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Why UMI Will Not Fall Victim to Inflation: Dispelling Myths of “Deadly Issue”

Why UMI Will Not Fall Victim to Inflation: Dispelling Myths of “Deadly Issue”
https://preview.redd.it/lr1w0ukh2ik51.jpg?width=1024&format=pjpg&auto=webp&s=b413e6e6b2e94d2e9522571040151826b7874e77
With UMI staking, anyone anywhere in the world can generate new coins at the rate of up to 40 % a month, or up to 5,669 % a year, with no risk of falling victim to fraudsters. It means new opportunities for humanity which never existed before. However, many people who are used to miserable interests on bank deposits and financial pyramids that last a few months at most cannot understand what makes this possible. How can you safely earn up to 40 % a month with no risk of losing it all?
Sceptics cannot wrap their minds around this which makes them suspect there’s a catch to it. Therefore, it should come as no surprise that you can find various myths about UMI's “deadly issue” on forums and social networks. The most popular among them say that you simply cannot ensure long-term operation with this kind of “super-high income” and no one has any idea what will happen to this cryptocurrency in 10 or more years. Here's a forecast from sceptics, briefly: “deposits” with this percentage are simply impossible, it will inevitably cause hyperinflation, UMI cryptocurrency will devalue, and will share the fate of currencies in some of the less fortunate countries, such as Zimbabwe or Venezuela.
To counter these allegations, we've prepared a detailed article with arguments dispelling all these myths, nullifying all “forecasts” and putting the lid on this issue. Here we go!
What's the value behind the forecasts?
First of all, 10 or more years is too much of a long term, and forecasting so far in advance is simply impossible. Don't take us wrong here: it's not just about cryptocurrencies; it's about anything in the world. There was a time when people thought pagers, faxes, and landline phones had cheerful prospects, but look at what happened to them. They have been replaced by smartphones and the Internet accessible to all which no one believed was possible in the first place. New technologies emerge out of the blue and transform the world beyond recognition. The old — something everyone is used to — is replaced with something new and more
convenient. Something better.
10 years ago people believed in developing bank technologies, but then, all of a sudden, Bitcoin was created and transformed people's understanding of financial payments. It turned out anyone in the world can make payments with no intermediaries and generate new digital money. It's true that Bitcoin is not perfect, but millions use it all over the world. This number is also growing fast with each passing day.
Do you remember forecasts made for Bitcoin when it first appeared? Both ordinary people and respected world-class experts predicted it would soon die. No one believed it could last for even 10 years.

https://preview.redd.it/q1kzcxfw2ik51.png?width=800&format=png&auto=webp&s=17a12d73b9046a357cf6ecd77253472215c8bb24
Typical article predicting the end of Bitcoin from respected mass media. Source.

Here're some graphic examples from the leading world-class mass media:
“That's the End of Bitcoin.” Forbes, 2011, BTC price — $15.
“Bitcoin is headed to the ash heap.” USA Today, 2015, BTC price — $208.
“R.I.P., Bitcoin. It’s time to move on.” The Washington Post, 2016, BTC price — $382.
“Stay away from bitcoin and ethereum — they are complete garbage.” This is garbage." MarketWatch, 2017, BTC price — $2,345.
“Is Bitcoin Going To Zero?” Forbes, 2018, BTC price — $3,432.
In 2020, the BTC price is almost $12,000. The respected mass media have “declared Bitcoin dead” over 400 times (!!!) referring to its lack of backing, high issue rate, super-high price growth, and the like — just like the skeptics “declaring UMI dead” right now. However, despite all the discouraging forecasts, Bitcoin continues to successfully grow and rapidly gain in popularity.

https://preview.redd.it/6z60xwd13ik51.png?width=791&format=png&auto=webp&s=25a6799fe551c6e7f91aa016907e95ce032d7e5e
Over 12 years, Bitcoin has been declared dead 381 times, but it only grows stronger with each passing year. Source.

All of the above is proof that you shouldn't put blind trust in various forecasts, even coming from respected sources. Forecasts are mere opinions and arguments, but no one can know for
sure what will happen in 10, 100, or 1,000 years. No expert can know that. Similarly, no one knows what will happen to UMI many years from now.
UMI can solve any issues on the fly
We cannot know the future, but we did all we could to make our coin last forever. Most existing cryptocurrencies have a very important problem — they cannot support high-quality growth and rapidly become obsolete.
To explain this, we'd like to quote our Whitepaper:
"Despite the apparition of new technology solutions, the Bitcoin blockchain still holds only about 2,000 transactions, and it takes about 10 minutes to create a block. In 11 years, developers still did not manage to come to an agreement and implement a solution that would allow scaling the system and upgrade performance.
Most other cryptocurrencies face a similar problem. They are launched and keep operating in an almost initial state even after numerous innovative solutions become available. For example, the Ethereum network has been attempting to switch to the PoS algorithm for over two years now, but due to code complexity, security threats, and issues of reaching consensus, this causes great inconvenience."
https://preview.redd.it/ezxzrpx43ik51.png?width=800&format=png&auto=webp&s=207f8a27a59fac760fc541dae6abd30d148296f5
Screenshot of a page in the UMI Whitepaper. Have you read it? It answers a lot of questions. Link.

Bitcoin itself is technically obsolete. This is besides the fact that it has a load of other problems. For instance, BTC is supposed to completely stop coin mining in 2140, meaning miners will lose motivation to support the network. What happens then? The hope is that the main source of income for miners will be transfer fees, but will they want to maintain powerful equipment for a reward in the form of small fees? If fees are big, will people want to pay those? Will they find a different solution? Will users just leave the Bitcoin ecosystem and join more high-tech cryptocurrencies like UMI?
When we designed UMI, we accounted for all these issues and launched a promising project with a conveniently scalable ecosystem. Even if UMI faces some challenges in the future, we will make amendments as the network grows. We will act as appropriate judging from the project's current status. They will be based on the situation and the current state of the project.
It's true that upgrade decisions have been and are being made by all leading crypto projects, including Bitcoin and Ethereum, but UMI supports really safe and rapid innovation. The network can be easily modified and scaled with cutting edge technology solutions. While other cryptocurrencies simply become obsolete, we can handle all kinds of challenges on the fly. The UMI network will grow and improve to be always up to date, keep up with the times, and prevent problems in 10, 100, or 1,000 years.
At this point, the UMI network is in excellent shape, and the smart contract offers you relevant and actionable staking opportunities. We've thought out every detail, and the brisk growth of our community proves it best of all.
There is no "deadly inflation"
And, lastly, let's bring an issue with supposedly too-high emission to a close. UMI is typically accused of paying a too high reward for staking — as much as 40% a month, or 5,669% a year — which no one and nothing else in this world can pay. Eventually, it might end up with inflation as it happened in Zimbabwe and Venezuela, etc.,
Let us look at real facts. Those who consider a 40% monthly growth impossible should look at bitcoin again as the most outstanding example which has proven that nothing is impossible. Imagine how many times your deposit would have grown if 10 years ago you had bought bitcoins or inexpensive mining equipment producing a reward of 50 BTC several times a day.
Please consider the following:
In March 2010, BitcoinMarket.com started operating as the first bitcoin exchange, and 1 BTC cost a lot less than a cent — $0.003.
At the time of writing this article, the price for 1BTC was about $12,000.
It means those who bought bitcoins 10 years ago have increased their "deposit" by nearly 400,000,000% (!!!). Four hundred million percent in ten years! This is a real fact.
Those who bought bitcoins when the price was a few cents or dollars also achieved the perfect result by increasing their "deposit" by thousand or million times.
Well, now the percentage in UMI staking doesn't seem so crazy, does it? The only difference
is that BTC "deposit" grows in line with the BTC price while UMI deposit growth is ensured the growth of the number of UMI coins, which in turn doesn't prevent the price from surging. In fact, both cases demonstrate a multiple growth of the "deposit".
All of the above is proof that the reason for inflation in Zimbabwe, Venezuela, etc is a bad economy, not a high emission. In late March. roughly speaking, in one day, the FED (U.S. Federal Reserve System) released 2.2 trillion dollars to support the economy during the coronavirus pandemic. Similar financial injections are regular in the USA, the country which is the most advanced world's economy.
These facts indicate that UMI has no "deadly issue" at all and, unlike the USA, it doesn't "print" anything.
Here is bare statistics form the UMI blockchain:
The UMI cryptocurrency was launched on June 1. Since the launch, it's been 3 months.
18,000,000 UMI coins were initially issued.
In total, there are now about 18,800,000 UMI coins.
In other words, in three months, the total number of UMI coins increased by only 4.4%. Does it look like "deadly inflation"?

https://preview.redd.it/gsdjbwp83ik51.png?width=800&format=png&auto=webp&s=8d4591a24b3ddc63f8501f1b7fe7a4c02b7da89c
In 3 months, the number of UMI coins has shown a few percent increase. Source.

Let's move on:
We'd like to reiterate that the total number of UMI coins is almost 18,800,000.
There are about 14,500,000 coins on the genesis address today.
Almost 4,000,000 coins are involved in staking.
Thus, only 300,000 UMI (!)are freely circulated on the market. The remaining 18,500,000 coins are either used in staking or have not yet been released to the market.
https://preview.redd.it/f7b28jid3ik51.png?width=800&format=png&auto=webp&s=5ff8338121ebfe398cfb498a0cfcc00446ea6225
The number of coins stored on the genesis address at the time of writing the article. Source.

In real fact, UMI has no super-high emission. This fact has been proven. For a three-month period, which is a quarter of a year, the number of UMI has hardly changed and equals about 1.5% of the total number of coins on the market.
The truth is that UMI economy depends on a lot of factors. For example, burning 50,000 coins to create a structure. However, from a more general point of view, the UMI economic model itself is designed to encourage people to "save" rather than sell UMI coins. This is a crucial point that allows us to make progress, even with a high emission.
Moreover, it will take a billion-dollar staking structure that will be able to provide the highest possible emission on the UMI network a lot of years to appear. While it doesn't happen, all these forecasts can be regarded as irrelevant for today. Keep in mind that a 40% monthly profit will be available to the most successful structures and only after many years of development. To have your coins increased by 40% per month, your structure must have over 50 (!) times more coins than the number of coins initially generated by the network. And since this structure will do everything possible for the benefit of the UMI cryptocurrency, even 40% per month will not pose a risk to UMI's sustainable development.
Conclusions are as follows:
UMI offers no kind of "killing sky-high returns". Please don't take this myth seriously. UMI is growing. The current smart contract offers reasonable and up-to-date opportunities for UMI staking and poses no problem. If, however, a problem arises — we have all the tools to find an immediate solution. All these negative forecasts are not worth a brass farthing. They always have been and always will be. At all times and in all places. But they are highly unlikely to come true. Bitcoin outsmarted the most reputable and shrewd financial analysts. Why don't UMI, which is a lot more advanced than bitcoin, try to do the same?
UMI is a decentralized, strong, and high-tech network. It can exist the way it is now forever. But as it grows, it will improve to be always up to date, keep up with the times and prevent any problems. We are contributing to a great thing — we're creating a free economic system that will profitable for the entire human family. This is an opportunity to overcome social inequality and make regular people financially independent. So let's make every effort to make things go well. Ignore all evil-wishers and their predictions. Just join other users and go towards your dream. Then we will certainly succeed in it all.
Sincerely yours, UMI team
submitted by UMITop to u/UMITop [link] [comments]

