Bitcoin Cash (BCH) brings sound money to the world. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development. All Bitcoin holders as of block 478558 are now owners of Bitcoin Cash. All Bitcoiners are welcome to join the Bitcoin Cash community as we move forward in creating sound money accessible to the whole world.
In the last 24 hours, Bitcoin's Nakamoto Coefficient (a measure of decentralization) has dropped to TWO. Bitmain and F2Pool now control 62% of the hashrate
Is anyone else watching the mining pool charts? It seems like the large pools are slowly killing off the smaller pools. BTC.com and AntPool are both Bitmain: https://btc.com/stats/pool?pool_mode=day From the Bitcoin wiki:
Note that in the reality of bitcoin mining today, more than 6 confirmations are required. (60 confirmations to have <1% odds of succeeding against an entity with 40% hash power). See Section 11 of the (https://bitcoin.org/bitcoin.pdf bitcoin whitepaper) for the AttackerSuccessProbability formula.
A summary of QASH and why I believe it will serve a pivotal role in the growth of the cryptocurrency market worldwide.
SIDE NOTE: DO NEVER EVER LEAVE YOUR CRYPTOCURRENCIES ON QRYPTOS & QUOINE. WITHDRAWAL TAKES SEVERAL DAYS AND IN SOME CASES LONGER THAN A WEEK LATELY. MANY PEOPLE HAVE BEEN HAVING HUGE TROUBLES
DISCLAIMER: I'm not affiliated with this project in any way. Don't take this as actual investment advice at face-value, but rather a comprehensive summary I put together based upon my own findings, research, and personal insight about the project. As always, if you do wish to invest, please DYOR beforehand and make your investments based upon your own assessment of the project.
The token is called QASH (by QUOINE) and it essentially serves as the financial utility and payment token for QUOINE's upcoming Liquid+ platform and all services which it provides. I haven't actually seen much talk going on about this anywhere, and to me, it's sort of baffling how seemingly under-the-radar this has been flying, given the problem that it's going to be solving in the cryptocurrency space.
The platform that they've built is super intriguing to me as a cryptocurrency trader due to the fact that it's aiming to fundamentally solve a huge, yet often overlooked problem in this space: illiquidity. This really excites me because in my personal experience (and I'm sure for many others on this sub who are stuck trading with minor currencies), attempting to purchase BTC, ETH, or other tokens with a fiat currency like say, GBP, is just downright painful and usually ends up in an immediate loss since there are significantly fewer buyers and sellers in the relevant GBP markets than say, USD markets - and thus the market price can tend to slip easily in either direction even with relatively small trade amounts (as a result of high spreads).
The Solution: Liquid+
Now imagine the case whereupon this problem doesn't exist — where anyone around the world, whether it be individuals, institutional investment, businesses, etc., would always be able to have immediate access to highly liquid cryptocurrency markets, and not be subject to an inherent disadvantage simply by virtue of the specific fiat currency they're using to trade with or one particular exchange that they're trading on.
This is a landscape which the Liquid+ platform will be able to render to the cryptocurrency economy, and what I think solving this problem will ultimately mean is that we'll start to see a much more global influx of individuals and institutions coming into the cryptocurrency space because a massive, worldwide liquidity pool will have been created through the Liquid+ platform. Essentially, the platform will enable minor currencies such as the Rupee, Peso, Pound Sterling, Thai Baht, whatever it is you name it — to be traded with on the same level of liquidity that a major currency (e.g. USD) does. This is the function of what they're calling the "World Book".
The World Book essentially is a global aggregation of orders sourced from many different cryptocurrency exchanges (i.e. "liquidity silos"). Orders which are placed from within any of the connected exchanges can be simultaneously published into the Liquid+ platform and be matched with orders from a completely separate exchange. What's even more fascinating about this is that these matched orders aren't even necessarily required to be of the same trading pair.
So for instance, a trader who intends to make a btc-yen trade can be automatically matched up with another trader making a totally separate trade say, eth-euro, just by virtue of the world book internally executing a two-step transaction in order to "hop" from the euro trade to the yen trade. It's important to note that this entire process all happens seamlessly and is transparent to the end-user. Each trader would see every other traders' orders denominated in their preferred quote currency (even though the orders may actually be based on a different quote currency on the other side), meaning that the world book is "currency-agnostic" amongst all orders.
Performance-wise, the platform is deemed to be capable of handling over a million of these orders / FX-conversions per second, and is built upon a set of already established and tested technologies developed by QUOINE. As a result, much of the platform is actually already in place, and the integration work with many of the world's largest cryptocurrency exchanges are already underway or have been completed.
Another important point to note on this is that there's generally a big incentive for exchanges to participate in this World Book, as it will be able to funnel in substantially more trading volume from the markets of other exchanges.
In my mind, the World Book will no doubt be an absolute game changer to this space when it hits. However, there's another equally, if not more substantial component to the platform:
Liquid+ will act as a Prime Brokerage service, and it will be the first of its kind in the cryptocurrency space (by which QUOINE is officially licensed by the JFSA, one of the strictest regulators in the world). One way you can think of it, is that this could effectively make Liquid+ into the Goldman Sachs or Morgan Stanley equivalent of the cryptocurrency space, and it's in fact aiming to become the platform upon which major hedge funds and institutional investors around the world will prefer to leverage in order to mitigate counter-party risk (such as a particular exchange getting hacked and losing funds), manage and move large amounts of fiat capital, as well as take advantage of the globally sourced liquidity pool provided by the world book.
To me, it makes perfect sense to have integrated, seeing as many of the major reputable exchanges around the world will have already been interconnected through the Liquid+ platform. Ultimately, it means individuals as well as major institutions coming into this space will no longer be required to deal with the pain of managing numerous individual accounts across multiple exchanges and transferring funds between each. Instead, Liquid+ allows its users to be provided with direct market access to the liquidity and trading pairs yielded by all associated exchanges in a single platform, and on a single account. By now, you can probably start to imagine just how attractive this is going to be for the major institutional players coming into this space, and on an international scale.
