Bitcoin Mining Guide - Getting started with Bitcoin mining

Solo-mining Week first Celebration! 2015/09/31-2015/10/07 /r/Bitcoin

Solo-mining Week first Celebration! 2015/09/31-2015/10/07 /Bitcoin submitted by coincrazyy to BitcoinAll [link] [comments]

Gulden [NLG] - Constant development - In wallet Staking/Mining/Dex

Official Website / Official Slack
About Gulden:
How to setup a Witness (Staking) Gulden was founded in April 2014 based on the Litecoin codebase. In 2015 the Litecoin codebase is abandoned and Gulden switched to the Bitcoin codebase. After years of development it can be said that Gulden now has its own codebase. Gulden started with a 10% premine that was spent entirely on development. The current developments are now paid by part of the mining reward. The direction of the developments are determined by the Gulden advisory board (GAB). The GAB consists of 9 members and is elected each year from the members of the community. Anyone can stand for election. Voting for candidates is recorded and done through the Gulden blockchain. Gulden would like to become a generally accepted means of payment. To this end, the development is aimed at making the wallets as user-friendly as possible.
What makes Gulden unique:
- PoW2 - Proof of work + Witness/Staking - SegSig (Segregated Signature) - SIGMA (Semi Iterated Global Memory Argon) - Linking (Control your mobile wallet from your desktop wallet) - Wallet accounts - Unity (Unified codebase) - Delta (Difficulty Algorithm) - Sonic (Fast Sync)
Features of Gulden explained:
PoW2: Gulden does not use a standard PoW consensus model, but the in-house developed PoW2 model. This is a combination of PoW and Witness. Miners control the transactions and the Witness controls the miners. In order to get the same chance of success for a double spend as for the single transaction approval systems it is therefore necessary not to control >50% of the mining power or >50% of the number of coins in witness accounts but to own more than 71% of both systems. (0.71 * 0.71 = 0.5 so 50% chance).
Because many Gulden owners have their Gulden fixed in witness, it is difficult to get a 71% majority in witness. There are now more than 100 million Gulden in witness. In order to get a 71% majority, an attacker has to secure an additional 220 million Gulden in witness. Apart from the fact that this is almost impossible, the price of the Gulden would go up sky high if so much Gulden had to be bought by the attacker. And because the attacker has to lock the Gulden, it looks like a bank robber who is going to rob his own bank. So such an attack is theoretically possible, but not possible in reality.
Anyone can become a witness: by locking an amount of Gulden in a Witness account in the desktop wallet for a certain amount of time. Depending on the weighting of the witness account (chosen duration and amount in the account) the witness earns rewards. The advantage of this system is that the Gulden blockchain can withstand 51% attacks without relying heavily on energy-guzzling PoW miners or vulnerable standard PoS systems. Transactions can be safely accepted after one confirmation instead of the standard 3-6 confirmations.

  1. PoW2 Whitepaper simply explained PoW² explored — A post-launch look at some of the security implications How to setup a Witness
SIGMA: Since October 17, 2019, the Gulden team has implemented the Sigma algorithm and since then it is possible to mine Gulden solo without additional equipment. The algorithm is asic resistant and can be done on a normal desktop computer using it’s CPU. One can simply use this CPU mining algorithm by creating a mining account in the desktop wallet and start mining Gulden.
SegSig - Segregated Signature - Detailed article still to be published but was implemented with PoW2. Advantages of Segregated Signature: 1. 58% space saving on all transactions. More then twice the bitcoin SegWit implementation. 2. 58% increased transaction throughput. No block size or frequency changes needed. 3. Overhaul to the transaction script system which allowed us to implement PoW² and SegSig as clean as possible along with other benefits.

Please take your time and read the technicals on this coin as its truly phenomenal and seriously under valorised and recognised. Barely any effort has been made to market its potential but you can judge yourself. Read the PoW2 Whitepaper or the short version PoW2 simply explained
The Official Website and Official Slack chatroom.
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Nuvmining | Planning To Profession Monero Cryptocurrency? Right here Are The Basics To Obtain You Begun

Among the core mandates of the blockchain innovation is to provide individuals with undeviating privacy. Bitcoin as the first ever decentralized cryptocurrency depended on this premise to market itself to the bigger audience that was after that in need of a digital money that is devoid of government meddling.
nuv mining
Sadly, in the process, Bitcoin confirmed to be swarming with a number of weaknesses consisting of non-scalability and also mutable blockchain. All the purchases and also addresses are composed on the blockchain therefore making it much easier for any person to connect the dots as well as introduce users' exclusive details based on their existing records. Some federal government and non-government companies are already utilizing blockchain analytics to read information on Bitcoin system.
nuvmining
Such problems have actually resulted in programmers checking out alternate blockchain technologies with better safety and speed. Among these projects is Monero, usually stood for by XMR ticker.
What is Monero?
Monero is a privacy-oriented cryptocurrency job whose primary aim is to offer far better personal privacy than various other blockchain ecological communities. This technology guard's customers' info via stealth addresses and Ring signatures.
Stealth address describes the development of a single address for a solo purchase. No 2 addresses can be pinned to a solitary transaction. The coins received enter into a totally various address making the entire procedure vague to an exterior viewer.
Ring trademark, on the various other hand, describes blending of account keys with public secrets hence producing a "ring" of multiple notaries. This implies a tracking agent can not link a trademark to a certain account. Unlike cryptography (mathematical technique of safeguarding crypto jobs), ring signature is not a newcomer. Its concepts were discovered and also taped in a 2001 paper by The Weizmann Institute as well as MIT.
Cryptography has actually absolutely won the hearts of numerous programmers and also blockchain enthusiasts, yet the reality is, it's still a nascent device with a handful utilizes. Since Monero utilizes the currently checked Ring trademark technology, it has established itself apart as a genuine task worth embracing.
Things to understand prior to you begin trading Monero
Monero's Market
Monero's market resembles that of other cryptocurrencies. If you want to buy it then Sea serpent, Poloniex, and Bitfinex are a few of the exchanges to see. Poloniex was the initial to embrace it complied with by Bitfinex and also lastly Kraken.
This online money mainly appears secured to the buck or versus fellow cryptos. A few of the readily available pairings include XMUSD, XMBTC, XMEUR, XMXBT and also many more. This currency's trading quantity as well as liquidity document great statistics.
Among the good things regarding XMR is that any individual can take part in extracting it either as an individual or by signing up with a mining swimming pool. Any type of computer system with substantially great processing power can mine Monero obstructs with a couple of missteps. Don't bother choosing the ASICS (application-specific integrated circuits) which are currently compulsory for Bitcoin mining.
Rate volatility
Regardless of being a powerful cryptocurrency network, it's not so special when it pertains to volatility. Basically all altcoins are exceptionally unpredictable. This must not stress any type of passionate investor as this factor is what makes them profitable in the very first place-you buy when prices are in the dip and also market when they are on a higher pattern.
In January 2015, XMR was opting for $0.25 after that did some jogging to $60 in Might 2017 and it's currently bowling above the $300 mark. Monero coin taped its ATH (all-time high) of $475 on January seventh prior to it started slumping together with various other cryptocurrencies to $300. At the time of this writing, virtually all decentralized currencies remain in rate modification stage with Bitcoin teeter-tottering between $10-11k from its remarkable ATH of $19,000.
Fungibility and also fostering
Thanks to its capacity to use trusted personal privacy, XMR has actually been taken on by lots of people making its coins to be easily substituted for other money. In basic terms, Monero can be easily traded for something else.
All Bitcoins in Bitcoin Blockchain are recorded down, and therefore, when an event like burglary transpires, every coin included will be steered clear of from operating making them nonexchangeable. With monero, you can not differentiate one coin from the other. Therefore, no vendor can decline any of them due to the fact that it's been connected with a negative event.
Monero blockchain is currently one of the most trending cryptocurrencies with a considerable variety of followers. Like many other blockchain jobs, its future appearances fantastic albeit the impending federal government crackdown. As an investor, you require to do your due diligence and research before trading in any kind of Cryptocurrency. Where feasible, look for assistance from economists in order to step on the appropriate path.
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Searching for the Unicorn Cryptocurrency

Searching for the Unicorn Cryptocurrency
For someone first starting out as a cryptocurrency investor, finding a trustworthy manual for screening a cryptocurrency’s merits is nonexistent as we are still in the early, Wild West days of the cryptocurrency market. One would need to become deeply familiar with the inner workings of blockchain to be able to perform the bare minimum due diligence.
One might believe, over time, that finding the perfect cryptocurrency may be nothing short of futile. If a cryptocurrency purports infinite scalability, then it is probably either lightweight with limited features or it is highly centralized among a limited number of nodes that perform consensus services especially Proof of Stake or Delegated Proof of Stake. Similarly, a cryptocurrency that purports comprehensive privacy may have technical obstacles to overcome if it aims to expand its applications such as in smart contracts. The bottom line is that it is extremely difficult for a cryptocurrency to have all important features jam-packed into itself.
The cryptocurrency space is stuck in the era of the “dial-up internet” in a manner of speaking. Currently blockchain can’t scale – not without certain tradeoffs – and it hasn’t fully resolved certain intractable issues such as user-unfriendly long addresses and how the blockchain size is forever increasing to name two.
In other words, we haven’t found the ultimate cryptocurrency. That is, we haven’t found the mystical unicorn cryptocurrency that ushers the era of decentralization while eschewing all the limitations of traditional blockchain systems.
“But wait – what about Ethereum once it implements sharding?”
“Wouldn’t IOTA be able to scale infinitely with smart contracts through its Qubic offering?”
“Isn’t Dash capable of having privacy, smart contracts, and instantaneous transactions?”
Those thoughts and comments may come from cryptocurrency investors who have done their research. It is natural for the informed investors to invest in projects that are believed to bring cutting edge technological transformation to blockchain. Sooner or later, the sinking realization will hit that any variation of the current blockchain technology will always likely have certain limitations.
Let us pretend that there indeed exists a unicorn cryptocurrency somewhere that may or may not be here yet. What would it look like, exactly? Let us set the 5 criteria of the unicorn cryptocurrency:
Unicorn Criteria
(1) Perfectly solves the blockchain trilemma:
o Infinite scalability
o Full security
o Full decentralization
(2) Zero or minimal transaction fee
(3) Full privacy
(4) Full smart contract capabilities
(5) Fair distribution and fair governance
For each of the above 5 criteria, there would not be any middle ground. For example, a cryptocurrency with just an in-protocol mixer would not be considered as having full privacy. As another example, an Initial Coin Offering (ICO) may possibly violate criterion (5) since with an ICO the distribution and governance are often heavily favored towards an oligarchy – this in turn would defy the spirit of decentralization that Bitcoin was found on.
There is no cryptocurrency currently that fits the above profile of the unicorn cryptocurrency. Let us examine an arbitrary list of highly hyped cryptocurrencies that meet the above list at least partially. The following list is by no means comprehensive but may be a sufficient sampling of various blockchain implementations:
Bitcoin (BTC)
Bitcoin is the very first and the best known cryptocurrency that started it all. While Bitcoin is generally considered extremely secure, it suffers from mining centralization to a degree. Bitcoin is not anonymous, lacks smart contracts, and most worrisomely, can only do about 7 transactions per seconds (TPS). Bitcoin is not the unicorn notwithstanding all the Bitcoin maximalists.
Ethereum (ETH)
Ethereum is widely considered the gold standard of smart contracts aside from its scalability problem. Sharding as part of Casper’s release is generally considered to be the solution to Ethereum’s scalability problem.
The goal of sharding is to split up validating responsibilities among various groups or shards. Ethereum’s sharding comes down to duplicating the existing blockchain architecture and sharing a token. This does not solve the core issue and simply kicks the can further down the road. After all, full nodes still need to exist one way or another.
Ethereum’s blockchain size problem is also an issue as will be explained more later in this article.
As a result, Ethereum is not the unicorn due to its incomplete approach to scalability and, to a degree, security.
Dash
Dash’s masternodes are widely considered to be centralized due to their high funding requirements, and there are accounts of a pre-mine in the beginning. Dash is not the unicorn due to its questionable decentralization.
Nano
Nano boasts rightfully for its instant, free transactions. But it lacks smart contracts and privacy, and it may be exposed to well orchestrated DDOS attacks. Therefore, it goes without saying that Nano is not the unicorn.
EOS
While EOS claims to execute millions of transactions per seconds, a quick glance reveals centralized parameters with 21 nodes and a questionable governance system. Therefore, EOS fails to achieve the unicorn status.
Monero (XMR)
One of the best known and respected privacy coins, Monero lacks smart contracts and may fall short of infinite scalability due to CryptoNote’s design. The unicorn rank is out of Monero’s reach.
IOTA
IOTA’s scalability is based on the number of transactions the network processes, and so its supposedly infinite scalability would fluctuate and is subject to the whims of the underlying transactions. While IOTA’s scalability approach is innovative and may work in the long term, it should be reminded that the unicorn cryptocurrency has no middle ground. The unicorn cryptocurrency would be expected to scale infinitely on a consistent basis from the beginning.
In addition, IOTA’s Masked Authenticated Messaging (MAM) feature does not bring privacy to the masses in a highly convenient manner. Consequently, the unicorn is not found with IOTA.

