurrencies alone makes you a valuable target to hackers and scammers. Below I’ve detailed out best practices regarding securing your cryptocurrency.
Two-Factor Authentication (2FA)
Two-factor authentication is a second way of authenticating your identity upon signing in to an account. Most cryptocurrency related software/websites will offer or require some form of 2FA. Upon creation of any crypto-related account find the Security section and enable 2FA.
The most basic form of 2FA which you are probably most familiar with. This form of authentication sends a text message to your smartphone with a special code that will allow access to your account upon entry. Note that this is not the safest form of 2FA as you may still be vulnerable to what is known as a SIM swap attack. SIM swapping is a social engineering method in which an attacker will call up your phone carrier, impersonating you, in attempt to re-activate your SIM card on his/her device. Once the attacker has access to your SIM card he/she now has access to your text messages which can then be used to access your online accounts. You can prevent this by using an authenticator such as Google Authenticator.
The use of an authenticator is the safest form of 2FA. An authenticator is installed on a seperate device and enabling it requires you input an ever changing six digit code in order to access your account. I recommend using Google Authenticator. If a website has the option to enable an authenticator, it will give you a QR code and secret key. Use Google Authenticator to scan the QR code. The secret key consists of a random string of numbers and letters. Write this down on a seperate sheet of paper and do not store it on a digital device. Once Google Authenticator has been enabled, every time you sign into your account, you will have to input a six-digit code that looks similar to this. If you happen to lose or damage the device you have Google Authenticator installed on, you will be locked out of your account UNLESS you have access to the secret key (which you should have written down).
A wallet is what you store Bitcoin and cryptocurrency on. I’ll provide resources on the different type of wallets later but I want to emphasize the use of a hardware wallet (aka cold storage). Hardware wallets are the safest way of storing cryptocurrency because it allows for your crypto to be kept offline in a physical device. After purchasing crypto via an exchange, I recommend transferring it to cold storage. The most popular hardware wallets include the Ledger Nano S, and Trezor. Hardware wallets come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key as well as any other sensitive information in a safety deposit box. I know this all may seem a bit manic, but it is important you take the necessary security precautions in order to ensure the safety & longevity of your cryptocurrency.
Technical Aspects of Bitcoin
Address: What you send Bitcoin to.
Wallet: Where you store your Bitcoin
Max Supply: 21 million
Block Time: ~10 minutes
Block Size: 1-2 MB
Block Reward: BTC reward received from mining.
What is a Bitcoin Address?
A Bitcoin address is what you send Bitcoin to. If you want to receive Bitcoin you’d give someone your Bitcoin address. Think of a Bitcoin address as an email address for money.
What is a Bitcoin Wallet?
As the title implies, a Bitcoin wallet is anything that can store Bitcoin. There are many different types of wallets including paper wallets, software wallets and hardware wallets. It is generally advised NOT to keep cryptocurrency on an exchange, as exchanges are prone to hacks (see Mt. Gox hack). My preferred method of storing cryptocurrency is using a hardware wallet such as the Ledger Nano S or Trezor. These allow you to keep your crypto offline in physical form and as a result, much more safe from hacks. Paper wallets also allow for this but have less functionality in my opinion. After I make crypto purchases, I transfer it to my Ledger Nano S and keep that in a safe at home. Hardware wallets also come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key in a safety deposit box.
What is Bitcoins Max Supply?
The max supply of Bitcoin is 21 million. The only way new Bitcoins can be introduced into the economy are through block rewards which are given after successfully mining a block (more on this later).
What is Bitcoins Block Time?
The average time in which blocks are created is called block time. For Bitcoin, the block time is ~10 minutes, meaning, 10 minutes is the minimum amount of time it will take for a Bitcoin transaction to be processed. Note that transactions on the Bitcoin network can take much longer depending on how congested the network is. Having to wait a few hours or even a few days in some instances for a transaction to clear is not unheard of. Other cryptocurrencies will have different block times. For example, Ethereum has a block time of ~15 seconds. For more information on how block time works, Prabath Siriwardena has a good block post on this subject which can be found here.
What is Bitcoins Block Size?
There is a limit to how large blocks can be. In the early days of Bitcoin, the block size was 36MB, but in 2010 this was reduced to 1 MB in order to prevent distributed denial of service attacks (DDoS), spam, and other malicious use on the blockchain. Nowadays, blocks are routinely in excess of 1MB, with the largest to date being somewhere around 2.1 MB. There is much debate amongst the community on whether or not to increase Bitcoin’s block size limit to account for ever-increasing network demand. A larger block size would allow for more transactions to be processed. The con argument to this is that decentralization would be at risk as mining would become more centralized. As a result of this debate, on August 1, 2017, Bitcoin underwent a hard-fork and Bitcoin Cash was created which has a block size limit of 8 MB. Note that these are two completely different blockchains and sending Bitcoin to a Bitcoin Cash wallet (or vice versa) will result in a failed transaction. Update: As of May 15th, 2018 Bitcoin Cash underwent another hard fork and the block size has increased to 32 MB. On the topic of Bitcoin vs Bitcoin Cash and which cryptocurrency is better, I’ll let you do your own research and make that decision for yourself. It is good to know that this is a debated topic within the community and example of the politics that manifest within the space. Now if you see community members arguing about this topic, you’ll at least have a bit of background to the issue.
What is Block Reward?
Block reward is the BTC you receive after discovering a block. Blocks are discovered through a process called mining. The only way new BTC can be added to the economy is through block rewards and the block reward is halved every 210,000 blocks (approximately every 4 years). Halving events are done to limit the supply of Bitcoin. At the inception of Bitcoin, the block reward was 50BTC. At the time of writing this, the block reward is 12.5BTC. Halving events will continue to occur until the amount of new Bitcoin introduced into the economy becomes less than 1 Satoshi. This is expected to happen around the year 2,140. All 21 million Bitcoins will have been mined. Once all Bitcoins have been mined, the block reward will only consist of transaction fees.
Any computer that connects to the Bitcoin network is called a node. Nodes that fully verify all of the rules of Bitcoin are called full nodes.
In other words, full nodes are what verify the Bitcoin blockchain and they play a crucial role in maintaining the decentralized network. Full nodes store the entirety of the blockchain and validate transactions. Anyone can participate in the Bitcoin network and run a full node. Bitcoin.org has information on how to set up a full node. Running a full node also gives you wallet capabilities and the ability to query the blockchain. For more information on Bitcoin nodes, see Andreas Antonopoulos’s Q&A on the role of nodes.
What is a Fork?
A fork is a divergence in a blockchain. Since Bitcoin is a peer-to-peer network, there’s an overall set of rules (protocol) in which participants within the network must abide by. These rules are put in place to form network consensus. Forks occur when implementations must be made to the blockchain or if there is disagreement amongst the network on how consensus should be achieved.