A Glance at the Heart: Proof-of-Authority Technology in the UMI Network

A Glance at the Heart: Proof-of-Authority Technology in the UMI Network

https://preview.redd.it/vhvj6v093df51.jpg?width=1024&format=pjpg&auto=webp&s=00c0c223d9758edec8ed49a8cb9024f96d3ee343
Greetings from the UMI Team! Our Whitepaper describes in detail the key pros and cons of the two mechanisms which the great majority of other cryptocurrencies are based on:
Proof-of-Work (PoW) — mining technology. Used in Bitcoin, Ethereum, Litecoin, Monero, etc.
Proof-of-Stake (PoS) and its derivatives — forging technology. Used in Nxt, PeerCoin, NEO, PRIZM, etc.
As a result of a careful analysis of PoW and PoS, which are designed to fight against centralization, there came a conclusion that they both fail to perform their main mission and, in the long run, they lead to the network centralization and poor performance. For this reason, we took a different approach. We use Proof-of-Authority (PoA) algorithm coupled with master nodes, which can ensure the UMI network with decentralization and maximum speed.
The Whitepaper allows you to understand the obvious things. This article will give you a clear and detailed explanation of the technology implemented in the UMI network. Let's glance at the heart of the network right now.
Proof-of-Authority: How and Why It Emerged
It's been over a decade since the first transaction in the Bitcoin network. Over this time, the blockchain technology has undergone some qualitative changes. It's down to the fact that the cryptocurrency world seeing the emerging Proof-of-Work defects in the Bitcoin network year after year has actively searched for ways to eliminate them.
PoW decentralization and reliability has an underside of low capacity and scalability problem that prevents the network from rectifying this shortcoming. Moreover, with the growing popularity of Bitcoin, greed of miners who benefit from high fees resulting from the low network throughput has become a serious problem. Miners have also started to create pools making the network more and more centralized. The “human factor” that purposefully slowed down the network and undermined its security could never be eliminated. All this essentially limits the potential for using PoW-based cryptocurrencies on a bigger scale.
Since PoW upgrade ideas came to nothing, crypto community activists have suggested cardinally new solutions and started to develop other protocols. This is how the Proof-of-Stake technology emerged. However, it proved to be excellent in theory rather than in practice. Overall, PoS-based cryptocurrencies do demonstrate a higher capacity, but the difference is not as striking. Moreover, PoS could not fully solve the scalability issue.
In the hope that it could cope with the disaster plaguing all cryptocurrencies, the community came up with brand new algorithms based on alternative operating principles. One of them is the Proof-of-Authority technology. It was meant to be an effective alternative with a high capacity and a solution to the scalability problem. The idea of using PoA in cryptocurrencies was offered by Gavin Wood — a high-profile blockchain programmer and Ethereum co-founder.
Proof-of-Authority Major Features
PoA's major difference from PoW and PoS lies in the elimination of miner or forger races. Network users do not fight for the right to be the first to create a block and receive an award, as it happens with cryptocurrencies based on other technologies. In this case blockchain's operating principle is substantially different — Proof-of-Authority uses the “reputation system” and only allows trusted nodes to create blocks.
It solves the scalability problem allowing to considerably increase capacity and handle transactions almost instantly without wasting time on unnecessary calculations made by miners and forgers. Moreover, trusted nodes must meet the strict capacity requirements. This is one the main reasons why we have selected PoA since this is the only technology allowing to fully use super-fast nodes.
Due to these features, the Proof-of-Authority algorithm is seen as one of the most effective and promising options for bringing blockchain to various business sectors. For instance, its model perfectly fits the logistics and supply chain management sectors. As an outstanding example, PoA is effectively used by the Microsoft Azure cloud platform to offer various tools for bringing blockchain solutions to businesses.
How the UMI Network Gets Rid of the Defects and Incorporates the Benefits of Proof-of-Authority Method
Any system has both drawbacks and advantages — so does PoA. According to the original PoA model, each trusted node can create a block, while it is technically impossible for ordinary users to interfere with the system operation. This makes PoA-based cryptocurrencies a lot more centralized than those based on PoW or PoS. This has always been the main reason for criticizing the PoA technology.
We understood that only a completely decentralized product could translate our vision of a "hard-to-hit", secure and transparent monetary instrument into reality. Therefore, we started with upgrading its basic operating principle in order to create a product that will incorporate all the best features while eliminating the defects. What we’ve got is a decentralized PoA method. We will try to explain at the elementary level:
- We've divided the nodes in the UMI network into two types: master nodes and validator nodes.
- Only master nodes have the right to create blocks and confirm transactions. Among master node holders there's the UMI team and their trusted partners from across the world. Moreover, we deliberately keep some of our partners — those who hold master nodes — in secret in order to secure ourselves against potential negative influence, manipulation, and threats from third parties. This way we ensure maximum coherent and reliable system operation.
- However, since the core idea behind a decentralized cryptocurrency rules out any kind of trust, the blockchain is secured to prevent master nodes from harming the network in the event of sabotage or collusion. It might happen to Bitcoin or other PoW- or PoS-based cryptocurrencies if, for example, several large mining pools unite and perform a 51% attack. But it can’t happen to UMI. First, the worst that bad faith master node holders can do is to negligibly slow down the network. But the UMI network will automatically respond to it by banning such nodes. Thus, master nodes will prevent any partner from doing intentional harm to the network. Moreover, it will not be able to do this, even if most other partners support it. Nothing — not even quantum computers — will help hackers. Read our post "UMI Blockchain Six-Level Security" for more details.
- A validator node can be launched by any participant. Validator nodes maintain the network by verifying the correctness of blocks and excluding the possibility of fakes. In doing so they increase the overall network security and help master nodes carry out their functions. More importantly, those who hold validator nodes control those who hold master nodes and confirm that the latter don't violate anything and comply with the rules. You can find more details about validator nodes in the article we mentioned above.
- Finally, the network allows all interested users to launch light nodes (SPV), which enables viewing and sending transactions without having to download the blockchain and maintain the network. With light nodes, any network user can make sure if the system is operating properly and doesn't have to download the blockchain to do this.
- In addition, we are developing the ability to protect the network in case 100% of the master nodes (10,000 master nodes in total) are "disabled" for some reason. Even this is virtually impossible, we've thought ahead and in the worst-case scenario, the system will automatically move to PoS. By doing so, it will be able to continue processing transactions. We're going to tell you about this in our next publications.
Thus, the UMI network uses an upgraded version of this technology which possesses all its advantages with drawbacks eliminated. This model is truly decentralized and maximum secured.
Another major drawback of PoA-based cryptos is no possibility to grant incentives to users. PoA doesn't imply forging or mining which allow users to earn cryptocurrency while generating new coins. No reward for maintaining the network is the main reason why the crypto community is not interested in PoA. This is, of course, unfair. With this in mind, the UMI team has found the best solution — the unique staking smart-contract. It allows you to increase the number of your coins up to 40% per month even with no mining or forging meaning the human factor cannot have a negative impact on the decentralization and network performance.
New-Generation Proof-of-Authority
The UMI network uses an upgraded version of PoA technology which possesses all its advantages with drawbacks virtually eliminated. This makes UMI a decentralized, easily scalable, and yet the most secure, productive, profitable and fair cryptocurrency, working for the sake of all people.
The widespread use of UMI can change most aspects of society in different areas, including production, commerce, logistics, and all financial arrangements. We are just beginning this journey and thrilled to have you with us. Let's change the world together!
Best regards, UMI Team!
submitted by UMITop to u/UMITop [link] [comments]

Nhom VBC CHROMIA AMA TRANSCRIPT (15/05/2020)

Thai Nhat Minh | Stably:
First of all, can you have a brief introduction about yourself as well as about Chromia? Henrik_hjelte, Sergelubkin
Henrik Hjelte:
Hello. My name is Henrik Hjelte. I am Co-Founder and CEO of Chromia.
I have more than 30 years of experience in programming and a degree in Economics from Uppsala University.
BTW economics and computers = blockchain, so finally found a job that fits me.
I was introduced to the blockchain by the leader of the colored-coins project Alex Mizrahi in 2013
Colored coins project was a very influential thing
It was the first way for user created tokens
bolted on to the only blockchain at the time (almost) bitcoin
We started ChromaWay 2014, with Or Perelman too, to explore if the world was interested in “tokens” and those kind of applications
We worked with enterprise blockchain for some time, but now we are focused on Chromia, a new public platform for mainstream decentralized applications using relational blockchain technology.
Ok, maybe I should tell something about Chromia and not myself too.
Chromia is a better blockchain for building decentralized Apps.
better because it follows the “normal worlds” way of managing data.
A little history: I found a text/description to paste:
Chromia is a brainchild of ChromaWay. ChromaWay has a long record of delivering pioneering projects around the world. We issued Euros on the Bitcoin blockchain with LHV bank, allowed investors to invest in startups in a wholly decentralized way with Funderbeam, digitized the title transfer process with the Swedish land registry, and mediated the green bond market. ChromaWay’s core team created the world’s first protocol to issue tokens already in 2012, when blockchain was called “bitcoin 2.0”. Then ChromaWay introduced the relational model to enterprise blockchains with a consortium database called Postchain. Now Postchain is going public as the foundation for Chromia, a better blockchain for building decentralised Apps.
Chromia is a new public blockchain based on the idea of integrating traditional databases, Relational databases with blockchain security. Chromia is a general purpose blockchain with full smart contract capabilities, just that it is a lot easier to code, even complex applications. You code with an easy to learn new programming language that combines the power of SQL and normal languages but makes it secure in a blockchain context. Up to 1/10 the code-lines vs other blockchains.
If you don’t believe me, check this blog (later, stay in the chat):
https://blog.chromia.com/reasons-for-rell-compactness/
The aim of Chromia is to combine relational databases, which exist in every kind of organization, with blockchains. We want to provide a platform for our users to develop totally decentralized apps securely. Our goal is for Chromia to be seen as the number one infrastructure for decentralized applications.
Think about it: blockchain is about managing data (in a shared context).
And… What do we use to manage data? A Database!
Serge:
Sure! My name is Serge! And I work in Chromia marketing department. Also, I help coordinate various projects inside the company
My background is in Economics and Marketing
Thai Nhat Minh | Stably:
Question 1️⃣
DApp is currently mainly concentrated in the field of games, and its life cycle is basically short, just like the Crypto Kitty is only hot for a while, how to dig the application of DApp in more fields and how to improve the utilization rate of DApp? u/henrik_hjelte u/sergelubkin
Serge:
Good one, let me answer
Gaming is quite a challenging target because good UX is expected, it needs to be fast, responsive, etc. If we can do that, then we can also do all sorts of other stuff.
Also, it lets us experiment with things without a lot of hassle, it’s easier to get users, and so on. It’s also a growing niche within blockchain. You can check our latest game, Mines of Dalarnia https://www.minesofdalarnia.com
We also have Enterprise projects already, for example Green Assets Wallet https://greenassetswallet.org/about that already launched on the first Mainnet version called Bootstrap Net,we also have https://capchap.se built on our tech, more projects like non-profit review platform Impactoria, public land registries, medical projects and so on
Also don’t forget about our fully decentralized social network/forum that is live already on the testnet https://testnet.chromunity.com.
Thai Nhat Minh | Stably:
Question 2️⃣
How will dapp face the world change after the epidemic? u/henrik_hjelte u/sergelubkin
Henrik Hjelte:
Nobody can say for sure, but maybe people will tend to be online more than offline, so demand on online products and dapps as well will increase.
I just came in from an internal demo of a secret project we do, and it can be seen as a way to hang out online (a bit cryptic answer)
There are also interesting use cases of dapps in the medical field.
For example, we participated in the world-wide hackathon Hack for Sweden. Where our submission was to create an app on Chromia blockchain that increases the coordination between countries and hospitals especially during the hard time and COVID19.
Chromia wants to help the European Union (and the world, but we saw problems in the EU…) and its citizens to provide transparency over the necessary medical and protective devices and appliances of which we see shortage during this emergency crisis.
You can watch our promo here https://twitter.com/chromaway/status/1247557274337447938?s=20.
For me it was a fun Hackathon too because for once I got the opportunity to code… I told everyone else I will not do any bossing…
We try to continue this path on medical applications a bit.
Thai Nhat Minh | Stably:
Question 3️⃣
DApps are still not directly embedded in mobile phones like Apps at this moment, and DApps have also been flooded with bet content. How can guests increase the use of DApps and lower the threshold for using DApps? u/henrik_hjelte u/sergelubkin
Serge:
The answer is — better User Experience. We believe that in order for a DApp to be usable and become more widely accepted it has to feel like a normal App. A DApp needs to have quick transactions, scale well & shouldn’t require users to pay for each transaction. This is something that is possible now with using Chromia. It’s an extremely exciting time since we are going to see a new generation of DApps.
On top of that, we think that we might have an ace coming up. We have built a game to demonstrate the powers and possibilities of Chromia. A little bit about the game: In Mines of Dalarnia (https://www.minesofdalarnia.com), players get to explore the vast expanses of interplanetary treasure mines. With an innovative Dalarnia Token system, players can purchase virtual mining plots, and put them up for rent into the community, allowing for real-estate tycoons to earn more Tokens. Mining plots can also undergo their own upgrades, making them more lucrative to explore, as well as a hot property for rental by miners. The game takes advantage of these NFT-based tokens to securely track exchanges, and provide a sense of ownership and wealth to players as they grow their mining and resource empire.
Watch our trailer https://youtu.be/bDXKOp1Asqw and sign-up for the TestNet on the website!
Thai Nhat Minh | Stably:
Question 4️⃣
Many practitioners think that the main reason for restricting the development of DApp is “incomplete infrastructure”. How effective is the current “cross-chain” and “side-chain” solution? u/henrik_hjelte u/sergelubkin
Serge:
Our infrastructure resembles Alibaba Cloud, so a DApp developer just goes and deploys his DApp’s blockchain into it, it’s easy. Also our language Rell https://rell.chromia.com/en/maste is more robust than any other blockchain programming language.Or Azure or AWS
Rell combines the following features:
  1. Relational data modeling and queries similar to SQL. People familiar with SQL should feel at home once they learn the new syntax.
  2. Normal programming constructs: variables, loops, functions, collections, etc.
  3. Constructs which specifically target application backends and, in particular, blockchain-style programming including request routing, authorization, etc.
Rell aims to make programming as convenient and simple as possible. It minimizes boilerplate and repetition. At the same time, as a static type system it can detect and prevent many kinds of defects prior to run-time.
Maybe Henrik wants to add something. :)
Henrik Hjelte:
Yes, I can add some thing
Consider again the real /normal world. What made the apps you use every day? Behind the bank app is a relational database. Web 1.0, “shopping on the internet” was a relational database hooked up to a webpage.
web 2.0: Thefacebook was PhP and MySQL hack
again, a relational database.
So, we aim to make it just as easy to do decentralized apps as normal apps.
Also “the cloud” inspiration is more normal. In Chromia, the dapp developer pays for hosting the application (normally). Not the USERS.
No gas,this is a big usability improvement.
Thai Nhat Minh | Stably:
Question 5️⃣
There are many DApp development platforms on the market. What are the competitive advantages of Chromia? It can be explained in terms of development cost and ease of use that everyone is more concerned about. u/henrik_hjelte u/sergelubkin
Henrik Hjelte:
This what I’m talking about. I think “Ease of use” combined with “Power” is our biggest strength.
Easiness is our core feature thanks to the relational database aspect of our system. Relational databases are run by 85% of the enterprise market at the moment.
And used in 100% of all organizations.
The largest vendor on that market Oracle, has a bigger market cap than bitcoin,
So, this makes it easy for enterprises to integrate our tech stack to their normal systems without the need to redo them, like in most cases where blockchain pilots have failed.
That’s partially why we had success with enterprise customer which are live in the Chromia network.
And: there is a large set of features that relational databases have that alternatives (noSQL) do not have or do not do as well.
And blockchain is very primitive compared to that.
Data indepence, mathematical foundations etc. Large books have been written about it…
On Chromiam It’s very easy for developers to deploy DApps because they already know SQL-style programming. Keep in mind that we worked with customers and developers to build our tech stack while solving problems for them. We didn’t build something unneeded, we had proof of validation from the market.
SQL is top 3rd language in the world (after HTML and javascript).
source: stackoverflow survey 2019, among 90 000 developers…
Top 4 used databases: different flavors of SQL (relational databases)
So, they are used for a reason: Ease of use/programming, power etc.
Also, Rell is our language, is statically typed (means bugs are discovered when programs are written rather than we they run). It is also more compact, up to 1/7 of the code lines of SQL. And have “normal” programming constructs + blockchain programming built in.
Because we require both relational database properties and more security than SQL, currently Rell is the only choice. It is really easy to learn, please go check https://rell.chromia.com/en/maste.
Chromia also provides news to the database developer community….
millions of developers in potential.
OK, bear this in mind when you wonder how we can compete with blockchain X… Blockchain X is a fart in the ocean compare to the SQL world 😊
Bach Tuyet
You have organized many AMA sessions to the international community in general and Vietnam in particular. What do you most want to get after AMA sessions from the community? u/henrik_hjelte
Sergey
I’ll take this one:) our goal is to grow the community
  1. We want people to join our channels such as telegram, twitter, email also our decentralized forum https://testnet.chromunity.com and participate in discussions
  2. We want people to try our dapps such as Mines of Dalarnia
  3. We want to get feedback and understand the most important issues people care about Chromia and the blockchain industry in general
  4. We want to get more developers building on top of Chromia
LBTS:
What was your motivation for creating RELL and not use other languages? What benefits? Why name it RELL also?
Henrik Hjelte:
We have a private/federated relational blockchain called Postchain, and it allows SQL. But that can work in a small environment when you know all parties, and if you are really careful in checking code. But not for a more secure, distributed on the web setup, so we had to make it more secure (Deterministic, statically typed).
In the process, we also took the opportunity to make it cool and nice.
Also: it is simply not possibly to use evm, jvm, or web assembly. We need/want a database in the bottom. Postgresql is our virtual machine. You do not reimplement that…. 10+ years codebase….
Lee:
Being part of the gamer community, I would like to know what you would think about collaborating with a MOBA, RPG or Arcade game or some kind of project?
Henrik Hjelte:
We are already collaborating with some smaller studios. For bigger fish, we want to show them what is completely unique and visionary with Chromia, and we think we need various examples. So, first arcade game MoD (linked above) is one example, it is not the full potential or anything but a start. In this summer, krystopia 2 a puzzle game from Antler Interactive will be released.
What is even cooler is the “demo project” we do together with them, where we will show how a mutliplayer game with real blockchain features will work.
I just saw it an hour ago and was blown away
OH, and there is another studio releasing something very cool. Full logic on chain strategy game. Chain of Alliance.
oyibo pepper:
Do you encourage HACKATHON programs for intending Developers to test their skills and build on RELL
Can you explain more about CHROMIA AMBASSADORS PROGRAM, CAN I BECOME AN AMBASSADOR
Serge:
Yes, you can, but you will need to change your avatar 🤣
Seriously, we are growing our Chromians community if you want to become one please ping our admins in Chromia telegram group.
Also, we are planning virtual hackathons soon, please subscribe to stay updated
Infinite Crypto:
Since the Chromia project is currently working on the Ethereum blockchain ERC20 standard!
But we know that there are a lot of scalability issues with Ethereum, so why would you choose the Ethereum blockchain over other scalable blockchains? Do you have any plans for Mainnet launch of Chromia?
Henrik Hjelte:
ETH is just used in a pre-phase for tokens. We will have our own mainnet tokens interchangable with ETH.
Oyinbo pepper
What’s CHROMIA SSO and SDK, how can I get started
Henrik Hjelte
Both are 3 letters. That is what they have in common.
SDK = software development kit, check docs on https://rell.chromia.com
SSO = single sign on. A unique UX improvement. You approve an app in your wallet (vault) with super ease. no need to remember codes
sso: https://blog.chromia.com/chromia-sso-the-whys-and-the-whats/
We have a fundamentally different model from bitcoin and ethereum and the likes. The blockchain is not run by anonymous computers in basement and student dorms across the world. We have more of known identities, so 51% attacks is protected not by PoW/PoS but other consensus. Please see our whitepaper. Note that we are not noobs when it comes to this, our CTO Alex has published papers in academic journals on consensus etc. from 2013, and done several important ideas for blockchain. Sidechains we think he was first with, tokens too.
Sheron Fernando:
Is there any plan to makes partnership with local cryptocurrency developers from each country to make $CHR usage more worldwide?
Serge:
Yes, we are looking for cooperation with more external developers. Send me a message if you are interested in developing something on Chromia.
Stella:
What are the underlying problems in the Dapps today that can be solved with the Chromia protocol?
Serge:
  1. Scalability — on Chromia your dapp can have unlimited numbers of users thanks to parallel scaling
  2. Easiness of use — you don’t need external wallets, no need to buy crypto to pay for gas etc
  3. Cost — in general to deploy the dapp and to use the dapp
Marcel Lagacé:
Why build this platform? What is Chromia mission? What are the most prominent features of the platform? Can you clarify the use case for this feature?
Henrik Hjelte:
We build the platform to fix the problems with blockchains, that we ourselves have experienced since 2014 (before ethereum existed).
LBTS:
Can you tell us about Chromia developers? How motivated and experienced are they to always deliver the best products?
Henrik Hjelte:
I can tell you that we recruit developers that are really good, from all parts of the world. Vietnam has been a hub because we found many good, so in Ukraine.
How can we say “we have so good developers”? First one thing that is a bit different is that we are pretty experienced in leadership team of development. I do not code much anymore since I’m a CEO. But I do have now over 30 years of experience. Got published and was payed when I was 15. First full-time professional developer job at 18. Have released open-source projects used by 10: s of thousand developers.
And Alex, our CTO is Extremely good. That is why I recruited him to my old startup 2006 or so… So: we have experience to sort out good developers from bad.
Marcel Lagacé:
Does Chromia staking model is different from other staking platform??
What are the beneficial advantages of chromia staking system?
Serge:
The main difference is that we have independent Providers, entities that are not connected. These serious players are exchanges, data centres, professional staking companies. They provide a backbone of the ecosystem and host dapps. Like Amazon servers in the cloud. They cannot have stake bigger than the maximum thus they can’t control the network. This is probably the main difference with classic DPoS networks
Nguyen Duy Bao:
A lot of people will want to know what the strength of Chromia is but I want to know the weaknesses and problems Chromia faces ? How do you plan to solve it?
Henrik Hjelte:
A weakness I guess is weak compared to “competition”. And there are some blockchain projects that got crazy amount of funding. So how can we compete with that, when they can hire more developers for example? Well here is what experience comes into play: More developers does not always increase productivity a lot, it is diminishing returns. You can see many large projects, with 100 of developers fail miserably with no results.
And actually, sometimes true with marketing spend too. It is generally good with money, but if you are a bit clever you can compete also on marketing with less money than your competition.
Please follow Chromia on Social Media:
Website: https://www.chromia.com
Twitter: https://twitter.com/chromia
FaceBook: https://www.facebook.com/teamchromia
LinkedIn: https://www.linkedin.com/company/chromia
Telegram: https://t.me/hellochromia
Decentralized Social network Chromunity: https://testnet.chromunity.com
Free-to-Play Blockchain Game Mines of Dalarnia: https://www.minesofdalarnia.com
submitted by dam30 to Teamchromia [link] [comments]