PascalCoin as a Candidate for the Unicorn Cryptocurrency
Please allow me to present a candidate for the cryptocurrency unicorn: PascalCoin.
According to the website, PascalCoin claims the following:
“PascalCoin is an instant, zero-fee, infinitely scalable, and decentralized cryptocurrency with advanced privacy and smart contract capabilities. Enabled by the SafeBox technology to become the world’s first blockchain independent of historical operations, PascalCoin possesses unlimited potential.”
The above summary is a mouthful to be sure, but let’s take a deep dive on how PascalCoin innovates with the SafeBox and more. Before we do this, I encourage you to first become acquainted with PascalCoin by watching the following video introduction:
https://www.youtube.com/watch?time_continue=4&v=F25UU-0W9Dk
The rest of this section will be split into 10 parts in order to illustrate most of the notable features of PascalCoin. Naturally, let’s start off with the SafeBox.
Part #1: The SafeBox
Unlike traditional UTXO-based cryptocurrencies in which the blockchain records the specifics of each transaction (address, sender address, amount of funds transferred, etc.), the blockchain in PascalCoin is only used to mutate the SafeBox. The SafeBox is a separate but equivalent cryptographic data structure that snapshots account balances. PascalCoin’s blockchain is comparable to a machine that feeds the most important data – namely, the state of an account – into the SafeBox. Any node can still independently compute and verify the cumulative Proof-of-Work required to construct the SafeBox.
The PascalCoin whitepaper elegantly highlights the unique historical independence that the SafeBox possesses:
“While there are approaches that cryptocurrencies could use such as pruning, warp-sync, "finality checkpoints", UTXO-snapshotting, etc, there is a fundamental difference with PascalCoin. Their new nodes can only prove they are on most-work-chain using the infinite history whereas in PascalCoin, new nodes can prove they are on the most-work chain without the infinite history.”
Some cryptocurrency old-timers might instinctively balk at the idea of full nodes eschewing the entire history for security, but such a reaction would showcase a lack of understanding on what the SafeBox really does.
A concrete example would go a long way to best illustrate what the SafeBox does. Let’s say I input the following operations in my calculator:
5 * 5 – 10 / 2 + 5
It does not take a genius to calculate the answer, 25. Now, the expression “5 \ 5 – 10 / 2 + 5”* would be forever imbued on a traditional blockchain’s history. But the SafeBox begs to differ. It says that the expression “5 \ 5 – 10 / 2 + 5”* should instead be simply “25” so as preserve simplicity, time, and space. In other words, the SafeBox simply preserves the account balance.
But some might still be unsatisfied and claim that if one cannot trace the series of operations (transactions) that lead to the final number (balance) of 25, the blockchain is inherently insecure.
Here are four important security aspects of the SafeBox that some people fail to realize:
(1) SafeBox Follows the Longest Chain of Proof-of-Work
The SafeBox mutates itself per 100 blocks. Each new SafeBox mutation must reference both to the previous SafeBox mutation and the preceding 100 blocks in order to be valid, and the resultant hash of the new mutated SafeBox must then be referenced by each of the new subsequent blocks, and the process repeats itself forever.
The fact that each new SafeBox mutation must reference to the previous SafeBox mutation is comparable to relying on the entire history. This is because the previous SafeBox mutation encapsulates the result of cumulative entire history except for the 100 blocks which is why each new SafeBox mutation requires both the previous SafeBox mutation and the preceding 100 blocks.
So in a sense, there is a single interconnected chain of inflows and outflows, supported by Byzantine Proof-of-Work consensus, instead of the entire history of transactions.
More concretely, the SafeBox follows the path of the longest chain of Proof-of-Work simply by design, and is thus cryptographically equivalent to the entire history even without tracing specific operations in the past. If the chain is rolled back with a 51% attack, only the attacker’s own account(s) in the SafeBox can be manipulated as is explained in the next part.
(2) A 51% Attack on PascalCoin Functions the Same as Others
A 51% attack on PascalCoin would work in a similar way as with other Proof-of-Work cryptocurrencies. An attacker cannot modify a transaction in the past without affecting the current SafeBox hash which is accepted by all honest nodes.
Someone might claim that if you roll back all the current blocks plus the 100 blocks prior to the SafeBox’s mutation, one could create a forged SafeBox with different balances for all accounts. This would be incorrect as one would be able to manipulate only his or her own account(s) in the SafeBox with a 51% attack – just as is the case with other UTXO cryptocurrencies. The SafeBox stores the balances of all accounts which are in turn irreversibly linked only to their respective owners’ private keys.
(3) One Could Preserve the Entire History of the PascalCoin Blockchain
No blockchain data in PascalCoin is ever deleted even in the presence of the SafeBox. Since the SafeBox is cryptographically equivalent to a full node with the entire history as explained above, PascalCoin full nodes are not expected to contain infinite history. But for whatever reason(s) one may have, one could still keep all the PascalCoin blockchain history as well along with the SafeBox as an option even though it would be redundant.
Without storing the entire history of the PascalCoin blockchain, you can still trace the specific operations of the 100 blocks prior to when the SafeBox absorbs and reflects the net result (a single balance for each account) from those 100 blocks. But if you’re interested in tracing operations over a longer period in the past – as redundant as that may be – you’d have the option to do so by storing the entire history of the PascalCoin blockchain.
(4) The SafeBox is Equivalent to the Entire Blockchain History
Some skeptics may ask this question: “What if the SafeBox is forever lost? How would you be able to verify your accounts?” Asking this question is tantamount to asking to what would happen to Bitcoin if all of its entire history was erased. The result would be chaos, of course, but the SafeBox is still in line with the general security model of a traditional blockchain with respect to black swans.
Now that we know the security of the SafeBox is not compromised, what are the implications of this new blockchain paradigm? A colorful illustration as follows still wouldn’t do justice to the subtle revolution that the SafeBox ushers. The automobiles we see on the street are the cookie-and-butter representation of traditional blockchain systems. The SafeBox, on the other hand, supercharges those traditional cars to become the Transformers from Michael Bay’s films.
The SafeBox is an entirely different blockchain architecture that is impressive in its simplicity and ingenuity. The SafeBox’s design is only the opening act for PascalCoin’s vast nuclear arsenal. If the above was all that PascalCoin offers, it still wouldn’t come close to achieving the unicorn status but luckily, we have just scratched the surface. Please keep on reading on if you want to learn how PascalCoin is going to shatter the cryptocurrency industry into pieces. Buckle down as this is going to be a long read as we explore further about the SafeBox’s implications.
Part #2: 0-Confirmation Transactions
To begin, 0-confirmation transactions are secure in PascalCoin thanks to the SafeBox.
The following paraphrases an explanation of PascalCoin’s 0-confirmations from the whitepaper:
“Since PascalCoin is not a UTXO-based currency but rather a State-based currency thanks to the SafeBox, the security guarantee of 0-confirmation transactions are much stronger than in UTXO-based currencies. For example, in Bitcoin if a merchant accepts a 0-confirmation transaction for a coffee, the buyer can simply roll that transaction back after receiving the coffee but before the transaction is confirmed in a block. The way the buyer does this is by re-spending those UTXOs to himself in a new transaction (with a higher fee) thus invalidating them for the merchant. In PascalCoin, this is virtually impossible since the buyer's transaction to the merchant is simply a delta-operation to debit/credit a quantity from/to accounts respectively. The buyer is unable to erase or pre-empt this two-sided, debit/credit-based transaction from the network’s pending pool until it either enters a block for confirmation or is discarded with respect to both sender and receiver ends. If the buyer tries to double-spend the coffee funds after receiving the coffee but before they clear, the double-spend transaction will not propagate the network since nodes cannot propagate a double-spending transaction thanks to the debit/credit nature of the transaction. A UTXO-based transaction is initially one-sided before confirmation and therefore is more exposed to one-sided malicious schemes of double spending.”
Phew, that explanation was technical but it had to be done. In summary, PascalCoin possesses the only secure 0-confirmation transactions in the cryptocurrency industry, and it goes without saying that this means PascalCoin is extremely fast. In fact, PascalCoin is capable of 72,000 TPS even prior to any additional extensive optimizations down the road. In other words, PascalCoin is as instant as it gets and gives Nano a run for its money.
Part #3: Zero Fee
Let’s circle back to our discussion of PascalCoin’s 0-confirmation capability. Here’s a little fun magical twist to PascalCoin’s 0-confirmation magic: 0-confirmation transactions are zero-fee. As in you don’t pay a single cent in fee for each 0-confirmation! There is just a tiny downside: if you create a second transaction in a 5-minute block window then you’d need to pay a minimal fee. Imagine using Nano but with a significantly stronger anti-DDOS protection for spam! But there shouldn’t be any complaint as this fee would amount to 0.0001 Pascal or $0.00002 based on the current price of a Pascal at the time of this writing.
So, how come the fee for blazingly fast transactions is nonexistent? This is where the magic of the SafeBox arises in three ways:
(1) PascalCoin possesses the secure 0-confirmation feature as discussed above that enables this speed.
(2) There is no fee bidding competition of transaction priority typical in UTXO cryptocurrencies since, once again, PascalCoin operates on secure 0-confirmations.
(3) There is no fee incentive needed to run full nodes on behalf of the network’s security beyond the consensus rewards.
Part #4: Blockchain Size
Let’s expand more on the third point above, using Ethereum as an example. Since Ethereum’s launch in 2015, its full blockchain size is currently around 2 TB, give or take, but let’s just say its blockchain size is 100 GB for now to avoid offending the Ethereum elitists who insist there are different types of full nodes that are lighter. Whoever runs Ethereum’s full nodes would expect storage fees on top of the typical consensus fees as it takes significant resources to shoulder Ethereum’s full blockchain size and in turn secure the network. What if I told you that PascalCoin’s full blockchain size will never exceed few GBs after thousands of years? That is just what the SafeBox enables PascalCoin to do so. It is estimated that by 2072, PascalCoin’s full nodes will only be 6 GB which is low enough not to warrant any fee incentives for hosting full nodes. Remember, the SafeBox is an ultra-light cryptographic data structure that is cryptographically equivalent to a blockchain with the entire transaction history. In other words, the SafeBox is a compact spreadsheet of all account balances that functions as PascalCoin’s full node!
Not only does the SafeBox’s infinitesimal memory size helps to reduce transaction fees by phasing out any storage fees, but it also paves the way for true decentralization. It would be trivial for every PascalCoin user to opt a full node in the form of a wallet. This is extreme decentralization at its finest since the majority of users of other cryptocurrencies ditch full nodes due to their burdensome sizes. It is naïve to believe that storage costs would reduce enough to the point where hosting full nodes are trivial. Take a look at the following chart outlining the trend of storage cost.

* https://www.backblaze.com/blog/hard-drive-cost-per-gigabyte/
As we can see, storage costs continue to decrease but the descent is slowing down as is the norm with technological improvements. In the meantime, blockchain sizes of other cryptocurrencies are increasing linearly or, in the case of smart contract engines like Ethereum, parabolically. Imagine a cryptocurrency smart contract engine like Ethereum garnering worldwide adoption; how do you think Ethereum’s size would look like in the far future based on the following chart?


