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DFINITY Research Report

DFINITY Research Report
Author: Gamals Ahmed, CoinEx Business Ambassador
ABSTRACT
The DFINITY blockchain computer provides a secure, performant and flexible consensus mechanism. At its core, DFINITY contains a decentralized randomness beacon, which acts as a verifiable random function (VRF) that produces a stream of outputs over time. The novel technique behind the beacon relies on the existence of a unique-deterministic, non-interactive, DKG-friendly threshold signatures scheme. The only known examples of such a scheme are pairing-based and derived from BLS.
The DFINITY blockchain is layered on top of the DFINITY beacon and uses the beacon as its source of randomness for leader selection and leader ranking. A “weight” is attributed to a chain based on the ranks of the leaders who propose the blocks in the chain, and that weight is used to select between competing chains. The DFINITY blockchain is layered on top of the DFINITY beacon and uses the beacon as its source of randomness for leader selection and leader ranking blockchain is further hardened by a notarization process which dramatically improves the time to finality and eliminates the nothing-at-stake and selfish mining attacks.
DFINITY consensus algorithm is made to scale through continuous quorum selections driven by the random beacon. In practice, DFINITY achieves block times of a few seconds and transaction finality after only two confirmations. The system gracefully handles temporary losses of network synchrony including network splits, while it is provably secure under synchrony.

1.INTRODUCTION

DFINITY is building a new kind of public decentralized cloud computing resource. The company’s platform uses blockchain technology which is aimed at building a new kind of public decentralized cloud computing resource with unlimited capacity, performance and algorithmic governance shared by the world, with the capability to power autonomous self-updating software systems, enabling organizations to design and deploy custom-tailored cloud computing projects, thereby reducing enterprise IT system costs by 90%.
DFINITY aims to explore new territory and prove that the blockchain opportunity is far broader and deeper than anyone has hitherto realized, unlocking the opportunity with powerful new crypto.
Although a standalone project, DFINITY is not maximalist minded and is a great supporter of Ethereum.
The DFINITY blockchain computer provides a secure, performant and flexible consensus mechanism. At its core, DFINITY contains a decentralized randomness beacon, which acts as a verifiable random function (VRF) that produces a stream of outputs over time. The novel technique behind the beacon relies on the existence of a unique-deterministic, non-interactive, DKG-friendly threshold signatures scheme. The only known examples of such a scheme are pairing-based and derived from BLS.
DFINITY’s consensus mechanism has four layers: notary (provides fast finality guarantees to clients and external observers), blockchain (builds a blockchain from validated transactions via the Probabilistic Slot Protocol driven by the random beacon), random beacon (provides the source of randomness for all higher layers like smart contract applications), and identity (provides a registry of all clients).
DFINITY’s consensus mechanism has four layers

Figure1: DFINITY’s consensus mechanism layers
1. Identity layer:
Active participants in the DFINITY Network are called clients. Where clients are registered with permanent identities under a pseudonym. Moreover, DFINITY supports open membership by providing a protocol for registering new clients by depositing a stake with an insurance period. This is the responsibility of the first layer.
2. Random Beacon layer:
Provides the source of randomness (VRF) for all higher layers including ap- plications (smart contracts). The random beacon in the second layer is an unbiasable, verifiable random function (VRF) that is produced jointly by registered clients. Each random output of the VRF is unpredictable by anyone until just before it becomes avail- able to everyone. This is a key technology of the DFINITY system, which relies on a threshold signature scheme with the properties of uniqueness and non-interactivity.

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3. Blockchain layer:
The third layer deploys the “probabilistic slot protocol” (PSP). This protocol ranks the clients for each height of the chain, in an order that is derived determin- istically from the unbiased output of the random beacon for that height. A weight is then assigned to block proposals based on the proposer’s rank such that blocks from clients at the top of the list receive a higher weight. Forks are resolved by giving favor to the “heaviest” chain in terms of accumulated block weight — quite sim- ilar to how traditional proof-of-work consensus is based on the highest accumulated amount of work.
The first advantage of the PSP protocol is that the ranking is available instantaneously, which allows for a predictable, constant block time. The second advantage is that there is always a single highest-ranked client, which allows for a homogenous network bandwidth utilization. Instead, a race between clients would favor a usage in bursts.
4. Notarization layer:
Provides fast finality guarantees to clients and external observers. DFINITY deploys the novel technique of block notarization in its fourth layer to speed up finality. A notarization is a threshold signature under a block created jointly by registered clients. Only notarized blocks can be included in a chain. Of all RSA-based alternatives exist but suffer from an impracticality of setting up the thresh- old keys without a trusted dealer.
DFINITY achieves its high speed and short block times exactly because notarization is not full consensus.
DFINITY does not suffer from selfish mining attack or a problem nothing at stake because the authentication step is impossible for the opponent to build and maintain a series of linked and trusted blocks in secret.
DFINITY’s consensus is designed to operate on a network of millions of clients. To en- able scalability to this extent, the random beacon and notarization protocols are designed such as that they can be safely and efficiently delegated to a committee

1.1 OVERVIEW ABOUT DFINITY

DFINITY is a blockchain-based cloud-computing project that aims to develop an open, public network, referred to as the “internet computer,” to host the next generation of software and data. and it is a decentralized and non-proprietary network to run the next generation of mega-applications. It dubbed this public network “Cloud 3.0”.
DFINITY is a third generation virtual blockchain network that sets out to function as an “intelligent decentralised cloud,”¹ strongly focused on delivering a viable corporate cloud solution. The DFINITY project is overseen, supported and promoted by DFINITY Stiftung a not-for-profit foundation based in Zug, Switzerland.
DFINITY is a decentralized network design whose protocols generate a reliable “virtual blockchain computer” running on top of a peer-to-peer network upon which software can be installed and can operate in the tamperproof mode of smart contracts.
DFINITY introduces algorithmic governance in the form of a “Blockchain Nervous System” that can protect users from attacks and help restart broken systems, dynamically optimize network security and efficiency, upgrade the protocol and mitigate misuse of the platform, for example by those wishing to run illegal or immoral systems.
DFINITY is an Ethereum-compatible smart contract platform that is implementing some revolutionary ideas to address blockchain performance, scaling, and governance. Whereas
DFINITY could pose a credible threat to Ethereum’s extinction, the project is pursuing a coevolutionary strategy by contributing funding and effort to Ethereum projects and freely offering their technology to Ethereum for adoption. DFINITY has labeled itself Ethereum’s “crazy sister” to express it’s close genetic resemblance to Ethereum, differentiated by its obsession with performance and neuron-inspired governance model.
Dfinity raised $61 million from Andreesen Horowitz and Polychain Capital in a February 2018 funding round. At the time, Dfinity said it wanted to create an “internet computer” to cut the costs of running cloud-based business applications. A further $102 million funding round in August 2018 brought the project’s total funding to $195 million.
In May 2018, Dfinity announced plans to distribute around $35 million worth of Dfinity tokens in an airdrop. It was part of the company’s plan to create a “Cloud 3.0.” Because of regulatory concerns, none of the tokens went to US residents.
DFINITY be broadening and strengthening the EVM ecosystem by giving applications a choice of platforms with different characteristics. However, if DFINITY succeeds in delivering a fully EVM-compatible smart contract platform with higher transaction throughput, faster confirmation times, and governance mechanisms that can resolve public disputes without causing community splits, then it will represent a clearly superior choice for deploying new applications and, as its network effects grow, an attractive place to bring existing ones. Of course the challenge for DFINITY will be to deliver on these promises while meeting the security demands of a public chain with significant value at risk.

1.1.1 DFINITY FUTURE

  • DFINITY aims to explore new blockchain territory related to the original goals of the Ethereum project and is sometimes considered “Ethereum’s crazy sister.”
  • DFINITY is developing blockchain-based infrastructure to support a new style of the internet (akin to Ethereum’s “World Computer”), one in which the internet itself will support software applications and data rather than various cloud hosting providers.
  • The project suggests this reinvented software platform can simplify the development of new software systems, reduce the human capital needed to maintain and secure data, and preserve user data privacy.
  • Dfinity aims to reduce the costs of cloud services by creating a decentralized “internet computer” which may launch in 2020
  • Dfinity claims transactions on its network are finalized in 3–5 seconds, compared to 1 hour for Bitcoin and 10 minutes for Ethereum.