Review and Prospect of Crypto Economy-Development and Evolution of Consensus Mechanism (2)

Review and Prospect of Crypto Economy-Development and Evolution of Consensus Mechanism (2)

https://preview.redd.it/a51zsja94db51.png?width=567&format=png&auto=webp&s=99e8080c9e9b1fb5e11cbd70f915f9cb37188f81
Foreword
The consensus mechanism is one of the important elements of the blockchain and the core rule of the normal operation of the distributed ledger. It is mainly used to solve the trust problem between people and determine who is responsible for generating new blocks and maintaining the effective unification of the system in the blockchain system. Thus, it has become an everlasting research hot topic in blockchain.
This article starts with the concept and role of the consensus mechanism. First, it enables the reader to have a preliminary understanding of the consensus mechanism as a whole; then starting with the two armies and the Byzantine general problem, the evolution of the consensus mechanism is introduced in the order of the time when the consensus mechanism is proposed; Then, it briefly introduces the current mainstream consensus mechanism from three aspects of concept, working principle and representative project, and compares the advantages and disadvantages of the mainstream consensus mechanism; finally, it gives suggestions on how to choose a consensus mechanism for blockchain projects and pointed out the possibility of the future development of the consensus mechanism.
Contents
First, concept and function of the consensus mechanism
1.1 Concept: The core rules for the normal operation of distributed ledgers
1.2 Role: Solve the trust problem and decide the generation and maintenance of new blocks
1.2.1 Used to solve the trust problem between people
1.2.2 Used to decide who is responsible for generating new blocks and maintaining effective unity in the blockchain system
1.3 Mainstream model of consensus algorithm
Second, the origin of the consensus mechanism
2.1 The two armies and the Byzantine generals
2.1.1 The two armies problem
2.1.2 The Byzantine generals problem
2.2 Development history of consensus mechanism
2.2.1 Classification of consensus mechanism
2.2.2 Development frontier of consensus mechanism
Third, Common Consensus System
Fourth, Selection of consensus mechanism and summary of current situation
4.1 How to choose a consensus mechanism that suits you
4.1.1 Determine whether the final result is important
4.1.2 Determine how fast the application process needs to be
4.1.2 Determining the degree to which the application requires for decentralization
4.1.3 Determine whether the system can be terminated
4.1.4 Select a suitable consensus algorithm after weighing the advantages and disadvantages
4.2 Future development of consensus mechanism
Last lecture review: Chapter 1 Concept and Function of Consensus Mechanism plus Chapter 2 Origin of Consensus Mechanism
Chapter 3 Common Consensus Mechanisms (Part 1)
Figure 6 Summary of relatively mainstream consensus mechanisms
📷
https://preview.redd.it/9r7q3xra4db51.png?width=567&format=png&auto=webp&s=bae5554a596feaac948fae22dffafee98c4318a7
Source: Hasib Anwar, "Consensus Algorithms: The Root Of The Blockchain Technology"
The picture above shows 14 relatively mainstream consensus mechanisms summarized by a geek Hasib Anwar, including PoW (Proof of Work), PoS (Proof of Stake), DPoS (Delegated Proof of Stake), LPoS (Lease Proof of Stake), PoET ( Proof of Elapsed Time), PBFT (Practical Byzantine Fault Tolerance), SBFT (Simple Byzantine Fault Tolerance), DBFT (Delegated Byzantine Fault Tolerance), DAG (Directed Acyclic Graph), Proof-of-Activity (Proof of Activity), Proof-of- Importance (Proof of Importance), Proof-of-Capacity (Proof of Capacity), Proof-of-Burn ( Proof of Burn), Proof-of-Weight (Proof of Weight).
Next, we will mainly introduce and analyze the top ten consensus mechanisms of the current blockchain.
》POW
-Concept:
Work proof mechanism. That is, the proof of work means that it takes a certain amount of computer time to confirm the work.
-Principle:
Figure 7 PoW work proof principle
📷
https://preview.redd.it/xupacdfc4db51.png?width=554&format=png&auto=webp&s=3b6994641f5890804d93dfed9ecfd29308c8e0cc
The PoW represented by Bitcoin uses the SHA-256 algorithm function, which is a 256-bit hash algorithm in the password hash function family:
Proof of work output = SHA256 (SHA256 (block header));
if (output of proof of work if (output of proof of work >= target value), change the random number, recursive i logic, continue to compare with the target value.
New difficulty value = old difficulty value* (time spent by last 2016 blocks /20160 minutes)
Target value = maximum target value / difficulty value
The maximum target value is a fixed number. If the last 2016 blocks took less than 20160 minutes, then this coefficient will be small, and the target value will be adjusted bigger, if not, the target value will be adjusted smaller. Bitcoin mining difficulty and block generation speed will be inversely proportional to the appropriate adjustment of block generation speed.
-Representative applications: BTC, etc.
》POS
-Concept:
Proof of stake. That is, a mechanism for reaching consensus based on the holding currency. The longer the currency is held, the greater the probability of getting a reward.
-Principle:
PoS implementation algorithm formula: hash(block_header) = Coin age calculation formula: coinage = number of coins * remaining usage time of coins
Among them, coinage means coin age, which means that the older the coin age, the easier it is to get answers. The calculation of the coin age is obtained by multiplying the coins owned by the miner by the remaining usage time of each coin, which also means that the more coins you have, the easier it is to get answers. In this way, pos solves the problem of wasting resources in pow, and miners cannot own 51% coins from the entire network, so it also solves the problem of 51% attacks.
-Representative applications: ETH, etc.
》DPoS
-Concept:
Delegated proof of stake. That is, currency holding investors select super nodes by voting to operate the entire network , similar to the people's congress system.
-Principle:
The DPOS algorithm is divided into two parts. Elect a group of block producers and schedule production.
Election: Only permanent nodes with the right to be elected can be elected, and ultimately only the top N witnesses can be elected. These N individuals must obtain more than 50% of the votes to be successfully elected. In addition, this list will be re-elected at regular intervals.
Scheduled production: Under normal circumstances, block producers take turns to generate a block every 3 seconds. Assuming that no producer misses his order, then the chain they produce is bound to be the longest chain. When a witness produces a block, a block needs to be generated every 2s. If the specified time is exceeded, the current witness will lose the right to produce and the right will be transferred to the next witness. Then the witness is not only unpaid, but also may lose his identity.
-Representative applications: EOS, etc.
》DPoW
-Concept:
Delayed proof of work. A new-generation consensus mechanism based on PoB and DPoS. Miners use their own computing power, through the hash algorithm, and finally prove their work, get the corresponding wood, wood is not tradable. After the wood has accumulated to a certain amount, you can go to the burning site to burn the wood. This can achieve a balance between computing power and mining rights.
-Principle:
In the DPoW-based blockchain, miners are no longer rewarded tokens, but "wood" that can be burned, burning wood. Miners use their own computing power, through the hash algorithm, and finally prove their work, get the corresponding wood, wood is not tradable. After the wood has accumulated to a certain amount, you can go to the burning site to burn the wood. Through a set of algorithms, people who burn more wood or BP or a group of BP can obtain the right to generate blocks in the next event segment, and get rewards (tokens) after successful block generation. Since more than one person may burn wood in a time period, the probability of producing blocks in the next time period is determined by the amount of wood burned by oneself. The more it is burned, the higher the probability of obtaining block rights in the next period.
Two node types: notary node and normal node.
The 64 notary nodes are elected by the stakeholders of the dPoW blockchain, and the notarized confirmed blocks can be added from the dPoW blockchain to the attached PoW blockchain. Once a block is added, the hash value of the block will be added to the Bitcoin transaction signed by 33 notary nodes, and a hash will be created to the dPow block record of the Bitcoin blockchain. This record has been notarized by most notary nodes in the network. In order to avoid wars on mining between notary nodes, and thereby reduce the efficiency of the network, Komodo designed a mining method that uses a polling mechanism. This method has two operating modes. In the "No Notary" (No Notary) mode, all network nodes can participate in mining, which is similar to the traditional PoW consensus mechanism. In the "Notaries Active" mode, network notaries use a significantly reduced network difficulty rate to mine. In the "Notary Public Activation" mode, each notary public is allowed to mine a block with its current difficulty, while other notary public nodes must use 10 times the difficulty of mining, and all normal nodes use 100 times the difficulty of the notary public node.
Figure 8 DPoW operation process without a notary node
📷
https://preview.redd.it/3yuzpemd4db51.png?width=500&format=png&auto=webp&s=f3bc2a1c97b13cb861414d3eb23a312b42ea6547
-Representative applications: CelesOS, Komodo, etc.
CelesOS Research Institute丨DPoW consensus mechanism-combustible mining and voting
》PBFT
-Concept:
Practical Byzantine fault tolerance algorithm. That is, the complexity of the algorithm is reduced from exponential to polynomial level, making the Byzantine fault-tolerant algorithm feasible in practical system applications.
-Principle:
Figure 9 PBFT algorithm principle
📷
https://preview.redd.it/8as7rgre4db51.png?width=567&format=png&auto=webp&s=372be730af428f991375146efedd5315926af1ca
First, the client sends a request to the master node to call the service operation, and then the master node broadcasts other copies of the request. All copies execute the request and send the result back to the client. The client needs to wait for f+1 different replica nodes to return the same result as the final result of the entire operation.
Two qualifications: 1. All nodes must be deterministic. That is to say, the results of the operation must be the same under the same conditions and parameters. 2. All nodes must start from the same status. Under these two limited qualifications, even if there are failed replica nodes, the PBFT algorithm agrees on the total order of execution of all non-failed replica nodes, thereby ensuring security.
-Representative applications: Tendermint Consensus, etc.
Next Lecture: Chapter 3 Common Consensus Mechanisms (Part 2) + Chapter 4 Consensus Mechanism Selection and Status Summary
CelesOS
As the first DPOW financial blockchain operating system, CelesOS adopts consensus mechanism 3.0 to break through the "impossible triangle", which can provide high TPS while also allowing for decentralization. Committed to creating a financial blockchain operating system that embraces supervision, providing services for financial institutions and the development of applications on the supervision chain, and formulating a role and consensus ecological supervision layer agreement for supervision.
The CelesOS team is dedicated to building a bridge between blockchain and regulatory agencies/financial industry. We believe that only blockchain technology that cooperates with regulators will have a real future. We believe in and contribute to achieving this goal.