https://i.redd.it/k57nimdjmo621.png

Ethereum’s future blockchain size is not looking pretty in terms of sustainable security. Sharding is not a fix for this issue since there still needs to be full nodes but that is a different topic for another time.
It is astonishing that the cryptocurrency community as a whole has passively accepted this forever-expanding-blockchain-size problem as an inescapable fate.
PascalCoin is the only cryptocurrency that has fully escaped the death vortex of forever expanding blockchain size. Its blockchain size wouldn’t exceed 10 GB even after many hundreds of years of worldwide adoption. Ethereum’s blockchain size after hundreds of years of worldwide adoption would make fine comedy.
Part #5: Simple, Short, and Ordinal Addresses
Remember how the SafeBox works by snapshotting all account balances? As it turns out, the account address system is almost as cool as the SafeBox itself.
Imagine yourself in this situation: on a very hot and sunny day, you’re wandering down the street across from your house and ran into a lemonade stand – the old-fashioned kind without any QR code or credit card terminal. The kid across you is selling a lemonade cup for 1 Pascal with a poster outlining the payment address as 5471-55. You flip out your phone and click “Send” with 1 Pascal to the address 5471-55; viola, exactly one second later you’re drinking your lemonade without paying a cent for the transaction fee!
The last thing one wants to do is to figure out how to copy/paste to, say, the following address 1BoatSLRHtKNngkdXEeobR76b53LETtpyT on the spot wouldn’t it? Gone are the obnoxiously long addresses that plague all cryptocurrencies. The days of those unreadable addresses will be long gone – it has to be if blockchain is to innovate itself for the general public. EOS has a similar feature for readable addresses but in a very limited manner in comparison, and nicknames attached to addresses in GUIs don’t count since blockchain-wide compatibility wouldn’t hold.
Not only does PascalCoin has the neat feature of having addresses (called PASAs) that amount to up to 6 or 7 digits, but PascalCoin can also incorporate in-protocol address naming as opposed to GUI address nicknames. Suppose I want to order something from Amazon using Pascal; I simply search the word “Amazon” then the corresponding account number shows up. Pretty neat, right?
The astute reader may gather that PascalCoin’s address system makes it necessary to commoditize addresses, and he/she would be correct. Some view this as a weakness; part #10 later in this segment addresses this incorrect perception.
Part #6: Privacy
As if the above wasn’t enough, here’s another secret that PascalCoin has: it is a full-blown privacy coin. It uses two separate foundations to achieve comprehensive anonymity: in-protocol mixer for transfer amounts and zn-SNARKs for private balances. The former has been implemented and the latter is on the roadmap. Both the 0-confirmation transaction and the negligible transaction fee would make PascalCoin the most scalable privacy coin of any other cryptocurrencies pending the zk-SNARKs implementation.
Part #7: Smart Contracts
Next, PascalCoin will take smart contracts to the next level with a layer-2 overlay consensus system that pioneers sidechains and other smart contract implementations.
In formal terms, this layer-2 architecture will facilitate the transfer of data between PASAs which in turn allows clean enveloping of layer-2 protocols inside layer-1 much in the same way that HTTP lives inside TCP.
To summarize:
· The layer-2 consensus method is separate from the layer-1 Proof-of-Work. This layer-2 consensus method is independent and flexible. A sidechain – based on a single encompassing PASA – could apply Proof-of-Stake (POS), Delegated Proof-of-Stake (DPOS), or Directed Acyclic Graph (DAG) as the consensus system of its choice.
· Such a layer-2 smart contract platform can be written in any languages.
· Layer-2 sidechains will also provide very strong anonymity since funds are all pooled and keys are not used to unlock them.
· This layer-2 architecture is ingenious in which the computation is separate from layer-2 consensus, in effect removing any bottleneck.
· Horizontal scaling exists in this paradigm as there is no interdependence between smart contracts and states are not managed by slow sidechains.
· Speed and scalability are fully independent of PascalCoin.
One would be able to run the entire global financial system on PascalCoin’s infinitely scalable smart contract platform and it would still scale infinitely. In fact, this layer-2 architecture would be exponentially faster than Ethereum even after its sharding is implemented.
All this is the main focus of PascalCoin’s upcoming version 5 in 2019. A whitepaper add-on for this major upgrade will be released in early 2019.
Part #8: RandomHash Algorithm
Surely there must be some tradeoffs to PascalCoin’s impressive capabilities, you might be asking yourself. One might bring up the fact that PascalCoin’s layer-1 is based on Proof-of-Work and is thus susceptible to mining centralization. This would be a fallacy as PascalCoin has pioneered the very first true ASIC, GPU, and dual-mining resistant algorithm known as RandomHash that obliterates anything that is not CPU based and gives all the power back to solo miners.
Here is the official description of RandomHash:
“RandomHash is a high-level cryptographic hash algorithm that combines other well-known hash primitives in a highly serial manner. The distinguishing feature is that calculations for a nonce are dependent on partial calculations of other nonces, selected at random. This allows a serial hasher (CPU) to re-use these partial calculations in subsequent mining saving 50% or more of the work-load. Parallel hashers (GPU) cannot benefit from this optimization since the optimal nonce-set cannot be pre-calculated as it is determined on-the-fly. As a result, parallel hashers (GPU) are required to perform the full workload for every nonce. Also, the algorithm results in 10x memory bloat for a parallel implementation. In addition to its serial nature, it is branch-heavy and recursive making in optimal for CPU-only mining.”
One might be understandably skeptical of any Proof-of-Work algorithm that solves ASIC and GPU centralization once for all because there have been countless proposals being thrown around for various algorithms since the dawn of Bitcoin. Is RandomHash truly the ASIC & GPU killer that it claims to be?
Herman Schoenfeld, the inventor behind RandomHash, described his algorithm in the following:
“RandomHash offers endless ASIC-design breaking surface due to its use of recursion, hash algo selection, memory hardness and random number generation.
For example, changing how round hash selection is made and/or random number generator algo and/or checksum algo and/or their sequencing will totally break an ASIC design. Conceptually if you can significantly change the structure of the output assembly whilst keeping the high-level algorithm as invariant as possible, the ASIC design will necessarily require proportional restructuring. This results from the fact that ASIC designs mirror the ASM of the algorithm rather than the algorithm itself.”
Polyminer1 (pseudonym), one of the members of the PascalCoin core team who developed RHMiner (official software for mining RandomHash), claimed as follows:
“The design of RandomHash is, to my experience, a genuine innovation. I’ve been 30 years in the field. I’ve rarely been surprised by anything. RandomHash was one of my rare surprises. It’s elegant, simple, and achieves resistance in all fronts.”
PascalCoin may have been the first party to achieve the race of what could possibly be described as the “God algorithm” for Proof-of-Work cryptocurrencies. Look no further than one of Monero’s core developers since 2015, Howard Chu. In September 2018, Howard declared that he has found a solution, called RandomJS, to permanently keep ASICs off the network without repetitive algorithm changes. This solution actually closely mirrors RandomHash’s algorithm. Discussing about his algorithm, Howard asserted that “RandomJS is coming at the problem from a direction that nobody else is.”
Link to Howard Chu’s article on RandomJS:
https://www.coindesk.com/one-musicians-creative-solution-to-drive-asics-off-monero
Yet when Herman was asked about Howard’s approach, he responded:
“Yes, looks like it may work although using Javascript was a bit much. They should’ve just used an assembly subset and generated random ASM programs. In a way, RandomHash does this with its repeated use of random mem-transforms during expansion phase.”
In the end, PascalCoin may have successfully implemented the most revolutionary Proof-of-Work algorithm, one that eclipses Howard’s burgeoning vision, to date that almost nobody knows about. To learn more about RandomHash, refer to the following resources:
RandomHash whitepaper:
https://www.pascalcoin.org/storage/whitepapers/RandomHash_Whitepaper.pdf
Technical proposal for RandomHash:
https://github.com/PascalCoin/PascalCoin/blob/mastePIP/PIP-0009.md
Someone might claim that PascalCoin still suffers from mining centralization after RandomHash, and this is somewhat misleading as will be explained in part #10.
Part #9: Fair Distribution and Governance
Not only does PascalCoin rest on superior technology, but it also has its roots in the correct philosophy of decentralized distribution and governance. There was no ICO or pre-mine, and the developer fund exists as a percentage of mining rewards as voted by the community. This developer fund is 100% governed by a decentralized autonomous organization – currently facilitated by the PascalCoin Foundation – that will eventually be transformed into an autonomous smart contract platform. Not only is the developer fund voted upon by the community, but PascalCoin’s development roadmap is also voted upon the community via the Protocol Improvement Proposals (PIPs).
This decentralized governance also serves an important benefit as a powerful deterrent to unseemly fork wars that befall many cryptocurrencies.
Part #10: Common Misconceptions of PascalCoin
“The branding is terrible”
PascalCoin is currently working very hard on its image and is preparing for several branding and marketing initiatives in the short term. For example, two of the core developers of the PascalCoin recently interviewed with the Fox Business Network. A YouTube replay of this interview will be heavily promoted.
Some people object to the name PascalCoin. First, it’s worth noting that PascalCoin is the name of the project while Pascal is the name of the underlying currency. Secondly, Google and YouTube received excessive criticisms back then in the beginning with their name choices. Look at where those companies are nowadays – surely a somewhat similar situation faces PascalCoin until the name’s familiarity percolates into the public.
“The wallet GUI is terrible”
As the team is run by a small yet extremely dedicated developers, multiple priorities can be challenging to juggle. The lack of funding through an ICO or a pre-mine also makes it challenging to accelerate development. The top priority of the core developers is to continue developing full-time on the groundbreaking technology that PascalCoin offers. In the meantime, an updated and user-friendly wallet GUI has been worked upon for some time and will be released in due time. Rome wasn’t built in one day.
“One would need to purchase a PASA in the first place”
This is a complicated topic since PASAs need to be commoditized by the SafeBox’s design, meaning that PASAs cannot be obtained at no charge to prevent systematic abuse. This raises two seemingly valid concerns:
· As a chicken and egg problem, how would one purchase a PASA using Pascal in the first place if one cannot obtain Pascal without a PASA?
· How would the price of PASAs stay low and affordable in the face of significant demand?
With regards to the chicken and egg problem, there are many ways – some finished and some unfinished – to obtain your first PASA as explained on the “Get Started” page on the PascalCoin website:
https://www.pascalcoin.org/get_started
More importantly, however, is the fact that there are few methods that can get your first PASA for free. The team will also release another method soon in which you could obtain your first PASA for free via a single SMS message. This would probably become by far the simplest and the easiest way to obtain your first PASA for free. There will be more new ways to easily obtain your first PASA for free down the road.
What about ensuring the PASA market at large remains inexpensive and affordable following your first (and probably free) PASA acquisition? This would be achieved in two ways:
· Decentralized governance of the PASA economics per the explanation in the FAQ section on the bottom of the PascalCoin website (https://www.pascalcoin.org/)
· Unlimited and free pseudo-PASAs based on layer-2 in the next version release.
“PascalCoin is still centralized after the release of RandomHash”
Did the implementation of RandomHash from version 4 live up to its promise?
The official goals of RandomHash were as follow:
(1) Implement a GPU & ASIC resistant hash algorithm
(2) Eliminate dual mining
The two goals above were achieved by every possible measure.
Yet a mining pool, Nanopool, was able to regain its hash majority after a significant but a temporary dip.
The official conclusion is that, from a probabilistic viewpoint, solo miners are more profitable than pool miners. However, pool mining is enticing for solo miners who 1) have limited hardware as it ensures a steady income instead of highly profitable but probabilistic income via solo mining, and 2) who prefer convenient software and/or GUI.
What is the next step, then? While the barrier of entry for solo miners has successfully been put down, additional work needs to be done. The PascalCoin team and the community are earnestly investigating additional steps to improve mining decentralization with respect to pool mining specifically to add on top of RandomHash’s successful elimination of GPU, ASIC, and dual-mining dominance.
It is likely that the PascalCoin community will promote the following two initiatives in the near future:
(1) Establish a community-driven, nonprofit mining pool with attractive incentives.
(2) Optimize RHMiner, PascalCoin’s official solo mining software, for performance upgrades.
A single pool dominance is likely short lived once more options emerge for individual CPU miners who want to avoid solo mining for whatever reason(s).
Let us use Bitcoin as an example. Bitcoin mining is dominated by ASICs and mining pools but no single pool is – at the time of this writing – even close on obtaining the hash majority. With CPU solo mining being a feasible option in conjunction with ASIC and GPU mining eradication with RandomHash, the future hash rate distribution of PascalCoin would be far more promising than Bitcoin’s hash rate distribution.
PascalCoin is the Unicorn Cryptocurrency
If you’ve read this far, let’s cut straight to the point: PascalCoin IS the unicorn cryptocurrency.
It is worth noting that PascalCoin is still a young cryptocurrency as it was launched at the end of 2016. This means that many features are still work in progress such as zn-SNARKs, smart contracts, and pool decentralization to name few. However, it appears that all of the unicorn criteria are within PascalCoin’s reach once PascalCoin’s technical roadmap is mostly completed.
Based on this expository on PascalCoin’s technology, there is every reason to believe that PascalCoin is the unicorn cryptocurrency. PascalCoin also solves two fundamental blockchain problems beyond the unicorn criteria that were previously considered unsolvable: blockchain size and simple address system. The SafeBox pushes PascalCoin to the forefront of cryptocurrency zeitgeist since it is a superior solution compared to UTXO, Directed Acyclic Graph (DAG), Block Lattice, Tangle, and any other blockchain innovations.


THE UNICORN

Author: Tyler Swob
submitted by Kosass to CryptoCurrency [link] [comments]

The Bitcoin Cash Fund website is now live! Go check it out!

THE BITCOIN CASH FUND
 
Firstly, we need to say a big thank you to you all for getting us this far. There is so much energy in the community right now. You guys are seriously awesome! You are by far the biggest asset to Bitcoin Cash, and this is what we need to leverage to take it mainstream.
 
You can find the website at www.thebitcoincash.fund
 
Go and check it out! Sign up to our subscriber list to get updates on the projects that we are funding. The projects we are funding always need volunteers to help them expand their reach.
 
 
We would like to announce our board, advisors and generous sponsors.
BOARD
 
Paul Wasensteiner (aka Singularity).
I have been a Bitcoiner (now Casher) since mid-2011 when I discovered Bitcoin shortly after the first $30 price bubble. Since then, I have been highly active in the community, although it wasn't until this year that I dove into Bitcoin full time. I started the BTCforks initiative last year with Freetrader, which was a precursor to the Bitcoin Cash initiative. Until recently, I spent my time in the community trying to correct misinformation and educate newcomers. After Bitcoin Cash successfully launched, I decided to make a positive change and instead put my energy into pushing Bitcoin Cash forward. I have a wide range of experience and expertise, and have had two businesses of my own in the past. I am working towards changing the world for the better, and I feel Bitcoin Cash is one way of achieving this. I launched the Bitcoin Cash Fund initiative on 14th, November 2017 to expand Bitcoin Cash adoption.
 