Soft Fork vs Hard Fork
The difference between soft and hard forks lies in compatibility. Soft forks are backwards compatible, hard forks are not. Think of soft forks as software upgrades to the blockchain, whereas hard forks are a software upgrade that warrant a completely new blockchain. During a soft fork, miners and nodes upgrade their software to support new consensus rules. Nodes that do not upgrade will still accept the new blockchain. Examples of Bitcoin soft forks include:
A hard fork can be thought of as the creation of a new blockchain that X percentage of the community decides to migrate too. During a hard fork, miners and nodes upgrade their software to support new consensus rules, Nodes that do not upgrade are invalid and cannot accept the new blockchain. Examples of Bitcoin hard forks include:
Note that these are completely different blockchains and independent from the Bitcoin blockchain. If you try to send Bitcoin to one of these blockchains, the transaction will fail.
A Case For Bitcoin in a World of Centralization
Our current financial system is centralized, which means the ledger(s) that operate within this centralized system are subjugated to control, manipulation, fraud, and many other negative aspects that come with this system. There are also pros that come with a centralized system, such as the ability to swiftly make decisions. However, at some point, the cons outweigh the pros, and change is needed. What makes Bitcoin so special as opposed to our current financial system is that Bitcoin allows for the decentralized transfer of money. Not one person owns the Bitcoin network, everybody does. Not one person controls Bitcoin, everybody does. A decentralized system in theory removes much of the baggage that comes with a centralized system. Not to say the Bitcoin network doesn’t have its problems (wink wink it does), and there’s much debate amongst the community as to how to go about solving these issues. But even tiny steps are significant steps in the world of blockchain, and I believe Bitcoin will ultimately help to democratize our financial system, whether or not you believe it is here to stay for good.
Well that was a lot of words… Anyways I hope this guide was beneficial, especially to you crypto newbies out there. You may have come into this realm not expecting there to be an abundance of information to learn about. I know I didn’t. Bitcoin is only the tip of the iceberg, but now that you have a fundamental understanding of Bitcoin, learning about other cryptocurrencies such as Litecoin, and Ethereum will come more naturally. Feel free to ask questions below! I’m sure either the community or myself would be happy to answer your questions. Thanks for reading!
Bitcoin production will halve in 2020. Can you seize the four-year opportunity?
Since its birth in 2009, BTC has been doubted. As a social experiment, Bitcoin and block chain technology have perfectly verified the feasibility of a decentralized liquidation network. Bitcoins have a fixed ceiling of 21 million, so they are inherently inflation-proof. But these miners are minting money at a steady rate of 25 bitcoins per minute every day. How to control the production of 21 million? The answer is to halve the production. https://preview.redd.it/ve63e4dasgr31.png?width=599&format=png&auto=webp&s=d5a0a8c05c9ef05b98d29a952031b1647e5bec9a On January 3, 2009, the Bitcoin genesis block came out with a reward of 50BTC. On November 28, 2012, Bitcoin's 210,000 blocks were dug up. The block reward was halved for the first time, and the block award was 25 BTC. On July 10, 2016, Bitcoin halved its reward to 12.5 BTC after 420,000 blocks were dug up. Halving will double the cost of mining, which will lead to changes in the supply-demand relationship, which is the basic law of economics: prices are determined by supply and demand, and if demand remains unchanged and supply decreases, prices will rise. https://preview.redd.it/b15zydzasgr31.png?width=601&format=png&auto=webp&s=07dde39cd554fb0c185750336e338402974723a4 The supplier is the miner. If the mining cost and difficulty remain unchanged, the mining cost doubles after halving, and the minimum cost of acquiring bitcoin doubles, the miner will not be willing to sell the new coin at the original price. The price will have to double or even higher, so the bull market of halving the bitcoin will be "imperative". So, how can investors seize the investment opportunity of Bitcoin's production halving in 2020? As an investor, it is most important to choose the investment opportunity. Let's take a look at the recently hot Cryptozoic VCC. Bitcoin production halves in the near future - investment opportunities revealed by the Cryptozoic VCC The Cryptozoic VCC, which also has the characteristics of anonymity, decentralization and regular production reduction, has been highly sought after and recognized by the market since its birth. The power of consensus has created an infinite enlargement of the value potential of the Cryptozoic VCC. The biggest difference between Cryptozoic VCC and Bitcoin is that Bitcoin is the representative of monetary freedom, bringing spiritual beliefs to many people, while Cryptozoic VCC wins the trust of investors with more innovative block chain technology and more imaginative ecological construction. https://preview.redd.it/4kywg9obsgr31.png?width=599&format=png&auto=webp&s=004ebab374cdd34aab0c3b50a971bf2745a9a171 It is precisely because of the great technological advantages that the Cryptozoic VCC has a strong foothold in today's mixed block chain industry. Innovative technology has brought about a strong consensus system, and a strong consensus system has improved the layout of the Cryptozoic VCC ecosystem. Another advantage of the birth of the Cryptozoic VCC at this time point is that Bitcoin's production reduction is expected to be realized soon. By halving this production, the profitable capital will have a high probability of finding the next currency that can achieve higher returns. At that time, the Cryptozoic VCC will be the most suitable choice for investors. However, many smart capitalists will act before this time point. Assuming that there is no destructive force majeure in the encryption market in the next two years, the Cryptozoic VCC in this currency position will never be seen again. From the investment point of view, the most appropriate asset allocation option for the Cryptozoic VCC is before and after the production reduction of Bitcoin.
Cryptozoic VCC is a stock of financial science and technology. Based on the underlying technology of block chain, the peak value of TPS is as high as 80000, which supports the commercial application of average TPS over 8000. The technological innovation of Cryptozoic VCC has made a new breakthrough in the technical field of block chain.
Cryptozoic VCC is a stock of value investment. Compared with Bitcoin, which is an event-driven type of investment, emergencies have a great impact on currency prices. The value of the Cryptozoic VCC that has the steadily rising market performance comes from the consensus of the community.
Although the current block chain industry is still dominated by Bitcoin, the Cryptozoic VCC must be the mainstream currency with the most investment value in the face of the potential ecological value in the future. The future is unpredictable. Perhaps the production of Bitcoin will halve in 2020 and it will not be able to reproduce the 10-fold increase of Bitcoin in 2012. However, for far-sighted investors, the market has ushered in a new opportunity to bet - the Cryptozoic VCC.
Bitcoin mining is getting boring... Let me mine for you!