📷Website
https://www.celesos.com/
📷 Telegram
https://t.me/celeschain
📷 Twitter
https://twitter.com/CelesChain
📷 Reddit
https://www.reddit.com/useCelesOS
📷 Medium
https://medium.com/@celesos
📷 Facebook
https://www.facebook.com/CelesOS1
📷 Youtube
https://www.youtube.com/channel/UC1Xsd8wU957D-R8RQVZPfGA
submitted by CelesOS to u/CelesOS [link] [comments]

Unpopular opinion: Bitcoin isn´t what it claims to be

BTW I HAVE OWNED BTC IN MY LIFE ! This is not to be meant a troll. See it as an opportunity to question BTC in order to make it better eventually(?)!
The reason why I put up this post is because I see so many people on Instagram or elsewhere getting into Bitcoin as a speculative investment and thinking it is going to the moon just for some halvening.
I do not dislike the idea of cryptocurrency but actually there are a few problems with Bitcoin.

Yes, Bitcoin has paved the way for crypto, that is true.
Yes, Bitcoin is a great idea with great ideals.
Yet it is still destined to fail.

A lot of people say that BTC will be the future because of various characteristics like:

Claim #1 BTC is anonymous:
"Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. "
- https://bitcoin.org/en/you-need-to-know

Claim #2 BTC is decentralized:
Well, not really. BTC is tied to it´s miners. And while a lot of people here call themselves early adopters, they have never ever contributed to a solved-block. Why is this important? Who sells you your BTC? The miners... so if any big enough group of ( chinese bc they are very active) miners decides it is time to rob the people back of the BTC they sold them - there is no one going to stop them. And unfortunately this all plays along with BTC´s rules.
Everyone who didn´t get along on this one should research '51% Attack Bitcoin'\1])
The only counter I can think of is " but all the faulty transactions could be recognized and we (the hodlers) can verify the original chain on a new fork " or something like that, yeah well but technically you will still be fighting the miners and their hashrates
[1] https://duckduckgo.com/?q=51+percent+attack+bitcoin&t=ffab&atb=v140-1&ia=web

Claim #3 BTC is efficient:
If I want to send you a 100 million bucks, yeah well that can be pretty f-ing cheap in comparison to normal banks. But one of the main reasons that Bitcoins transaction fees have risen for the amounts that you actually want to use daily , is because it is more profitable for miners\1])
So as more people adopt and thus transactions getting more profitable for the miners, fees are gonna rise..
-
Also in term of energy consumption. A SINGLE transaction needs as much power as an entire US-household uses in an avg 23 days\3]) That is not sustainable, as the consumption grows with adoption. Even with 100% renewable power( which we are far away from) the shere amount of ressources (e.g silicon for solar-panels for "neutral" energy) is very debatable. Also the mining hardware has to be changed with every halvening (press f for all these rare metals in computer parts)
[1] https://coinsutra.com/bitcoin-transaction-fees/
[2] https://bitcoinfees.net/
[3] https://digiconomist.net/bitcoin-energy-consumption

#4 Thought: Quantum Computing
What will you do with Bitcoin if Google or IBM (or others) get their quantum computers to work so good, that they will easily decrypt bitcoins encryption.
Here is an interesting video if you are interested in how QComputing threatens basically anything that is encrypted:
https://www.youtube.com/watch?v=6H_9l9N3IXU

#5 Thought: Comparing BTC to USD
To anybody who says "look at the dollar dying, we will go to 100,000$ soon" - you are most likely speculating instead of believing in the intrinsic value of BTC (proof of work). If you keep measuring BTC worth in any fiat currency, you lost the point. If it really becomes THE currency, any comparison to fiat is obsolete.
I know this one is kinda unsolid but I wanted to throw it in!

#6 Thought: Financial Elite
Bitcoin rewards those who adopt first. Sounds good, right? If fiat and governments fail, most of you will be the top 1% while holding 90% of the BTC in circulation. Will that be any better than the monetary system we have right now? In the end Bitcoiin will not serve the many, who have little but it will serve the few who have much.
Think about your fellow (billions of) humans around the world. Will you explain to them: ' Well I got in first, so I am entiteled to be rich' ? I think if BTC would actually become widely adopted, that is an ethical question a lot of people have to ask themselves!
Tbh, this might be the most important point for me and I am SUPER excited for your opinions on that!

TL:DR I think there are good reasons why BTC is (unfortunately) wishful thinking and other cryptos with hopefully better systems will take lead.

I would love to hear good arguments against my positions because mostly people get triggered instead of having a conversation that could benefit everybody!

EDIT: Another source for problems with encryption:
https://arxiv.org/pdf/1804.08118.pdf " On the insecurity of quantum Bitcoin mining "
submitted by wowdisme to Bitcoin [link] [comments]

The One Thing EVERYONE Must Know About the Dev Funding Plan: IT'S COMPLETELY FREE.

sigh I get so tired of having to stop working to put out a post explaining issues. If anyone else wants to join in I could use help. (actually I've seen Jonald F. do this before too, so thanks JF!)
Things are bad when even developers don't understand what's going on. So I'll try to clearly explain an important point on the Dev Funding Plan (DFP from now on) for the community: it's completely free. Yet we still get panicked posts saying Please Save Us from the TAX!!! Somebody Help!
You may be for or against the DFP, but either way please at least understand what you're forming an opinion on.
Let's start from the beginning. We know Bitcoin works on blocks and block coin rewards. The block reward, which started at 50 coins per block, and cuts in half approximately every 4 years, serves two purposes: it's a fair way to bring coins into circulation, but more importantly it provides security for the network.
For simplicity, please think of "security" as being measured in power bars. When the network first started, with just Satoshi and Hal Finney, there was 1 power bar. This power bar was made up of the electricity their combined computer hardware used to find blocks. They were the first miners. Bitcoin uses a difficulty level to adjust how hard or easy it is to find blocks. This level is important for a key reason: we want the inflation rate of coins (how fast they come into circulation) to stay about the same, regardless how many miners (computing power) suddenly comes online. If the difficulty is set at super easy, but suddenly a super computer comes online that computer can gobble up thousands of coins in minutes if not seconds, creating massive rapid inflation. So the first thing to understand is that due to the Difficulty Level Adjustment the rate of coins coming into circulation will always stay about the same, regardless how many miners join or leave the network.
Getting back to power bars. So the point of Bitcoin is there is no center, no fixed authority. The problem is we still need a decision made about which chain is valid. This is where proof-of-work comes in. Satoshi's fairly brilliant solution to a consensus decision, with no leader, was to simply look for the longest chain (technically the chain with most hashing work). The reasoning was: as there are far more ordinary people than there are governments and dictators a Bitcoin supported by the all the world's people should always be able to muster more hashrate than even rich governments.
So Bitcoin began and people saw the brilliance: even with a weak power bar level of 1 (a couple computers), Bitcoin was safe from 51% attacks and attacking govs competing for control of the chain because a super low hashrate meant Bitcoin wasn't popular and govs wouldn't bother paying attention. By the time Bitcoin was big enough for govs to worry about attacking it should also have so many participants the power bar level would be far higher, providing strong defense.
Let's say the ideal power bar level is 50,000. At this level no government on earth has enough resources to beat the grassroots network. We hear people brag about how much security BTC has. However, the marketcap for all of BTC is about $160B. Countries like the U.S. and China have GDP measured in many trillions; a trillion is 1,000 billion. Does 160B really seem untouchable? For numeric comparison the main U.S. federal food assistance program cost the government $70B in 2016, representing about 2% of the budget. So the entirety of the BTC market cap is about twice the size of one welfare program, representing 2% of the overall budget. Where should we place the current security power bars if we want guaranteed safety from a determined U.S. gov? If 50,000 is guaranteed safe we're far from it. I'd say BTC is more like 5,000. That's still pretty decent.
Of course, BCH split from BTC... and didn't carry over all the miners and accompanying security. That's not an immediate concern because if BTC isn't on government's radar yet BCH sure isn't. However, that doesn't mean BCH doesn't need security from hostile forces. It's still a valuable network and needs defenses. Where would we put power bars for BCH? If BTC is 5,000 and BCH only has 3% of that hashrate then BCH has just 150. That's it.
How the Developer Funding Plan Works
Back to the DFP. What this says is as a community we agree to break off a piece of the block reward and instead of giving 100% to miners we give a small percent to developers. If each block is 10 coins and the price is $300 then winning a block means winning $3,000. Of course that's not all profit because miners have electricity and other expenses to pay before calculating profit. So if we reduce the portion of the miner reward by 10% so they get just 9 coins per block yet the price stays the same what happens? It means miners receive $2,700 for the same effort. We've just made it more expensive to mine BCH from the point of view of miners. What would any miner then rationally do? Seek profitability elsewhere if available. Suddenly BTC SHA256 hashing looks slightly more attractive so they'll go there. Hashrate leaves BCH and goes to BTC, but the key important point is BOTH chains have a difficulty adjustment algorithm which adjusts to account for rising or lowering miners overall, which keeps the coin inflation rate steady. This means BTC total hashrate rises (more miners compete for BTC) and its Difficulty Level rises accordingly, so the same rate of BTC pumps out; on BCH total hashrate falls (less miners compete for BCH) and its Difficulty falls, so the same rate of BCH pumps out. Inflation remains about the same on both coins so the price of both coins doesn't change any, beyond what it normally does based on news/events etc.
So what difference is there? The difference is total network security. Hashrate totals have changed. BTC gains more miner securing hashrate while BCH loses it. So BTC goes from 5,000 to say 5,100 power bars. BCH goes from about 150 to 140.
Does any of that matter in the grand scheme of things? Not in the slightest. Part of the reason is due to our emergency circumstances with BCH we had to rework our security model. Our primary defense is an idea I came up with, which BitcoinABC implemented, saying it's not sheer hashpower that dictates what chain we follow. We won't replace a chain we're working on if a new one suddenly appears if it means changing more than 10 blocks deep of history. This prevents all the threatening hashrate hanging over our heads from mining a secret chain and creating havoc unleashing it causing 10+ confimed txs to be undone, while exchanges, gambling sites etc. have long since paid out real world money.
Switching $6M worth of block rewards from mining to devs just means we lose a bit of hashrate security, while we gain those funds for development. Nothing more. Nobody holding BCH pays in the form of inflation or any other way. It costs literally NOTHING BECAUSE The block reward is ALREADY ALLOCATED. It will EITHER go 100% to mining security if we do nothing, or go to both miners and devs if the plan is put into effect. Hopefully this helps.
:)
TL;DR: we switch security which we don't really need, for developer funding which we do.
submitted by cryptos4pz to btc [link] [comments]

Daily Crypto Brief for Wednesday, June 17, 2020.