Ian Descôteaux (aka checksum0/FractalGlitch).
Ian found out about bitcoin on January 3rd, 2010 after reading a piece on it. He spent time CPU and GPU mining, both solo and with Mining Team Reddit and Slush. After a break from Bitcoin, he reinvested in mining when the Bitmain S1 was released, and has kept this endeavor going ever since. It was at this time that fees started to increase and he realised that this may become an issue in the future. Today he owns and operates a private 4 MW mining facility in North America. Bitcoin Cash is the plan he signed up for when he first got into the bitcoin space.
 
Haipo Yang
Haipo is the CEO and founder of ViaBTC. He graduated from Northwestern Polytechnical University of China in 2012, majored in mathematics. After graduation he worked as a developer at Tencent Weibo (China’s Twitter) and then FUTU, a Tencent-invested Hong Kong stock exchange. YANG is one of the earliest adopters and investors of Bitcoin and has in-depth understanding in blockchain technology. YANG began to be involved in Bitcoin in 2013. Between 2014 and 2015, YANG started his career in cryptocurrency industry and led the R&D team at ZeusMiner, the former TOP3 Scrypt miner in the world. In April 2016, YANG committed himself to the development of ViaBTC Bitcoin pool and released the initial version after two months of extensive coding effort.
 
 
ADVISORS
 
Roger Ver
Roger was an early investor in bitcoin related startups. He has been a prominent supporter of bitcoin adoption and saw bitcoin as a means to promote economic freedom. He now promotes Bitcoin Cash, a different cryptocurrency. He identifies as a libertarian, an anarcho-capitalist, peace advocate and advocates for individualism and voluntaryism.
 
Jack Liu
Jack C. Liu formerly served as Chief Strategy Officer of OKCoin Group, leading the company's international unit, and co-founding its latest products including OKEx and OKLink.
 
Peter Rizun
Dr. Peter Rizun is a physicist and entrepreneur. Chief Scientist for Bitcoin Unlimited, an organization which provides software that powers the backbone of the Bitcoin network. His research focuses on understanding and overcoming the bottlenecks preventing Bitcoin from scaling to a global peer-to-peer electronic cash system.
 
Mike Komaransky
Mike has been an investor and advocate of Bitcoin since 2010. Mike was a partner at the trading firm DRW, and was Head of Trading at Cumberland Mining from 2014 until June 2017.
 
 
SPONSORS
Bitcoin.com
Bitcoin.com is a premier source for everything Bitcoin related. They can help you buy bitcoins, choose a bitcoin wallet. You can also read the latest news, or engage with the community on their Bitcoin Forum.
 
ViaBTC
ViaBTC was founded in May 2016 as an innovation-intensive startup dedicated to cryptocurrency. They’ve developed the world’s top Bitcoin mining pool with the most advanced deployment technology. They’ve also released mining pools for competing coins and cloud mining products.
 
Yours
The mission at Yours is to improve the quality of content on the internet by getting people paid for creating and discovering good content. They're making everyone in the world an entrepreneur on their smartphone. They believe peer-to-peer payments are the missing piece in social media
 
 
PROJECTS
There are already a number of projects underway.
 
  • A short animated video explaining Bitcoin Cash.
  • A short live-action video explaining how a user uses BCH and, how a business uses/accepts BCH.
  • Project to travel around Seatac in the US with POS systems, information packs, and stickers to onboard new businesses.
  • Create a BCH logo animation (https://www.youtube.com/watch?v=UOS-4PxZi2o&lc=z23qwpqa4u2mxncqf04t1aokg0yj24dloirdqqxpeo1kbk0h00410) (Sound design still in progress).
  • Create payment sound branding to be applied as an industry standard for maximum impact.
  • Hand out well designed, fun Bitcoin Cash stickers for students to stick on their laptops and lockers etc.
  • Put up Bitcoin Cash flyers on all message boards at MIT.
  • Giving out free stickers on Twitter for tweets about Bitcoin Cash.
 
We need far far more though! Get in contact with us (Contact form on our website) and submit a proposal. Start organising! Put ideas out into the community and find people with the skills you need to execute! We are here to help you do this! Join our slack. Subscribe to bitcoincashmarketing and start developing projects.
 
There are so many talented people in the Bitcoin Cash community. You are our biggest asset BY FAR! This is why the Bitcoin Cash Fund is going to be so powerful at driving Bitcoin Cash adoption, because every BCH we push into the community, we know we will get 10 BCH of value, because you guys are amazing!
 
Our mission is to help Bitcoin Cash serve 1 billion users within 5 years, and we know you are going to help us achieve this.
 
Thank you again to you all.
The Bitcoin Cash Fund.
 
(Yours.org Post)[https://www.yours.org/content/the-bitcoin-cash-fund-website-is-now-live--go-check-it-out--ec40ae6792fd]
 
Also a big thank you to:
  • Cameron McEwan for designing and building the site from scratch with such a tight deadline.
  • Josh Ellithorpe (zquestz) for getting the site hosted and secured).
  • George Siosi Samuels for handling some of the social media accounts for us.
  • Kheri for handling some of the social media accounts for us.
submitted by singularity87 to btc [link] [comments]

I want to Solo Mine From Using My ABC Node during and after the Hard Fork.... Help :-)

Back story: So I am new to Bitcoin Cash, when I first saw it in my Bittrex account last year I unfortunately dumped it like a clingy girlfriend without a thought. I am not a huge holder of crypto I mined some back in 2015 and checked on in a few times a year. Scrolling back through my transactions on my exchanges I noticed something.... I haven't done an On Chain BTC transaction since 2016, Cause I am cheap, so I have been using Doge and LTC to move my crypto. That was the moment I understood the Bitcoin Cash position. I now understand that without the ability to do cheap or free micro transactions it's not the same bitcoin I got interested in back in 2014. A Currency with out capital controls that can be used by the poorest of poor!
Getting to the Point: I still have a bunch of old miners from early 2015, I hooked them up and mined on Muiltipool this week. Everything is working. I am syncing Wallet ABC v0.18.2.0 It says I have 32 Hours Left. Now my old mining equipment uses CGMiner 4.9.1. The Readme has only 2 lines explaining solomining "
Solo mining to local bitcoind:
cgminer -o http://localhost:8332 -u username -p password --btc-address 15qSxP1SQcUX3o4nhkfdbgyoWEFMomJ4rZ
Now what is Bitcoind ? will cgminer work with the ABC wallet? Even though I can pool mine BCH from multipool as a show of support, I prefer to run my own node during this next hard fork. I don't have alot of Hash power so I won't mine a block but I don't care about that. I want to support my new favorite network during this process. I know my single vote may not count for much but if we dust off those old Sha miners and plug em in we can all help keep the network safe from attacks.
Thanks for any help or guides you can give to a simple home user.
submitted by AteBitDave to BitcoinABC [link] [comments]

Don't let bitcoin overtake your soul /r/btc

Don't let bitcoin overtake your soul /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Announcing SmartPool project: decentralized mining pools for cryptocurrencies based on Ethereum smart contracts

Hello everyone. This is Loi Luu from the National University of Singapore. You might have met me at Devcon2 when I presented Oyente, the first analyzer for Ethereum smart contract. Today, on behalf of my team, I am happy to announce the SmartPool project, which aims to build decentralized mining pools for existing cryptocurrencies.
Tl;dr: Mining centralization is bad, but it has been around with pooled mining. We propose a decentralized pooled mining protocol for cryptocurrencies which leverages Ethereum smart contracts. Please check our website and technical paper for more details about the protocol. We plan to implement the protocol and deploy SmartPool-based pools for existing cryptocurrencies. Our project is not for profit, thus we need your help in funding. Our crowdfund will start soon in a couple of days.
Problem: Mining centralization
Cryptocurrencies like Ethereum, Bitcoin and ZCash operate in trustless, decentralized environments managed and run by thousands of full nodes and miners around the world. Mining is one of the most critical components of popular cryptocurrencies, which secures the underlying networks and makes it hard for anyone to compromise the security of the blockchains.
Mining, unfortunately, is not quite decentralized. It is mostly because solo-mining is difficult for miners due to high variance in rewards. Thus, miners tend to join some mining pool to receive frequent and stable rewards. As a result, mining is highly centralized in all proof-of-work based cryptocurrencies. For example, as of this writing, 3 major pools in Ethereum and ZCash control more than 50% of the network mining power. Mining in Bitcoin is not better: 4 major pools control roughly 56% of mining power.
Pooled mining is good for miners, but it’s considered bad for the network as a whole. Many people think that Satoshi Nakamoto didn’t foresee the mining centralization problem. More seriously, pooled mining makes transaction and block censorship a bigger threat since only a few pools can dictate which transactions, which blocks can be included in the blockchain. The recent DoS attack in which a lot of blocks were empty is a good example.
Solution: A decentralized pooled mining protocol using Ethereum smart contracts
Ethereum is a platform which supports decentralized applications. However, it is a bit ironic that the underlying mechanism which secures the platform is heavily centralized. Thus, we ask if we can actually secure the Ethereum network itself in a decentralized manner, i.e. decentralize the mining.
Challenges. There exists an attempt in Bitcoin to solve this problem (p2pool.org). However, the solution is so inefficient for large networks that the adoption is pretty low (the last block mined by P2Pool was several days ago). In pooled mining, there is a concept of share which represents how much work you have contributed to the pool. A share is similar to a block, but satisfies smaller difficulty, i.e., having less leading 0 bits than a valid block. In centralized pools, miners have to submit all the shares to the pools, so the pools can pay in proportional to miners’ submissions. Now lets imagine if we replace the centralized pool by a smart contract, and we still want to keep track of miners’ contributions by asking miners to send a transaction to the contract for every share that they find. It is going to require millions of messages to the contract per block, the amount that none of the current blockchains can support.
Our solution. In our solution, we devise a new mechanism to verify and record miners' contributions to the pool without centralized operators. SmartPool's efficient probabilistic verification drastically reduces both the number of messages and the costs to run the pool for miners by several orders of magnitude. Using a novel data structure called the augmented Merkle tree, SmartPool's batched share submission and efficient payment scheme remove any incentive for submitting invalid batches. More interestingly, we can use SmartPool to build decentralized pools for not only Ethereum, but also existing cryptocurrencies like Bitcoin, ZCash, Monero. Please check out our website to learn more about our solution.
What's next?
We are planning to build and deploy SmartPool as real decentralized pools for Ethereum and other cryptocurrencies. We already have a team (please check our website), we understand the technology well. In order to achieve the mining decentralization goal, we need your help on funding. Our vision is to build SmartPool as a non-profit project, which is run by and for the community (that’s why we do not have an ICO). Our call for donation will be up soon, so please stay tuned. In the meantime, feel free to ask us any questions.
submitted by loiluu to ethereum [link] [comments]

The long and winding path that led us to where we are today, broken down by major events