Bitcoin mining is getting boring a little. That's why I have decided to use my miners (260GH/s in total) to mine a bit for you. So please post your 50BTC worker name here, and I will mine a few coins for you. (50BTC pool only, since no password is needed there!! Just create a new worker there.) I DONT NEED A PASSWORD, ALL YOU NEED TO POST IS YOUR MINER NAME!!!
https://preview.redd.it/61gzhcjq78r21.png?width=1500&format=png&auto=webp&s=cf0406038eb054583475e500f63950362b975358 Dear investors! As promised, we start a series of articles about Tkeycoin mining and mining hardware. We will try to explain the process in detail and reply all the questions, if they arise. We kindly ask you not to ignore those publications and carefully read the info we provide. To understand how mining process works in general, it is better to start with the basics. The pioneer here was the good old Bitcoin, which started to be mined back in 2009. The BTC mining technology did not really change during these 8 years - the process is still based on the Proof-Of-Work (PoW) principle and uses SHA-256 hashing algorithm. By the way, Proof-Of-Work (PoW) existed long before the cryptocurrencies emerged, its main purpose being to create special math puzzles that required certain amount of time and resources to be solved. PoW was used to protect websites of DDOS-attacks and massive spam. In 2009 PoW was chosen by Satoshi Nakamoto for the nascent Bitcoin network, and in a few years it was already being used by millions of people for making good money. How PoW algorithm works? The miner gets a certain math puzzle that requires spending computing power to be solved. Finding solution is a random guessing process, therefore the more computing power a miner possesses, the faster he will find the solution. The first miner to come up with the solution (to get a resulting hash) receives a certain amount of BTC as a reward for solving the block. The less lucky participants get their fraction of reward, too. It’s rather simple. PoW principle may be compared to a class work, the teacher saying that the first student to solve the puzzle will get an A. Miners are like kids competing for an A (BTC reward). The computing power spent in the process is the amount of intellectual efforts the kids make to find the decision. Finally, the kid who comes up with the solution, gets the reward. The same happens in the Bitcoin network, though the puzzle difficulty level and the reward are different. It looks rather simple. Naturally, millions of people all over the world soon got the idea and started to mine Bitcoins. As a result, once simple process started to get more and more complicated. There was a time, when you could mine Bitcoins with CPUs, using your home or office PC. At this stage few people knew about BTC - by the end of 2009 there were just a few hundreds of miners in the world. But the situation was changing quickly, and in the next year GPU-mining started. GPUs were faster to find the solution, and they were also cheaper, featuring the better value for money. In September 2010 GPU-mining went mainstream. A lot of people became suddenly aware that mining BTC was really profitable, therefore the number of miners increased greatly. In the same month the first BTC mining pool was launched. In a matter of months the price of BTC skyrocketed from $1 to $20. Naturally, the difficulty of mining increased too - by November 2010 it reached 1 000 000 (compared with 10 000 in the end of 2009). In 2013 the price of BTC passed the $1000 mark. The first ASICs (customized mining hardware) emerged, meaning revolutionary changes for the market. (We will talk about them in the next part of ‘TKEY mining explained’). These days BTC mining is by far less available and profitable than it used to be. Solo mining hardly makes any sense now. If back in 2010 you could mine BTC with an normal home PC, now you need a powerful GPU-rig or the support of a mining pool to get some considerable profit. It is caused by such factors as the increased network difficulty, block reward reduction and fast mining hardware evolution. Originally, the reward for a block solved was 50BTC, now it’s just 12,5 BTC. The network difficulty increased from 10 000 in 2009 to 6 379 265 451 411 at the moment. And most of you are well-aware of the price of up-to-date mining hardware. Why we are talking about all this? Why we dwell in detail on the Bitcoin mining? And who is Satoshi Nakamoto? Actually, it all this makes sense if we consider the Bitcoin situation with the Tkeycoin network current state. Mining Tkeycoin, as well as it was at the early stages of BTC history, will be really available to many, and you will be able to mine TKEY using your smartphone or a rather outdated home or office PC. You do not need to invest into costly mining hardware to get your share of TKEYs. We declared that TKEY mining will be accessible for almost everyone, and we meant it. As you know from experience, the progress is unstoppable, therefore TKEY mining difficulty will inevitably grow with time, too. But, according to our experts, you won’t have to worry about it over the next 3 years or so. For TKEY mining we use the updated and modified version of the PoW algorithm called mPoW. The basic principle is the same: the miners have a puzzle to solve, and get the reward when they succeed. But it’s important to know, that our protocol is free from many typical problems that plague the classical PoW. For instance, Due to modular realization, selfish mining is made impossible; Due to the network specific architecture, 51% Attack and Double Spending are made impossible; mPoW-based mining is much less power-consuming; The network is immune to quantum attacks. Currently, the BTC-mining is not so decentralized as it was meant to be initially. Over 65% of Bitcoin hash power is now distributed between 5 major pools. Theoretically, they can make 51% attack on the network any time soon. On the contrary, the Tkeycoin network is completely decentralized. No monopolies will interfere with your solo mining at home, using an ordinary PC. That is all for today. Later we will talk about SHA256 hashing algorithm, review the current ASIC market situation, suggest the best hardware for TKEY-mining and talk about mining profitability calculators. Don’t miss the next part of ‘TKEY mining explained’! See you soon! Your Tkeycoin Team
https://preview.redd.it/375qshuf6fs21.png?width=1500&format=png&auto=webp&s=cf3102df8a682faf5eb9b0d20814637860a2eba0 Dear investors! As promised, we start a series of articles about Tkeycoin mining and mining hardware. We will try to explain the process in detail and reply all the questions, if they arise. We kindly ask you not to ignore those publications and carefully read the info we provide. To understand how mining process works in general, it is better to start with the basics. The pioneer here was the good old Bitcoin, which started to be mined back in 2009. The BTC mining technology did not really change during these 8 years - the process is still based on the Proof-Of-Work (PoW) principle and uses SHA-256 hashing algorithm. By the way, Proof-Of-Work (PoW) existed long before the cryptocurrencies emerged, its main purpose being to create special math puzzles that required certain amount of time and resources to be solved. PoW was used to protect websites of DDOS-attacks and massive spam. In 2009 PoW was chosen by Satoshi Nakamoto for the nascent Bitcoin network, and in a few years it was already being used by millions of people for making good money. How PoW algorithm works? The miner gets a certain math puzzle that requires spending computing power to be solved. Finding solution is a random guessing process, therefore the more computing power a miner possesses, the faster he will find the solution. The first miner to come up with the solution (to get a resulting hash) receives a certain amount of BTC as a reward for solving the block. The less lucky participants get their fraction of reward, too. It’s rather simple. PoW principle may be compared to a class work, the teacher saying that the first student to solve the puzzle will get an A. Miners are like kids competing for an A (BTC reward). The computing power spent in the process is the amount of intellectual efforts the kids make to find the decision. Finally, the kid who comes up with the solution, gets the reward. The same happens in the Bitcoin network, though the