This is your ITB Media Daily Crypto Brief for Wednesday, June 17, 2020.

In Mainstream Financial News.

CNBC reports: Bank of England has done a lot — but it needs to do more, analyst says - https://cnb.cx/3fst91O
Giles Keating, a member of Bitcoin Suisse’s board and former global chief economist for investment banking at Credit Suisse, discusses central banking and how policymakers should be supporting companies through the coronavirus crisis

Bloomberg Headline: Crypto Founder Admits He Cheated Investors Out of $25 Million - https://bloom.bg/37By0ew
The founder of a cryptocurrency firm admitted to conspiring to dupe investors into committing more than $25 million to the enterprise by lying about an initial coin offering. Robert Farkas and two other founders of Centra Tech Inc., Sohrab Sharma and Raymond Trapani, were charged in 2018 with misleading investors by claiming to have developed a debit card allowing users to make purchases with digital currency at any business accepting Visa or Mastercard. Sharma and Trapani are scheduled to go to trial in November.

The Asia Times: New Turkey blockchain regulations expected - https://bit.ly/37AwWrc
The co-founder of BiLira (TRYB), the first stablecoin pegged to the Turkish lira, is predicting that Ankara will announce a new regulatory framework for blockchain “within the next year. ”

Wall Street Journal Headline: Cyber Daily: Oversight of Cryptocurrency and Other Financial Technology Is Evolving - https://on.wsj.com/3dNMKZT
Oversight of Cryptocurrency and Other Financial Technology Is Evolving. Good day. ... Hackers attacking cryptocurrency exchanges in the last 18 months have stolen millions of dollars of bitcoin and other digital currencies. Plus, a large share of cryptocurrency trades appear to be fake, some researchers say.

Forbes Headline: Exclusive: Borrowing Dollars Against Bitcoin And Crypto Is About To Get A Lot Easier - https://bit.ly/30QTse0
"In order for bitcoin to continue to mature as an asset class and increase demand from institutional investors, we need more platforms like Anchorage Financing to provide leverage for these investors," said Silvergate CEO Alan Lane.

In Social Media headlines.
Altcoin Daily LIVE: Anthony Pompliano Reveals His Cryptocurrency Investment Strategy for 2020. Bitcoin Podcast - https://bit.ly/3fstTE8
The Moon: BITCOIN PUMP!!!!!!!!!!! BREAKING NEWS: FEDERAL RESERVE NEW STIMULUS PACKAGE!!!! - https://bit.ly/37CLJBH Data Dash: Bitcoin Leaps Back To $9,500. Here's What I'm Looking For Next. - https://bit.ly/3hxCiYW
Crypto Zombie: BITCOIN MAJOR BOUNCE!!! WHALES MIMIC 2017 BULL RUN!!! $12,000 BTC IMMINENT! - https://bit.ly/3d3MZ20

In Crypto Publications headlines.

Cointelegraph reports: Bitcoin Difficulty Sees Two-Year Record Surge as Hash Rate Mimics 2017 - https://bit.ly/3fAdTzY
Bitcoin Difficulty Sees Two-Year Record Surge as Hash Rate Mimics 2017. A giant 14.95% advance makes analysts confident as miners appear to balance increased costs to retain profitability. The post Bitcoin Difficulty Sees Two-Year Record Surge as Hash Rate Mimics 2017 appeared first on CoinTelegraph.

Coindesk.com headline: COMP’s Sudden Growth Has Swamped a DEX Dealing Only in Stablecoins - https://bit.ly/2YJKtsp
COMP's Sudden Growth Has Swamped a DEX Dealing Only in Stablecoins. ... Curve is an automated market maker devoted exclusively to stablecoins. On Sunday, it saw $3.5 million in daily trading volume, according to its self-reported stats.

Cryptonews.com reports on its front page: Brute Force Attack Puts Super-fast End to ‘4-Week’ Bitcoin Riddle - https://bit.ly/2YH6Sqt
Hackers rose to the challenge of stealing a bitcoin – with a “brute force” cryptanalytic attack allowing raiders to crack into a wallet and make away with the BTC 1 booty. Alistair Milne, the chief investment officer at the Altana Digital Currency Fund, had set the world of social media a challenge, with four seed word clues posted to Twitter.

This has been your ITB Media Daily Crypto Brief for Wednesday, June 17, 2020.
submitted by Gigantile to altcoin_news [link] [comments]

PoW or PoS: The Difference Between Mined and Non-Mined Crypto

PoW or PoS: The Difference Between Mined and Non-Mined Crypto
The whole crypto world discusses how Ethereum will switch from Proof of Work to Proof of Stake now. This change can significantly affect the cryptocurrency market. What are the positive and negative sides of PoW and PoS?
Cryptocurrencies can be divided into two types: those that can be mined (Bitcoin, Litecoin, Monero) and pre-mined ones (Ripple, Stellar, Cardano, EOS, NEO).

What is the big difference?

Although they differ in the method of generation, the basis of both types of crypto is the same: verification. Every transaction processed by the network must be verified by someone to ensure that virtual money has not been spent twice. Here we are talking about the difference in the verification process. Transaction groups are combined into a block; after verification, the block joins other previously confirmed blocks, and create a chain of transactions, or blockchain.

PoW: Mined Crypto

Mining is a process in which individuals, groups, or companies solve complex mathematical equations to verify transaction blocks using powerful computers. These math problems are part of the encryption process that protects transactions from cybercriminals and third party access.
The first who solves the problem and signs a block of transactions receives a reward. The miner, who confirmed the block of transactions e.g. in the Bitcoin network, receives a reward in BTC.

Disadvantages of Mined Crypto

  • Mining can be very expensive due to the large amounts of electricity consumed. In mined crypto with less capitalization, competition is usually lower than in BTC.
  • BTC mining requires special ASIC chips, that are combined into huge farms. Electricity is one of the main expenses for these projects. That is why China, where electricity is relatively cheap, has become a home to four of the five largest Bitcoin mining companies in the world.
  • Mining farms have to spend significant money funds on new equipment, which becomes out of date very fast.
  • Large projects need additional cooling, as servers and graphics cards heat up to high temperatures during operations.
  • The Proof-of-Work model is potentially vulnerable to a 51% attack (when a group of people with 51% of the computing power gains control of the network and its participants). For popular cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), and Monero (XMR) this is not a problem due to their large capitalization. However, minor cryptocurrencies with long block processing times and low daily volumes are risking a lot.

PoS: Non-Mined Crypto

At the other end of the spectrum are pre-mined cryptocurrencies such as Ripple (XRP), Stellar, Cardano, EOS, and NEO.
In the PoS model, super-powered computers are not needed, and participants do not compete for the right to sign the next block. Thus, the costs of this approach are significantly lower. Transaction verification is carried out by cryptocurrency owners. The more cryptocurrencies you have, the longer you own it, the higher the probability that you will be selected to check the transaction block.
Certain mechanisms are built into the system that prevents the dominance of large cryptocurrency holders over the verification process. There are many random ways to select owners who get the right to sign a transaction block. This ensures that small holders have a chance to participate in the process.

Disadvantages of Non-Mined Crypto

Despite the fact that the costs of the Proof-of-Stake method are lower, PoS has its drawbacks.
  • Such cryptocurrencies are not threatened by an attack of 51%, however, another trouble replaces it — a person who posses 51% of all tokens in circulation can gain control of the network and its participants. Of course, in the case of cryptocurrencies with high capitalization, the possibility of this scenario is low, but small partners may suffer from this vulnerability.
  • The Proof-of-Stake model also gives major owners additional votes in determining the future development of the network. Most NEO tokens) belong to several founders, for instance. This helps increase transaction speed and reduces consensus-building time, but also makes cryptocurrency too centralized. In other words, in the PoS model, large players gain significant power, which is theoretically impossible with the PoW model.

Which method is better?

Both methods have their pros and cons. Nevertheless, sooner or later, some of the largest mined currencies (e.g. BTC) will reach their token limit. At this point, they will have to switch to Proof-of-Stake. Since it significantly reduces power consumption and doesn't require powerful computers, gradually all crypto including BTC will switch to a non-mined model just like Ether did.

Keep up with the news of the crypto world at CoinJoy.io
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https://preview.redd.it/2ticyj57a6051.png?width=3300&format=png&auto=webp&s=2ed429625a45588ef371862af3bc1f71a23c34a3
submitted by CoinjoyAssistant to ethtrader [link] [comments]

[lets build] Sci fi megastructures

1-Dyson spheres
2-Ring worlds
3-Deathstar like bases.
4-Sun forge like from avengers; inifinity war
5-Artifical planets
6-Giant gateways that allow planets to transfer other galaxies
7-Science Nexus
8-Sentry Array
9-Mega artistic objects
10-Giant settelaties
11-Hallow planets
12-Artificial suns
13-Artificial black holes
14-Planet-sized giant ships
15-Space elevators
16-Planet spanning rings
17-Giant asteriod stations
18-Artifical star systems
19-Spacehulks (from warhammer 40k)
20-Giant mining stations
21-Hallows stars
22-Flattened worlds/Disk worlds
23-Machine worlds
24-Webway (From warhammer 40k)
25-Contructs inside of black holes
26-Artifical Dimensions
27-Dimension Nexus that connects with other dimensions
28-Artifical moons
29-Artifical habitable biological constructs
30-Planet/starsytem/galaxy sized giant super computers
Crossallthewires
31 - Space Elevators leading from a planet's surface to an orbital platform.
32 - A Sun- Starter, a gigantic orbital platform made up of rings that orbit a sun and blast it with energy to stave off it's inevitable death.
33 - An entire planet, equipped with a vast engine to allow it to travel around the universe.
34 - An interplanetary junk barge with gigantic crushing claws and arms, capable of turning any of these other structures into scrap-metal.
35 - A forcefield generator covering an entire planet (think Rogue One)
Zombehking
36 - a supercomputer atomized and scattered in a dust cloud around a solar system, still functional.
37 - star engine to move solar system(s) like space ships.
38-A Giant, planet sized robot
39-A giant, planet sized mech
40-A giant, sun sized robot/ship
41-A giant, sun sized mech/ship
42-A starsytem sized robot/mech/ship
43-A galaxy sized robot/mech/ship
44-A cybrog planet
45-Alive/bio organic contruct planets
Martinus_XIV
46-A giant machine that slowly travels from solar system to solar system, devouring planets as it goes. It is a weapon of mass destruction leftover from an ancient, devastating war.
47-A void in space where nothing exists; no matter, no energy, no dimensions, inhabited by an intelligence that likes to toy with spacefarers that wander into its domain.
48-A generation ship embedded within an asteriod. The inhabitants have long since forgotten its mission and don't even know that there is a world outside of their ship.
49-A Dyson Sphere-like structure built around a black hole, generating power by shooting particle beams through its ergosphere.
50-A stellaser; a Dyson Sphere-like structure harnessing the power of a star into a Death Star-like laser.
51-A Boltzmann-civilization; an entire civilization that has just popped into being as a result of a quantum fluctuation. It didn't exist a few seconds ago, yet believes it has a history going back millions of years.
52-A massive klein bottle that actually loops through the 4th dimension.
53-Planet core forges
54-Giant planet water cleaners
55-Giant trash disposers
56-Giant, hard light constructs
Zer05tar
57-Communications Array - Able to communicate with far distant outposts, both allies and enemies.
58-Power Refiling Station - Unmanned stations that is in orbit that collects solar power and converts it to usable energy for ships that are out of juice. Complete with wet bar and hour rates hotels.
FirstChAoS
59- A series of giant lenses that can be aligned to turn thesun into a giant laser
60- A mining machine designed to grind whole planets into ore.
ArchDeconstructor
• 61- Gravitational sling engine: a sun-sized array of concentric facilities that can manipulate gravity to send nearby celestial bodies on targeted parabolic arcs at nearly the speed of light, or to target faraway systems and very slowly adjust their location relative to other nearby systems.
• ⁠62- terraforming drone supercarrier, which drops into star systems it hasn't visited before and deploys millions of building-sized robotic platforms to terraform any suitable planetary masses. Or to create planets, by smashing lots of smaller junk together, and then terraforming those.
• ⁠63-galactic FTL inhibitor, which draws upon the ambient gravity of the galactic core to constantly, potentially fatally, disrupt any attempts to enter FTL while within the galaxy it was built in.
• ⁠64-planetary museum, composed of sextillions of metric tons of structured spacetime computation to store information, and matter-holography chambers to assemble or at least visualize exhibits.
• ⁠65-An Infinite Forest a la Mercury in Destiny/Destiny 2, a planet reshaped into forms of exotic programmable matter that simultaneously simulate multiple timelines branching past and forwards.
• ⁠66- A solar system-sized containment field acting as a zoo for spacefaring organisms.
67-Artificial white holes
68-Artifical nebulas
69-Stellar engine
70-A warp hole that allows time travel
71-A warm hole that transports suns to other systems
72-Jump gate, a gate that reduces travel time between systems
73-Bishop ring
74-Niven ring
75-Shkadov thruster
76-Kraskinow tube
77-Portal that allows instant travel
78-Stargate
79-Hyper gate
80-Space bridge
81-Halo
82-Banks orbital
83-Alderson disk
84-Stellar scale
85-Gas giant refinary
86-Cloud city
87-Aerostat
88-Bernal sphere
89-Rungworld
90-Space ladder
91-Skyhook
92-Launch assist tether
93-The crystal megabore
94-Psionic hypersiphon, allows psionic powers enhanced in a star sytem and allows telepatic comunication
95-Teleporter that allows instant teleportation in a starsytem both for vehicles and people
96-The lunar speculorefractor
97-The hyperstructural assembly yard
98-The birch world
99-Ecumenopolis
Doug mantis
• ⁠100- massive catamari. • ⁠101-Universe simulation computer. • ⁠102-Gravity rod launcher, shoots planet-sized rails at FTL speeds. • ⁠103-Terra-deconstructor, surrounds and melts/harvests planets. • ⁠104-A pack of supermassive cybernetic space-whales. • ⁠105-Quadrillionaire's private docking station. • ⁠106-Private megastructure construction facility, build all this shit. • ⁠107-Big-bang generator, turns matter into nothing, generates power. • ⁠108-Defeated grey goo blob, enormous mass of electronic goo, now non-functional. • ⁠109-Supermassive Bitcoin miner, mines bitcoin so efficiently that all other miners are rendered useless. • ⁠110-Sphere inversion machine, allows planets to exist in their own pocket dimension. • ⁠111-'Song of the Aairomng', a massive machine built to generate noise in the vacuum of space. Blasts strange music throughout it's galaxy.
112-City from vallerian and the city of thousand races or something
Slaaich
113-Culture Orbital
114-O'Neill colony
115-A massive spiderlike machine that captures habitable planets and drags them back to a central solar system where it collects them.
116-massive prison ship designed to hold a Leviathan capable of eating entire stars. Empty and showing signs of damage.
17-Satellite equipped with stealth technology that sits in orbit around pre interstellar planets and subtly manipulates the civilizations below into accepting alien invasions
Holy, moly that was fast. Since my computer skills are so poor i am just going to add all this to a comment on which you create D100(or you know, more) I want to thank each and every one of you for this. I couldn't do it without you.👏
PS;(If you want write more just do it. I will add the no mater what. More content are always welcome😀)
submitted by Alpbasket to d100 [link] [comments]