User-Generated Trading Strategies
Another intriguing feature is that once the QASH blockchain is implemented, the platform will be able to facilitate the authoring of custom-written automated trading strategies and algorithms by any of its users (including individuals as well as institutions), utilizing a variety of mainstream programming languages. These strategies can then be published to the platform and shared amongst other users. The profits yielded by these trading strategies are subject to fees which are then paid back in QASH to the authors of those strategies.
QASH Token Value Proposition
The value of the QASH token is proportional to the scale of its utility and velocity of usage. For starters, QASH can be used for payment on the Liquid+ platform for everything including trading fees, fees on profit from automated trading strategies (as described above), fiat / crypto credit lending, and for all other services that it renders. QASH can also be used as payment on QUOINE's other products: Quoinex and Qryptos. Additionally, users who elect to pay using QASH on these platforms do so at a discounted rate on fees.
Another important point to note here is that QASH will be used to fuel payment for all services rendered by the Prime Brokerage. So for instance when institutions start to utilize the platform, it means that this money will start to flow through the QASH token as well.
But I think perhaps the bigger and longer-term value proposition for QASH is the fact that it's striving to become the "Bitcoin or Ethereum of the financial services industry", meaning widespread adoption of QASH as the preferred cryptocurrency for use in financial institutions. As more and more of these institutions seek to gain a foothold in the blockchain space, they're going to be looking for cryptocurrencies that maintain trustworthy backing and have the appropriate governmental regulation / security frameworks set in place. QASH aims to fulfill this role and is in fact officially approved as a cryptocurrency by the Japanese government. Moreover, QUOINE is the only cryptocurrency exchange company which is audited by a "Big Four" accounting firm.
QASH is initially built upon the ERC-20 token standard, but will eventually migrate to its own blockchain by Q2 2019. As opposed to Ethereum, the blockchain will incorporate sophisticated tools and services which are geared specifically toward usage in the financial services industry (read more about these here). Having this inherent support for many financially related functions will be paramount for wider adoption as a token of preference, as QASH seeks to bridge the gap between traditional finance and the cryptocurrency economy.
With adoption by the financial services industry, the value of the QASH token can then be expected to continue increasing as a result of its ever expanding utility and usage.
Additionally, here's an explanation of the QASH blockchain as described by Andre.
Brief Company Background (QUOINE)
QUOINE is a profitable and established FinTech company (over 250 years of combined FinTech experience) who have built Quoinex, one of the top ranking exchanges in the world by volume, as well as Qryptos, a token-to-token asset exchange and ICO platform. Quoinex is one of the largest fiat-to-crypto exchanges in the world with $12 Billion in annual transactions. They are the first global cryptocurrency firm in the world to be officially licensed by the Japan Financial Services Agency (License 0002) and has as a "Big Four" external auditor.
What gives me confidence that QASH may succeed in becoming widely adopted by financial institutions is that the company is lead by those with strong financial leadership. QUOINE's executives hail from the financial services industry, many of whom have served executive positions at some of the biggest financial institutions in the world.
Detailed information about the executives and board directors can be found on the Liquid+ website (or in the whitepaper) so I won't list them all out here for the sake of conciseness, but many of them come from executive positions at major institutions including:
UBS Investment Bank
Price Waterhouse Coopers International
JAFCO, Co. Ltd.
QASH / Platform Investors
Again, a full detailed list can be found on the Liquid+ website. Investors in the platform and QASH ICO include those who have executive leadership roles at companies such as:
Tokyo Stock Exchange
Singapore Telecom Group
Singapore Airlines Limited
Executive Office of the President of the United States
U.S. Department of State
Additionally, Mike had announced in his video AMA a few other notable investors in the ICO who aren't listed on the website:
Taizo Son – Multi-billionaire & CEO of Gungho Online, brother of Masayoshi Son, the Founder and CEO of Softbank and richest man in Japan. More information about Taizo's investment in the platform here.
Nobuyuki Idei – Former Chairman and CEO of Sony Corporation. Director at General Motors, Baidu, Yoshimoto Kogyo and Nestlé.
The platform of course needs a lot of liquidity partners from around the world participating in order for the system to function worthwhile. Andre discusses their numerous liquidity partnerships in this video, so I'll simply summarize:
Already connected to 15 of the major cryptocurrency exchanges throughout the world
QASH, in the long-run, ultimately aims to become the standard preferred cryptocurrency used by financial institutions worldwide, the value of which is derived from the scale of its utility and widespread usage. The QASH token is also used to fuel payment for fees and services in QUOINE's trading platforms, one of which is an upcoming platform called Liquid+.
Liquid+ is a novel platform which I think will change the landscape of the cryptocurrency space. It builds a single massive global liquidity pool called the World Book which allows minor fiat currencies (e.g. Rupee, Peso, GBP, etc.) to trade crypto with the same liquidity that a major fiat currency (e.g. USD) does, significantly reducing losses due to high spreads, and ultimately provides the liquid on-ramp necessary for many potential untapped markets worldwide.
The platform also features a Prime Brokerage service (first of its kind in crypto) which will allow users direct market access to many exchanges throughout the world without the hassle of having to manage accounts on each, which mitigates counter-party risk. The Prime Brokerage service will be an attractive vehicle upon which major institutional investors will want to use for managing funds in the cryptocurrency space because it's safe, regulated, and government approved.
QASH is created by QUOINE, one of the largest cryptocurrency exchange companies. QUOINE is headed by executives who previously served high-level positions at the world's largest financial institutions. Investors in QASH include financial executives at major institutions, and also a few well known figures: Taizo Son, Nobuyuki Idei, and Jihan Wu.