1.1.2 DFINITY’S VISION

DFINITY’s vision is its new internet infrastructure can support a wide variety of end-user and enterprise applications. Social media, messaging, search, storage, and peer-to-peer Internet interactions are all examples of functionalities that DFINITY plans to host atop its public Web 3.0 cloud-like computing resource. In order to provide the transaction and data capacity necessary to support this ambitious vision, DFINITY features a unique consensus model (dubbed Threshold Relay) and algorithmic governance via its Blockchain Nervous System (BNS) — sometimes also referred to as the Network Nervous System or NNS.

1.2 DFINITY COMMUNITY

The DFINITY community brings people and organizations together to learn and collaborate on products that help steward the next-generation of internet software and services. The Internet Computer allows developers to take on the monopolization of the internet, and return the internet back to its free and open roots. We’re committed to connecting those who believe the same through our events, content, and discussions.

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1.3 DFINITY ROADMAP (TIMELINE) February 15, 2017

February 15, 2017
Ethereum based community seed round raises 4M Swiss francs (CHF)
The DFINITY Stiftung, a not-for-profit foundation entity based in Zug, Switzerland, raised the round. The foundation held $10M of assets as of April 2017.
February 8, 2018
Dfinity announces a $61M fundraising round led by Polychain Capital and Andreessen Horowitz
The round $61M round led by Polychain Capital and Andreessen Horowitz, along with an DFINITY Ecosystem Venture Fund which will be used to support projects developing on the DFINITY platform, and an Ethereum based raise in 2017 brings the total funding for the project over $100 million. This is the first cryptocurrency token that Andressen Horowitz has invested in, led by Chris Dixon.
August 2018
Dfinity raises a $102,000,000 venture round from Multicoin Capital, Village Global, Aspect Ventures, Andreessen Horowitz, Polychain Capital, Scalar Capital, Amino Capital and SV Angel.
January 23, 2020
Dfinity launches an open source platform aimed at the social networking giants

2.DFINITY TECHNOLOGY

Dfinity is building what it calls the internet computer, a decentralized technology spread across a network of independent data centers that allows software to run anywhere on the internet rather than in server farms that are increasingly controlled by large firms, such as Amazon Web Services or Google Cloud. This week Dfinity is releasing its software to third-party developers, who it hopes will start making the internet computer’s killer apps. It is planning a public release later this year.
At its core, the DFINITY consensus mechanism is a variation of the Proof of Stake (PoS) model, but offers an alternative to traditional Proof of Work (PoW) and delegated PoS (dPoS) networks. Threshold Relay intends to strike a balance between inefficiencies of decentralized PoW blockchains (generally characterized by slow block times) and the less robust game theory involved in vote delegation (as seen in dPoS blockchains). In DFINITY, a committee of “miners” is randomly selected to add a new block to the chain. An individual miner’s probability of being elected to the committee proposing and computing the next block (or blocks) is proportional to the number of dfinities the miner has staked on the network. Further, a “weight” is attributed to a DFINITY chain based on the ranks of the miners who propose blocks in the chain, and that weight is used to choose between competing chains (i.e. resolve chain forks).
A decentralized random beacon manages the random selection process of temporary block producers. This beacon is a Variable Random Function (VRF), which is a pseudo-random function that provides publicly verifiable proofs of its outputs’ correctness. A core component of the random beacon is the use of Boneh-Lynn-Shacham (BLS) signatures. By leveraging the BLS signature scheme, the DFINITY protocol ensures no actor in the network can determine the outcome of the next random assignment.
Dfinity is introducing a new standard, which it calls the internet computer protocol (ICP). These new rules let developers move software around the internet as well as data. All software needs computers to run on, but with ICP the computers could be anywhere. Instead of running on a dedicated server in Google Cloud, for example, the software would have no fixed physical address, moving between servers owned by independent data centers around the world. “Conceptually, it’s kind of running everywhere,” says Dfinity engineering manager Stanley Jones.
DFINITY also features a native programming language, called ActorScript (name may be subject to change), and a virtual machine for smart contract creation and execution. The new smart contract language is intended to simplify the management of application state for programmers via an orthogonal persistence environment (which means active programs are
not required to retrieve or save their state). All ActorScript contracts are eventually compiled down to WebAssembly instructions so the DFINITY virtual machine layer can execute the logic of applications running on the network. The advantage of using the WebAssembly standard is that all major browsers support it and a variety of programming languages can compile down to Wasm (not just ActorScript).
Dfinity is moving fast. Recently, Dfinity showed off a TikTok clone called CanCan. In January it demoed a LinkedIn-alike called LinkedUp. Neither app is being made public, but they make a convincing case that apps made for the internet computer can rival the real things.

2.1 DFINITY CORE APPLICATIONS

The DFINITY cloud has two core applications:
  1. Enabling the re-engineering of business: DFINITY ambitiously aims to facilitate the re-engineering of mass-market services (such as Web Search, Ridesharing Services, Messaging Services, Social Media, Supply Chain, etc) into open source businesses that leverage autonomous software and decentralised governance systems to operate and update themselves more efficiently.
  2. Enable the re-engineering of enterprise IT systems to reduce costs: DFINITY seeks to re-engineer enterprise IT systems to take advantage of the unique properties that blockchain computer networks provide.
At present, computation on blockchain-based computer networks is far more expensive than traditional, centralised solutions (Amazon Web Services, Microsoft Azure, Google Cloud Platform, etc). Despite increasing computational cost, DFINITY intends to lower net costs “by 90% or more” through reducing the human capital cost associated with sustaining and supporting these services.
Whilst conceptually similar to Ethereum, DFINITY employs original and new cryptography methods and protocols (crypto:3) at the network level, in concert with AI and network-fuelled systemic governance (Blockchain Nervous System — BNS) to facilitate Corporate adoption.
DFINITY recognises that different users value different properties and sees itself as more of a fully compatible extension of the Ethereum ecosystem rather than a competitor of the Ethereum network.
In the future, DFINITY hopes that much of their “new crypto might be used within the Ethereum network and are also working hard on shared technology components.”
As the DFINITY project develops over time, the DFINITY Stiftung foundation intends to steadily increase the BNS’ decision-making responsibilities over time, eventually resulting in the dissolution of its own involvement entirely, once the BNS is sufficiently sophisticated.
DFINITY consensus mechanism is a heavily optimized proof of stake (PoS) model. It places a strong emphasis on transaction finality through implementing a Threshold Relay technique in conjunction with the BLS signature scheme and a notarization method to address many of the problems associated with PoS consensus.

2.2 THRESHOLD RELAY

As a public cloud computing resource, DFINITY targets business applications by substantially reducing cloud computing costs for IT systems. They aim to achieve this with a highly scalable and powerful network with potentially unlimited capacity. The DFINITY platform is chalk full of innovative designs and features like their Blockchain Nervous System (BNS) for algorithmic governance.
One of the primary components of the platform is its novel Threshold Relay Consensus model from which randomness is produced, driving the other systems that the network depends on to operate effectively. The consensus system was first designed for a permissioned participation model but can be paired with any method of Sybil resistance for an open participation model.
“The Threshold Relay is the mechanism by which Dfinity randomly samples replicas into groups, sets the groups (committees) up for threshold operation, chooses the current committee, and relays from one committee to the next is called the threshold relay.”
Threshold Relay consists of four layers (As mentioned previously):
  1. Notary layer, which provides fast finality guarantees to clients and external observers and eliminates nothing-at-stake and selfish mining attacks, providing Sybil attack resistance.
  2. Blockchain layer that builds a blockchain from validated transactions via the Probabilistic Slot Protocol driven by the random beacon.
  3. Random beacon, which as previously covered, provides the source of randomness for all higher layers like the blockchain layer smart contract applications.
  4. Identity layer that provides a registry of all clients.