puzzle difficulty level and the reward are different. It looks rather simple. Naturally, millions of people all over the world soon got the idea and started to mine Bitcoins. As a result, once simple process started to get more and more complicated. There was a time, when you could mine Bitcoins with CPUs, using your home or office PC. At this stage few people knew about BTC - by the end of 2009 there were just a few hundreds of miners in the world. But the situation was changing quickly, and in the next year GPU-mining started. GPUs were faster to find the solution, and they were also cheaper, featuring the better value for money. In September 2010 GPU-mining went mainstream. A lot of people became suddenly aware that mining BTC was really profitable, therefore the number of miners increased greatly. In the same month the first BTC mining pool was launched. In a matter of months the price of BTC skyrocketed from $1 to $20. Naturally, the difficulty of mining increased too - by November 2010 it reached 1 000 000 (compared with 10 000 in the end of 2009). In 2013 the price of BTC passed the $1000 mark. The first ASICs (customized mining hardware) emerged, meaning revolutionary changes for the market. (We will talk about them in the next part of ‘TKEY mining explained’). These days BTC mining is by far less available and profitable than it used to be. Solo mining hardly makes any sense now. If back in 2010 you could mine BTC with an normal home PC, now you need a powerful GPU-rig or the support of a mining pool to get some considerable profit. It is caused by such factors as the increased network difficulty, block reward reduction and fast mining hardware evolution. Originally, the reward for a block solved was 50BTC, now it’s just 12,5 BTC. The network difficulty increased from 10 000 in 2009 to 6 379 265 451 411 at the moment. And most of you are well-aware of the price of up-to-date mining hardware. Why we are talking about all this? Why we dwell in detail on the Bitcoin mining? And who is Satoshi Nakamoto? Actually, it all this makes sense if we consider the Bitcoin situation with the Tkeycoin network current state. Mining Tkeycoin, as well as it was at the early stages of BTC history, will be really available to many, and you will be able to mine TKEY using your smartphone or a rather outdated home or office PC. You do not need to invest into costly mining hardware to get your share of TKEYs. We declared that TKEY mining will be accessible for almost everyone, and we meant it. As you know from experience, the progress is unstoppable, therefore TKEY mining difficulty will inevitably grow with time, too. But, according to our experts, you won’t have to worry about it over the next 3 years or so. For TKEY mining we use the updated and modified version of the PoW algorithm called mPoW. The basic principle is the same: the miners have a puzzle to solve, and get the reward when they succeed. But it’s important to know, that our protocol is free from many typical problems that plague the classical PoW. For instance, Due to modular realization, selfish mining is made impossible; Due to the network specific architecture, 51% Attack and Double Spending are made impossible; mPoW-based mining is much less power-consuming; The network is immune to quantum attacks. Currently, the BTC-mining is not so decentralized as it was meant to be initially. Over 65% of Bitcoin hash power is now distributed between 5 major pools. Theoretically, they can make 51% attack on the network any time soon. On the contrary, the Tkeycoin network is completely decentralized. No monopolies will interfere with your solo mining at home, using an ordinary PC. That is all for today. Later we will talk about SHA256 hashing algorithm, review the current ASIC market situation, suggest the best hardware for TKEY-mining and talk about mining profitability calculators. Don’t miss the next part of ‘TKEY mining explained’! See you soon! Your Tkeycoin Team
Bitcoin investment comes in two forms; -Bitcoin Trading -Bitcoin Mining With bitcoin trading, you work with the crypto market and earn based on your leverage. You could earn up to 400% of your investment in a single trade. Bitcoin mining on the other hand has two options; -Mine directly from your home using the mining hardware and loads of electrical power to power the miner. -Mine with a bitcoin mining platform and this saves you the cost of power and stress to mine. What we offer are great mining contracts that could help you double you investment within a very short span. There are myriad mining plans and they are listed below; 0.35BTC 0.50BTC 1.00BTC 1.50BTC 2.00BTC 5.00BTC 10.0BTC Contact us today for your contract plan and we would help you mine at a very fast rate. Send a DM for more info.
Hi, I'm looking to buy bitcoins directly from miners or mining pool. Currently, I'm looking for 50BTC and also interested in a continues flow of 5BTC. The amounts might go much higher in the near future.
TL;DR What happens when to the market when the coinbase reward for mining becomes negligibly small? Would this hinder the ability to process transactions? I study cryptography but I'm pretty new to cryptocurrencies, and I'm still trying to understand some of the technical details of how the market works. Maybe you guys can help me with some information. Warning: there will be math. I understand that mining is a way to ensure transactions are added to the block chain, and that this process is incentivized by rewarding successful miners with new coins from the coinbase. I also understand that the number of coins rewarded has a half life – in Bitcoin the amount started at 50BTC and has a half life of roughly 4 years. Here's where the math starts. Bitcoin's reward half life fits the function y(x) = 50 / 2x where x is the number 4yr periods since the start of BTC, and y(x) is the size of each reward earned in that period. Here's a graph of the function from Google. It's exponential decay with an limit going to 0. This means we'll never actually reach a full 21mil BTC in circulation, and also means that eventually the reward will become infinitesimally small. I guess my question is if the coinbase reward (in addition to transaction fees) is the incentive for miners to process transactions, what happens to market when the reward is so negligibly small that miners no longer feel incentivized to work? If miners don't want to work for negligible coinbase rewards, what effect will that have on the market? Granted, it will take decades for the reward to become that small and we don't know what Bitcoin, other cryptocurrencies, or even the rest of the world will look like then. But I thought it was an interesting problem that maybe somebody can shed some light on. Thanks guys!
Desperate, lost all hope of returning my Bitcons, please help or give advise.
I have been mining bitcoins using https://50btc.com/ From march till October 2013, made few test transactions (but all money were stored on my profile there). I have accumulated approximately 9.22 BTC. And then in October they were hacked. Since then I have been trying to restore my account balance with no avail. They only replied once in January 2014
"Hi, Please, be a bit more patient. We have to collect and process a lot of information to make payout queue."
After that no letters from them and no hope from me. I have logs from mining PC's and wallet transactions that show that I am saying the truth (I have sent them as they requested) Sorry if I bothered anyone here with my problem, I am just too desperate now. EDIT1: Sorry for grammar, corrected some info and mistakes. EDIT2: Here is my wallet history with transactions to my wallet (I used only 1 address to receive funds from 50BTC.com) and made only few transactions to buy few cheap things just to try how system works. EDIT3: Will be back in 10 hours to read\answer EDIT4: Thank you for your answers, I guess I was just a naїve fool to trust them, they were one of the most famous and advertised mining pool and even had a pre-reconfigured mining app, so it was easy for me as a novice to start mining. I guess it is a lesson for me, it could be much worse, at least I did lose bitcoins but not additional money (like in pyramid schemes or forex trade) by buying miners and\or server time. I won't give up, maybe I could rise awareness, because there is still hope no matter how faint it is. Merry Christmas and Happy Holidays to you.