Newbs might not know this, but bitcoin recently came out of an intense internal drama. Between July 2015 and August 2017 bitcoin was attacked by external forces who were hoping to destroy the very properties that made bitcoin valuable in the first place. This culminated in the creation of segwit and the UASF (user activated soft fork) movement. The UASF was successful, segwit was added to bitcoin and with that the anti-decentralization side left bitcoin altogether and created their own altcoin called bcash. Bitcoin's price was $2500, soon after segwit was activated the price doubled to $5000 and continued rising until a top of $20000 before correcting to where we are today. During this drama, I took time away from writing open source code to help educate and argue on reddit, twitter and other social media. I came up with a reading list for quickly copypasting things. It may be interesting today for newbs or anyone who wants a history lesson on what exactly happened during those two years when bitcoin's very existence as a decentralized low-trust currency was questioned. Now the fight has essentially been won, I try not to comment on reddit that much anymore. There's nothing left to do except wait for Lightning and similar tech to become mature (or better yet, help code it and test it) In this thread you can learn about block sizes, latency, decentralization, segwit, ASICBOOST, lightning network and all the other issues that were debated endlessly for over two years. So when someone tries to get you to invest in bcash, remind them of the time they supported Bitcoin Unlimited. For more threads like this see UASF
Source - https://coinscapture.com/blog/working-of-cryptocurrency-mining-pool Working of Cryptocurrency Mining pool Cryptocurrency is the most discussed and trending topic on various internet forums, communities, and social media. Many individuals are keen to enter the cryptoworld and unfold all the profits within it. Cryptocurrency can be bought from an exchange or mined through the mining pools. In this guide, we’ll understand the working of the cryptocurrency mining pool. What is Mining Pool? Cryptocurrency mining is the same as mining the metals from the earth. The individual or company that digs out the metal from the earth becomes the owner similarly the individual who discovers first the valid hash using the computational power becomes the owner and earns a block reward. The crypto mining can either be done solo using his/her own mining devices or through a mining pool. As more and more enthusiasts participated in mining to earn a block reward became equally difficult and it would take centuries for a miner to generate a block because the probability of finding the hash value first and generating a block is directly proportional to the computing power in the network. The smaller the computational power the smaller is the chance of generating the next block. Hence a solution, to this problem mining pools were formed. A mining pool is a group of miners pooling/combining their computational power together in order to mine a cryptocurrency quickly and earn a block reward consistently. Each contributing miner earns reward according to their investment in processing power. The working of mining pools depends on certain algorithms that are designed to check the authenticity and validity of the transactions. Miners are required to solve a complex math problem that requires millions of calculations with the help of High computational power. When the miners combined their computational power the block generation process happens at a much faster rate as compared to a single mining rig. For more understanding of mining please refer our previous blog (What is Bitcoin mining?) Types of Mining Pools
Single mining pools: This type of mining pool mine only single cryptocurrency
Multi-currency pools: This type of mining pool mine different cryptocurrencies and gives the miner a chance to choose the cryptocurrency for mining timely depending rewards points offered.
Cloud mining pools: Cloud-based mining can be combined with mining pools by making an online contract. This type of mining pool allows individuals to participate in mining activity without even buying specialized equipment.
How rewards are shared on mining pools? The rewards shared after successfully adding the new block to the blockchain vary from currency to currency. The reward sharings also depend on the factors like mining difficulty, the exchange rate between different coins, the hash rate and the block generation time. Some of the followed reward structures are as follows:
Pay-per-share (PPS): This method offers instant payout depending on the miner’s contribution to finding the block. The payment is done using the pool's existing balance and can be withdrawn immediately.
Shared Maximum Pay Per Share (SMPPS): It is the same as Pay-per-share (PPS) but limits the payout to the maximum that the pool has earned.
Equalized Shared Maximum Pay Per Share (ESMPPS): This method is similar to (SMPPS) but the rewards are distributed equally among all miners in the pool.
Proportional (PROP): The miner is rewarded the share that is proportional to the number of shares he has in the pool with respect to the pool’s total shares
Advantages of mining pools
Mining pools offer a more stable income
Mining pools lower costs of mining
Mining pools helps in generating a higher income
Disadvantages of Mining pools
There may be some interruptions in the Mining pools
There is a sharing of block rewards
There may be sometimes unfavorable pool reward structure
Widely-Used Mining Pools
Antpool: The largest pool available on the web offering mining of cryptocurrencies like BTC, BCH, LTC, ETH, ETC, ZEC, DASH, SCC, XMC, BTM
Minergate.com: A public mining pool mining of cryptocurrencies like ETH, ETC, ZEC, BTG, BCN, XMR, XMO, FCN, XDN, AEON
Btc.com: The most popular mining pool among miners offering cryptocurrencies BTC, BCH, ETH, ETC, LTC, UBTC, DCR to mine
BTCC: The largest Chinese pool in the world mining 7% of all existing blocks.
Slush: The most trusted mining pools on internet mining 7% of all available blocks.
Mining pools can definitely be a change to the entire mining process offering the highest and the real income without spending years depending on the computational powers. Hence, investing in a mining pool can be beneficial but always choose the mining pool that fits your personal needs and facilities.
I think the Berlin Wall Principle will end up applying to Blockstream as well: (1) The Berlin Wall took *longer* than everyone expected to come tumbling down. (2) When it did finally come tumbling down, it happened *faster* than anyone expected (ie, in a matter of days) - and everyone was shocked.