2.2.1 HOW DOES THRESHOLD RELAY WORK?

Threshold Relay produces an endogenous random beacon, and each new value defines random group(s) of clients that may independently try and form into a “threshold group”. The composition of each group is entirely random such that they can intersect and clients can be presented in multiple groups. In DFINITY, each group is comprised of 400 members. When a group is defined, the members attempt to set up a BLS threshold signature system using a distributed key generation protocol. If they are successful within some fixed number of blocks, they then register the public key (“identity”) created for their group on the global blockchain using a special transaction, such that it will become part of the set of active groups in a following “epoch”. The network begins at “genesis” with some number of predefined groups, one of which is nominated to create a signature on some default value. Such signatures are random values — if they were not then the group’s signatures on messages would be predictable and the threshold signature system insecure — and each random value produced thus is used to select a random successor group. This next group then signs the previous random value to produce a new random value and select another group, relaying between groups ad infinitum and producing a sequence of random values.
In a cryptographic threshold signature system a group can produce a signature on a message upon the cooperation of some minimum threshold of its members, which is set to 51% in the DFINITY network. To produce the threshold signature, group members sign the message
individually (here the preceding group’s threshold signature) creating individual “signature shares” that are then broadcast to other group members. The group threshold signature can be constructed upon combination of a sufficient threshold of signature shares. So for example, if the group size is 400, if the threshold is set at 201 any client that collects that many shares will be able to construct the group’s signature on the message. Other group members can validate each signature share, and any client using the group’s public key can validate the single group threshold signature produced by combining them. The magic of the BLS scheme is that it is “unique and deterministic” meaning that from whatever subset of group members the required number of signature shares are collected, the single threshold signature created is always the same and only a single correct value is possible.
Consequently, the sequence of random values produced is entirely deterministic and unmanipulable, and signatures generated by relaying between groups produces a Verifiable Random Function, or VRF. Although the sequence of random values is pre-determined given some set of participating groups, each new random value can only be produced upon the minimal agreement of a threshold of the current group. Conversely, in order for relaying to stall because a random number was not produced, the number of correct processes must be below the threshold. Thresholds are configured so that this is extremely unlikely. For example, if the group size is set to 400, and the threshold is 201, 200 or more of the processes must become faulty to prevent production. If there are 10,000 processes in the network, of which 3,000 are faulty, the probability this will occur is less than 10e-17.

2.3 DFINITY TOKEN

The DFINITY blockchain also supports a native token, called dfinities (DFN), which perform multiple roles within the network, including:
  1. Fuel for deploying and running smart contracts.
  2. Security deposits (i.e. staking) that enable participation in the BNS governance system.
  3. Security deposits that allow client software or private DFINITY cloud networks to connect to the public network.
Although dfinities will end up being assigned a value by the market, the DFINITY team does not intend for DFN to act as a currency. Instead, the project has envisioned PHI, a “next-generation” crypto-fiat scheme, to act as a stable medium of exchange within the DFINITY ecosystem.
Neuron operators can earn Dfinities by participating in network-wide votes, which could be concerning protocol upgrades, a new economic policy, etc. DFN rewards for participating in the governance system are proportional to the number of tokens staked inside a neuron.

2.4 SCALABILITY

DFINITY is constantly developing with a structure that separates consensus, validation, and storage into separate layers. The storage layer is divided into multiple strings, each of which is responsible for processing transactions that occur in the fragment state. The verification layer is responsible for combining hashes of all fragments in a Merkle-like structure that results in a global state fractionation that is stored in blocks in the top-level chain.

2.5 DFINITY CONSENSUS ALGORITHM

The single most important aspect of the user experience is certainly the time required before a transaction becomes final. This is not solved by a short block time alone — Dfinity’s team also had to reduce the number of confirmations required to a small constant. DFINITY moreover had to provide a provably secure proof-of-stake algorithm that scales to millions of active participants without compromising any bit on decentralization.
Dfinity soon realized that the key to scalability lay in having an unmanipulable source of randomness available. Hence they built a scalable decentralized random beacon, based on what they call the Threshold Relay technique, right into the foundation of the protocol. This strong foundation drives a scalable and fast consensus layer: On top of the beacon runs a blockchain which utilizes notarization by threshold groups to achieve near-instant finality. Details can be found in the overview paper that we are releasing today.
The roots of the DFINITY consensus mechanism date back to 2014 when thair Chief Scientist, Dominic Williams, started to look for more efficient ways to drive large consensus networks. Since then, much research has gone into the protocol and it took several iterations to reach its current design.
For any practical consensus system the difficulty lies in navigating the tight terrain that one is given between the boundaries imposed by theoretical impossibility-results and practical performance limitations.
The first key milestone was the novel Threshold Relay technique for decentralized, deterministic randomness, which is made possible by certain unique characteristics of the BLS signature system. The next breakthrough was the notarization technique, which allows DFINITY consensus to solve the traditional problems that come with proof-of-stake systems. Getting the security proofs sound was the final step before publication.
DFINITY consensus has made the proper trade-offs between the practical side (realistic threat models and security assumptions) and the theoretical side (provable security). Out came a flexible, tunable algorithm, which we expect will establish itself as the best performing proof-of-stake algorithm. In particular, having the built-in random beacon will prove to be indispensable when building out sharding and scalable validation techniques.

2.6 LINKEDUP

The startup has rather cheekily called this “an open version of LinkedIn,” the Microsoft-owned social network for professionals. Unlike LinkedIn, LinkedUp, which runs on any browser, is not owned or controlled by a corporate entity.
LinkedUp is built on Dfinity’s so-called Internet Computer, its name for the platform it is building to distribute the next generation of software and open internet services.
The software is hosted directly on the internet on a Switzerland-based independent data center, but in the concept of the Internet Computer, it could be hosted at your house or mine. The compute power to run the application LinkedUp, in this case — is coming not from Amazon AWS, Google Cloud or Microsoft Azure, but is instead based on the distributed architecture that Dfinity is building.
Specifically, Dfinity notes that when enterprises and developers run their web apps and enterprise systems on the Internet Computer, the content is decentralized across a minimum of four or a maximum of an unlimited number of nodes in Dfinity’s global network of independent data centers.
Dfinity is an open source for LinkedUp to developers for creating other types of open internet services on the architecture it has built.
“Open Social Network for Professional Profiles” suggests that on Dfinity model one can create “Open WhatsApp”, “Open eBay”, “Open Salesforce” or “Open Facebook”.
The tools include a Canister Software Developer Kit and a simple programming language called Motoko that is optimized for Dfinity’s Internet Computer.
“The Internet Computer is conceived as an alternative to the $3.8 trillion legacy IT stack, and empowers the next generation of developers to build a new breed of tamper-proof enterprise software systems and open internet services. We are democratizing software development,” Williams said. “The Bronze release of the Internet Computer provides developers and enterprises a glimpse into the infinite possibilities of building on the Internet Computer — which also reflects the strength of the Dfinity team we have built so far.”
Dfinity says its “Internet Computer Protocol” allows for a new type of software called autonomous software, which can guarantee permanent APIs that cannot be revoked. When all these open internet services (e.g. open versions of WhatsApp, Facebook, eBay, Salesforce, etc.) are combined with other open software and services it creates “mutual network effects” where everyone benefits.
On 1 November, DFINITY has released 13 new public versions of the SDK, to our second major milestone [at WEF Davos] of demoing a decentralized web app called LinkedUp on the Internet Computer. Subsequent milestones towards the public launch of the Internet Computer will involve:
  1. On boarding a global network of independent data centers.
  2. Fully tested economic system.
  3. Fully tested Network Nervous Systems for configuration and upgrades

2.7 WHAT IS MOTOKO?

Motoko is a new software language being developed by the DFINITY Foundation, with an accompanying SDK, that is designed to help the broadest possible audience of developers create reliable and maintainable websites, enterprise systems and internet services on the Internet Computer with ease. By developing the Motoko language, the DFINITY Foundation will ensure that a language that is highly optimized for the new environment is available. However, the Internet Computer can support any number of different software frameworks, and the DFINITY Foundation is also working on SDKs that support the Rust and C languages. Eventually, it is expected there will be many different SDKs that target the Internet Computer.
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CRYPTOCURRENCY BITCOIN