Miners reward drama observation

CSW discussion, ABC/unlimited dev crew infighting, now miners reward protocol change while still attacking Bitcoin all the time. What's common about all of this? It all happens in the BCash community.
Did you notice that BTC has had no drama since you monkeys forked yourself off our chain? Where is the drama now? You carried it with you to BCash. You guys are the problem and there is no solution to it unless you change your sometimes toxic more often stupid behaviour.
Bitcoin already scales nicely while being secure. You really should give Lightning a try. It's super fast and my Bitcoin is still 100% secured on the main chain where I store my value.
submitted by cloudgorilla to btc [link] [comments]

The Biggest Scams In The Crypto History

The cryptocurrency market is often compared to the Wild West. Digital gold, lawlessness, and unlimited Internet space attract not only honest people but also rascals. Today we will show you the loudest scam projects and cyber-attacks that seriously shattered the crypto society.
PayCoin
A mix of cloud mining and Ponzi scheme, which was promoted by Geniuses at Work Corporation Miners (GAW) in 2014. These guys make the first move by renting and selling virtual HashSet miners, which helped them form a loyal audience. Seeing that this project began to go down, the team decided to invent their own coin — PayCoin. People were promised a breakthrough technology, support from banks and other organizations, huge profits, free and fast transactions all around the world. As a result, the project started just awesome, which attracted the attention of a large number of miners and users. As you can guess all creators’ promises didn’t come true — Paycoin started to fall and users filed a lot of court complaint.
In the fall of 2018, the creator of PayCoin, Joshua Garza, was sentenced to 21 months in prison, obliging investors to pay damages of $9.2 million, although the total amount of financial investments was over $54 million.
BitConnect
Do you know how to tell that you’re participating in a scam? Just start with “Wasa Wasa Wasup BitConnect” as Carlos Matos did. BitConnect platform appeared in 2016 and immediately announced its intention to join the elite of the digital economy, bringing super-profits to all project participants without exception. The essence of the criminal scheme was simple: “Invest and get 100% and more.” The organizers promised investors an income of 365% per year! After the enormous excitement of the crypto market, the cost of the BitConnect token was equal to $463. This attracted the attention of reputable persons like Mike Novogratz, Charlie Lee, and Vitalik Buterin. For example, the creator of Litecoin — Charlie Lee — twitted the following:
“From the surface, BitConnect seems like a classic Ponzi scheme. I wouldn’t invest in it and wouldn’t recommend anyone else to.”
But even after such concerns, many people continued to invest in BitConnect. However, in early January 2018, the project unexpectedly turned down all of the activities and closed its platform. Investors were left with nothing. According to general estimates, the investors were deceived for more than $2.5 billion! In the summer of 2018, the head of Bitconnect India Divyesh Darji was arrested.
Beware that on July 1, 2019, a project Bitconnect 2.0 can be launched according to the news posted on Twitterby the same-named user.
Ifan and Pincoin
Start-ups Ifan and Pincoin, owned by the Vietnamese company Modern Tech, raised a whopping $660 million from approximately 32.000 people. The majority of the victims were the citizens of Vietnam. This scam project was labeled the “largest exit scam in recent memory” by TechCrunch.Project’s marketing strategy was so perfect that it was impossible to resist. So Ifan was promoted as “the most advanced social network” for celebrities and their fans. On the other side, Pincoin attracted investors with a promised investment return of 40% per month. The creators of Pincoin wrote about the development of an online platform covering an advertising network, a service for auctions, an investment portal, and P2P platform based on the blockchain.
But in fact both ICOs used a Ponzi scheme: users invested money, received their interest, brought friends and received additional interest. After some time, Modern Tech stopped paying out dividends in fiat and invited users to switch to their own tokens. As a result, they just made a fool of the investors.
This provoked massive rallies in front of the Modern Tech office, during which investors demanded a refund. But the scammers just escaped into the night with a $660 million jackpot.
Mt.Gox
In 2014 Mt.Gox exchange platform was one of the most popular resources for Bitcoin trading: it accounted for more than 70% of all transactions with BTC. A real tidbit, isn’t it?
Unfortunately, Mt.Gox was slowly turning into chaos. In the fall of 2013, US federal agents collected $5 million from the company’s bank account, since Mt.Gox was not registered as a financial intermediary. At the same time, Coinlab, the company’s former partner, filed a lawsuit against Mt.Gox, demanding $75 million. The lawsuit stated that Mt.Gox violated the terms of the agreement with Coinlab and continued to trade in the United States and Canada.
These problems led to failures with the platform. For example, American users waited for months to withdraw funds. In February 2014, Mt.Gox stopped the withdrawal of coins at all and the CEO of Mt.Gox — Mark Karpeles — refused to give any comments. Around the same time, an internal company document became available to the press explaining the reason for the failures — over the past several years around BTC 745,000 were stolen from the service. The total amount worth around $450 million at the time! What’s more, this was approximately 7% of all Bitcoin existing at the time.
“Even the sloppiest of audits should have shown that something had gone wrong, that money was flowing out of Gox accounts.” — The Verge.
Later the 200,000 stolen Bitcoins was found on an old wallet of the company. However, approximately 650,000 remain lost forever. According to Mt.Gox version, hackers used a bug in the transaction system that existed from the first day and quietly transferred small amounts of coins to their wallets. For sure the Mt. Gox case is the biggest crypto heist in history.No doubts, scam projects, and hack attacks will continue to emerge in a crypto world. Unfortunately, there is no universal remedy from them, but here are a few tips on how to reduce the risks of being scammed:
Like and share this article if you find it useful. Want more interesting articles on the crypto world? Follow us onMedium, Twitter, Facebook, and Reddit to get Stealthex.io updates and the latest news about the crypto world. For all requests message us at [[email protected]](mailto:[email protected]).
submitted by Stealthex_io to dogecoin [link] [comments]

Subreddit Stats: btc top posts from 2019-01-06 to 2020-01-05 11:19 PDT

Period: 363.85 days
Submissions Comments
Total 1000 86748
Rate (per day) 2.75 237.19
Unique Redditors 317 7747
Combined Score 194633 356658