Centralization is a double-edged sword. So far, centralization (and intertia, and laziness, and caution) has been favoring Blockstream. But if and when a congestion crisis comes, then the tide is gonna turn pretty quickly - and Blockstream's monopoly in terms of "code running on the network" is gonna evaporate quicker than anyone expected. How will this happen? Like this: Bitcoin is going to go into a crisis - not just the current agonizing slow-motion swamp of centralized fascist governance, but a real-time honking red alert involving a clogged-up network, with people freaking out screaming from the rooftops that millions of dollars in transactions are in limbo due to some pointless fucked-up 1 MB "blocksize limit". And at that point, people are going to get rid of the damn piece of broken cripple-code, immediately. End of story. Slow to crumble, fast to collapse Up till now, the Bitcoin governance crisis has been like slowly sinking into a swamp of quicksand. But once a real-time congestion crisis actually hits (and online forums become dominated by posts screaming "my transaction is stuck in limbo!!!"), then all the previous bullshit and bloviating from economic idiots about "fee markets" and "soft hard forks" or whatever other nonsense will be instantly forgotten. And at that point, there will be only 2 things that can happen:
Either Bitcoin dies, and $7 billion dollars in investor wealth evaporates into thin air; or
The simplest and safest "good enough" on-chain scaling upgrade gets rolled out ASAP - ie, we will get bigger blocks so fast it will make your head spin.
You don't need Blockstream - they need you When push comes to shove, people are going to remember pretty damn quick that open-source code is easy to patch. People are going to remember that you don't have to fly to meetings in Hong Kong or on some secret Caribbean island ... or post on Reddit for hours ... or spend hundreds of thousands of dollars on devs ... in order to simply change a constant in your code from 1000000 to 2000000. Eventually, we are going to remember what vote-with-your-CPU consensus looks like Remember all those hours you wasted on reddit? Remember all that time you wasted in some hidden downvoted sub-thread debating with some snarky little toxic troll who'd wandered over from a censored Milgram experiment forum full of brainwashed circlejerkers and foot-stomping fascists whose only adrenaline rush and power trip in life had evidently been when they would run around bloviating gibberish like "fee markets!" or "Austrian!" to the self-selected bunch of ignorant submissive sycophants who hadn't been banned from r\bitcoin yet? Well, when the real crisis hits, all that trivial online drama isn't going to matter any more. When the inevitable congestion crisis finally comes, it's only going to take a couple of mining pools plus a couple of exchanges to make a simple life-or-death business decision to un-install Blockstream's artificially crippled code and instead install code that has actually been upgraded to deal with the reality of mining and the marketplace - and then we're all going to see what actual vote-with-your-CPU consensus really looks like (instead of vote-with-your-sockpuppet pseudo-consensus on Reddit). This upgraded code could be Classic, or Unlimited, or even a modded version Core - it doesn't really matter. Code is code and money is money, and when push comes to shove, investors and miners aren't going to give a damn what some overpaid economic idiot from Blockstream said at some meeting in Hong Kong once, or what some fascist poisonous astroturfing shill-bot posted a million times on Reddit. Things usually move slow in Bitcoin-land - except when they move fast For an example of how fast the tide can turn, just look at a couple of major events from the past two days: (1) Coinbase is suddenly saying that:
Bitcoin looks a lot like hard-to-use antiquated assembly code - and Ethereum looks like an easy-to-use modern programming language;
Blockstream with its toxic, opaque and oppressive culture is scaring away all the new devs - who are flocking to alt-coins like Ethereum which has a healthy, transparent and welcoming culture.
Of course the good devs are flocking to Ethereum now. Any smart dev can see from a mile away that it would be suicide to try to contribute to Core/Blockstream - Blockstream don't want any new coders or new ideas, they are insular and insecure and they feel downright threatened by new coders with fresh ideas. They've shown this over and over again, eg:
when they repeatedly freaked out and went nuclear and refused to compromise whenever any dev made a simple safe scaling proposal, like 20 MB blocks, or 8 MB blocks, or 4 MB blocks, or 2 MB blocks, or Adaptive Blocks, etc etc.
scaring all the good devs and a lot of investors into alt-coins.
Blockstream has backed themselves into a corner At this point, people are starting to realize that Blockstream is a led by desperate and incompetent dead-enders. (There are some great coders over there such as Pieter Wuille - and Greg Maxwell is also a great Bitcoin coder, but he is toxic as a "leader".) Blockstream can't do capacity planning, they can't do threat assessment, they can't innovate, they can't prioritize, and they can't communicate. In the end, they're only destroying themselves - by censoring debate, and ostracizing existing innovators (eg, Mike Hearn and Gavin Andresen) - and scaring away potential new innovators. Remember, Blockstream != Bitcoin It's important to remember that Blockstream cannot destroy Bitcoin - any more than Mt Gox could. Once Blockstream is thoroughly discredited in the eyes of the Bitcoin community and the media, as "the company that almost strangled the Bitcoin network by trying to force blocks to be smaller than the average web page" - it's gonna be time for honey-badger jokes all over again. Blockstream's gargantuan conflicts-of-interest will be their downfall Blockstream is funded by insurance giant AXA - a company whose CEO is the