I want to be clear, this is my interpretation. As a former /bitcoin subscriber I know this is not the way these events are viewed in that subreddit, but this description is my honest understanding up to this point:
  1. Shortly after Satoshi Nakamoto publicly released bitcoin to the world he chose two people who would have a significant stewardship role over bitcoin: Gavin Andresen and Theymos (who has a real name but we don't use it often and it might be seen as doxxing).
  2. Satoshi Nakamoto decided it was time for him to end his presence with bitcoin so that his present activities weren't inextricably linked to the growth of bitcoin. (He chose not to be a dictator)
  3. Gavin Andresen was the original lead developer of bitcoin-core after Satoshi went underground but he later took a role as the "Chief Scientist" of bitcoin so that others could focus on developing bitcoin-core. This prevented Gavin from being a dictator of bitcoin (benevolent or otherwise). Theymos managed the public relations side of bitcoin by running bitcointalk.org and moderating /bitcoin.
  4. Several of the post-Gavin bitcoin-core committers founded a company called Blockstream and accepted VC funding. Theymos (mod of /bitcoin and owner of bitcointalk.com) is not publicly affiliated with Blockstream, but the agenda on the forums he moderates is closely aligned to their wishes. Blockstream claims no affiliation with Theymos, and has publicly discouraged censorship in these forums, but they continue to benefit from this censorship to this day.
  5. The current bitcoin-core committers began "re-envisioning" the bitcoin-core roadmap to include blockstream innovations, and the potential for them to profit handsomely. The primary innovation is moving transactions off of the bitcoin network and onto sidechains (see: Lightning Network) that could be more profitable, in this case, bitcoin would only be seen as a settlement layer with very few transactions while other networks would do the heavy lifting. It is possible that this transition is being made to satisfy VC funders who have their own plans for profiting from bitcoin & blockchain tech in general. From this point forward, I may refer to the github for bitcoin-core as "blockstream-core" to point out the shift in vision, please note that blockstream-core is not a real software product.
  6. The chief control point that blockstream-core has leveraged is the size of every blockchain block. Satoshi set the size of each block to 1Mb to reduce spam and openly described the need for that to increase as transaction volume increased. Blockstream-core uses this 1Mb limit to limit the number of transactions in each bitcoin block and promote the illusion that bitcoin is at full capacity, and that raising the 1Mb limit would be disastrous for bitcoin. (Though they have recently acknowledged that the blocksize should be increased, there isn't much evidence of this occurring in blockstream-core.)
  7. Gavin Andresen and Mike Hearn, and other* adherents to the original vision of bitcoin as described by Satoshi Nakamoto in the white paper were upset by unwillingness of blockstream-core to increase the blocksize limit and forked bitcoin-core into clients that would accept larger blocksizes, like bitcoin XT, bitcoin classic, and bitcoin-unlimited (in this case, a fork keeps the original coins, but makes a change to increase the blocksize so that the bitcoin nodes can handle larger blocks, thus eliminating the need for the sidechains mentioned earlier). Note that prior to the blockstream hostage crisis other clients were welcomed and encouraged because they promoted a healthy environment for bitcoin to flourish.
  8. The blockstream-core folks worked diligently to silence the voices of "Satoshi's bitcoin" by publicly regarding anyone who ran a forked bitcoin node as an "altcoin user", and removing discussions of "Satoshi's bitcoin" by heavily censoring their comments in /bitcoin. Theymos, the moderator of /bitcoin states that there is no debate, while quietly banning and deleting any comments and users that do not support blockstream-core. Somewhere along this path Theymos made the mistake that both Satoshi and Gavin avoided - he decided that his most important role was that of dictator. I don't say this resentfully, it's just a matter of record.
  9. Many adherents of Satoshi's bitcoin (rightfully) felt persecuted (and were probably banned) from /bitcoin, so they moved to a new subreddit, /btc.
  10. The CEO of coinbase stated publicly that he was interested in researching what was best for bitcoin, and this included running bitcoin nodes using an increased blocksize limit ("Satoshi's bitcoin"), the blockstream-core followers became upset and since they are managing the github for bitcoin.org, they issued a pull request that removed coinbase.com from bitcoin.org because it promotes an "altcoin" (note, in this case, the altcoin is bitcoin with an increased blocksize limit).
  11. Many people on all sides of the argument believed that Coinbase is a company acting in the best interest of bitcoin - not just Satoshi's bitcoin or blockstream-core, and they recognized that removing coinbase from bitcoin.org would confuse users and lead to questions about coinbase's legitimacy for new users.
  12. Since the appearance of ASIC miners, bitcoin mining has been moving to mining farms in China due to low chip production costs and cheap electricity. From 2014-2016 four large solo miners in China accounted for about 90% of found blocks. (Please help me verify the accuracy of this)
  13. Beginning December of 2015, many blocks were at or near the 1MB capacity. It was not uncommon to see 8-10 hour stretches of time with over 10,000 unconfirmed transactions. Though Blockstream Core had indicated a willingness to increase to a 2MB blocksize, this never materialized. Instead, they described unconfirmed transactions as dust, or the sender was blamed for choosing not to send enough of a fee for the transaction. This caused public frustration for casual users who simply wanted to use the network without engaging in politics.
  14. Around this time, Andreas Antonopolous began describing a concept of "failing gracefully", suggesting that many historical technologies, like the Internet, were perpetually on the brink of being overloaded, but they were successfully maintained by "kicking the can down the road", or only implementing small fixes that would allow the technology to work for a few more months/years. This appeared to be a change in sentiment from Andreas who spent several months lamenting the impending crisis.
  15. In February, 2016 representatives from Blockstream Core went to China to meet with miners regarding Segregrated Witness and the block size. It appeared to those in /btc that the intent of Blockstream Core was to pressure miners in China to side with Blockstream Core's 1MB block size limit and reject a 2MB+ limit. By all outward appearances this goal was achieved.
  16. "The Terminator" is a post made to a Chinese language forum that described a concensus by miners in China to switch to the Bitcoin Classic client and endorse a 2MB hard fork. This is supposedly in response to miners feeling manipulated by the Blockstream Core Devs during the meeting in China and their failure to implement the 2MB hard fork in the Blockstream Core client.
tl;dr: Theymos allowed himself to become a dictator of bitcoin and is currently having some success subverting the original will of Satoshi Nakamoto by becoming deeply involved with a company called blockstream and promoting a malicious groupthink so aggressively that he may actually believe he's doing what's best for bitcoin.
Taking Sides: Blockstream Core (/bitcoin)
Taking Sides: Satoshi's Bitcoin (/btc)
* Readers will note that /bitcoin is 10x larger than /btc, this is not an accurate comparison of argument strength because /bitcoin was founded in 2010 while /btc was founded in 2015. Subscriber base does not equate to active participation. For a more accurate comparison of growth see redditmetrics for bitcoin and redditmetrics for btc. It should also be noted that /bitcoin censors any acknowledgement that /btc exists.
I added a few edits to this. Clarifications and suggestions are welcome.
submitted by obiewanbitcoin to btc [link] [comments]