Top Submitters' Top Submissions

  1. 31014 points, 162 submissions: Egon_1
    1. Vitalik Buterin to Core Maxi: “ok bitcoiner” .... (515 points, 206 comments)
    2. These men are serving life without parole in max security prison for nonviolent drug offenses. They helped me through a difficult time in a very dark place. I hope 2019 was their last year locked away from their loved ones. FreeRoss.org/lifers/ Happy New Year. (502 points, 237 comments)
    3. "It’s official Burger King just accepted Bitcoin Cash and GoC token as a payment option in Slovenia." (423 points, 112 comments)
    4. "HOLY SATOSHI! 😱😱 I did it! A smart card that produces valid BitcoinCash signatures. Who would love to pay with a card—to a phone?? Tap took less than a second!👟..." (368 points, 105 comments)
    5. Chrome 'Has Become Surveillance Software. It's Time to Switch' -> Brave to support BCH! (330 points, 97 comments)
    6. Gavin Andresen (2017): "Running a network near 100% capacity is irresponsible engineering... " (316 points, 117 comments)
    7. "Evidently @github has banned all the Iranian users without an ability for them to download their repositories. A service like Github must be a public good and must not be controlled by a centralized entity. Another great example of why we as a society need to make web3 a reality" (314 points, 117 comments)
    8. Roger Ver: "Bitcoin Cash acceptance is coming to thousands of physical shops in Korea" (313 points, 120 comments)
    9. Paul Sztorc: “Will people really spend $70-$700 to open/modify a lightning channel when there's an Altcoin down the street which will process a (USD-denominated) payment for $0.05 ? Many people seem to think yes but honestly I just don't get it” (306 points, 225 comments)
    10. Food For Thought (303 points, 105 comments)
  2. 29021 points, 157 submissions: MemoryDealers
    1. Bitcoin Cash is Lightning Fast! (No editing needed) (436 points, 616 comments)
    2. Brains..... (423 points, 94 comments)
    3. Meanwhile in Hong Kong (409 points, 77 comments)
    4. Ross Ulbricht has served 6 years in federal prison. (382 points, 156 comments)
    5. Just another day at the Bitcoin Cash accepting super market in Slovenia. (369 points, 183 comments)
    6. Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers. (369 points, 207 comments)
    7. History Reminder: (354 points, 245 comments)
    8. It's more decentralized this way. (341 points, 177 comments)
    9. The new Bitcoin Cash wallet is so fast!!!!! (327 points, 197 comments)
    10. The IRS wants to subpoena Apple and Google to see if you have downloaded crypto currency apps. (324 points, 178 comments)
  3. 6909 points, 37 submissions: BitcoinXio
    1. Tim Pool on Twitter: “How the fuck are people justifying creating a world like the one's depicted in Fahrenheit 451 and 1984? You realize that censorship and banning information was a key aspect of the dystopian nightmare right?” (435 points, 75 comments)
    2. The creator of the now famous HODL meme says that the HODL term has been corrupted and doesn’t mean what he intended; also mentions that the purpose of Bitcoin is to spend it and that BTC has lost its value proposition. (394 points, 172 comments)
    3. Erik Voorhees on Twitter: “I wonder if you realize that if Bitcoin didn’t work well as a payment system in the early days it likely would not have taken off. Many (most?) people found the concept of instant borderless payments captivating and inspiring. “Just hold this stuff” not sufficient.” (302 points, 66 comments)
    4. Bitfinex caught paying a company to astroturf on social media including Reddit, Twitter, Medium and other platforms (285 points, 86 comments)
    5. WARNING: If you try to use the Lightning Network you are at extremely HIGH RISK of losing funds and is not recommended or safe to do at this time or for the foreseeable future (274 points, 168 comments)
    6. Craig Wright seems to have rage quit Twitter (252 points, 172 comments)
    7. No surprise here: Samson Mow among other BTC maxi trolls harassed people to the point of breakdown (with rape threats, etc) (249 points, 85 comments)
    8. On Twitter: “PSA: The Lightning Network is being heavily data mined right now. Opening channels allows anyone to cluster your wallet and associate your keys with your IP address.” (228 points, 102 comments)
    9. btc is being targeted and attacked, yet again (220 points, 172 comments)
    10. Brian Armstrong CEO of Coinbase using Bitcoin Cash (BCH) to pay for food, video in tweet (219 points, 66 comments)
  4. 6023 points, 34 submissions: money78
    1. BSV in a nutshell... (274 points, 60 comments)
    2. There is something going on with @Bitcoin twitter account: 1/ The URL of the white paper has been changed from bitcoin.com into bitcoin.org! 2/ @Bitcoin has unfollowed all other BCH related accounts. 3/ Most of the posts that refer to "bitcoin cash" have been deleted?!! Is it hacked again?! (269 points, 312 comments)
    3. "Not a huge @rogerkver fan and never really used $BCH. But he wiped up the floor with @ToneVays in Malta, and even if you happen to despise BCH, it’s foolish and shortsighted not to take these criticisms seriously. $BTC is very expensive and very slow." (262 points, 130 comments)
    4. Jonathan Toomim: "At 32 MB, we can handle something like 30% of Venezuela's population using BCH 2x per day. Even if that's all BCH ever achieved, I'd call that a resounding success; that's 9 million people raised out of poverty. Not a bad accomplishment for a hundred thousand internet geeks." (253 points, 170 comments)
    5. Jonathan Toomim: "BCH will not allow block sizes that are large enough to wreak havoc. We do our capacity engineering before lifting the capacity limits. BCH's limit is 32 MB, which the network can handle. BSV does not share this approach, and raises limits before improving actual capacity." (253 points, 255 comments)
    6. What Bitcoin Cash has accomplished so far 💪 (247 points, 55 comments)
    7. Which one is false advertising and misleading people?! Bitcoin.com or Bitcoin.org (232 points, 90 comments)
    8. A message from Lightning Labs: "Don't put more money on lightning than you're willing to lose!" (216 points, 118 comments)
    9. Silk Road’s Ross Ulbricht thanks Bitcoin Cash’s [BCH] Roger Ver for campaigning for his release (211 points, 29 comments)
    10. This account just donated more than $6600 worth of BCH via @tipprbot to multiple organizations! (205 points, 62 comments)
  5. 4514 points, 22 submissions: unstoppable-cash
    1. Reminder: bitcoin mods removed top post: "The rich don't need Bitcoin. The poor do" (436 points, 89 comments)
    2. Peter R. Rizun: "LN User walks into a bank, says "I need a loan..." (371 points, 152 comments)
    3. It was SO simple... Satoshi had the answer to prevent full-blocks back in 2010! (307 points, 150 comments)
    4. REMINDER: "Bitcoin isn't for people that live on less than $2/day" -Samson Mow, CSO of BlockStream (267 points, 98 comments)
    5. "F'g insane... waited 5 hrs and still not 1 confirmation. How does anyone use BTC over BCH BitcoinCash?" (258 points, 222 comments)
    6. Irony:"Ave person won't be running LN routing node" But CORE/BTC said big-blocks bad since everyone can't run their own node (256 points, 161 comments)
    7. BitPay: "The Wikimedia Foundation had been accepting Bitcoin for several years but recently switched pmt processors to BitPay so they can now accept Bitcoin Cash" (249 points, 61 comments)
    8. FreeTrader: "Decentralization is dependent on widespread usage..." (195 points, 57 comments)
    9. The FLIPPENING: Fiat->OPEN Peer-to-Peer Electronic Cash! Naomi Brockwell earning more via BitBacker than Patreon! (193 points, 12 comments)
    10. LN Commentary from a guy that knows a thing or 2 about Bitcoin (Gavin Andresen-LEAD developer after Satoshi left in 2010) (182 points, 80 comments)
  6. 3075 points, 13 submissions: BeijingBitcoins
    1. Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo! (410 points, 166 comments)
    2. Chess.com used to accept Bitcoin payments but, like many other businesses, disabled the option. After some DMs with an admin there, I'm pleased to announce that they now accept Bitcoin Cash! (354 points, 62 comments)
    3. WSJ: Bitfinex Used Tether Reserves to Mask Missing $850 Million, Probe Finds (348 points, 191 comments)
    4. Bitcoiners: Then and Now [MEME CONTEST - details in comments] (323 points, 72 comments)
    5. I'd post this to /Bitcoin but they would just remove it right away (also I'm banned) (320 points, 124 comments)
    6. So this is happening at the big protest in Hong Kong right now (270 points, 45 comments)
    7. /Bitcoin mods are censoring posts that explain why BitPay has to charge an additional fee when accepting BTC payments (219 points, 110 comments)
    8. The guy who won this week's MillionaireMakers drawing has received ~$55 in BCH and ~$30 in BTC. It will cost him less than $0.01 to move the BCH, but $6.16 (20%) in fees to move the BTC. (164 points, 100 comments)
    9. The Bitcoin whitepaper was published 11 years ago today. Check out this comic version of the whitepaper, one of the best "ELI5" explanations out there. (153 points, 12 comments)
    10. Two Years™ is the new 18 Months™ (142 points, 113 comments)
  7. 2899 points, 18 submissions: jessquit
    1. Oh, the horror! (271 points, 99 comments)
    2. A few days ago I caught flak for reposting a set of graphs that didn't have their x-axes correctly labeled or scaled. tvand13 made an updated graph with correct labeling and scaling. I am reposting it as I promised. I invite the viewer to draw their own conclusions. (214 points, 195 comments)
    3. Do you think Bitcoin needs to increase the block size? You're in luck! It already did: Bitcoin BCH. Avoid the upcoming controversial BTC block size debate by trading your broken Bitcoin BTC for upgraded Bitcoin BCH now. (209 points, 194 comments)
    4. Master list of evidence regarding Bitcoin's hijacking and takeover by Blockstream (185 points, 113 comments)
    5. PSA: BTC not working so great? Bitcoin upgraded in 2017. The upgraded Bitcoin is called BCH. There's still time to upgrade! (185 points, 192 comments)
    6. Nobody uses Bitcoin Cash (182 points, 88 comments)
    7. Double-spend proofs, SPV fraud proofs, and Cashfusion improvements all on the same day! 🏅 BCH PLS! 🏅 (165 points, 36 comments)
    8. [repost] a reminder on how btc and Bitcoin Cash came to be (150 points, 102 comments)
    9. Holy shit the entire "negative with gold" sub has become a shrine devoted to the guilded astroturfing going on in rbtc (144 points, 194 comments)
    10. This sub is the only sub in all of Reddit that allows truly uncensored discussion of BTC. If it turns out that most of that uncensored discussion is negative, DON'T BLAME US. (143 points, 205 comments)
  8. 2839 points, 13 submissions: SwedishSalsa
    1. With Bitcoin, for the first time in modern history, we have a way to opt out. (356 points, 100 comments)
    2. In this age of rampant censorship and control, this is why I love Bitcoin. (347 points, 126 comments)
    3. The crypto expert (303 points, 29 comments)
    4. Satoshi reply to Mike Hearn, April 2009. Everybody, especially newcomers and r-bitcoin-readers should take a step back and read this. (284 points, 219 comments)
    5. Bitcoin Cash looking good lately. (235 points, 33 comments)
    6. Roger Ver bad (230 points, 61 comments)
    7. History of the BTC scaling debate (186 points, 54 comments)
    8. MFW i read Luke Jr wants to limit BTC blocks to 300k. (183 points, 116 comments)
    9. Meanwhile over at bitcoinsv... (163 points, 139 comments)
    10. Listen people... (155 points, 16 comments)
  9. 2204 points, 10 submissions: increaseblocks
    1. China bans Bitcoin again, and again, and again (426 points, 56 comments)
    2. China bans Bitcoin (again) (292 points, 35 comments)
    3. Bitcoin Cash Network has now been upgraded! (238 points, 67 comments)
    4. So you want small blocks with high fees to validate your own on chain transactions that happen OFF CHAIN? (212 points, 112 comments)
    5. It’s happening - BTC dev Luke jr writing code to Bitcoin BTC codebase to fork to lower the block size to 300kb! (204 points, 127 comments)
    6. Former BTC maximalist admits that maxi's lied cheated and stealed to get SegWit and Lightning (201 points, 135 comments)
    7. Just 18 more months to go! (172 points, 86 comments)
    8. Bitcoin Cash ring - F*CK BANKS (167 points, 51 comments)
    9. LTC Foundation chat leaked: no evidence of development, lack of transparency (155 points, 83 comments)
    10. A single person controls nearly half of all the Lightning Network’s capacity (137 points, 109 comments)
  10. 2138 points, 12 submissions: JonyRotten
    1. 'Craig Is a Liar' – Early Adopter Proves Ownership of Bitcoin Address Claimed by Craig Wright (309 points, 165 comments)
    2. 200,000 People Have Signed Ross Ulbricht's Clemency Petition (236 points, 102 comments)
    3. Street Artist Hides $1,000 in BTC Inside a Mural Depicting Paris Protests (236 points, 56 comments)
    4. Craig Wright Ordered to Produce a List of Early Bitcoin Addresses in Kleiman Lawsuit (189 points, 66 comments)
    5. Ross Ulbricht Clemency Petition Gathers 250,000 Signatures (163 points, 24 comments)
    6. Ross Ulbricht Letter Questions the Wisdom of Imprisoning Non-Violent Offenders (160 points, 50 comments)
    7. Expert Witness in Satoshi Case Claims Dr Wright's Documents Were Doctored (155 points, 44 comments)
    8. California City Official Uses Bitcoin Cash to Purchase Cannabis (151 points, 36 comments)
    9. Money Transmitter License Not Required for Crypto Businesses in Pennsylvania (141 points, 9 comments)
    10. McAfee to Launch Decentralized Token Exchange With No Restrictions (137 points, 35 comments)

Top Commenters

  1. jessquit (16708 points, 2083 comments)
  2. Ant-n (7878 points, 1517 comments)
  3. MemoryDealers (7366 points, 360 comments)
  4. Egon_1 (6205 points, 1001 comments)
  5. 500239 (5745 points, 735 comments)
  6. BitcoinXio (4640 points, 311 comments)
  7. LovelyDay (4353 points, 457 comments)
  8. chainxor (4293 points, 505 comments)
  9. MobTwo (3420 points, 174 comments)
  10. ShadowOfHarbringer (3388 points, 478 comments)

Top Submissions

  1. The perfect crypto t-shirt by Korben (742 points, 68 comments)
  2. The future of Libra Coin by themadscientistt (722 points, 87 comments)
  3. when you become a crypto trader... by forberniesnow (675 points, 54 comments)
  4. A Reminder Why You Shouldn’t Use Google. by InMyDayTVwasBooks (637 points, 209 comments)
  5. Imagine if in 2000 Apple just sat around all day shit-talking Microsoft. Apple would have never gone anywhere. Apple succeeded because they learned from their mistakes, improved, and got better. BCH should do the same. by guyfawkesfp (552 points, 255 comments)
  6. Bitcoin made The Simpsons intro! Sorry for the potato quality by Johans_wilgat (521 points, 44 comments)
  7. Vitalik Buterin to Core Maxi: “ok bitcoiner” .... by Egon_1 (515 points, 206 comments)
  8. Can't stop won't stop by Greentoboggan (514 points, 78 comments)
  9. These men are serving life without parole in max security prison for nonviolent drug offenses. They helped me through a difficult time in a very dark place. I hope 2019 was their last year locked away from their loved ones. FreeRoss.org/lifers/ Happy New Year. by Egon_1 (502 points, 237 comments)
  10. Blockchain? by unesgt (479 points, 103 comments)

Top Comments

  1. 211 points: fireduck's comment in John Mcafee on the run from IRS Tax Evasion charges, running 2020 Presidential Campaign from Venezuela in Exile
  2. 203 points: WalterRothbard's comment in I am a Bitcoin supporter and developer, and I'm starting to think that Bitcoin Cash could be better, but I have some concerns, is anyone willing to discuss them?
  3. 179 points: Chris_Pacia's comment in The BSV chain has just experienced a 6-block reorg
  4. 163 points: YourBodyIsBCHn's comment in I made this account specifically to tip in nsfw/gonewild subreddits
  5. 161 points: BeijingBitcoins's comment in Last night's BCH & BTC meetups in Tokyo were both at the same restaurant (Two Dogs). We joined forces for this group photo!
  6. 156 points: hawks5999's comment in You can’t make this stuff up. This is how BTC supporters actually think. From bitcoin: “What you can do to make BTC better: check twice if you really need to use it!” 🤦🏻‍♂️
  7. 155 points: lowstrife's comment in Steve Wozniak Sold His Bitcoin at Its Peak $20,000 Valuation
  8. 151 points: kdawgud's comment in The government is taking away basic freedoms we each deserve
  9. 147 points: m4ktub1st's comment in BCH suffered a 51% attack by colluding miners to re-org the chain in order to reverse transactions - why is nobody talking about this? Dangerous precident
  10. 147 points: todu's comment in Why I'm not a fan of the SV community: My recent bill for defending their frivolous lawsuit against open source software developers.
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

Idle-Empire - Earn PayPal, Gift Cards & More | An extensive overview

Introduction

This is a full overview about Idle-Empire, a GPT (Get-Paid-To) site that's been around since 2015. Idle-Empire is primarily targeted towards gamers, but they also have payouts through PayPal, Gift Cards, Cryptocurrencies, and Perfect Money - so I think it's a good fit for beermoney too!
Idle-Empire has a lot of different earning and payout methods, some that you won't find on regular GPT sites. I'll go over every earning and payout method in this post.

Links

You get 500 Points ($0.05) for free when you sign up through my referral link, and of course, you support me too. I'll also include a clean link for people who prefer not to use my referral link:

Referral Link | Clean Link

Supported Countries

As far as I'm aware, there are no country restrictions on Idle-Empire. Everyone can sign up. There are some earning methods where your country does not matter, for others it does matter. People from all countries are able to idle, mine, complete promotions, and collect referrals. The availability of surveys, offers, and videos depend on your country.

Currency Value

Idle-Empire uses the term "Points" for their virtual currency. 10,000 Points are worth $1.00.

Payout Proof

I can provide this Coinbase payout proof.