head of the friggin' Bilderberg Group. (He's scheduled to move from CEO of AXA to CEO of HSBC soon. Out of the frying pan and into the fire.) AXA doesn't even want cryptocurrency to succeed anyways, because half of the 1 trillion dollars of so-called "assets" on their fraudulent balance sheet is actually nothing more than toxic debt-backed worthless derivatives garbage. (AXA has more derivatives than any other insurance company.) In other words, AXA's balance sheet will be exposed as worthless and the company will become insolvent (just like Lehman Brothers and AIG did in 2008) once real money like Bitcoin actually becomes dominant in the world economy - which will "uber" and knock down the whole teetering $1.2 quadrillion derivatives casino. Hmm... AIG... a giant insurance group whose alleged "assets" turned out to be just a worthless pile of toxic debt-backed derivatives on the legacy ledger of fantasy fiat, AIG who triggered the 2008 financial near-meltdown... Who does AIG remind me of... Oh yeah AXA... So let's put AXA in charge of paying for Bitcoin development! What could possibly go wrong?!? Blockstream's owners HATE Bitcoin Never forget:
This is the probably the most gigantic CONFLICT OF INTEREST in the history of economics. And it's something to think about, as we sit here wondering for years why Blockstream is not only failing to scale Bitcoin - but it's also actively trying to SABOTAGE anyone ELSE who tries to scale Bitcoin as well. So, be patient - and optimistic Viewed from one perspective, the fact that this blocksize battle has dragged on for years can be very depressing. But, viewed from another perspective, the fact that it's still going on is positive - because, for example, nobody really dares to say anymore that "blocks should be 1 MB" - since repeated studies have shown that the current hardware and infrastructure could easily handle 3-4 MB blocks, and Core/Blockstream's own precious SegWit soft-fork is going to need 3-4 MB blocks anyways. Plus, the only "strengths" that Blockstream had on its side actually turn out to be pretty weak upon closer scrutiny (money from investors like AXA who hate cryptocurrency, censorship from domain squatters who only know how to destroy communities, snark from sockpuppets who can't argue their way out of a wet paper bag on uncensored forums). In fact, if you were part of Blockstream, you'd be pretty demoralized that a rag-tag bunch of big-blocks supporters has been chipping away at you for the past few years, creating new forums, creating new coins, creating new products and services, exposing the economic ignorance of small-block dead-enders - and all the while, Blockstream hasn't been able to deliver on any of its so-called scaling roadmap. If it hadn't been for a few historical accidents (cheap energy behind the Great Firewall of China, plus the other "linguistic" firewall that has prevented many people in the Chinese-speaking community from seeing how much of the community actually rejects Blockstream, plus the other accidental fact that bigger blocks involve generalizing Bitcoin, which mathematically happens to require a hard fork), then Blockstream would not have been able to control Bitcoin development as long as it has. Yeah, they have done routine maintenance stuff and efficiency upgrades, like rewriting libsecp256k, which is great, and much appreciated - and Pieter Wuille's SegWit would be a great refactoring and clean-up of the code (if we don't let Luke-Jr poison it by packaging it as a soft-fork) - but the network also needs some simple, safe scaling. And the network is going to get simple, safe scaling - whenever it decides that it really, really wants it. And there's nothing that Blockstream can do to block that.
F2Pool is not properly validating blocks, their fork is winning temporarily. SPV clients and Blockchain.info are inaccurate
https://blockchain.info/block/00000000000000000cb7a20ee4e199e347ad7369936abae53a1518efa531ec61 You'll notice that your up to date full node and other properly run block explorers won't even recognize 00000000000000000cb7a20ee4e199e347ad7369936abae53a1518efa531ec61 since it's an invalid block. This fork should resolve itself once F2Pools fork loses. All miners using F2Pool should migrate until F2Pool updates. Edit: Antpool just mined a block on top of that, leave antpool as well https://blockchain.info/block/00000000000000000966d65e0fd87d1d5a8f154a2c955816c28e2006e381aa18 Just to be clear I am not endorsing blockchain.info and am in fact only using their links because they are using an out of date client that considers these blocks valid. Right now the invalid fork is at 363734, the valid fork is at 363732, they the split starts at 363731 (they both agree on block 363730). In other words the invalid fork is 4 blocks deep, the valid fork is 2. SPV clients may be inaccurate. Edit 2: invalid fork at 5 blocks deep, valid fork at 2. Fortunately most of these blocks don't have transactions except for 94 in 0000000000000000009cc829aa25b40b2cd4eb83dd498c12ad0d26d90c439d99 (the rest have only the coinbase tx). Edit 3: Since Antpool + F2Pool + BTCNuggets aren't following the rules and comprise about 40% of the hashrate, until they update you can expect forks like this that will be quite long. If you're a miner, validate blocks. Not validating blocks is harmful to the network, run a full node and use GBT with a pool providing that option or P2Pool and you won't even have to worry about your hash power contributing to this. Edit 4: The invalid fork is winning 6-2, anyone who is told by either their SPV client, Blockchain.info or an old Bitcoin client that they have 6 confirmations actually has 0, these 99 transactions are on an invalid blockchain and will be reorged out in a 6 block reorg. Edit 5: 5-6 now, it's almost over, F2Pool is not mining for now it seems. Edit 6: Fork is over until it happens again. Mine fully validating!
A PSA TO ALL BITCOIN MINERS: READ IF YOU WOULD LIKE TO KEEP SMALL SCALE BITCOIN MINING ALIVE AND PROFITABLE!