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

You can read here part III.
You can read this whole story translated into Spanish here
This is part IV, the last but not least.
Monero - A secure, private, untreceable cryptocurrency
https://bitcointalk.org/index.php?topic=583449.0
Notable comments in this thread:
-201: “I would like to offer 1000 MRO to the first person who creates a pool”
(https://bitcointalk.org/index.php?topic=583449.msg6422665#msg6422665)
[tacotime offers bounty to potential pool developer. Bytecoin devs haven’t released any code for pools, and the only existent pool, minergate (in the future related to BCN interests) was closed source]
-256: “Adam back seems to like CryptoNote the better than Zerocash https://twitter.com/adam3us/status/453493394472697856”
(https://bitcointalk.org/index.php?topic=583449.msg6440769#msg6440769)
-264: “update on pools: The NOMP guy (zone117x) is looking to fork his open source software and get a pool going, so one should hopefully be up soon.”
(https://bitcointalk.org/index.php?topic=583449.msg6441302#msg6441302)
-273: “Update on GUI: othe from VertCoin has notified me that he is working on it.”
(https://bitcointalk.org/index.php?topic=583449.msg6442606#msg6442606)
-356: “Everyone wanting a pool, please help raise a bounty with me here:
https://bitcointalk.org/index.php?topic=589533.0
And for the GUI:
https://bitcointalk.org/index.php?topic=589561.0”
(https://bitcointalk.org/index.php?topic=583449.msg6461533#msg6461533)
[5439 MRO + 0.685 BTC + 5728555.555 BCN raised for pool and 1652 XMR, 121345.46695471 BCN for the GUI wallet. Though this wallet was "rejected" as official GUI because wallet still has to be polished before building a GUI]
-437: “Yes, most Windows users should see a higher hashrate with the new build. You can thank NoodleDoodle. ”
(https://bitcointalk.org/index.php?topic=583449.msg6481202#msg6481202)
-446: “Even faster Windows binaries have just been uploaded. Install for more hash power! Once again, it was NoodleDoodle.”
(https://bitcointalk.org/index.php?topic=583449.msg6483680#msg6483680)
-448: “that almost doubled my hashrate again! GREAT STUFF !!!”
(https://bitcointalk.org/index.php?topic=583449.msg6484109#msg6484109)
-461: “Noodle only started optimization today so there may be gains for your CPU in the future.”
(https://bitcointalk.org/index.php?topic=583449.msg6485247#msg6485247)
[First day of miner optimization by NoodleDoodle, it is only May 1st]
-706: “The unstoppable NoodleDoodle has optimized the Windows build again. Hashrate should more than double. Windows is now faster than Linux. :O”
(https://bitcointalk.org/index.php?topic=583449.msg6549444#msg6549444)
-753: “i here tft is no longer part of the project. so is he forking or relaunching bytecoin under new name and new parameters (merged mining with flatter emission curve.) also. what is the end consensus for the emission curve for monero. will it be adjusted."
(https://bitcointalk.org/index.php?topic=583449.msg6561345#msg6561345)
[May, 5th 2014. TFT is launching FANTOMCOIN, a clone coin which its "only" feature was merged mining]
-761: (https://bitcointalk.org/index.php?topic=583449.msg6561941#msg6561941) [May, 5th 2014 – eizh on emission curve and tail emission]
-791: “As promised, I did Russian translation of main topic.”
(https://bitcointalk.org/index.php?topic=583449.msg6565521#msg6565521)
[one among dozens of decentralized and “altruist” collaborators of Monero in minor tasks]
-827: image
(https://bitcointalk.org/index.php?topic=583449.msg6571652#msg6571652)
-853: (https://bitcointalk.org/index.php?topic=583449.msg6575033#msg6575033)
[some are not happy that NoodleDoodle had only released the built binaries, but not the source code]
-950: (https://bitcointalk.org/index.php?topic=583449.msg6593768#msg6593768)
[Rias, an account suspected to be related to the Bytecoin scam, dares to tag Monero as “instamine”]
-957: “It's rather bizarre that you're calling this an "instamine" scam when you're so fervently supporting BCN, which was mined 80% before entering the clearnet. Difficulty adjustments are per block, so there is no possibility of an instamine unless you don't publish your blockchain (emission is regular at the preset interval, and scales adequately with the network hash rate). What you're accusing monero of is exactly what ByteCoin did.”
https://bitcointalk.org/index.php?topic=583449.msg6594025#msg6594025
[Discussion with rias drags on for SEVERAL posts]
-1016: “There is no "dev team". There is a community of people working on various aspects of the coin.
I've been keeping the repo up to date. NoodleDoodle likes to optimise his miner. TFT started the fork and also assists when things break. othe's been working on a GUI. zone117x has been working on a pool.
It's a decentralized effort to maintain the fork, not a strawman team of leet hackers who dwell in the underbellies of the internet and conspire for instamines.”
(https://bitcointalk.org/index.php?topic=583449.msg6596828#msg6596828)
-1023: “Like I stated in IRC, I am not part of the "dev team", I never was. Just so happens I took a look at the code and changed some extremely easy to spot "errors". I then decided to release the binary because I thought MRO would benefit from it. I made this decision individually and nobody else should be culpable”
(https://bitcointalk.org/index.php?topic=583449.msg6597057#msg6597057)
[Noodledoodle gets rid of the instaminer accusations]
-1029: “I decided to relaunch Monero so it will suit all your wishes that you had: flatter emission curve, open source optimized miner for everybody from the start, no MM with BCN/BMR and the name. New Monero will be ready tomorrow”
(https://bitcointalk.org/index.php?topic=583449.msg6597252#msg6597252)
[people trying to capitalize mistakes is always there.]
-1030: "Pull request has been submitted and merged to update miner speed
It appears from the simplicity of the fix that there may have been deliberate crippling of the hashing algorithm from introduction with ByteCoin."
https://bitcointalk.org/index.php?topic=583449.msg6597460#msg6597460
[tacotime “officially” raises suspects of possible voluntarily crippled miner]
-1053: "I don't mind the 'relaunch' or the merge-mining fork or any other new coin at all. It's inevitable that the CryptoNote progresses like scrypt into a giant mess of coins. It's not undesirable or 'wrong'. Clones fighting out among themselves is actually beneficial for Monero. Although one of them is clearly unserious and trolling by choosing the same name.
Anyway, this sudden solidarity with BCN or TFT sure is strange when none of these accounts were around for the discussions that took place 3 weeks ago. Such vested interests with no prior indications. Hmm...? "
https://bitcointalk.org/index.php?topic=583449.msg6599013#msg6599013
[eizh points out the apparent organized fudding]
-1061: "There was no takeover. The original developer (who himself did a fork of bytecoin and around a dozen lines of code changes) was non-responsive and had disappeared. The original name had been cybersquatted all over the place (since the original developer did not even register any domain name much less create a web site), making it impossible to even create a suitably named web site. A bunch of us who didn't want to see the coin die who represented a huge share of the hash power and ownership of the coin decided to adopt it. We reached out to the original developer to participate in this community effort and he still didn't respond over 24 hours, so we decided to act to save the coin from neglect and actively work toward building the coin."
(https://bitcointalk.org/index.php?topic=583449.msg6599798#msg6599798)
[smooth defends legitimacy of current “dev team” and decisions taken]
-1074: “Zerocash will be announced soon (May 18 in Oakland? but open source may not be ready then?).
Here is a synopsis of the tradeoffs compared to CyptoNote: […]"
(https://bitcointalk.org/index.php?topic=583449.msg6602891#msg6602891)
[comparison among Zerocash y Cryptonote]
-1083: "Altcoin history shows that except in the case of premine (Tenebrix), the first implementation stays the largest by a wide margin. We're repeating that here by outpacing Bytecoin (thanks to its 80% mine prior to surfacing). No other CN coin has anywhere near the hashrate or trading volume. Go check diff in Fantom for example or the lack of activity in BCN trading.
The only CN coin out there doing something valuable is HoneyPenny, and they're open source too. If HP develops something useful, MRO can incorporate it as well. Open source gives confidence. No need for any further edge."
(https://bitcointalk.org/index.php?topic=583449.msg6603452#msg6603452)
[eizh reminds everyone the “first mover” advantage is a real advantage]
-1132: "I decided to tidy up bitmonero GitHub rep tonight, so now there is all valuable things from latest BCN commits & Win32. Faster hash from quazarcoin is also there. So BMR rep is the freshest one.
I'm working on another good feature now, so stay tuned."
(https://bitcointalk.org/index.php?topic=583449.msg6619738#msg6619738)
[first TFT apparition in weeks, he somehow pretends to still be the "lead dev"]
-1139: "This is not the github or website used by Monero. This github is outdated even with these updates. Only trust binaries from the first post."
(https://bitcointalk.org/index.php?topic=583449.msg6619971#msg6619971)
[eizh tries to clarify the community, after tft interference, which are the official downloads]
-1140: “The faster hash is from NoodleDoodle and is already submitted to the moner-project github (https://github.com/monero-project/bitmonero) and included in the binaries here.
[trying to bring TFT back on board] It would be all easier if you just work together with the other guys, whats the problem? Come to irc and talk like everyone else?
[on future monero exchangers] I got confirmation from one."
(https://bitcointalk.org/index.php?topic=583449.msg6619997#msg6619997)
[8th may 2014, othe announces NoodleDoodle optimized miner is now open source, asks TFT to collaborate and communicates an exchanger is coming]
-1146: "I'll be impressed if they [BCN/TFT shills] manage to come up with an account registered before January, but then again they could buy those.”
(https://bitcointalk.org/index.php?topic=583449.msg6620257#msg6620257)
[smooth]
-1150: “Ring signatures mean that when you sign a transaction to spend an output (coins), no one looking at the block chain can tell whether you signed it or one of the other outputs you choose to mix in with yours. With a mixing factor of 5 or 10 after several transactions there are millions of possible coins all mixed together. You get "anonymity" and mixing without having to use a third party mixer.”
(https://bitcointalk.org/index.php?topic=583449.msg6620433#msg6620433)
[smooth answering to “what are ring signatures” in layman terms]
-1170: "Someone (C++ skilled) did private optimized miner a few days ago, he got 74H/s for i5 haswell. He pointed that mining code was very un-optimized and he did essential improvements for yourself. So, high H/S is possible yet. Can the dev's core review code for that?"
(https://bitcointalk.org/index.php?topic=583449.msg6623136#msg6623136)
[forums are talking about an individual or group of individuals with optimized miners - may 9th 2014]
-1230: "Good progress on the pool reported by NOMP dev zone117x. Stay tuned, everyone.
And remember to email your favorite exchanges about adding MRO."
(https://bitcointalk.org/index.php?topic=583449.msg6640190#msg6640190)
-1258: "This is actually as confusing to us as you. At one point, thankful_for_today said he was okay with name change: https://bitcointalk.org/index.php?topic=563821.msg6368600#msg6368600
Then he disappeared for more than a week after the merge mining vote failed.”
(https://bitcointalk.org/index.php?topic=583449.msg6645981#msg6645981)
[eizh on the TFT-issue]
-1358: “Jadehorse: registered on 2014-03-06 and two pages of one line posts:
https://bitcointalk.org/index.php?action=profile;u=263597
https://bitcointalk.org/index.php?action=profile;u=263597;sa=showPosts
Trustnobody: registered on 2014-03-06 and two pages of one line posts:
https://bitcointalk.org/index.php?action=profile;u=264292
https://bitcointalk.org/index.php?action=profile;u=264292;sa=showPosts
You guys should really just stop trying. It is quite transparent what you are doing. Or if you want to do it, do it somewhere else. Everyone else: ignore them please."
(https://bitcointalk.org/index.php?topic=583449.msg6666844#msg6666844)
[FUD campaign still ongoing, smooth battles it]
-1387: "The world’s first exchange for Monero just opened! cryptonote.exchange.to"
(https://bitcointalk.org/index.php?topic=583449.msg6675902#msg6675902)
[David Latapie announces an important milestone: exchanger is here]
-1467: "image"
(https://bitcointalk.org/index.php?topic=583449.msg6686125#msg6686125)
[it is weird, but tft appears again, apparently as if he were in a parallel reality]
-1495: “http://monero.cc/blog/monero-price-0-002-passed/”
(https://bitcointalk.org/index.php?topic=583449.msg6691706#msg6691706)
[“trading” milestone reached: monero surpassed for first time 0.002 btc price]
-1513: "There is one and only one coin, formerly called Bitmonero, now called Monero. There was a community vote in favor (despite likely ballot stuffing against). All of the major stakeholders at the time agreed with the rename, including TFT.
The code base is still called bitmonero. There is no reason to rename it, though we certainly could have if we really wanted to.
TFT said he he is sentimental about the Bitmonero name, which I can understand, so I don't think there is any malice or harm in him continuing to use it. He just posted the nice hash rate chart on here using the old name. Obviously he understands that they are one and the same coin."
(https://bitcointalk.org/index.php?topic=583449.msg6693615#msg6693615)
[Smooth clears up again the relation with TFT and BMR. Every time he appears it seems to generate confusion on newbies]
-1543: "Pool software is in testing now. You can follow the progress on the pool bounty thread (see original post on this thread for link)."
(https://bitcointalk.org/index.php?topic=583449.msg6698097#msg6698097)
-1545: "[on the tail emission debate] I've been trying to raise awareness of this issue. The typical response seems to be, "when Bitcoin addresses the problem, so will we." To me this means it will never be addressed. The obvious solution is to perpetually increase the money supply, always rewarding miners with new coins.
Tacotime mentioned a hard fork proposal to never let the block reward drop below 1 coin:
Code: if (blockReward < 1){ blockReward = 1; }
I assume this is merely delaying the problem, however. I proposed a fixed annual debasement (say 2%) with a tx fee cap of like 0.001% of the current block reward (or whatever sounds reasonable). That way we still get the spam protection without worrying about fee escalation down the road."
(https://bitcointalk.org/index.php?topic=583449.msg6698879#msg6698879)
[Johnny Mnemonic wants to debate tail emission. Debate is moved to the “Monero Economy” thread]
-1603: “My GOD,the wallet is very very wierd and too complicated to operate, Why dont release a wallet-qt as Bitcoin?”
(https://bitcointalk.org/index.php?topic=583449.msg6707857#msg6707857)
[Newbies have hard times with monero]
-1605: "because this coin is not a bitcoin clone and so there isnt a wallet-qt to just copy and release. There is a bounty for a GUI wallet and there is already an experimental windows wallet..."
(https://bitcointalk.org/index.php?topic=583449.msg6708250#msg6708250)
-1611: "I like this about Monero, but it seems it was written by cryptographers, not programmers. The damned thing doesn't even compile on Arch, and there are several bugs, like command history not working on Linux. The crypto ideas are top-notch, but the implementation is not."
(https://bitcointalk.org/index.php?topic=583449.msg6709002#msg6709002)
[Wolf0, a miner developer, little by little joining the community]
-1888: "http://198.199.79.100 (aka moneropool.org) successfully submitted a block. Miners will be paid for their work once payments start working.
P.S. This is actually our second block today. The first was orphaned. :/"
(https://bitcointalk.org/index.php?topic=583449.msg6753836#msg6753836)
[May 16th: first pool block]
-1927: "Botnets aren't problem now. The main problem is a private hi-performance miner"
(https://bitcointalk.org/index.php?topic=583449.msg6759622#msg6759622)
-1927: "Evidence?"
(https://bitcointalk.org/index.php?topic=583449.msg6759661#msg6759661)
[smooth about the private optimized miner]
-1937: “[reference needed: smooth battling the weak evidence of optimized miner] Yes, I remember that. Some person on the Internet saying that some other unnamed person said he did something hardly constitutes evidence.
I'm not even doubting that optimized asm code could make a big difference. Just not sure how to know whether this is real or not. Rumors and FUD are rampant, so it is just hard to tell."
(https://bitcointalk.org/index.php?topic=583449.msg6760040#msg6760040)
[smooth does not take the "proof" seriously]
-1949: "image
One i5 and One e5 connected to local pool:
image"
(https://bitcointalk.org/index.php?topic=583449.msg6760624#msg6760624)
[proof of optimized miner]
-1953: "lazybear are you interested in a bounty to release the source code (maybe cleaned up a bit?) your optimized miner? If not, I'll probably play around with the code myself tomorrow and see if I can come up with something, or maybe Noodle Doodle will take an interest."
(https://bitcointalk.org/index.php?topic=583449.msg6760699#msg6760699)
[smooth tries to bring lazybear and his optimized miner on board]
-1957: "smooth, NoodleDoodle just said on IRC his latest optimizations are 4x faster on Windows. Untested on Linux so far but he'll push the source to the git repo soon. We'll be at 1 million network hashrate pretty soon."
(https://bitcointalk.org/index.php?topic=583449.msg6760814#msg6760814)
[eizh makes publics NoodleDoodle also has more miner optimizations ready]
-1985: “Someone (not me) created a Monero block explorer and announced it yesterday in a separate thread:
https://bitcointalk.org/index.php?topic=611561.0”
(https://bitcointalk.org/index.php?topic=583449.msg6766206#msg6766206)
[May 16th, 2014: a functional block explorer]
-2018: “Noodle is doing some final tests on Windows and will begin testing on Linux. He expects hashrate should increase across all architectures. I can confirm a 5x increase on an i7 quad-core + Windows 7 64-bit.
Please be patient. These are actual changes to the program, not just a switch that gets flicked on. It needs testing.”
(https://bitcointalk.org/index.php?topic=583449.msg6770093#msg6770093)
[eizh has more info on last miner optimization]
-2023: “Monero marketcap is around $300,000 as of now”
(https://bitcointalk.org/index.php?topic=583449.msg6770365#msg6770365)
-2059: I was skeptical of this conspiracy theory at first but after thinking about the numbers and looking back at the code again, I'm starting to believe it.
These are not deep optimizations, just cleaning up the code to work as intended.
At 100 H/s, with 500k iterations, 70 cycles per L3 memory access, we're now at 3.5 GHz which is reasonably close. So the algorithm is finally memory-bound, as it was originally intended to be. But as delivered by the bytecode developers not even close.
I know this is going to sound like tooting our own horn but this is another example of the kind of dirty tricks you can expect from the 80% premine crowd and the good work being done in the name of the community by the Monero developers.
Assuming they had the reasonable, and not deoptimized, implementation of the algorithm as designed all along (which is likely), the alleged "two year history" of bytecoin was mined on 4-8 PCs. It's really one of the shadiest and sleaziest premines scams yet, though this shouldn't be surprising because in every type of scam, the scams always get sneakier and more deceptive over time (the simple ones no longer work)."
(https://bitcointalk.org/index.php?topic=583449.msg6773168#msg6773168)
[smooth blowing the lid: if miner was so de-optimized, then BCN adoption was even lower than initially thought]
-2123: (https://bitcointalk.org/index.php?topic=583449.msg6781481#msg6781481)
[fluffypony first public post in Monero threads]
-2131: "moneropool.org is up to 2KHs, (average of 26Hs per user). But that's still only 0.3% of the reported network rate of 575Khs.
So either a large botnet is mining, or someone's sitting quietly on a much more efficient miner and raking in MRO."
(https://bitcointalk.org/index.php?topic=583449.msg6782192#msg6782192)
[with pools users start to notice that “avg” users account for a very small % of the network hashrate, either botnets or a super-optimized miner is mining monero]
-2137: “I figure its either:
(https://bitcointalk.org/index.php?topic=583449.msg6782852#msg6782852)
-2192: “New source (0.8.8.1) is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit."
(https://bitcointalk.org/index.php?topic=583449.msg6788812#msg6788812)
[eizh makes official announce of last miner optimization, it is may 17th]
-2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038)
[wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools]
-2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|"
(https://bitcointalk.org/index.php?topic=583449.msg6806946#msg6806946)
-2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro"
(https://bitcointalk.org/index.php?topic=583449.msg6808548#msg6808548)
-2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486"
(https://bitcointalk.org/index.php?topic=583449.msg6829109#msg6829109)
-2756: “So... ALL Pools have 50KH/s COMBINED.
Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?”
(https://bitcointalk.org/index.php?topic=583449.msg6829977#msg6829977)
-2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.”
(https://bitcointalk.org/index.php?topic=583449.msg6830012#msg6830012)
-2765: “Penalty for too large block size is disastrous in the long run.
Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.”
(https://bitcointalk.org/index.php?topic=583449.msg6830475#msg6830475)
-2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes."
(https://bitcointalk.org/index.php?topic=583449.msg6830710#msg6830710)
-3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin.
To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially."
(https://bitcointalk.org/index.php?topic=583449.msg6845545#msg6845545)
[tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project]
-3044: "image"
(https://bitcointalk.org/index.php?topic=583449.msg6845986#msg6845986)
[Monero added to coinmarketcap may 21st 2014]
-3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)."
(https://bitcointalk.org/index.php?topic=583449.msg6846509#msg6846509)
[random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)]
-3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam.
In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa).
Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet."
(https://bitcointalk.org/index.php?topic=583449.msg6846638#msg6846638)
[An answer to those trolls saying Monero has no innovation/unique feature]
-3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself."
(https://bitcointalk.org/index.php?topic=583449.msg6846676#msg6846676)
-3119: “image
[included for the lulz]
-3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs."
(https://bitcointalk.org/index.php?topic=583449.msg6848006#msg6848006)
[the initial "core team" so far, eizh post]
-3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085)
[fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading]
-3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526)
[fluffy again, worth to read it too, so follow link, don’t be lazy]
-3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.”
(https://bitcointalk.org/index.php?topic=583449.msg6857197#msg6857197)
[flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner]
-3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded.
I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy."
(https://bitcointalk.org/index.php?topic=583449.msg6857796#msg6857796)
[smooth takes the opportunity to remember the need of bigger target block]
-3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373”
[wolf0 makes public his open source optimized miner]
-3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools."
(https://bitcointalk.org/index.php?topic=583449.msg6861193#msg6861193)
[tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it]
-3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693)
[fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins]
-3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one.
I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw).
Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar.
The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized.
That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have."
(https://bitcointalk.org/index.php?topic=583449.msg6863720#msg6863720)
[smooth vision of a true p2p currency]
-3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth."
(https://bitcointalk.org/index.php?topic=583449.msg6865061#msg6865061)
[smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances]
-3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them."
[fluffy-troll]
-3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do""
(https://bitcointalk.org/index.php?topic=583449.msg6878244#msg6878244)
[Major FUD troll in the topic. One of the hardest I’ve ever seen]
-3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants.
Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking.
Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures.
This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)."
(https://bitcointalk.org/index.php?topic=583449.msg6883525#msg6883525)
[Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on]
-3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars."
(https://bitcointalk.org/index.php?topic=583449.msg6886770#msg6886770)
[Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies]
-3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412)
[partnership with i2p]
-4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373”
(https://bitcointalk.org/index.php?topic=583449.msg6993812#msg6993812)
[super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining]
-4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here:
logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately."
(https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497)
[Jun 2nd 2014]
-5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0”
(https://bitcointalk.org/index.php?topic=583449.msg7130160#msg7130160)
[4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner]
-5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724"
(https://bitcointalk.org/index.php?topic=583449.msg7198061#msg7198061)
[miner optimization is an endless task]
-5464: "I have posted a proposal for fixed subsidy:
https://bitcointalk.org/index.php?topic=597878.msg7202538#msg7202538"
(https://bitcointalk.org/index.php?topic=583449.msg7202776#msg7202776)
[Nice charts and discussion proposed by tacotime, worth reading it]
-5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default."
(https://bitcointalk.org/index.php?topic=583449.msg7234475#msg7234475)
[Now you can recover your wallet with a 24 word seed]
-5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623)
[Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)]
-6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715)
[Monero missives: CryptoNote peer review starts whitepaper reviewed)]
-7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333)
[android monero widget built]
This is a dense digest of the first several thousand messages on the definitive Monero thread.
A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
  • 28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
  • 30th April: First NoodleDoodle's miner optimization.
  • 11th May: First Monero exchanger
  • 13th May: Open source pool code is ready.
  • 16th May: First pool mined block.
  • 19th May: Monero in poloniex
  • 20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
  • 21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
  • 25th May: partnership with i2p
  • 28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
  • 2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
  • 4th June: Claymore's open source GPU miner.
  • 10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
  • March 2015 – tail emission added to code
  • March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
  • Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
  • Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
  • The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
  • The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
submitted by el_hispano to Monero [link] [comments]