CRYPTOCURRENCY BITCOIN
Bitcoin Table of contents expand: 1. What is Bitcoin? 2. Understanding Bitcoin 3. How Bitcoin Works 4. What's a Bitcoin Worth? 5. How Bitcoin Began 6. Who Invented Bitcoin? 7. Before Satoshi 8. Why Is Satoshi Anonymous? 9. The Suspects 10. Can Satoshi's Identity Be Proven? 11. Receiving Bitcoins As Payment 12. Working For Bitcoins 13. Bitcoin From Interest Payments 14. Bitcoins From Gambling 15. Investing in Bitcoins 16. Risks of Bitcoin Investing 17. Bitcoin Regulatory Risk 18. Security Risk of Bitcoins 19. Insurance Risk 20. Risk of Bitcoin Fraud 21. Market Risk 22. Bitcoin's Tax Risk What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity is yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
Understanding Bitcoin Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins."
How Bitcoin Works Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places. Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain and receiving a reward in the form of a few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of February 2019, the mining difficulty is over 6.06 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
What's a Bitcoin Worth? In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. Bitcoin's price is also quite dependent on the size of its mining network since the larger the network is, the more difficult – and thus more costly – it is to produce new bitcoins. As a result, the price of bitcoin has to increase as its cost of production also rises. The Bitcoin mining network's aggregate power has more than tripled over the past twelve months.
How Bitcoin Began
Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least, this domain is "WhoisGuard Protected," meaning the identity of the person who registered it is not public information.
Oct. 31, 2008: Someone using the name Satoshi Nakamoto makes an announcement on The Cryptography Mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. The paper is available at http://www.bitcoin.org/bitcoin.pdf." This link leads to the now-famous white paper published on bitcoin.org entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper would become the Magna Carta for how Bitcoin operates today.
Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.
Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.
Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.
Who Invented Bitcoin?
No one knows. Not conclusively, at any rate. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. The Bitcoin protocol requires users to enter a birthday upon signup, and we know that an individual named Satoshi Nakamoto registered and put down April 5 as a birth date. And that's about it.
Before Satoshi
Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin white paper itself cites Hashcash and b-money, as well as various other works spanning several research fields.
Why Is Satoshi Anonymous?
There are two primary motivations for keeping Bitcoin's inventor keeping his or her or their identity secret. One is privacy. As Bitcoin has gained in popularity – becoming something of a worldwide phenomenon – Satoshi Nakamoto would likely garner a lot of attention from the media and from governments.
The other reason is safety. Looking at 2009 alone, 32,489 blocks were mined; at the then-reward rate of 50 BTC per block, the total payout in 2009 was 1,624,500 BTC, which at today’s prices is over $900 million. One may conclude that only Satoshi and perhaps a few other people were mining through 2009 and that they possess a majority of that $900 million worth of BTC. Someone in possession of that much BTC could become a target of criminals, especially since bitcoins are less like stocks and more like cash, where the private keys needed to authorize spending could be printed out and literally kept under a mattress. While it's likely the inventor of Bitcoin would take precautions to make any extortion-induced transfers traceable, remaining anonymous is a good way for Satoshi to limit exposure.
The Suspects
Numerous people have been suggested as possible Satoshi Nakamoto by major media outlets. Oct. 10, 2011, The New Yorker published an article speculating that Nakamoto might be Irish cryptography student Michael Clear or economic sociologist Vili Lehdonvirta. A day later, Fast Company suggested that Nakamoto could be a group of three people – Neal King, Vladimir Oksman and Charles Bry – who together appear on a patent related to secure communications that were filed two months before bitcoin.org was registered. A Vice article published in May 2013 added more suspects to the list, including Gavin Andresen, the Bitcoin project’s lead developer; Jed McCaleb, co-founder of now-defunct Bitcoin exchange Mt. Gox; and famed Japanese mathematician Shinichi Mochizuki.
In December 2013, Techcrunch published an interview with researcher Skye Grey who claimed textual analysis of published writings shows a link between Satoshi and bit-gold creator Nick Szabo. And perhaps most famously, in March 2014, Newsweek ran a cover article claiming that Satoshi is actually an individual named Satoshi Nakamoto – a 64-year-old Japanese-American engineer living in California. The list of suspects is long, and all the individuals deny being Satoshi.
Can Satoshi's Identity Be Proven?
It would seem even early collaborators on the project don’t have verifiable proof of Satoshi’s identity. To reveal conclusively who Satoshi Nakamoto is, a definitive link would need to be made between his/her activity with Bitcoin and his/her identity. That could come in the form of linking the party behind the domain registration of bitcoin.org, email and forum accounts used by Satoshi Nakamoto, or ownership of some portion of the earliest mined bitcoins. Even though the bitcoins Satoshi likely possesses are traceable on the blockchain, it seems he/she has yet to cash them out in a way that reveals his/her identity. If Satoshi were to move his/her bitcoins to an exchange today, this might attract attention, but it seems unlikely that a well-funded and successful exchange would betray a customer's privacy.
Receiving Bitcoins As Payment
Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers, like credit cards, PayPal, etc. Online payments will require a Bitcoin merchant tool (an external processor like Coinbase or BitPay).
Working For Bitcoins
Those who are self-employed can get paid for a job in bitcoins. There are several websites/job boards which are dedicated to the digital currency:
Work For Bitcoin brings together work seekers and prospective employers through its websiteCoinality features jobs – freelance, part-time and full-time – that offer payment in bitcoins, as well as Dogecoin and LitecoinJobs4Bitcoins, part of reddit.comBitGigs
Bitcoin From Interest Payments
Another interesting way (literally) to earn bitcoins is by lending them out and being repaid in the currency. Lending can take three forms – direct lending to someone you know; through a website which facilitates peer-to-peer transactions, pairing borrowers and lenders; or depositing bitcoins in a virtual bank that offers a certain interest rate for Bitcoin accounts. Some such sites are Bitbond, BitLendingClub, and BTCjam. Obviously, you should do due diligence on any third-party site.
Bitcoins From Gambling
It’s possible to play at casinos that cater to Bitcoin aficionados, with options like online lotteries, jackpots, spread betting, and other games. Of course, the pros and cons and risks that apply to any sort of gambling and betting endeavors are in force here too.
Investing in Bitcoins
There are many Bitcoin supporters who believe that digital currency is the future. Those who endorse it are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe. Although it is not itself any backed by any government or central bank, bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders interested in currency plays. Indeed, one of the primary reasons for the growth of digital currencies like Bitcoin is that they can act as an alternative to national fiat money and traditional commodities like gold.
In March 2014, the IRS stated that all virtual currencies, including bitcoins, would be taxed as property rather than currency. Gains or losses from bitcoins held as capital will be realized as capital gains or losses, while bitcoins held as inventory will incur ordinary gains or losses.
Like any other asset, the principle of buying low and selling high applies to bitcoins. The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own bitcoins. Here are a few options which Bitcoin enthusiasts can explore.
Risks of Bitcoin Investing
Though Bitcoin was not designed as a normal equity investment (no shares have been issued), some speculative investors were drawn to the digital money after it appreciated rapidly in May 2011 and again in November 2013. Thus, many people purchase bitcoin for its investment value rather than as a medium of exchange.
However, their lack of guaranteed value and digital nature means the purchase and use of bitcoins carries several inherent risks. Many investor alerts have been issued by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Consumer Financial Protection Bureau (CFPB), and other agencies.
The concept of a virtual currency is still novel and, compared to traditional investments, Bitcoin doesn't have much of a long-term track record or history of credibility to back it. With their increasing use, bitcoins are becoming less experimental every day, of course; still, after eight years, they (like all digital currencies) remain in a development phase, still evolving. "It is pretty much the highest-risk, highest-return investment that you can possibly make,” says Barry Silbert, CEO of Digital Currency Group, which builds and invests in Bitcoin and blockchain companies.
Bitcoin Regulatory Risk
Investing money into Bitcoin in any of its many guises is not for the risk-averse. Bitcoins are a rival to government currency and may be used for black market transactions, money laundering, illegal activities or tax evasion. As a result, governments may seek to regulate, restrict or ban the use and sale of bitcoins, and some already have. Others are coming up with various rules. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies dealing with the buy, sell, transfer or storage of bitcoins to record the identity of customers, have a compliance officer and maintain capital reserves. The transactions worth $10,000 or more will have to be recorded and reported.
Although more agencies will follow suit, issuing rules and guidelines, the lack of uniform regulations about bitcoins (and other virtual currency) raises questions over their longevity, liquidity, and universality.
Security Risk of Bitcoins
Bitcoin exchanges are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. If a thief gains access to a Bitcoin owner's computer hard drive and steals his private encryption key, he could transfer the stolen Bitcoins to another account. (Users can prevent this only if bitcoins are stored on a computer which is not connected to the internet, or else by choosing to use a paper wallet – printing out the Bitcoin private keys and addresses, and not keeping them on a computer at all.) Hackers can also target Bitcoin exchanges, gaining access to thousands of accounts and digital wallets where bitcoins are stored. One especially notorious hacking incident took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to close down after millions of dollars worth of bitcoins were stolen.
This is particularly problematic once you remember that all Bitcoin transactions are permanent and irreversible. It's like dealing with cash: Any transaction carried out with bitcoins can only be reversed if the person who has received them refunds them. There is no third party or a payment processor, as in the case of a debit or credit card – hence, no source of protection or appeal if there is a problem.
Insurance Risk
Some investments are insured through the Securities Investor Protection Corporation. Normal bank accounts are insured through the Federal Deposit Insurance Corporation (FDIC) up to a certain amount depending on the jurisdiction. Bitcoin exchanges and Bitcoin accounts are not insured by any type of federal or government program.
Risk of Bitcoin Fraud
While Bitcoin uses private key encryption to verify owners and register transactions, fraudsters and scammers may attempt to sell false bitcoins. For instance, in July 2013, the SEC brought legal action against an operator of a Bitcoin-related Ponzi scheme.
Market Risk
Like with any investment, Bitcoin values can fluctuate. Indeed, the value of the currency has seen wild swings in price over its short existence. Subject to high volume buying and selling on exchanges, it has a high sensitivity to “news." According to the CFPB, the price of bitcoins fell by 61% in a single day in 2013, while the one-day price drop in 2014 has been as big as 80%.
If fewer people begin to accept Bitcoin as a currency, these digital units may lose value and could become worthless. There is already plenty of competition, and though Bitcoin has a huge lead over the other 100-odd digital currencies that have sprung up, thanks to its brand recognition and venture capital money, a technological break-through in the form of a better virtual coin is always a threat.
Bitcoin's Tax Risk
As bitcoin is ineligible to be included in any tax-advantaged retirement accounts, there are no good, legal options to shield investments from taxation.
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Related Terms
Satoshi
The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the bitcoin cryptocurrency.
Chartalism Chartalism is a non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Satoshi Nakamoto The name used by the unknown creator of the protocol used in the bitcoin cryptocurrency. Satoshi Nakamoto is closely-associated with blockchain technology.
Bitcoin Mining, Explained Breaking down everything you need to know about Bitcoin Mining, from Blockchain and Block Rewards to Proof-of-Work and Mining Pools.
Understanding Bitcoin Unlimited Bitcoin Unlimited is a proposed upgrade to Bitcoin Core that allows larger block sizes. The upgrade is designed to improve transaction speed through scale.
Blockchain Explained
A guide to help you understand what blockchain is and how it can be used by industries. You've probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger." But blockchain is easier to understand than it sounds.
Top 6 Books to Learn About Bitcoin About UsAdvertiseContactPrivacy PolicyTerms of UseCareers Investopedia is part of the Dotdash publishing family.The Balance Lifewire TripSavvy The Spruceand more
By Satoshi Nakamoto
Read it once, go read other crypto stuff, read it again… keep doing this until the whole document makes sense. It’ll take a while, but you’ll get there. This is the original whitepaper introducing and explaining Bitcoin, and there’s really nothing better out there to understand on the subject.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party