The most intriguing BitCoin idea I've seen in a while is using browser mining to replace ads. Unfortunately, I can't see this working until one can convince people to install a browser extension or something like WebCL becomes a spec and allows JS to access the GPU.
Given the current average hashes to win at 5,923,676,160,960,014
Let's assume people have GPUs capable of doing 50mh/s
That leaves 118,473,523 page seconds to win 50BTC (~$850).
If the user is on a page for about 60 seconds, that gives ~ 2 million page minutes.
At current prices, a site would need 2,323 visitors to get $1.
This seems to be several times better than with click ads and isn't annoying nor detrimental to the aesthetics of the site. Non-extension is the way to go for several reasons:
It's not opt-in
It allows many different pools further securing the BitCoin network from attack. People won't install a bunch of different browser miners, so the mining-for-no-ads system would become fragmented or a large monopool would develop.
Has anyone put any research into the effects that "miner-flapping" might have, as txn fees become major mining incentive?
Today, the reward for mining a block is a solid 50BTC. BTC value may rise and fall, but no faster than any other trendy commodity so miners can easily speculate against that to budget their hardware, infrastructure and electricity needs in order to favor profitability. In the future, txn fees will be expected to take on the load of incentive. Some have argued that there is a nash equillibrium to offering a txn fee of 10e-8 bitcoins, the smallest non-zero fee currently possible. Others have argued that the maximum transactions-per-block (or alternately transaction-weight-per-block since some txns weigh more KB than others) will turn each block into a mini auction, where only the highest fee offers will guarantee speedy inclusion into blocks. But what I foresee is that miners will write scripts to monitor the unsettled offers for how much aggregate transaction fee is available (that they can stuff into a single block, of course) and will adjust their power consumption to lower their costs when there are weaker bounties available, and ramp up power consumption when there are bigger fish to fry. However, power consumption to hash ratio is non-linear. Ramping your farm up from 0 to 1Mhash costs a lot more marginal kilowatts than ramping up from 100 to 101Mhash, so the most effective cost savings when bounties are low are to shut.. down.. everything. This is on par with brick and mortar businesses shutting down for the night because running the store costs a lot more than just the paying of a single marginal employee. So game theory benefits the miners shutting down and then ramping up high on a pretty frequent basis, and it benefits nearly all of them doing this fairly regularly... perhaps as often as one cycle per ten minutes. Wouldn't such a cycling or flapping effect have a detrimental impact on the hash difficulty algorithm, in turn leading to volatility and risk for miners seeking profits, or opportunities for attackers ramp up 51%+ of weakened network power to perform double-spend attacks during luls in mining activity? Would it damage the "1 block per 10 minutes" performance curve, leading to long lul times when not enough individual transactions are offering rich fee bounties?
Assurance contracts to fund the network with OP_CHECKLOCKTIMEVERIFY | Tier Nolan | May 07 2015
Tier Nolan on May 07 2015: One of the suggestions to avoid the problem of fees going to zero is assurance contracts. This lets users (perhaps large merchants or exchanges) pay to support the network. If insufficient people pay for the contract, then it fails. Mike Hearn suggests one way of achieving it, but it doesn't actually create an assurance contract. Miners can exploit the system to convert the pledges into donations. https://bitcointalk.org/index.php?topic=157141.msg1821770#msg1821770 Consider a situation in the future where the minting fee has dropped to almost zero. A merchant wants to cause block number 1 million to effectively have a minting fee of 50BTC. He creates a transaction with one input (0.1BTC) and one output (50BTC) and signs it using SIGHASH_ANYONE_CAN_PAY. The output pays to OP_TRUE. This means that anyone can spend it. The miner who includes the transaction will send it to an address he controls (or pay to fee). The transaction has a locktime of 1 million, so that it cannot be included before that point. This transaction cannot be included in a block, since the inputs are lower than the outputs. The SIGHASH_ANYONE_CAN_PAY field mean that others can pledge additional funds. They add more input to add more money and the same sighash. There would need to be some kind of notice boeard system for these pledges, but if enough pledge, then a valid transaction can be created. It is in miner's interests to maintain such a notice board. The problem is that it counts as a pure donation. Even if only 10BTC has been pledged, a miner can just add 40BTC of his own money and finish the transaction. He nets the 10BTC of the pledges if he wins the block. If he loses, nobody sees his 40BTC transaction. The only risk is if his block is orphaned and somehow the miner who mines the winning block gets his 40BTC transaction into his block. The assurance contract was supposed to mean "If the effective minting fee for block 1 million is 50 BTC, then I will pay 0.1BTC". By adding his 40BTC to the transaction the miner converts it to a pure donation. The key point is that other miners don't get 50BTC reward if they find the block, so it doesn't push up the total hashing power being committed to the blockchain, that a 50BTC minting fee would achieve. This is the whole point of the assurance contract. OP_CHECKLOCKTIMEVERIFY could be used to solve the problem. Instead of paying to OP_TRUE, the transaction should pay 50 BTC to "<1 million> OP_CHECKLOCKTIMEVERIFY OP_TRUE" and 0.01BTC to "OP_TRUE". This means that the transaction could be included into a block well in advance of the 1 million block point. Once block 1 million arrives, any miner would be able to spend the 50 BTC. The 0.01BTC is the fee for the block the transaction is included in. If the contract hasn't been included in a block well in advance, pledgers would be recommended to spend their pledged input, It can be used to pledge to many blocks at once. The transaction could pay out to lots of 50BTC outputs but with the locktime increasing by for each output. For high value transactions, it isn't just the POW of the next block that matters but all the blocks that are built on top of it. A pledger might want to say "I will pay 1BTC if the next 100 blocks all have at least an effective minting fee of 50BTC" -------------- next part -------------- An HTML attachment was scrubbed... URL: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20150508/fad4c3c9/attachment.html> original: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-May/007970.html
I don't mean to start yet another deflation vs inflation thread. I'm just looking to understand the visceral repulsion that many Bitcoiners have against the concept of inflation. I would like to preempt the Zimbabwe strawman arguments by stating that I'm talking about very low levels of inflation (say fixed at 1%/year). And if you think that even 1% is too much, consider an inflation level that asymptotically approaches 0% (if the mining reward were to be forever 50BTC, the inflation rate would tend towards 0%). Now, why are many of you against this form of controlled inflation? It strikes me as having many advantages over the current deflato-coin model:
Miners would forever get a reward, thus lowering transaction fees.