Buying in China and selling in USA. The New American Dream | My Story

Hi entrepreneur I've followed this sub for quite a while, I enjoy the (rare) good posts, and I'd like to tell my story and hope you takeaway some useful knowledge. I was a 2009 college graduate, so I didn't even have a chance to join the workforce in any meaningful way. Entrepreneurship is just natural to me and I hope I can sustain it over a lifetime
My entrepreneur journey began selling football tickets during college at U of Florida. Imagine an 18-year old white kid standing next to the veteran scalpers and hawking tickets. It was the best experience I could imagine. I think of it as rejection therapy Learning to not be afraid of a 'no' is a very important part of being an entrepreneur. After college, I started buying and selling tickets online using TicketMaster and Stubhub. Selling tickets could be its own thread, it's such an interesting space. There are fortunes being made buying tickets to in-demand events online. It's just rather tedious (imagine entering 50,000 captcha phrases a year) Also, scalping tickets online doesn't provide 'value' to anyone. I read the domain parking thread today and it makes me proud to be making money by delivering value, not withholding it for profit.
I grew tired of tickets and decided to visit a friend in China. I stayed for 6 weeks and bought some watches to bring back for gifts. One watch was especially cool and people asked about it everywhere I went. I got back in touch with my friend in China (who was just teaching English at the time) and he traced it back to a supplier. I thought I needed an investopartner so I contacted the only rich guy I knew and he gave me $4,000 to be my 50/50 partner. I ordered 800 watches for $3 each, and paid some guy $3,000 to make me a website.
Lesson 1 DON'T SPEND MORE THAN $300 ON YOUR FIRST WEB PRESENCE
I scrapped that site in less than a month and built my own on Shopify. If you can operate your facebook page, you can setup a Shopify account, it's stupid easy. I set the price at $65.
Lesson 2 PRICE HIGH
It gives you so many advantages. Better customers, less returns, room for wholesale/distributors, and a higher perceived value. Anyway, I created a fun brand around this. We did fun photoshoots, ran contests in the community (facebook ads were really cheap back then), and we really gained some customers. In a stroke of good luck, I got in touch with a Groupon rep and they agreed to run a deal for my watches. I was one of the first products to run on Groupon. (Remember, Groupon was mainly for services like spas and meals at the time) This went well initially, and they slated me for a Black Friday national deal. They sold 7,000 of my 'deals' in 3 days. Turns out my supplier back in China was just a trade company, and he couldn't pull off a deal of my size on his 'credit' He almost completely screwed up the whole deal, and it was literally one of the lowest points of my life. In the end, I fulfilled about 70% of the orders successfully, and the other 30% basically told me I ruined their Christmas and got refunds. Funny thing was, Groupon still paid me out the entire amount even though there were almost 2,000 really upset customers (an omen that Groupon did not have their house in order and had their own crash coming) This company was called TIKKR by the way. The site is still up but I'm not really in business anymore. I might try to revive it someday. But I could see the writing on the wall. There were at least 50 companies I knew of that sold the exact same watch, including Walgreens which sold it without a brand name for $4.99. I dropped my price and got what I could out of it, but I needed a new idea. Also I had returns and warranties like mad and it cost me a ton of cash, the watches were just cheap...
I honestly don't remember how it came about, but I became aware of bamboo sunglasses being a thing. I was approached by my China friends to start something together. We were hanging out in Chicago that summer (2012 I think) which happened to be Groupon headquarters. I had a friend who worked there, and he got me access to their sales floor so I just kind of hung around and bothered people until I found the girl who sold fashion accessories.
Lesson 3 To get that big break, sometimes you just have to hang around until something happens to you. Not sure if that really qualifies as a legit 'lesson' but whatever.
I got her to agree to run us on a national scale. She told us to prepare 10,000 units for sale. I don't know how, but we got $180,000 together between 3 partners . The China guys, the Groupon insider, and me. (Actually I do know how, I used my TIKKR money with a big boost from Bank of Mom. Hi mom!) The China guys handled production, I handled branding, marketing, and everything else and the Groupon guy was the Groupon guy. I came up with Woodies (and I even bought Woodies.com for $4,000 from some Canadian dude who was selling hockey stick chairs) The idea came from the old Woodie station wagons where the frame was made from wood. I rented a few cars for the photoshoots I was obsessed with Ashley Sky at the time and I had the crazy idea to hire her for a photoshoot. I contacted her people and to my amazement, she was only like $600 for a day and she had 100k instagram followers! I figured we would make that money back with one post from her. The Groupon sale went live and we sold like 4,000 instead of 10,000.
Lesson 4 Be optimistic in general, but be realistic when it comes to forecasts.
I can't remember how many times I had a deal setup where I was like, yea I'm going to pay off all my student loans with this deal. It was usually mildly successful, but after all the bills were paid off, I wasn't as far ahead as I thought I would be. It reminds me of the Old Man and the Sea. You land this HUGE deal, but by the time you drag it to shore, a bunch of little things have brought it back to size. Overhead, customer service time, returns/warranties, new orders, customs fees, shipping really add up. So with that 'poor' sales showing, the China guys ran into their own cash-flow problems. Groupon guy and I were forced to buy them out basically. But we had a real business with real customers and we were rolling. We now had $140,000 capital base after paying off the China guys, not enough for a big order, so I noticed Kickstarter was really blowing up, and thought I could bridge our cash-flow with a blockbuster kickstarter campaign. This is where things get pretty interesting. I got it in my head I wanted to hire Kendall Jenner for this campaign. Somehow I tracked down her modeling agency and eventually her direct manager. They quoted me $100,000 for the day. I created a Pinterest board and sent it to her and asked if she would do it for $25,000 plus a bunch of incentives and they said YES! I was completely thrown off and not sure what to do. I ran some projections and thought that I could make up most of that money if we raised a lot of kickstarter money. I hired Ashley Sky, Damaris Aguiar, Kendall Jenner, Aygemang Clay, Lyall Aston photographed it, Sagette Van Embden videoed it, Lina Palacios styled it, Mary Guthrie was hair and makeup. It was a giant production. I couldn't believe it. I flew everyone out to Malibu, CA using Southwest Airlines buddy passes! Imagine Ashley Sky and Damaris Aguiar (so hot) standing at the Southwest ticket counter like wtf is standby? I'm over here sweating bullets hoping we don't get stuck in New Orleans and I look like a fraud. Actually I fought those type of feelings a lot during this period.
Lesson 5 Don't ever put yourself down.
Entrepreneurship is a crazy, improvisational dance. Sometimes I would look around at my competition and think they had it figured out, they were following a plan, they were 'professionals' and I was just doing my best to pretend. That's BS, we're ALL making it up as we go! Don't put this process on a pedestal, fake it til you make it! Anywho, I rent out a Malibu HQ using Airbnb and rented a van for the day. I still can't help but laughing when I remember this scene: I'm driving a large van with Kendall Jenner, Ashley Sky, Damaris Aguiar, and some bros, in the mountains of Malibu, I'm driving kind of fast around the curves because we're late for the call time I set for us. I'm wearing a captain's hat because that was my thing during that time. and Kendall's manager scolded me for taking the turns too fast. Fun times
Here is how the campaign turned out
So, I got Kendall to agree to Instagram/tweet/facebook the kickstarter campaign, but what I didn't realize is kickstarter is not mainstream and it just didn't convert. I raised like $30,000 in revenue against a cost of like $70,000. I can't say whether I would do it again given hindsight. It has led to great brand recognition because Kendall has kind of blew up and become a mega celebrity. AND her management let me write that contract so I have rights to those photos forever. One tweet by her got me close to 20,000 email subscribers which has been a stream of income ever since. (Shoutout Mailchimp!) *Monkeyrewards fyi Since then, I've been trying to come up with new designs, build on the brand, and leverage the list that came from Kendall Jenner's gravity to make sales. It's pretty seasonal, coming mostly during the summer and Christmas season. I have some big plans for 2015, but I have to keep them quiet for the time being, maybe there will be a follow-up post this next year
All that was a year ago and Woodies has had some good times and some slow times. I got into wood watches which have been really good sellers. I started selling on Amazon *affiliate, which has been a great boost to the bottom line.
Keep in mind that during this whole time I barely took a paycheck, and moved back in with mom in Tulsa, OK during a dry spell. I don't spend a lot of money, I have zero savings (except for a few Bitcoins) I actually travel most of the year, I'm in Thailand right now writing this to you. So to summarize, I've been an entrepreneur for a long time, and my success is best characterized by a few BIG wins, and mostly small, gradual losses. In between, my life has been great, I get to travel, work remotely, perform autonomous, creative work, do photoshoots with hot models, and learn a lot about myself and the world around me. I wouldn't trade it back and I'm optimistic about he future
Tech that makes all this possible:
Shipwire & Amazon FBA (Amazon FBA > Shipwire if you're wondering)
All Google Products: Gmail, Google Drive, Google Forms, Analytics
Xero for accounting
Shopify for e-commerce
[Fiverr](Fiverr.com) to boost online reviews
Alibaba for finding suppliers. Once you find them, visit them, and invest in a relationship with them
Mailchimp for Email marketing (the best thing going in my opinion)
Flexport for freight forwarding, definitely changing the game
Other takeaways:
Wholesale business and international shipping are both great if you like to waste huge amounts of time chasing small amounts of money. Stick to domestic until you're really big-time.
Never commit to big upfront costs. Always start small and test
Have a solid accounting system and data management system. It'll come in handy when you need it
I've got to shout out my friend and one-time employee Joanna (she just started OnceBitten ) I was rarely as productive as when I had someone else keeping me accountable and adding great ideas and hard work to the process. I guess the lesson is if you're going to hire somebody, make sure they're really, really good and pay them well
Things I haven't quite solved yet:
Customer Service management (I hate answering emails for real)
Taxes
CRM like Salesforce or something (is this necessary guys?)
I could go on, but I think this is enough. If you're still reading this, I'll answer questions if anyone wants to ask about business in China, solo-travel, branding, ecommerce, etc I'm not an expert in many things, but I know a little bit about a lot
See you at the Beach!
Cory Stout, Owner Woodies
A couple shout-outs: My other entrepreneur homies doing big things! RevelryDresses(group orders of sorority dresses)
OtisandEleanor(bluetooth speakers from bamboo)
OriginalGrain(wood watches, prob better than mine :) )
edit: Just want to say I'm enjoying hearing from you all. I'm doing solo travel right now, so it's nice to connect with other entrepreneurs out there
submitted by sigmaschmooz to Entrepreneur [link] [comments]

[Index] Scaling Conference Overview: Day 1

Conference Topic \ Speaker \ Time Link
Privacy \ Fungibility
Scalability
Smart Contracts
Proof of Work
submitted by KarmaNote to Bitcoin [link] [comments]

The Bitcoin Cash Fund website is now live! Go check it out!