submitted by adrian_morrison to BlockchainNews [link] [comments]

Maxcoin Reboot

The Legend has returned....

What is Maxcoin?
Maxcoin has made a come back into the world we know as Cryptocurrency. Originally born February 2014. Named in honour of Max Keiser. With a current supply of 61,445,805 / 100,000,000 MAX.
It's purpose is to be a usable digital currency through merchants and ATMs around the world. Some have said it to be dubbed as the #LTCkiller being Maxcoin's main rival. Completely community driven project much the same as Bitcoin with a quality developer team who will stop at nothing but success for Maxcoin and there community of Maxcoiners. Maxcoin pro-actively aligns itself to the core principles of interdependence and decentralisation. Whilst combining the strengths of individuals through positive teamwork, they are creating a true eco-system of human interaction and collaboration. Maxcoin is here for all.
Features
One of the biggest (if not the biggest) crypto influential people known as Max Keiser & Stacey Herbert is also proudly supporting Maxcoin who they called Silver $5, Gold $400, Bitcoin $3.
The future of Maxcoin could not be any brighter, so if you missed the train with many crypto's (Bitcoin, Litecoin, Ethereum) then there is no better time to capitalise and make a difference in the world we live in on this opportunity and join one of the best quality telegram communities that is available. (Also where you don't see "When Lambo" every 5 seconds!).
Updates
Creators of the Atomminer
Statsfolio (beta work in progress)
Android/iOS wallets
More updates to follow

Sources
https://steemit.com/bitcoin/@seanpfahey/charlie-bit-me
maxcoinproject.org
t.me/maxcoinproject
https://www.atomminer.com/
submitted by Luca_360 to CryptoMoonShots [link] [comments]

Of Wolves and Weasels - Day 26 - Ch-ch-chaaanges... or not

Hey all, GoodShibe here!
There's really no need to waste any time on this one, the news dropped early this morning, around 2AM EST on my watch, that our Dogecoin devs have, very quickly - as some have demanded - made a decision on how Dogecoin will change in light of the revelation that our coin is not actually hard-capped at 100 Billion coins.
That decision is... to change nothing.
Dogecoin co-founder ummjackson dropped the news on Github, where a lively discussion was already underway.
"Thanks for contributing to this discussion. Based on everyone’s feedback, we’ve decided to leave the Dogecoin code base as it was originally released, and not implement a change. The goal for the currency is to keep approximately 100 billion coins in circulation - thus after 100 billion Dogecoins are created, rewards will continue at 10k each block. This will help maintain mining and stabilize the number of coins in circulation (considering lost wallets and various other ways coins may be destroyed) at 100 billion."
The decision was shared on /Dogecoin through this thread and while the overall reaction seemed very positive, some were not convinced:
"Itt: poor shibes who want all shibes to be poor." wrote luvasugirls
"I have a feeling many investors will be pulling out now, hope the coin doesn't die cause of this" wrote noelrojo
"What a joke. This is unfortunate. I know a couple people who just invested thousands into this and they are pulling out now. Dogecoin may have just messed up." wrote Chase_Bristow
One thing's for sure, this decision officially puts Dogecoin on the record as the first scrypt-based Cryptocurrency to eschew a hard-cap limit -- Zetacoin, a SHA-256-based coin, has no hard cap -- and thus turn from the 'norm' of enticing users by making the coin a deflationary commodity. (thanks to toddlersnake for the Zetacoin tip)
What this will hold for the future of Dogecoin, no one knows. But with Bitcoin still over a century away from being fully mined - with some saying that Bitcoin may never actually be fully mined - and Litecoin not scheduled to reach it's first halving until October 2015, it will still be quite some time before we get to measure the real-world effects of a successful 'Deflationary' cryptocurrency.
Hard-break.
Okay, 'news article' aside, for my money - whatever I have 'invested' in Dogecoin - I personally feel encouraged by this response. My personal long-view for the currency has always been that DOGE is fantastic for small-to-medium sized online transactions - a currency to be used and mined and shared by everyone. Does this mean that those who've heavily invested in Dogecoin in the early days won't see a profit?
Well, they now have a year and Five Halvings to make their decision on whether Dogecoin will offer a significant, continued ROI (return on investment) as compared to what ever 'inflation' that adding extra coins to the supply might bring.
Personally, I suspect that much of the hullabaloo is, in fact, smoke and mirrors and that, if there is some secret contingent of massive investors willing to pull out now - before even the first halving - then I welcome them to do exactly that. You see, from what I've been reading, there are lots of poor and middle-class shibes who've been pooling their assets, just waiting in the wings for an opportunity to snap up some cheap coins.
I've long said, and I believe it to be true, that the true strength and 'value' of Dogecoin is not in the coin, but the community - and this decision, how it effects us moving forward, will be entirely decided by how - or not - our Community decides to react to the news. Should we begin spreading FUD (fear, uncertainty and doubt) about our future, then that's what will propagate.
But, you know, my grandpa taught me a simple lesson long ago:
'Do something well, do it consistently, and they will find you'.
All we have to do is keep being an awesome community. Keep working on the outreach, keep making it easier for people to get, share and use their coins. Keep opening up new avenues for people to join in.
Keep tipping.
Keep on having fun.
And they'll find us.
If you're looking for some DOGE-related things to keep you busy and/or interested -- because, let's be honest, the other parts of Reddit fell away a long time ago (I've gotten to the point now where, when all the links on /Dogecoin are spent it's like 'man, nothing new on Reddit' sad face) -- take a look at today's events:
News of note:
New businesses now accepting Dogecoin (show them some love):
Finally, to spotlight a few shibes for great community actions:
If you have anything you'd like to see added to the above segments - especially if you know of a shibe who deserves the spotlight for their actions - please let me know in the comments below.
It's 9:08AM EST and we're at 41.56% of DOGEs found. Our Global Hashrate is spiking from ~88 to ~99 Gigahashes per second but our Difficulty is holding steady at ~1178 after a massive drop from ~1460 about an hour or so ago. Keep hitting those mines, my friends - we've got less than 2 weeks until our first Halving.
As always, I appreciate your support!
GoodShibe
TL;DR: Dogecoin will not become a 'Deflationary' Currency. Some are not happy about this. Many are.
EDIT: For those worrying about the daily price of DOGE, unless you're looking to buy, don't worry about it too much until after the Halvening. I've been predicting for a while now that in the run-up to the Halvening there'd be a massive push to bring DOGE down so that people can do one last buy-in before it halves. This is, mostly, what's going on. If you're looking to buy, keep an eye on the markets - these next two weeks are going to be hell for day-traders.
EDIT 2: For those looking for a crash-course in Shibe-onomics - what all this means anyway - check out sorryyousuck's excellent primer, HERE
submitted by GoodShibe to dogecoin [link] [comments]