If you want to keep mining alive for the small time/at home miner (as it should be) beware of Antpool and ViaBTC (among others.) There is mass mining manipulation afoot. Since the recent shakeup- the bitcoin cash fork, the uncertainty of segwit adoption, the looming bitcoin core fork and the closed door New York Agreement- we have seen some of the sharpest difficulty increases in the history of the coin, mass shifts in hash rate between coins, and the most rapidly dwindling profitability ever recorded. Be certain, this is all shear manipulation, meant to maximize profits for the major pools and players, off of small time miners investment in hardware while at the same time making way for the next generation of BTC mining, which if the powers that be get their way, will not include any small time miners. -Who are these "powers that be?": It is difficult to say. A number of powers, likely a majority of those who signed the New York Agreement. Among those most egregiously manipulating the mining landscape are Bitmain (Antpool) and ViaBTC. All of those behind bitcoin cash likely play a part, as well as most certainly BitFury. Bitmain and ViaBTC are most important here, because those are two we can take action against NOW! -How is this manipulation occurring?: There are multiple techniques likely at play which I have identified. The most obvious is the manipulation of hash-power between the 2 currently active forks (Bitcoin and Bitcoin Cash.) ViaBTC's "auto-switching" feature- which is supposed to switch a miner between mining BTC and BCH, depending on which is more profitable, is being greatly abused. I have noticed trends which suggest Antpool is using miner's hash power to conduct similar manipulation, whithout their knowledge- although other than suspicious trends (such as the frequency of blocks mined by antpool prior to difficulty readjustments, and prior to short "lags" in the BTC network as well as the number of small blocks mined by Antpool) I lack solid evidence. However I can be certain that they are using their own hash power in the manipulation, BitFury is as well. I also suspect Nicehash's hash-power is being misappropriated (although I do not believe this is NiceHash's own doing, rather other major holders in BTC buying the majority of Nicehash's power at strategic times.) -How does the manipulation work?: It all has to do with the way BTC calculates mining difficulty. For full understanding, you may refer to the Bitcoin Wiki's section on difficulty readjustment. In short, bitcoin recalculates its difficulty by looking back a fixed number of blocks and comparing that with mining power in an attempt to keep the block time at the target rate. By strategically increasing hash-power at specific times, they are able to cause spikes in the mining difficulty, freezing of the chain, etc. There is also price manipulation made via buy-ups and dumps of coins at opportune times on exchanges of varying sizes, as well as "rogue" block creation and mempool "clogging" via mass transaction creations by sending floods of pay-to-self or low-fee, non-confirming transactions in one swoop. Transactions they send but will not mine themselves! -Why are they doing this?: I think each may have their own intentions at bey. Bitmain certainly has something to gain by pushing their altcoin mining hardware, but I believe the consensual reason behind these attacks on small time mining is to inevitably take the power of the bitcoin network from the user and small-time miner and to selfishly horde the remaining coins to be minted for themselves. With a full mining consensus they would have the power to fully manipulate the network, fork it as they saw fit, etc. There is also the ability to "play both chains" of bitcoin and bitcoin cash to maximize profitability for themselves based on their current holdings and parallel market and mining manipulation to amass vast profit. SO WHAT CAN YOU DO?: -STOP mining on ANTPOOL and ViaBTC (KANO.is is a great alternative, the creator has always been open and the fees are low, and it pays out the full block reward plus transaction fee bonus which adds up to much more over those that may charge a slightly lower fee but not pay out the transaction reward.) -DO NOT mine SHA256 on NiceHash for now (ZPool is a good alternative for those looking for a multipool, it always mines the most profitable coin, but does not sell hash power like NiceHash so it is not subject to corruption.) -AVOID mining Bitcoin Cash- It was a scamcoin from the get-go! It is like a plague infecting the bitcoin mining landscape, avoid it at all costs. -EDUCATE yourself. Fully understand the concepts of bitcoin mining. Keep current with recent headlines. Always do your research before choosing a pool. -SPREAD THE WORD. If you do not act now, it won't be long before even an S9 is not profitable at all. There is a reason Bitmain has not released an S10- it's not that they have not been manufacturing more efficient miners, they have just been hording them all for themselves. tl;dr Bitmain and ViaBTC are evil, bitcoin cash is a plague, and NiceHash is not helping- AVOID THEM ALL!
I have sent this modmail to the admins regarding /r/bitcoin. Now we wait..
The mods on /bitcoin are very corrupt. They are being paid by a private company called Blockstream. The censorship is freaking abysmal. Summary: Theymos, the main mod of Bitcoin and owner of bitcointalk.org accepted over 6,000 BTC (Currently worth 2.5 MILLION DOLLARS) in donations over the years, as a supposed fund for improving bitcointalk. The forum was never improved, in fact it was hacked, and he even ran ads for obvious scams like BFL, because apparently 6k BTC isn't enough. Now, like 4 or 5 years later, he started laundering the coins (because people started to wake up and he needs to make the coins disappear) by paying some "software company" this ridiculous amount to build a custom forum (Really? Why not just use one of the several robust open source options out there?). Turns out all the developers from this "company" are college kids (all from Hawaii, probably his friends since he's in college too) with no real experience in web development, and yet each of them will be paid more than Gavin. On top of that, Theymos bought the Bitcoin wiki straight from Mark Karpeles, because he wants to control all of our channels of communication. Tons of noobs have had their coins stolen with links posted in that wiki. At some point he also assigned StarMaged as a mod (his personal hound, who had never used reddit before that), who has threatened many times with banning me for "saying lies" (lol, but trolls can shit freely all over the place, and they love him). Then he ended up banning me under some lame unrelated excuse, and removed lots of the things I posted . These are just a few off the top my head Lead moderator talking about censorship 72,000 character ~70 kb CSS rule to change the way voting appears Mods censor the number 398364 (first bitcoin classic block mined) Mod team removes post regarding a block mined with Bitcoin Classic software two identical posts with wildly different votes Also look at this post on bitcoin front page now https://www.reddit.com/Bitcoin/comments/48s9ip/bitcoin_is_on_the_front_page_of_rtechnology/ The default sort order is controversial and all the downvoted below threshold comments are expanded. (Look at the + besides the expanded comment).. THIS IS CLEARLY VOTE MANIPULATION. OTHER STUFF theymos and his gang is doing as collected by themoneyguy :
You can pay to be unbanned, no wonder he loves censorship. This would also explain why he has let Bitcoin become a shithole (a paradise for trolls, who are actively protected by his lapdog StarMaged and company): he prefers that people use bitcointalk so that he can ban by IP (which you can't do on reddit), and have people pay him to get unbanned.
Some people are now claiming that most of the bitcoins came from ads, not direct donations. Well look at these random screenshots and see what the money from those ads was supposed to be used for: Screenshot of round 11 - Screenshot of Round 60. Ultimately, it doesn't matter where the money came from. We were told the money was going to be used in improving the forum. Five years, one big hack, and multiple scams later, donators are still waiting. It's like selling cookies and telling people it's for a charity, and then keeping the money for yourself. It's fraud anywhere in the world.
Theymos's lapdogs say "The money is his to do as he pleases!". If the money is his (even after calling it "donations" for improving the forum), then why is he and his friends charging a monthly fee for holding the coins? - Screenshot. By the way, there you can see there are several other persons involved, so he has several persons that will defend him there and here no matter what, because they have financial interest in doing so. One such example is Rassah, who was dumb enough to use the same name here on reddit, and you can see him defending theymos without disclosing he's holding 750 BTC of those funds.