THE BITCOIN CASH FUND
Firstly, we need to say a big thank you to you all for getting us this far. There is so much energy in the community right now. You guys are seriously awesome! You are by far the biggest asset to Bitcoin Cash, and this is what we need to leverage to take it mainstream. You can find the website at www.thebitcoincash.fund Go and check it out! Sign up to our subscriber list to get updates on the projects that we are funding. The projects we are funding always need volunteers to help them expand their reach. We would like to announce our board, advisors and generous sponsors.
BOARD
Paul Wasensteiner (aka Singularity). I have been a Bitcoiner (now Casher) since mid-2011 when I discovered Bitcoin shortly after the first $30 price bubble. Since then, I have been highly active in the community, although it wasn't until this year that I dove into Bitcoin full time. I started the BTCforks initiative last year with Freetrader, which was a precursor to the Bitcoin Cash initiative. Until recently, I spent my time in the community trying to correct misinformation and educate newcomers. After Bitcoin Cash successfully launched, I decided to make a positive change and instead put my energy into pushing Bitcoin Cash forward. I have a wide range of experience and expertise, and have had two businesses of my own in the past. I am working towards changing the world for the better, and I feel Bitcoin Cash is one way of achieving this. I launched the Bitcoin Cash Fund initiative on 14th, November 2017 to expand Bitcoin Cash adoption.
Ian Descôteaux (aka checksum0/FractalGlitch). Ian found out about bitcoin on January 3rd, 2010 after reading a piece on it. He spent time CPU and GPU mining, both solo and with Mining Team Reddit and Slush. After a break from Bitcoin, he reinvested in mining when the Bitmain S1 was released, and has kept this endeavor going ever since. It was at this time that fees started to increase and he realised that this may become an issue in the future. Today he owns and operates a private 4 MW mining facility in North America. Bitcoin Cash is the plan he signed up for when he first got into the bitcoin space.
Haipo Yang Haipo is the CEO and founder of ViaBTC. He graduated from Northwestern Polytechnical University of China in 2012, majored in mathematics. After graduation he worked as a developer at Tencent Weibo (China’s Twitter) and then FUTU, a Tencent-invested Hong Kong stock exchange. YANG is one of the earliest adopters and investors of Bitcoin and has in-depth understanding in blockchain technology. YANG began to be involved in Bitcoin in 2013. Between 2014 and 2015, YANG started his career in cryptocurrency industry and led the R&D team at ZeusMiner, the former TOP3 Scrypt miner in the world. In April 2016, YANG committed himself to the development of ViaBTC Bitcoin pool and released the initial version after two months of extensive coding effort.
ADVISORS
Roger Ver Roger was an early investor in bitcoin related startups. He has been a prominent supporter of bitcoin adoption and saw bitcoin as a means to promote economic freedom. He now promotes Bitcoin Cash, a different cryptocurrency. He identifies as a libertarian, an anarcho-capitalist, peace advocate and advocates for individualism and voluntaryism.
Jack Liu Jack C. Liu formerly served as Chief Strategy Officer of OKCoin Group, leading the company's international unit, and co-founding its latest products including OKEx and OKLink.
Peter Rizun Dr. Peter Rizun is a physicist and entrepreneur. Chief Scientist for Bitcoin Unlimited, an organization which provides software that powers the backbone of the Bitcoin network. His research focuses on understanding and overcoming the bottlenecks preventing Bitcoin from scaling to a global peer-to-peer electronic cash system.
Mike Komaransky Mike has been an investor and advocate of Bitcoin since 2010. Mike was a partner at the trading firm DRW, and was Head of Trading at Cumberland Mining from 2014 until June 2017.
SPONSORS
Bitcoin.com Bitcoin.com is a premier source for everything Bitcoin related. They can help you buy bitcoins, choose a bitcoin wallet. You can also read the latest news, or engage with the community on their Bitcoin Forum.
ViaBTC ViaBTC was founded in May 2016 as an innovation-intensive startup dedicated to cryptocurrency. They’ve developed the world’s top Bitcoin mining pool with the most advanced deployment technology. They’ve also released mining pools for competing coins and cloud mining products.
Yours The mission at Yours is to improve the quality of content on the internet by getting people paid for creating and discovering good content. They're making everyone in the world an entrepreneur on their smartphone. They believe peer-to-peer payments are the missing piece in social media.
PROJECTS There are already a number of projects underway. -A short animated video explaining Bitcoin Cash. -A short live-action video explaining how a user uses BCH and, how a business uses/accepts BCH. Project to travel around Seatac in the US with POS systems, information packs, and stickers to onboard new businesses. -Create a BCH logo animation (https://www.youtube.com/watch?v=UOS-4PxZi2o&lc=z23qwpqa4u2mxncqf04t1aokg0yj24dloirdqqxpeo1kbk0h00410) (Sound design still in progress). -Create payment sound branding to be applied as an industry standard for maximum impact. -Hand out well designed, fun Bitcoin Cash stickers for students to stick on their laptops and lockers etc. -Put up Bitcoin Cash flyers on all message boards at MIT. -Giving out free stickers on Twitter for tweets about Bitcoin Cash.
We need far far more though! Get in contact with us (Contact form on our website) and submit a proposal. Start organising! Put ideas out into the community and find people with the skills you need to execute! We are here to help you do this! Join our slack. Subscribe to bitcoincashmarketing and start developing projects.
There are so many talented people in the Bitcoin Cash community. You are our biggest asset BY FAR! This is why the Bitcoin Cash Fund is going to be so powerful at driving Bitcoin Cash adoption, because every BCH we push into the community, we know we will get 10 BCH of value, because you guys are amazing!
Our mission is to help Bitcoin Cash serve 1 billion users within 5 years, and we know you are going to help us achieve this. Thank you again to you all. The Bitcoin Cash Fund.
(Yours.org Post)[https://www.yours.org/content/the-bitcoin-cash-fund-website-is-now-live--go-check-it-out--ec40ae6792fd]
Also a big thank you to: Cameron McEwan for designing and building the site from scratch with such a tight deadline. Josh Ellithorpe (zquestz) for getting the site hosted and secured). George Siosi Samuels for handling some of the social media accounts for us. Kheri for handling some of the social media accounts for us
submitted by bitcoincashfund to btc [link] [comments]

The Bitcoin Cash Fund website is now live! Go check it out!

THE BITCOIN CASH FUND
Firstly, we need to say a big thank you to you all for getting us this far. There is so much energy in the community right now. You guys are seriously awesome! You are by far the biggest asset to Bitcoin Cash, and this is what we need to leverage to take it mainstream.
You can find the website at www.thebitcoincash.fund
Go and check it out! Sign up to our subscriber list to get updates on the projects that we are funding. The projects we are funding always need volunteers to help them expand their reach.
We would like to announce our board, advisors and generous sponsors.
BOARD
Paul Wasensteiner (aka Singularity).
I have been a Bitcoiner (now Casher) since mid-2011 when I discovered Bitcoin shortly after the first $30 price bubble. Since then, I have been highly active in the community, although it wasn't until this year that I dove into Bitcoin full time. I started the BTCforks initiative last year with Freetrader, which was a precursor to the Bitcoin Cash initiative. Until recently, I spent my time in the community trying to correct misinformation and educate newcomers. After Bitcoin Cash successfully launched, I decided to make a positive change and instead put my energy into pushing Bitcoin Cash forward. I have a wide range of experience and expertise, and have had two businesses of my own in the past. I am working towards changing the world for the better, and I feel Bitcoin Cash is one way of achieving this. I launched the Bitcoin Cash Fund initiative on 14th, November 2017 to expand Bitcoin Cash adoption.
Ian Descôteaux (aka checksum0/FractalGlitch).
Ian found out about bitcoin on January 3rd, 2010 after reading a piece on it. He spent time CPU and GPU mining, both solo and with Mining Team Reddit and Slush. After a break from Bitcoin, he reinvested in mining when the Bitmain S1 was released, and has kept this endeavor going ever since. It was at this time that fees started to increase and he realised that this may become an issue in the future. Today he owns and operates a private 4 MW mining facility in North America. Bitcoin Cash is the plan he signed up for when he first got into the bitcoin space.
Haipo Yang
Haipo is the CEO and founder of ViaBTC. He graduated from Northwestern Polytechnical University of China in 2012, majored in mathematics. After graduation he worked as a developer at Tencent Weibo (China’s Twitter) and then FUTU, a Tencent-invested Hong Kong stock exchange. YANG is one of the earliest adopters and investors of Bitcoin and has in-depth understanding in blockchain technology. YANG began to be involved in Bitcoin in 2013. Between 2014 and 2015, YANG started his career in cryptocurrency industry and led the R&D team at ZeusMiner, the former TOP3 Scrypt miner in the world. In April 2016, YANG committed himself to the development of ViaBTC Bitcoin pool and released the initial version after two months of extensive coding effort.
ADVISORS
Roger Ver
Roger was an early investor in bitcoin related startups. He has been a prominent supporter of bitcoin adoption and saw bitcoin as a means to promote economic freedom. He now promotes Bitcoin Cash, a different cryptocurrency. He identifies as a libertarian, an anarcho-capitalist, peace advocate and advocates for individualism and voluntaryism.
Jack Liu
Jack C. Liu formerly served as Chief Strategy Officer of OKCoin Group, leading the company's international unit, and co-founding its latest products including OKEx and OKLink.
Peter Rizun
Dr. Peter Rizun is a physicist and entrepreneur. Chief Scientist for Bitcoin Unlimited, an organization which provides software that powers the backbone of the Bitcoin network. His research focuses on understanding and overcoming the bottlenecks preventing Bitcoin from scaling to a global peer-to-peer electronic cash system.
Mike Komaransky
Mike has been an investor and advocate of Bitcoin since 2010. Mike was a partner at the trading firm DRW, and was Head of Trading at Cumberland Mining from 2014 until June 2017.
SPONSORS
Bitcoin.com
Bitcoin.com is a premier source for everything Bitcoin related. They can help you buy bitcoins, choose a bitcoin wallet. You can also read the latest news, or engage with the community on their Bitcoin Forum.
ViaBTC
ViaBTC was founded in May 2016 as an innovation-intensive startup dedicated to cryptocurrency. They’ve developed the world’s top Bitcoin mining pool with the most advanced deployment technology. They’ve also released mining pools for competing coins and cloud mining products.
Yours
The mission at Yours is to improve the quality of content on the internet by getting people paid for creating and discovering good content. They're making everyone in the world an entrepreneur on their smartphone. They believe peer-to-peer payments are the missing piece in social media
PROJECTS
There are already a number of projects underway.
A short animated video explaining Bitcoin Cash.
A short live-action video explaining how a user uses BCH and, how a business uses/accepts BCH.
Project to travel around Seatac in the US with POS systems, information packs, and stickers to onboard new businesses.
Create a BCH logo animation (https://www.youtube.com/watch?v=UOS-4PxZi2o&lc=z23qwpqa4u2mxncqf04t1aokg0yj24dloirdqqxpeo1kbk0h00410) (Sound design still in progress).
Create payment sound branding to be applied as an industry standard for maximum impact.
Hand out well designed, fun Bitcoin Cash stickers for students to stick on their laptops and lockers etc.
Put up Bitcoin Cash flyers on all message boards at MIT.
Giving out free stickers on Twitter for tweets about Bitcoin Cash.
We need far far more though! Get in contact with us (Contact form on our website) and submit a proposal. Start organising! Put ideas out into the community and find people with the skills you need to execute! We are here to help you do this! Join our slack. Subscribe to bitcoincashmarketing and start developing projects.
There are so many talented people in the Bitcoin Cash community. You are our biggest asset BY FAR! This is why the Bitcoin Cash Fund is going to be so powerful at driving Bitcoin Cash adoption, because every BCH we push into the community, we know we will get 10 BCH of value, because you guys are amazing!
Our mission is to help Bitcoin Cash serve 1 billion users within 5 years, and we know you are going to help us achieve this.
Thank you again to you all.
The Bitcoin Cash Fund.
(Yours.org Post)[https://www.yours.org/content/the-bitcoin-cash-fund-website-is-now-live--go-check-it-out--ec40ae6792fd]
Also a big thank you to:
Cameron McEwan for designing and building the site from scratch with such a tight deadline.
Josh Ellithorpe (zquestz) for getting the site hosted and secured).
George Siosi Samuels for handling some of the social media accounts for us.
Kheri for handling some of the social media accounts for us.
submitted by bitcoincashfund to Bitcoincash [link] [comments]

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BitcoinSOV Windows Solo Miner Setup Tutorial

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