Of Wolves And Weasels - Day 25 - With A Little Help From Our Friends

Hey All, GoodShibe here!
I like starting off with good things, don't you? Well, here's something great! Remember that thread I put up a couple of days ago, asking for donations for Bell Let's Talk (even though we missed the day and probably wouldn't get any coverage for it) - well, together we raised 80,000 DOGE - which Moolah_ added 100K - which meant that we raised about $268.71 USD. Well, as it turns out, Moolah_ wasn't done yet - so they rounded it up to an even $1000 and donated it on /Dogecoin's behalf to The Canadian Association of Mental Health. You can see the receipt here. So, let's give all the generous shibes who contributed to this effort, a sound round of ap-paws (yeah, I said it...).
Well done!
As it turns out yesterday's post caused quite a bit of discussion - lots of passionate shibes coming out to discuss where we're going, how we see our coin -- and even our community -- evolving over time.
I think it's a fantastic thing that we can have these kinds of discussions openly, and that, even when we may not always agree with one another, we do try to see eye to eye and understand where each shibe is coming from. I have to admit that then I first posted my article, I was somewhat ambivalent about either side of the issue -- and I worked to keep my language neutral as I could. Explain the facts, try to explain how it might effect us all, and some ideas on how it might be fixed. Over the course of the discussion that followed, I found myself being swayed by the arguments toward the coin moving in an 'inflationary' direction. I say this now, publicly, not in an attempt to sway you, but to acknowledge a bias that's started to form toward one direction.
I believe that it's through understanding my own biases that I can work to try and keep an even keel, try and stay neutral until the facts clearly point toward a direction. In acknowledging such a bias, it encourages me to look THAT much harder at the other arguments against it. Look for arguments that weaken said bias. I want to make sure that I'm not just 'believing' something to be true, I want the facts to support said belief structure. So, by stating this, I want you to know where I'm at on this issue, that I'm looking into the benefits and flaws of both a 'Deflationary' and 'Inflationary' coin. Trying to wrap my head around it properly so that if I do end up supporting one direction, I know why and can state it clearly.
That said, I still believe that there are ways to meet in the middle -- I have no idea what they are just yet -- but we have a whole year or more to find a way to come up with a solution with calm, rational discussion on all sides.
Moving on to more fun news - and thank you for bearing with me - we've got some fantastic community efforts underway that I want to take a moment to hightlight:
In the news:
And finally, just for fun:
It's 11:14AM EST, we're at 40.93% of DOGEs found. Our Global Hashrate it rising from ~91 to ~95 Gigahashes per second (after an early morning spike to ~218) and our Difficulty is falling from ~1547 to ~1402. Looks like a busy day, folks!
Have a great one!
As always, I appreciate your support!
GoodShibe
PS: Sorry about the late post, all, turns out I've been writing in fits and starts, dealing with some /dogecoinscamwatch stuff.
EDIT 1: I've had some criticism regarding how I go about my reporting, and that's fine. Criticism, I can handle.
I firmly believe that, whatever the news is, when I know it, good or bad, the community needs to know so that, together, we at least have the ability to make informed decisions.
If you want it, fine, if you don't care, that's also fine, but at least you're aware - at least you get to choose.
I take this responsibility - the gift of trust you've bestowed upon me - seriously, and try my best at it. Will I make mistakes? Absolutely. And you won't always agree with me. And that's fine too. But I will always do my best for the community, and, succeed or fail, my heart will always be in the right place, working for the good of us all.
submitted by GoodShibe to dogecoin [link] [comments]

Wafcoin stands out from the tide of the exchange’s wide world


At the beginning of 2018, more than 7,400 new “spire of the tower” have emerged, forming a Red Sea battleground of nearly 16000 exchanges in less than a year. As a result, all suffered from the collapse of the market that Bitcoin prices fell, transactions shrinked, and users left the market, and entered the dilemma of “more monks than meat”. With stricter regulation, congested tracks, and shrinking markets, exchanges are changing all the time, and the waves swung through the market throughout the year.
On January 27, 2018, the Japanese Exchange,Coincheck, which was established in 2014, declared closing down due to hacking. In February, the decentralized exchange which was established in 2016. Because of internal disputes, the actual controllers ran away. In 2018, the track of exchange was filled with gunpowder, more than 80% of the exchanges closed, "running away" and investors were pressed to the wall, the choice of a reliable exchange is the top priority at present!
Founded in 2018, Wafcoin (WA) is the world's first exchange with a dual license in the Virgin Islands. The platform provides safe, transparent, stable and efficient blockchain token economic transaction services to users around the world,to build the co-governance platform with world's first blockchain token ecological transaction.
The Wafcoin platform has a financial-grade distributed cluster architecture, a matching algorithm of more than 2 million levels, bank-level security encryption and ODAT offline acceleration, and isolation technology of multi-signature hot and cold wallet to ensure high reliability, high performance and strong security of the token platform.
Faced with many difficulties and challenges, the team of Wafcoin has always adhered to the principle of adhering to the initial mind and customers supreme, and took root in the blockchain industry with enthusiasm and loyalty to support and empower the blockchain industry.
submitted by tongzhengshijie1 to u/tongzhengshijie1 [link] [comments]

Wafcoin stands out from the tide of the exchange’s wide world


At the beginning of 2018, more than 7,400 new “spire of the tower” have emerged, forming a Red Sea battleground of nearly 16000 exchanges in less than a year. As a result, all suffered from the collapse of the market that Bitcoin prices fell, transactions shrinked, and users left the market, and entered the dilemma of “more monks than meat”. With stricter regulation, congested tracks, and shrinking markets, exchanges are changing all the time, and the waves swung through the market throughout the year.
On January 27, 2018, the Japanese Exchange,Coincheck, which was established in 2014, declared closing down due to hacking. In February, the decentralized exchange which was established in 2016. Because of internal disputes, the actual controllers ran away. In 2018, the track of exchange was filled with gunpowder, more than 80% of the exchanges closed, "running away" and investors were pressed to the wall, the choice of a reliable exchange is the top priority at present!
Founded in 2018, Wafcoin (WA) is the world's first exchange with a dual license in the Virgin Islands. The platform provides safe, transparent, stable and efficient blockchain token economic transaction services to users around the world,to build the co-governance platform with world's first blockchain token ecological transaction.
The Wafcoin platform has a financial-grade distributed cluster architecture, a matching algorithm of more than 2 million levels, bank-level security encryption and ODAT offline acceleration, and isolation technology of multi-signature hot and cold wallet to ensure high reliability, high performance and strong security of the token platform.
Faced with many difficulties and challenges, the team of Wafcoin has always adhered to the principle of adhering to the initial mind and customers supreme, and took root in the blockchain industry with enthusiasm and loyalty to support and empower the blockchain industry.
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submitted by tongzhengshijie1 to u/tongzhengshijie1 [link] [comments]