We have tried to create alternate subreddits eg. (/btc and /bitcoin_uncensored but this is clearly against the rules. Almost the whole community wants removal of Theymos and his mod team. Please look into it. Thank you very much. We'll see what happens. EDITED a correction where I accidentally wrote 25 million dollars instead of 2.5. Sent the correction to the admins also.
On days like today we see Bitmain's controlled hash power going up to 1/3 of the hash rate. I doubt anybody agrees that this is a good thing for bitcoin... (snapshot taken from coin.dance when post was written: http://imgur.com/M8yiq7a showing a 32% hash rate between all those pools) BTC.com is clearly owned by Bitmain so is obviously Antpool and were lead on viabtc's A round (and i haven't seen Viabtc do anything different than what Bitmain wanted including the support for their stupid fork). I am aware that Bitmain has possibly some influence over even more of the hash rate since even Bixin's farm uses a lot of S7 (but also some avalons) but I've yet to see some proof that Bitmain exercises their influence/negotiation power by using their position as the main ASIC supplier to force those farms or partner to do/mine/signal what/where Bitmain wants.
What would happen if you told your boss that you "pretended" to do half your work, then forged the proof of your work through some elaborate scheme and took your entire paycheck? Maybe it's time to do to Bitmain what your boss would do to you......its time to fire them.
*You need to do 32 bits of work to find a 64 bit collision. That's deceptively little. For ASICBOOST you only need a very small partial collision. https://en.wikipedia.org/wiki/Birthday_attack There's even a tool to do massive collisions using this property on bitcoin addresses. https://github.com/basil00/pairgen shared = 20chars hash160 = 53e1f4f491509f9012bd901be5147447f770018b hash160 = 53e1f4f491509f9012bd825ce1e9599b253188ef shared = 15chars addr = 18eXmgR5Svoqqa6PaYVrKvbH6hvrp5xe3A addr = 18eXmgR5Svoqqa6JXSMmbNaD4Cs5ThcV1P That's a 80 bit collision, doing only 40 bits of work.
An objective score for Bitcoin mining decentralization (and other cryptos)
The Herfindahl index can be applied to objectively measure how decentralized a cryptocurrency's mining infrastructure is - and to directly compare cryptos in that regard. Perhaps more interesting, though more work, would be to graph how these change over time. Has bitcoin become more or less decentralized over the years? It's actually possible to answer, but I'll leave doing so up to others. The more mining pools there are, and the more their hash rates are evenly distributed, the more decentralized a cryptocurrency's mining economy is. This is the basis of the Herfindahl index, and we can use the reciprocal to obtain a decentralization score. Here is the procedure, followed by results and calculations for Bitcoin, Bitcoin Cash, and Ethereum.
Pick a number of blocks (N) to give you a sufficiently good estimate.
For all of those blocks, identify what pool/miner mined it.
For each unique pool/miner, count how many blocks they mined (n) out of the total (N), and then calculate (n/N)2 (squared market share).
Sum all of these squares up to give you the Herfindahl index (H).
Optionally, calculate the reciprocal (1/H). This makes the index proportional to decentralization and is IMO easier to understand in "bigger is better" terms.
Since steps 1-3 are the already used by many web stats to calculate miner hash rate proportions, you can work directly from hash rate proportions. Square each miner's proportional hash rate and add these all up to get H, then take the reciprocal. Higher values of the reciprocal Herfindahl index indicate greater decentralization. You can directly compare these between cryptos, but be aware that the index will fluctuate over time and will exhibit some variance. In my opinion this value is an important metric of the security of a cryptocurrency's network along with the total hash rate. Here are the current values for a few different cryptos. Higher is better. Bitcoin: 7.9 Bitcoin Cash: 6.0 Ethereum: 7.0 So, what is an acceptable value? That is the subjective part. I would personally suggest the current state of bitcoin is not decentralized enough, so a value of 7.9 does not satisfy me. Your own opinion may differ. How do we tell if the above values are different enough to warrant discussion? One method is through the use of significance tests. Or, it may be sufficient to simply plot such values on a graph an examine variability over time. I leave these as exercises for others... Raw calculations for Bitcoin:
Newbs might not know this, but bitcoin recently came out of an intense internal drama. Between July 2015 and August 2017 bitcoin was attacked by external forces who were hoping to destroy the very properties that made bitcoin valuable in the first place. This culminated in the creation of segwit and the UASF (user activated soft fork) movement. The UASF was successful, segwit was added to bitcoin and with that the anti-decentralization side left bitcoin altogether and created their own altcoin called bcash. Bitcoin's price was $2500, soon after segwit was activated the price doubled to $5000 and continued rising until here we are today at $15000. During this drama, I took time away from writing open source code to help educate and argue on reddit, twitter and other social media. I came up with a reading list for quickly copypasting things. It may be interesting today for newbs or anyone who wants a history lesson on what exactly happened during those two years when bitcoin's very existence as a decentralized low-trust currency was questioned. Now the fight has essentially been won, I try not to comment on reddit that much anymore. There's nothing left to do except wait for Lightning and similar tech to become mature (or better yet, help code it and test it) In this thread you can learn about block sizes, latency, decentralization, segwit, ASICBOOST, lightning network and all the other issues that were debated endlessly for over two years. So when someone tries to get you to invest in bcash, remind them of the time they supported Bitcoin Unlimited.