Value would still be largely preserved even if one did not put saved money into productive use.
The psychological urge to hoard would be eliminated. This would actually encourage people to start using Bitcoins as a currency, which would be a boon to its economy.
So, why are so many of you still adamant to have a deflationary currency?
This may be a long post but I wanted to get a few things off my chest. Some of you may not like what I'm saying but if that's the case at least take the time to discuss it rather than downvoting me. I think that's what communities on Reddit lack - discussion is how we progress and sometimes it feels like all Reddit does is downvote instead of actually talking up. Firstly - Bitcoin in the media. It's no big news that Bitcoin was synonymous with Silk Road and the Deep Web for a while. You couldn't have one without the other. This lead to a lot of negative press for Bitcoin itself. I think it was handled quiet well, we showed the majority of people that Bitcoin was useable in a mainstream setting but I don't think we did enough. How often do we see the good features of Bitcoins like:
Free / automatic fraud prevention. You can be sure that your payment won't be chargeback from fraudsters. *Very easy implementation with Coinbase and other merchants. Fees are very low compared to credit card processors.
Accept payments worldwide. Anyone who can download the client can make a payment.
Can be set up usually within 10 minutes.
How often do we see these features? I recently saw a sign in my local shop saying they couldn't accept credit card payments due to high fees. Imagine if they knew about Bitcoin, as long as they have a computer or even access to one they could attract a wider audience. I think we can do a lot more to give out a clearer message about Bitcoin. I think a lot of the fear comes from the fact that people don't understand it. If we spend more time educating then we can get a more positive image out there. Secondly - Miners, their profitability and other issues.
The next thing I'd like to bring up is the mining community. When people were using CPUs and GPUs to mine we all knew that there was very little chance of profit. BTC was no where near as popular as it is now and you could end up spending thousands on building a rig with hardly any chance of making profit - but people still did it for fun. It was a interesting concept how your computing time would make the network stronger and secure and in return you would be repaid in miner fees / generating blocks. Now it's all about profit. Yes, it's understandable that if you spend $5000 on a miner you want to make profit of it but people see it as a simple money in profit out scheme. That's now how you should see it. Your making an investement. If you look at ROI in terms of Bitcoin chances are you won't break even any time soon. This was the same with GPUs and it's the same with ASIC. However if you pay for something like a USB ASIC miner you shouldn't see it that way. You're paying a small amount for xGH/s (or MH/s) for a fraction of what it would actually cost you. When I brought my USB miner I spent about $20. If I were to buy that power with a GPU it'd cost me way more and even more to keep it running in terms of power costs. Another way of looking at it is if you were an early adopter. 50BTC rewards were nothing back in the day. If I hoarded all my coins and spend that 50BTC buying hardware it's not that bad because those 50BTC cost me nothing. Yes I could have sold it and gotten way more but if it means I'm securing hardware to mine even more coins to hoard then it could be very profitable. What if the hardware I brought mines me 25 coins now, I've done a good job imho.
Companies themselves have let us down with the exception of one or two. BFL fucked up. Avalon pretty much cheated the whole community. KNC Miner and ASICMiner are the only ones I know that kept the promises as close as they could. As an investor, investing in any of the miners with my USD wouldn't be very appealing to me. It's all shambles and I would prefer to invest my USD in buying BTC and holding it rather than buying mining software. To me it sounds like all the companies are interesting in selling during the gold rush. "During the gold rush, sell shovels." Which seems to apply to most of the companies these days.
Thirdly - exchanges and how they work.
A lot of people seem to give MTGox shit because of their processing time. What you have to understand is that whenever fiat is involved there are regulations. Bitcoin is still a touchy subject in the US. This makes it dangerous to anyone in govt. who doesn't understand it. Their system works though.
MTGox, BTC-e use something called an order book. Meaning BTC will only be worth what people are willing to pay for it. The highest bid price will raise the last price. Simple as that. It's good because it means they can't artificially raise the price..but it also means trading bots with the relevant APIs can change the price by making small orders. They take a small fee in BTC / USD which imho sounds fair.
LocalBitcoins is failing. People are charging premiums way above even Gox but only paying below Bitstamp to buy the coins. It's all about being greedy. LocalBitcoins used to be cheaper for a while but now it's just being ruined by greed. Unless travel costs are included, most people use just UK Bank Transfer which costs you NOTHING. You could charge a .10p fee each way, keep it at Bitstamp prices and easily attract more customers but people choose to be greedy.
Bitcoin for devs and merchants. I think a lot of work needs to be done for Bitcoin devs. Unlike other documentation, I found Bitcoin very hard to follow when it comes to dev. I understand the basics of coding and a few languages - not a much but enough to say make a web page or a automated program in C#. Imagine if you had Bitcoin dev dedicated websites like w3schools does for languages (I know w3 schools is a very bad benchmark but whatever). If more people understood how dev works then more people would attempt to get into it. I think a lot of work needs to be done within the BTC community itself before we even think of making it mainstream. Even if the last price reaches $1000 it's useless if people don't know as much as should do.
So I emailed the pool and this is the reponse to me telling them they have fraudulent miners.
Hello, *! Thanks ofr the feedback. Suspicious accounts was blocked, if you'll find any more bots, please let us know. Your help is much appreciated! Best regards, team 50btc.com
Kudos to 50btc.com for taking care of the issue and if you find that your GPU is being used while your PC is idle start by looking at the task manager as regular virus programs will no detect miners yet. Malware Bytes will tag cgminer and others as PUP (Potentially unwanted programs) but this is only on a full scan. Track down the offending exe and before you delete it run a wireshark and see where it is mining too. Be safe out there.
The initial idea was that transaction fees need to cover for the halvings of the block rewards. That didn't happed with the first halving and by the numbers we're seeing, it won't happen for the second halving either. Only by the forth halving (2020) it is expected that transaction fees will be bigger than the block reward. Even so the total reward per block is only going down from the initial 50btc per block. So the question is what is the right amount of bitcoins miners need to provide us with the best security we will need and that was envisioned by Satoshi when he said transaction fees need to make up for the the loss of block rewards. I do not know the magic number, lets hope smarter minds will discover it, but lets say the magic number is 40 btc (the average block reward including transaction fees). If the community can agree with this number then our block size limit problems are solved. We creste a hardfork where we guarantee miners 40 btc per block by the means of a retargetting block size limit. The retargetting algorithm can be implemeted by core devs but it would work like the diffculty retarget by increasing or decreasing the block size to average 40 btc per block. This can be scheduled to happen with the 3rd halving. If the bitcoin economy hasn't moved a lot from where it is today we might even see smaller block size limits and it would mean bigger fees for us but I think thats the risk we as a communnity need to take in order to bring bitcoin to the next step. If, on the contrary, we'll have unexpected adoption levels the block size will increase to support the transaction volume. This would essentially cap the block reward and it will guarantee miners get 40 btc per block forever until we decide to switch to POS or something else. It will also guarantee us that with huge adoption we will have the lowest fees possible. Win. Win.