Wa fcoin stands out from the tide of the exchange’s wide world


At the beginning of 2018, more than 7,400 new “spire of the tower” have emerged, forming a Red Sea battleground of nearly 16000 exchanges in less than a year. As a result, all suffered from the collapse of the market that Bitcoin prices fell, transactions shrinked, and users left the market, and entered the dilemma of “more monks than meat”. With stricter regulation, congested tracks, and shrinking markets, exchanges are changing all the time, and the waves swung through the market throughout the year.
On January 27, 2018, the Japanese Exchange,Coincheck, which was established in 2014, declared closing down due to hacking. In February, the decentralized exchange which was established in 2016. Because of internal disputes, the actual controllers ran away. In 2018, the track of exchange was filled with gunpowder, more than 80% of the exchanges closed, "running away" and investors were pressed to the wall, the choice of a reliable exchange is the top priority at present!
Founded in 2018, Wafcoin (WA) is the world's first exchange with a dual license in the Virgin Islands. The platform provides safe, transparent, stable and efficient blockchain token economic transaction services to users around the world,to build the co-governance platform with world's first blockchain token ecological transaction.
The Wafcoin platform has a financial-grade distributed cluster architecture, a matching algorithm of more than 2 million levels, bank-level security encryption and ODAT offline acceleration, and isolation technology of multi-signature hot and cold wallet to ensure high reliability, high performance and strong security of the token platform.
Faced with many difficulties and challenges, the team of Wafcoin has always adhered to the principle of adhering to the initial mind and customers supreme, and took root in the blockchain industry with enthusiasm and loyalty to support and empower the blockchain industry.
submitted by tongzhengshijie1 to u/tongzhengshijie1 [link] [comments]

Wafcoin stands out from the tide of the exchange’s wide world

At the beginning of 2018, more than 7,400 new “spire of the tower” have emerged, forming a Red Sea battleground of nearly 16000 exchanges in less than a year. As a result, all suffered from the collapse of the market that Bitcoin prices fell, transactions shrinked, and users left the market, and entered the dilemma of “more monks than meat”. With stricter regulation, congested tracks, and shrinking markets, exchanges are changing all the time, and the waves swung through the market throughout the year.
On January 27, 2018, the Japanese Exchange,Coincheck, which was established in 2014, declared closing down due to hacking. In February, the decentralized exchange which was established in 2016. Because of internal disputes, the actual controllers ran away. In 2018, the track of exchange was filled with gunpowder, more than 80% of the exchanges closed, "running away" and investors were pressed to the wall, the choice of a reliable exchange is the top priority at present!
Founded in 2018, Wafcoin (WA) is the world's first exchange with a dual license in the Virgin Islands. The platform provides safe, transparent, stable and efficient blockchain token economic transaction services to users around the world,to build the co-governance platform with world's first blockchain token ecological transaction.
The Wafcoin platform has a financial-grade distributed cluster architecture, a matching algorithm of more than 2 million levels, bank-level security encryption and ODAT offline acceleration, and isolation technology of multi-signature hot and cold wallet to ensure high reliability, high performance and strong security of the token platform.
Faced with many difficulties and challenges, the team of Wafcoin has always adhered to the principle of adhering to the initial mind and customers supreme, and took root in the blockchain industry with enthusiasm and loyalty to support and empower the blockchain industry.
www.wafcoin.net
submitted by TONGZHENGSHIJIE to u/TONGZHENGSHIJIE [link] [comments]

Wafcoin stands out from the tide of the exchange’s wide world


At the beginning of 2018, more than 7,400 new “spire of the tower” have emerged, forming a Red Sea battleground of nearly 16000 exchanges in less than a year. As a result, all suffered from the collapse of the market that Bitcoin prices fell, transactions shrinked, and users left the market, and entered the dilemma of “more monks than meat”. With stricter regulation, congested tracks, and shrinking markets, exchanges are changing all the time, and the waves swung through the market throughout the year.
On January 27, 2018, the Japanese Exchange,Coincheck, which was established in 2014, declared closing down due to hacking. In February, the decentralized exchange which was established in 2016. Because of internal disputes, the actual controllers ran away. In 2018, the track of exchange was filled with gunpowder, more than 80% of the exchanges closed, "running away" and investors were pressed to the wall, the choice of a reliable exchange is the top priority at present!
Founded in 2018, Wafcoin (WA) is the world's first exchange with a dual license in the Virgin Islands. The platform provides safe, transparent, stable and efficient blockchain token economic transaction services to users around the world,to build the co-governance platform with world's first blockchain token ecological transaction.
The Wafcoin platform has a financial-grade distributed cluster architecture, a matching algorithm of more than 2 million levels, bank-level security encryption and ODAT offline acceleration, and isolation technology of multi-signature hot and cold wallet to ensure high reliability, high performance and strong security of the token platform.
Faced with many difficulties and challenges, the team of Wafcoin has always adhered to the principle of adhering to the initial mind and customers supreme, and took root in the blockchain industry with enthusiasm and loyalty to support and empower the blockchain industry.
submitted by tongzhengshijie1 to u/tongzhengshijie1 [link] [comments]

Echoes of the Past: Recovering Blockchain Metrics From Merged Mining

Cryptology ePrint Archive: Report 2018/1134
Date: 2018-11-22
Author(s): Nicholas Stifter, Philipp Schindler, Aljosha Judmayer, Alexei Zamyatin, Andreas Kern, Edgar Weippl

Link to Paper


Abstract
So far, the topic of merged mining has mainly been considered in a security context, covering issues such as mining power centralization or crosschain attack scenarios. In this work we show that key information for determining blockchain metrics such as the fork rate can be recovered through data extracted from merge mined cryptocurrencies. Specifically, we reconstruct a long-ranging view of forks and stale blocks in Bitcoin from its merge mined child chains, and compare our results to previous findings that were derived from live measurements. Thereby, we show that live monitoring alone is not sufficient to capture a large majority of these events, as we are able to identify a non-negligible portion of stale blocks that were previously unaccounted for. Their authenticity is ensured by cryptographic evidence regarding both, their position in the respective blockchain, as well as the Proof-of-Work difficulty.
Furthermore, by applying this new technique to Litecoin and its child cryptocur rencies, we are able to provide the first extensive view and lower bound on the stale block and fork rate in the Litecoin network. Finally, we outline that a recovery of other important metrics and blockchain characteristics through merged mining may also be possible.

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submitted by dj-gutz to myrXiv [link] [comments]

An Overview of Arizona Primary Races - Part 4: Legislative Races 11-20

Welcome to my omnibus compendium of Arizona’s upcoming primary races (set to take place August 28th – early voting ballots should have been mailed out August 1st). Arizona’s a really interesting state (I may be a hair biased), since it not only is home to two to four swing House seats and a high-profile Senate race, but also a vulnerable governor (thanks to the teacher walkout earlier this year) and tenuous majorities in both state houses that could – theoretically – deliver a Dem trifecta this fall. Other statewide candidates have also been on the attack, and few Republicans are safe in this climate. If Dr. Tipirneni’s massive swing in April can be replicated across the state, the Dems will pull off a coup of stupidly high proportions.
If you’re interested about which district you live in, check https://azredistricting.org/districtlocato. If you want to get involved with your local Democratic party, find your legislative district on the previous link (NOT CD), and then search for your LD’s name at this link. Feel free to attend meetings, they’re a great way to get involved with candidates and like-minded individuals. If you wish to donate to a “clean elections” candidate (mentioned in the post as “running clean”), you will have to live in that candidate’s legislative district to do so. Statewide “clean” candidates can accept from anyone, although al such candidates probably have hit their goals for the cycle.
If you are a registered Independent and do not want to vote at the polls, you will need to request and early ballot using the website of your county’s recorder. Example links for Maricopa, Pima, and Pinal. Others available if needed.
Race ratings for listed primaries will be listed as Solid/Likely/Leans/Tossup and are not indicative of my own preference for that seat. I’ll denote my personal primary preferences at the end of this series.
Some candidates have filed as write-in candidates for their primary. I’m unsure about the rules behind this, and if a win means they automatically appear on the ballot in November – currently in process of verifying. For example, in 2016 Gary Swing and Merissa Hamilton both won their respective Senate primaries (Green/Libertarian) as write-ins, but only Swing was on the ballot in the fall.
If you have any questions about voting in the primary, which races are the most contested, and how to get involved with other Democrats in Arizona, feel free to PM me.
ALL OPINIONS ARE MY OWN IN MY CAPACITY AS A VOTER IN ARIZONA, AND NOT REPRESENTATIVE OF ANY ORGANIZATIONS I WORK/ED FOR OR AM/WAS A MEMBER OF. THIS POST IS IN NO WAY ENDORSED BY THE ARIZONA DEMOCRATIC PARTY OR ANY SUB-ORGANIZATION THEREOF.
View Statewide post here.
View Congressional post here
View Legislative Races 1-10 here