Right now segwit2x (BT2) is trading for $1143 and segwit1x (BT1) is $3070 on Bitfinex futures markets. Even with not the greatest terms, you would expect 2x to be much higher. I believe this bodes well for BCC. (61 points, 112 comments)
The other day people were suggesting we do an EDA change before the November 2x fork. Here is why I think that is a terrible idea, and why we should only consider EDA change AFTER the 2x fork. (58 points, 40 comments)
While /bitcoin was circle-jerking to the idea that no exchange would list the SW2x chain as BTC, Bitcoin Thailand's comment to the contrary was removed from the very same thread! (228 points, 70 comments)
By proving that it can be done (getting rid of Core) this will set a HUUGE precedent and milestone that dev teams and even outright censorship cannot overtake Bitcoin. That will be an extremely bullish occasionfor all crypto. (149 points, 84 comments)
The goal of all the forks appears to be to dilute investment in the true forks: Bitcoin Cash and Segwit2x. A sort of Scorched Earth approach by Blockstream. They are going to try to tear down Bitcoin as they get removed. (35 points, 11 comments)
In light of all these upcoming forks, we need a site where you can put in a BTC address and it checks ALL the forks and says which chains still have a balance for that address. This way you can split your coins and send coins carefully. (6 points, 6 comments)
Can we take a moment to appreciate Jeff Garzik for how much bullshit he has to deal with while working to give BTC a long-needed upgrade that Core has been blocking for so long? (278 points, 193 comments)
Everyone should calm down. The upgrade to 2x has 95%+ miner support and will be as smooth as a hot knife through butter. Anyone that says otherwise is fear monguring or listening to bitcoin propaganda. (364 points, 292 comments)
Notice: Redditor for 3-4 months accounts or accounts that do not have a history of Bitcoin posts are probably the same person or just a few people paid to manipulate discussion here. It's likely a paid astroturfing campaign. (38 points, 30 comments)
The latest TED Radio Hour titled “Getting Organized” talks about the decentralized algorithms of ants and how centralization is not the most ideal state of an organization. (2 points, 0 comments)
BCC Miners, two EDAs have locked in. This will reduce mining difficulty to 64.00%. If you are aiming to achieve profit parity, you should start mining after the next EDA (in 2.5 hours), because then the difficulty will be at 51%, which gives profit parity on both chains and steady block rate. (9 points, 14 comments)
Antpool, Viabtc, Bitcoin.com, BTC.com, we need to hear your voice. In the case of a scheduled hardfork for updating the EDA, will your pool follow? (6 points, 18 comments)
Fact: proof of work which is the foundation of bitcoin and not invented by Adam back was designed to counter attacks where one person falsely represents to be many(like spam). Subreddits and twitter dont form the foundation of bitcoin for a reason. (156 points, 27 comments)
I'm a small blocker and I support the NYA (87 points, 46 comments)
Devs find clever way to add replay protection that doesn't change transaction format which would break software compatibility and cause disruption. G. Max responds by saying that this blacklisting is a sign of things to come. (49 points, 57 comments)
Five ways small blocks (AKA core1mb) hurt decentralization (36 points, 4 comments)
Even if bitcoins only use to society was avoiding negative interest rates, bail-ins + bail-outs, that is incredibly useful to society. Of course a banker like Jamie Dimon would call something a fraud that removes a "bank tax" on society by allowing them to avoid these fraudulent charges. (18 points, 0 comments)
There are different kinds of censorship. The core propagandists are unwittingly great advocates of economic censorship (2 points, 1 comment)
Everyone should calm down. The upgrade to 2x has 95%+ miner support and will be as smooth as a hot knife through butter. Anyone that says otherwise is fear monguring or listening to bitcoin propaganda. by Annapurna317 (364 points, 292 comments)
Bitcoin’s hashrate climbed to an all-time high (ATH) this week touching 166 exahash per second (EH/s) on October 14. Meanwhile, despite the recent price rise and hashrate ATH on Wednesday, only ... 50BTC • AntPool • Bitalo • Bitcoin Affiliate Network • Bitfinex • BitMinter • BTCDig • btcmp • CloudHashing • EclipseMC • Give Me COINS • Golden Nonce Pool • mmpool • MinerGate • Multipool • Halleychina.com • Ozco.in • Triplemining. Fledgling : Cucumber Pool. Solo: BitSolo • solo.ckpool. Defunct: 21bitcoin • ABCPool.co • ArsBitcoin • Betcoin.co Pool � AntPool: AntPool wird von Bitmain betrieben, einem chinesischen Mining-Unternehmen mit Sitz in Peking. Es rühmt sich, dass seine Technologie für 56% der weltweiten Bitcoin-Mining verantwortlich ist. Es behauptet auch, der größte Wolkenbergmann der Welt zu sein. 17.82% Antpool holds roughly 15% of the total hash rate of all Bitcoin mining pools. About Antpool. Antpool mined its first block in March 2014, meaning that it emerged roughly four years after the first mining pool; Slushpool. Antpool is run by Bitmain Technologies Ltd., the world’s largest Bitcoin mining hardware manufacturer, and a large portion of their pool is run on Bitmain’s own mining ... Bitmain technologies Limited is a multi-national Chinese IC semiconductor company headquartered in Beijing, China company founded in the first quarter of 2013, which specializes in research, development and sales for custom mining chips and miners. We aim to quickly deliver innovative and competitive custom hardware solutions to help the community.
How to start Bitcoin mining for beginners (SUPER EASY ...
Nesse vídeo temos grandes notícias no mercado, vamos analisar como John Williams diz que criptomoedas nunca será moeda.. Veja porque.. Vamos falar sobre como a coinbase suspende serviços a ... This video will show you how to start bitcoin mining from home. It's very easy and "free" to do if you have a gaming PC. *****... Lets review the most powerful equihash ASIC miner that is not a (total) scam! The Bitmain Antminer Z11 is the best miner for Zcash, Komodo, Piratechain and m... Some Helpful Links: • Buy Parts for a Mining Rig: http://amzn.to/2jSSsCz • Download NiceHash Miner: https://www.nicehash.com/?p=nhmintro • Choose a Wallet: h... Bitmain, qui représente avec Antpool plus de 17.8% du hashrate (puissance de calcul) du réseau bitcoin, a annoncé son projet de faire un hard fork, appelé UAHF, si UASF devait avoir lieu. Leur ...