Battlecoin [BCX]: a new (and ambitious) game changer in the world of cryptocurrency - Interview with JackofAll
"When it gets too hard for mortals to generate 50BTC, new users could get some coins to play with right away." - Satoshi Nakamoto, 2010 Time goes faster when one talks about IT but, when talking about cryptocurrencies, time goes faster yet. How long have passed since we’ve heard of mythic characters from the beginning of cypherpunk era – like John Gilmore, Eric Hughes and Tim May – and those from the early days of digital currency of Wei Dai, Satoshi Nakamoto (real or not, it doesn't matter) and others, passing by the current Bitcoin and other cryptocurrencies whales – that now are experts or well established entrepreneurs – to us, the Fourth Generation? Twenty-two years. However, if we consider that the real deal has only begun on 2009 with Satoshi’s Genesis Block, then the perspective of the quantic leaps we are giving become clearer. 2009 - Satoshi Nakamoto deployed tools and strategy to people regain control 2011 - FPGA Bitcoin Miners appear. Regular GPU miners start to struggle more and more for Bitcoins 2013 - ASIC miners enters the market, and an official Bitcoin mining industry arises, taking small miners – regular people – completely out of the Bitcoin mines, forcing them to mine – and to create – many different altcoins with many different purposes. 2014 - Now, five years after Bitcoin Golden Dawn and almost four years after the white ninja Satoshi’s disappearance, another cryptowarrior arises on battlefield to give (hash) power back to the people. Was Satoshi foreseeing what was about to come? However, this time, not so philanthropically… Meet JackofAll, Head Developer of Battlecoin [BCX]. Andre Torres: Jack, are you there? JackofAll: Yes. AT: Thanks for talking to Cryptonerd.co and also to Criptonauta.net (in Portuguese and Spanish). Shall we begin? JoA: Yes. AT: With the ASIC TH/s mining hardware invading Bitcoin mining pools as FPGA once did - and are about to do again, this time in Litecoin mines - common people are getting more and more trouble to mine big cryptocurrencies and have ROI. The cryptomines, crowded with dead and injured miners, have become - literally - a battlefield. Now is my question, why the name Battlecoin? JoA: Battle coin is by design of course. Just like everything that we do. And yes, it is for the reasons that you might think. It has become a "Battle” out there to get coins made, to get coins listed and just to be able to mine against the early guys that have all the hardware. So I came up with the name Battlecoin rather solidify what we are doing. We are battling for hashpower and BCX will give the opportunity for anyone (with enough battlecoins) be able to have control of a comparable amount of hashpower that the elite crypto whales have. We also have a little controversy that surrounds us, as some people would say that we are waging war on altcoins by the nature of what we are doing. People will Battle it out to keep control of our hashpower. It could possibly lock some of the weaker coins ...for instance if we are paid to switch to a coin with low difficulty or one that has low network support on average and we are paid to drive the difficulty up . There are several things that could happen to some coins... Bad things they might not react how the developers have intended. We might fork coins or even lock coins up when our pool stops mining. So not everyone will like us. So here again another battle to try to walk a public relations line. So in short, I would say that Battlecoin represents all of the battles we have gone through and the many more we have in front of us. We also have other app ideas that would complement the Battlecoin Brand. AT: Nice :) Do you watch anime/read manga, Naruto, more specifically? I mean, Battlecoin project is like an army that will, more than just fight, direct the ways of the wars by influencing/disrupting the market by its own will or by contract? JoA: Actually I do not, as my schedule does not permit such luxury... but my sister does and as a matter of fact she is a very good cartoon artist and most of her subjects are anime. But relation to any specific object or character is purely coincidental. I will check it out now though =) AT: I did that relation to Naruto because there is an organization called Akatsuki, and when you replied my first question, it immediately reminded me of them. JoA: Nice. AT: However, you did not reply my previous comment... but then I've got the idea correctly... or not? JoA: Ask the question again and I will try to sum it up… (Jack remembers the question) “Battlecoin project is like an army that will, more than just fight, to direct the ways of the wars by influencing/disrupting the market by its own will or by contract?” Yes exactly. It will do all of the above it will have a big influence in the market. AT: I was just thinking about that. JoA: Yes that is why such a controversy. There are people that don’t want to see this happen but I feel it is part of altcoin evolution. AT: indeed. It’s like a new powerful ninja/warrior coming into the game, not seen since Satoshi's era. JoA: Yes... You Get it. AT: What about competitors? Is there anyone on the same level? JoA: No. Not really. We are the only ones that I know of that is taking the multipool to this level. They have the hashpower but they do not let the public decide where to put it. They just follow an algorithm that directs to "most profitable" coin. We will give that, plus add some human power to the equation. As far as I know, we are the only one that is working on having a voting system that controls it. Giving it that human element that other concepts lack. AT: But it needs more than a swallow to make a summer... You do have some other strong companions, don't you? Also, you talk as "we". Are there other Generals in Battlecoin army? Who are they? JoA: Well, it was originally my concept but I could not embark on this project alone. I have one partner that is above the board Mr. Big. We Kind of met through a mutual acquaintance and formed a solid partnership. Mr. Big has several projects that I am not sure of what I have liberty to discuss but I do know one of those projects will be to provide hosting services and as I said before we are working on some application ideas that are still in concept. I also have a private backer that would like to remain nameless. In addition, I have a few consultants that I work with too and I consider them a part of the team of course. Our team is growing daily... and you have to remember this is a project that involves the community, so in my eyes they are part of US too. AT: Yes... or all the strategy developed might go to the floor, since the project will require a LOT of hashpower... JoA: I am hoping to have camaraderie developed and rivals be formed over this concept. I want people to be talking in War rooms about what coin they want to hit... Strategy for pump and dump coins, etc. Yes, it will require a lot of hashpower and I hope that people will want to give us that hashpower, because they will get paid top $$ for that. We won’t be making the revenue from the battlecoins that get spent... That money will be split between the miners in our pool as subsidy to make sure that they continue to make as much or more than they could make mining anywhere else. AT: Now that the strategy has been covered and we are entering more into the battlefield grounds, when will the battles begin? JoA: I cannot confirm a release date for Phase 3, which includes the "arena", but Phase 1 Will be open to the public on this Friday 9 minutes after 9 pm. The wallets will be linked on our website first then we will post on BCT and then we will have a Big giveaway starting shortly after to kick it all off. I will also provide a mirror on Google drive. We should have a Block crawler and a faucet too, if all goes well. AT: That sounds great. Andre Torres: So, during Phase 1, you will gather your ranks that will battle when Phase 3 starts... On what consists Phase 2? JoA: Phase 2 will be where we determine the market value of a