Payout Conditions

The minimum payout amount is $0.10 for most payout methods. Some payout methods like gift cards ($1.00 - $10.00) or PayPal ($2.50) have a higher minimum payout amount.
You'll need to verify your account before you can make your first payout. You can verify your account with your mobile phone number, a verification code will be sent to your phone number.

Earning Methods

In this section, I'll describe all available earning methods and add my personal opinion and experience about every method.

Surveys & Offers

I guess everybody here is familiar with the concept of surveys and offers. They are tasks that involve answering questions, downloading programs and mobile apps, registering on platforms, and much more. It's a grind but it can pay off since there are some offers that pay good money. Idle-Empire has a number of different offerwalls, here's a full list:
Personally, I like doing surveys and offers because they pay well. But it's also more work than other earning methods. No pain, no gain.

Videos

Idle-Empire has videos from EngageMe.TV, Smores.TV, and Hideout.TV. I believe many of you guys are familiar with those 3 providers, they are all owned by AdscendMedia. All you have to do is watch videos and sometimes there's gonna be an advertisement in between videos, and after every 3 ads, you get paid 50 Points.
I liked to do videos in the past because it was easy and fast. Now I do it less, I feel that it became slower because I get fewer ads than before.

Game Servers

You have to join the Team Fortress 2 game servers of Idle-Empire and every minute you receive 1 Point. That's 1440 Points per day, which is $0.144 per day or $4.32 per month. It's not much but you don't have to do anything for it except being on the server. This process is called "idling" because you don't do anything. Idle-Empire shows video ads on the servers, so I guess that's how they can afford to pay people for being on the servers.
Team Fortress 2 is free-to-play on Steam, so everyone can just install it.
Idle-Empire also has an Autojoin tool which makes sure you automatically get reconnect to the server in case of a disconnected (can happen if your internet is down for a moment).
I'm usually on the game servers 24/7 because it's free money for me - my computer is always running anyways and having the game run in the background doesn't bother me since it's not slowing down my computer.

Mining

Most people will have noticed the cryptocurrency craze during 2017 and 2018, where mining also played an important role. Idle-Empire has its own cryptocurrency miner and you get paid for running it on your computer.
The average hashrate is currently 261 hashes per second. There's a calculator on the Idle-Empire website and it says that you earn 32,451 Points per month with that hashrate - that's $3.24. Note that this is just the current average, you might earn less or more depending on the GPU and CPU you have.
The issue with mining is that it takes your computer a lot of its CPU/GPU power, so you won't be able to use it for other stuff in the meantime. Your computer will also consume more electricity. I believe mining isn't worth it for most people anymore unless you don't pay for electricity.
I've used mining about 10 months ago or so and it was much more profitable at the time, I was making $0.80 - $0.90 per day. Haven't done it since the profitability went down, I think for most people it's only worth it now if you have free electricity.

Referrals

Idle-Empire has a simple referral system - you earn 20% of what your referrals earn through surveys/offers, servers, and mining. Here are the terms:
20% is pretty nice and I believe it can be a good passive income if you get active referrals.

Promotions

Promotions are basically offers from Idle-Empire. Most promotions are simple to complete.
There are some promotions that you can do on a daily basis just by pressing a button, that's pretty good. Also, I think it's worth to complete all the tasks that just require a few button clicks like verifying your email or following them on social media.
Here's a full list of all promotions:

Basic

Follow Social Media

Daily Tasks

Invite Friends

Create Content

Payout Methods

In this section, I'll quickly summarize the available payout methods.

PayPal

I'm sure everyone is familiar with PayPal. Idle-Empire sends USD to your PayPal account. There's a fee of $0.30 + 2.9%.

Gift Cards

They currently offer gift cards for the following platforms:

Cryptocurrencies

Idle-Empire has cryptocurrency payouts through Coinbase. The coins will be sent to your Coinbase account with zero fees. These currencies are supported:

Perfect Money

Perfect Money might be an alternative to PayPal for some people, especially when PayPal isn't available in your country. Perfect Money funds can be converted to Bitcoin, Skrill, Neteller, Payeer, Payoneer, and many others. Idle-Empire sends USD to your Perfect Money account.

BitSkins

BitSkins is a marketplace for Steam items, mainly for CS:GO and TF2 skins but many other games are supported too. Idle-Empire sends USD balance to your BitSkins account.

OPSkins

OPSkins is a marketplace for virtual and physical items. Idle-Empire sends Operation Points to your OPSkins account.

CSGOShop

CSGOShop is a marketplace similar to BitSkins but apparently, it has fewer users and supports fewer games. Idle-Empire sends USD balance to your CSGOShop account.

KeyJoker

KeyJoker seems to be a website where you can buy cheap indie Steam games. Idle-Empire sends credits to your KeyJoker account.

Boosters

Idle-Empire has "Boosters" that are randomly created on weekends (Saturday and Sunday). Boosters temporarily increase the earnings for one earning method, the boost can range from 1% to 100% and lasts a few hours. I've seen boosters for surveys/offers, videos, mining, and the game servers.

Conclusion

Idle-Empire can be a good alternative to traditional GPT sites for many users, especially since it doesn't have any country restrictions.
It has some unconventional earning methods like idling, mining, and some promotions but you'll also find the usual surveys, offers, and videos. Idle-Empire has many different offer walls, so that's nice if you like to grind.
The payout methods are primarily targeted towards gamers but they also have payouts through PayPal, Gift Cards, Cryptocurrencies, and Perfect Money. So I guess there's something for everybody.
The boosters on weekends are a good opportunity to complete some high paying offers and get a nice bonus on top. Coupons are also regularly posted on Twitter and the other social media channels and they can be redeemed in just a few seconds, so that's fast and easy.
I hope this extensive overview was helpful to some people! :)
submitted by z3rAHvzMxZ54fZmJmxaI to beermoney [link] [comments]

The Biggest Scams In The Crypto History

The cryptocurrency market is often compared to the Wild West. Digital gold, lawlessness, and unlimited Internet space attract not only honest people but also rascals. Today we will show you the loudest scam projects and cyber-attacks that seriously shattered the crypto society.
PayCoin
A mix of cloud mining and Ponzi scheme, which was promoted by Geniuses at Work Corporation Miners (GAW) in 2014. These guys make the first move by renting and selling virtual HashSet miners, which helped them form a loyal audience. Seeing that this project began to go down, the team decided to invent their own coin — PayCoin. People were promised a breakthrough technology, support from banks and other organizations, huge profits, free and fast transactions all around the world. As a result, the project started just awesome, which attracted the attention of a large number of miners and users. As you can guess all creators’ promises didn’t come true — Paycoin started to fall and users filed a lot of court complaint.
In the fall of 2018, the creator of PayCoin, Joshua Garza, was sentenced to 21 months in prison, obliging investors to pay damages of $9.2 million, although the total amount of financial investments was over $54 million.
BitConnect
Do you know how to tell that you’re participating in a scam? Just start with “Wasa Wasa Wasup BitConnect” as Carlos Matos did. BitConnect platform appeared in 2016 and immediately announced its intention to join the elite of the digital economy, bringing super-profits to all project participants without exception. The essence of the criminal scheme was simple: “Invest and get 100% and more.” The organizers promised investors an income of 365% per year! After the enormous excitement of the crypto market, the cost of the BitConnect token was equal to $463. This attracted the attention of reputable persons like Mike Novogratz, Charlie Lee, and Vitalik Buterin. For example, the creator of Litecoin — Charlie Lee — twitted the following:
“From the surface, BitConnect seems like a classic Ponzi scheme. I wouldn’t invest in it and wouldn’t recommend anyone else to.”
But even after such concerns, many people continued to invest in BitConnect. However, in early January 2018, the project unexpectedly turned down all of the activities and closed its platform. Investors were left with nothing. According to general estimates, the investors were deceived for more than $2.5 billion! In the summer of 2018, the head of Bitconnect India Divyesh Darji was arrested.
Beware that on July 1, 2019, a project Bitconnect 2.0 can be launched according to the news posted on Twitterby the same-named user.
Ifan and Pincoin
Start-ups Ifan and Pincoin, owned by the Vietnamese company Modern Tech, raised a whopping $660 million from approximately 32.000 people. The majority of the victims were the citizens of Vietnam. This scam project was labeled the “largest exit scam in recent memory” by TechCrunch.Project’s marketing strategy was so perfect that it was impossible to resist. So Ifan was promoted as “the most advanced social network” for celebrities and their fans. On the other side, Pincoin attracted investors with a promised investment return of 40% per month. The creators of Pincoin wrote about the development of an online platform covering an advertising network, a service for auctions, an investment portal, and P2P platform based on the blockchain.
But in fact both ICOs used a Ponzi scheme: users invested money, received their interest, brought friends and received additional interest. After some time, Modern Tech stopped paying out dividends in fiat and invited users to switch to their own tokens. As a result, they just made a fool of the investors.
This provoked massive rallies in front of the Modern Tech office, during which investors demanded a refund. But the scammers just escaped into the night with a $660 million jackpot.
Mt.Gox
In 2014 Mt.Gox exchange platform was one of the most popular resources for Bitcoin trading: it accounted for more than 70% of all transactions with BTC. A real tidbit, isn’t it?
Unfortunately, Mt.Gox was slowly turning into chaos. In the fall of 2013, US federal agents collected $5 million from the company’s bank account, since Mt.Gox was not registered as a financial intermediary. At the same time, Coinlab, the company’s former partner, filed a lawsuit against Mt.Gox, demanding $75 million. The lawsuit stated that Mt.Gox violated the terms of the agreement with Coinlab and continued to trade in the United States and Canada.
These problems led to failures with the platform. For example, American users waited for months to withdraw funds. In February 2014, Mt.Gox stopped the withdrawal of coins at all and the CEO of Mt.Gox — Mark Karpeles — refused to give any comments. Around the same time, an internal company document became available to the press explaining the reason for the failures — over the past several years around BTC 745,000 were stolen from the service. The total amount worth around $450 million at the time! What’s more, this was approximately 7% of all Bitcoin existing at the time.
“Even the sloppiest of audits should have shown that something had gone wrong, that money was flowing out of Gox accounts.” — The Verge.
Later the 200,000 stolen Bitcoins was found on an old wallet of the company. However, approximately 650,000 remain lost forever. According to Mt.Gox version, hackers used a bug in the transaction system that existed from the first day and quietly transferred small amounts of coins to their wallets. For sure the Mt. Gox case is the biggest crypto heist in history.No doubts, scam projects, and hack attacks will continue to emerge in a crypto world. Unfortunately, there is no universal remedy from them, but here are a few tips on how to reduce the risks of being scammed:
Like and share this article if you find it useful. Want more interesting articles on the crypto world? Follow us onMedium, Twitter, Facebook, and Reddit to get Stealthex.io updates and the latest news about the crypto world. For all requests message us at [[email protected]](mailto:[email protected]).
submitted by Stealthex_io to Bitcoin [link] [comments]

Takeaways from Justin's Livestream

First of all, before I list this information, I'm a bit taken back by how insulting some are on here. He's doing his damn best to explain things in English to everyone, and people are just insulting his attempt to do so. Also the fact that he's not just saying buzzwords... he's doing his best to be super forward facing to his backers. You can hear that he's genuine in his inflections.
Also, this is a very informal, Periscope stream. If anyone actually thought he'd have a Powerpoint or shit like that to be seen, you all greatly misunderstood what his plan was for tonight.
For anyone who wants to read the disorganized transcript of the Livestream, courtiously done by btcrazy as fast as he could, you can find that post here: ROUGH TRANSCRIPT
GENERAL
PERSONAL
PARTNERSHIPS
TRON PLATFORM
TRON PIPELINE
TRON DOGS
TEAM MEMBERS
TRON GIVEAWAY
LASTLY, Periscope crashed, so he is having an AMA to the best of his abilites here: https://twitter.com/justinsuntron/status/949475975229685760
Permalink about my Wife who speaks Mandarin watching his Mandarin stream.
There will be rolling edits to this post as more accurate information that was missed is collected.
LINK - This is his stream in Mandarin incase anyone wants to see.
submitted by ShadowsTalon to Tronix [link] [comments]

Mining btc super fast Free Bitcoin Mining At Superfast Speed  In Hindi  No Investment How to make fast Bitcoins mining up to 4X faster! Earn 1 ... Fast Bitcoin miner. BTC miner using your Laptop processor ... Fast BTC-Miner - How to download ?

Free fast bitcoin mining is generated all over the internet and anybody running a free application called a bitcoin miner. Mining requires an amount of work for each block of coins. This amount is automatically adjusted to the network. Your bitcoin is stored in a digital wallet. All the transactions are verified by miners after a few minutes. The Best Bitcoin mining Software, try it Now! Depending on the difficulty of mining the block and the value to be deciphered, your profit may change, however, on average our users with the key of the Silver plan, with 3 uses in a day, have been able to generate between 0.15 BTC and 0.32 BTC, which is profitable if you compare it with the investment of the Mining key. Final Thoughts On Fastest Bitcoin Generator. After all the information we have gathered, it is safe to say that The Fastest Bitcoin Generator is a potential scam that uses some of the oldest tricks in the book. It plays on the perception that we can make money without doing much hard work (thereby luring in innocent investors). QuickBTC, Fast and quick free bitcoin mining cloud, Start mining BTC for free without investment. Best bitcoin miner of 2020 with top cloud mining services. The platform should be handled by experienced experts in blockchain technology and bitcoin mining hardware. I recommended choosing Best bitcoin miner, which gives you a good profit as a return. Megamining is one of the leading free bitcoin mining clouds with the latest ASIC's chips which allow fast bitcoin mining with high profit.

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