Battlecoin. It will need to be listed on an exchange to determine the FMV of the coin. We originally were going to dictate the price on our own exchange but we feel like to keep with the nature of crypto it would be best to let the free market decide. We have been in touch with a couple of exchanges that have interest in our idea as ours is one that would form a close relationship and provide an elevated amount of trade volume with the exchange that carries our brand . AT: Battlecoin already have an exchange of preference? On the other hand, perhaps some exchange have already manifested interest on trading BCX with exclusivity? JoA: I wish to decline to answer as negotiations are still going on. AT: A wise decision. (laughs) AT: Now, from the battlefield to the weapons of combat... could you talk a bit about the mechanics of Battlecoin? JoA: It is pretty straightforward. We did a small pre-mine to make sure we had enough coin for the 3rd phase. And we are doing a small bonus block mine in the beginning to give all of our supporters plenty of Battlecoin to play with for the phase 3 open. And then from there it is a solid 50 coins a block every 2min we should find a block... Difficulty adjusts every block with a 10-block look back. I think this will provide a very smooth operating coin providing plenty of coin to the market for the use of our services. There will be a proof of stake 1% every 10 days with maturity of 20 days. This is to reward the users for holding our coin so they will have plenty to use when the time comes. AT: As we finish this interview, any other comments you might like to add? JoA: I think we have covered quite a bit and we have much more to come in the future. I appreciate all of your time and hard work! AT: Me too. I am very glad of this talk and for having the opportunity of talking beforehand with the mastermind of a project than can be a huge game changer on cryptocurrency world. JoA: Yes, it is nice to be able to talk directly to the people that make it happen. I wish I had back in the day... lol. The advantage and tools that the newcomers have… AT: Let us make new days :) This interview was made on 01-07-13, on #CryptoNerd mIRC channel. Portuguese and Spanish versions are available on criptonauta.net. BCX refers to BattleCoinEXchange. It is not related in any form to BitcoinEXpress.
Mining with linux, but I don't know much about linux.
Sorry to bother you guys with this but hoping someone out there can spare a few minutes to explain something to me. I use linux, but it's not my computer so I do not know much about it. I have been researching how to mine(using links like the ones below), and I keep getting stuck in the same spot. Are running these commands difficult, or pretty straight forward? Is their anything out that I can just download, like the miners on windows? https://bitcointalk.org/index.php?topic=75786.0 https://50btc.com/article/bitcoin_mining_manual_dennis_lee Thanks, and I appreciate any feedback.
refer to bitcointalk our threads :https://bitcointalk.org/index.php?topic=574985.0 We realize that people were increasingly willing to spend in the game during last 10 yeahs,and we thought the number will growing more&more in the furture,hence investing in game&application seem much more wise than other. Why an IPO using Bitcoin?: Different from the traditional crowdfunding with fiat,we thought that cryptocurrency was more suitable for investing,because it allow people no matter come from where could also take part in,and both of us are confident in bitcoin.Image that,if one day,when you see someone playing a mobile's game in subway,you could say proudly :"hey,i'm one of the investor in this game." WoW,dont you think that was awesome? How can i join it? This is not a mining coin,not for the miners but just for investors,total coins supply is 2 Billions,in the first round,we will extract 200 millions for IPO,and our target is 200 BTC,the minimum IPO limit is 0.01btc,that mean per unit of IPO is 10000 coins,and we will post our offical IPO address when it launch,people who want to join us could send btc to the address and post in our website for the record and leave your wallet address,then we will send the coins to you. How the program running? We'd like to make a STG game in mobile device platform as the first round of IPO investing goal,when our IPO amount reach 50btc,we will release the PC mode Demo in our forum then let investor trial it(since we thought that everyone should have PC so the Demo will be PC mode).And when 200 btc was all complete for the IPO,we will put this game on IOS & Android shop for download. How could i make benefits from this IPO? In the near furture,we will has our own forum and website for the investor & player,the fund which come from the downloading of game after it release one month will be the part of benefits(also counting total of the game store income and AD)and the benefits also divide into shortterm & longterm for investoer to select,shortterm we will buy back your coins at the price per unit 0.011 btc at least(this number make change just depend on the profit of the game)someone may thought that was too little,but please be notify that we not just doing the pump game ,we are look forward to a stable development of this program,this buy back action will last 3 days,and hold in our website,we will seting a buy wall just as an exchange,and those who select this shortterm benefits could complete you trade during these 3 days;after 3 days,the other will acquiesce in longterm benefit,then we will issue a stake in our website,investor could change their coins as the stake 1:1,this also last for 3 days,when all complete,we will distribute the dividend to stake holders,and the amount will depend on the game profit & the number of shortterm benefits cost.(who chose the longterm benefit will auto join the next round IPO program dividend,when the next round benefit come out,we also will give the chance for the first around longterm investor to change their mind,so they could also using stake exchange to coins 1:1,and select shortterm benefit,and the first game continue earning will also has regular dividend around each week. From now,the first round IPO was end up,and then start the next round IPO,we will publish some different games corresponding different IPO costing in our website for investor to vote,the winner will be the 2 nd IPO program! We received some PM from people who were interested in our program,they gave us some usful opinions,it seems that many of us still fear of just another IPO scam as others,and we also well know that it was difficult to ask for investment before made any progress.Hence,we decide to make some change of our program's detail. How to combine the games with cryptocurrency,and eventually make dividends to our investors still will be our long-term aim,but at this time,we focus on expand the influence of our forum,only we do that,we could more easier to develop our work.So we need everyone help to promote our forum,who contribute in would gain GLC as reward. On the other hand,game making will still continue and being a sustained state,how to take part in our promotion and the specific of reward will pulish later.
Has anyone successfully get your btc back from 50btc pool?
I've some btc in 50btc before the attack happens, they stopped replying to my support ticket a month back and still hasn't address the issue yet. I realise today that my support ticket has disappeared with their new website. Did anyone successfully got their bitcoin back from the pool? I'm freaking agitated as I've waited for so many months. I seriously think that there was no "attack" that happened last year, it's just a fake story to con all the btc from the miners.
Just started mining yesterday using my FXF 6970 card clocked to 950 I joined 50btc from a coworkers recommendation and using their bitcoin GUI miner. First few hours were great running 425Mhash now I have 101Mhash. Nothings changed I have no idea why I'm running such a low rate. Could anyone help me out or is this what I can expect from my card?
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