State Legislative Races

So as mentioned in the intro post, this’ll cover not only the federal and statewide candidates but also the state legislative races. Arizona has 30 districts, each with 1 Senator and 2 Representatives. Republicans hold meh majorities in both chambers (17-13 in the Senate, and 35-25 in the House), but Dems think this is the year for a potential flip of chambers. Due to time constraints I’ll try to focus on races with primaries, and write a primer about important general election races later – but hopefully I can get all of them done. Our party went balls to the wall and recruited 114 Democratic candidates to run this cycle, meaning that there’s a candidate running in every race across Arizona, in even the reddest of red districts. It also means there’s a lot of blurbs to write.
One additional point to make – the vast majority of people using the Arizona Clean Elections funding source are running for the state legislature. Their COH statistics will be denoted as ($XXX COH, Clean). This - for the most part – means that the only additional money they can expect in the race will come afteif they win their respective primaries, roughly to the tune of $20K-$25K or so.
So without further ado, the districts!
District 11
For our first district in the second installment of the legislative series, we head over to Northern Tucson/Casa Grande, a district that – like LD8 before it – is surprisingly only Leans Red despite its demographics and geographical location. The Republican Senate incumbent is noted theocratic asshole Steve Smith, who as mentioned earlier is trying to make the hop over into Congress. His Republican heir apparent is State Representative Vince Leach ($118.5K COH). The other incumbent Republican Representative, Mark Finchem ($44.4K COH) is running for re-election in the House, with Constable Bret Roberts ($16.7K COH, Clean) and retired carpenter Howie Jones ($700 COH) running for the second open spot. Roberts has been endorsed by Finchem and Leach and seems set to take the second nomination. His choice of running clean is odd, especially as a party-approved candidate.
Roberts may make it through to the general, but he’ll most likely run into rural liberal powerhouse Hollace Lyon ($93K COH). Unlike in LD8, the House candidate (Lyon) seems set to drag the Democratic slate, kicking and screaming, into relevancy. Wife of the president of the Arizona School Boards Association (Linda Lyon) and retired USAF Colonel, Lyon brings a great combination of education bona fides, fundraising/campaigning chops (She has outraised everyone in the district - Leach’s COH advantage is only because of his past warchest), and rural appeal (she channels Amy McGrath’s rhetoric to great success. Lyon would be a great single-shot candidate for the candidate.
Except she’s not running alone. Perennial candidate Barry McCain (no link because his website’s dead and he’s a bit of a nut, also $4 COH) managed to qualify for the ballot again this year by some miracle. Local and state party leaders, wary of ceding a ballot slot to nigh-invisible candidate, recruited local teacher and education advocate Marcela Quiroz ($630 COH, Clean – needs $5’s). While Quiroz has had some trouble getting her campaign ff the ground, she is by far a better #2 than McCain. In the Senate, rancher Ralph Atchue ($15.4K, Clean) is taking a second crack at the seat. Atchue didn’t generate many waves last time, and this time – if he does win – it will be on the backs of Lyon and Quiroz. The presence of Green Party write-in Mohammad Arif won’t help.
As mentioned before, the general rests squarely on the shoulders of Hollace Lyon, and partially on Quiroz’s as well. Both House and Senate candidates have a defined rural appeal, but only Lyon seems capable of actually translating that into results. If the statewide wave is large enough, she’ll drag Quiroz and Atchue in on her coattails.
hunter15991 Rating: Dem Senate uncontested. Solid Lyon, Likely Quiroz. GOP Senate uncontested, Solid Finchem, Likely Roberts. Leans GOP Senate, Tossup House Roberts/Lyon, Leans GOP Finchem/Quiroz.
District 12
Popping back up north somewhat, we take a look at LD12 – located in the heart of CD5. Centered in Gilbert and Southeast Mesa, 12 is so stupidly red, only LD1 and LD5 are worse. On the Republican side, incumbent Representative Travis Grantham ($26K COH) is being joined by incumbent Senator Warren Petersen ($49K COH) in their quest for House nominations, and are being primaried from the right by Mr “Ban All Public Schools” Nick Myers ($600 COH), and from the center by adjunct professor Blake Sacha ($36.5K COH). In the Senate, charter school owner and incumbent State Rep. Eddie Farnsworth ($26.2K COH) is running, being challenged from the nominal center by businessman Jimmy Lindblom ($25K COH). Lindblom still holds most of Farnsworth’s conservative views, but is attacking Farnsworth regarding how corrupt of a legislator he is, profiting off of charter school requirements he passes.
On the Democratic side, Elizabeth Brown ($15.5K) is rehashing a 2016 Senate run, and will be joined by two House nominees – currently that looks like teacher Joe Bisaccia ($12K COH, Clean) and lawyer Lynsey Robinson ($16.88K COH, Clean). Robinson is actually running on a slate with 2014 House nominee DJ Rothans ($150 COH, Clean), but his campaign has not gotten as much traction as hers.
Given the breakdown of this district it is highly unlikely a Dem. pulls it off either in the House or Senate, and with the amount of district infighting that’s ongoing (per rumors, Brown and Bisaccia hate each other’s guts and are causing a lot of chaos because of that) that chance goes from slim to none. The best bet in this scenario is for Sacha and Lindblom to pull off the upset in primaries. While they’re at best mediocre friends of public education (Sacha) and at worse a slightly cleaner version of the incumbent (Lindblom), they’re a step up from the clusterfuck currently ongoing in the district.
hunter15991 Rating: Dem Senate uncontested. Likely Bisaccia, Likely Robinson. Leans Farnsworth, Likely Petersen, Leans Finchem. All Solid GOP general.
District 13
District 13 could be a bit of a Roy Moore-ish scenario for Democrats, at least in the Senate.
So I’ll get the House out of the way first. Reps Darin Mitchell ($7.3K COH) and Tim Dunn ($76K COH)- both Republicans – are the current Representatives for the district. Mitchell has built a long-term brand in the district, while Dunn was appointed n February 2018 following…well we’ll get to that in a second. They are being challenged from the right by absolute wackadoodle Trey Terry ($9K COH), and from the center(ish) by Goodyear ViceMayor Joanne Osborne ($10.5K COH). Mitchell and Dunn seem set to make it out of their primaries by virtue of their incumbency (and Dunn’s surprisingly large warchest), although if Osborne can convince enough moderate Republicans to vote for her (she seems to be against some anti-publicEd measures here in AZ) she stands a fraction of a chance. Mitchell and Dunn will face Democrat Thomas Tzitzura ($1.1K COH, Clean), a veteran, former teacher, and adorable old guy. He’s set to lose by 30.
But we’re interested in the Senate.
Currently, the Senate seat is held by farmer Sine Kerr ($40.6K COH), an unimposing backbencher appointed to the seat in February after Steve Motnenegro resigned his seat when he tried – and failed -to win the GOP nomination for CD8. She’s being challenged in the primary by businessman Brent Backus ($4K COH), and in the general by retired Air Force veteran Michelle Harris (4.8K COH, Clean). If Kerr wins the primary, her general election should be relatively easy – the last Democrat to run for Senate here didn’t crack 35%.
But there’s another Republican running.
On February 1st, 2018, the Arizona State House voted to expel sexual assault perpetrator Don Shooter ($18K COH), a longtime Senator and at that time Representative from LD13. A report over 80 pages long detailing his deeds was filed with the House, and they had no choice but to kick him to the curb. His career seemed dead.
Ever the enigma, Shooter didn’t stop collecting signatures for the Senate run he was planning on this year (pending Montenegro’s resignation), and on the last day to file for the State Senate he submitted signatures to run again in LD13. This upended Kerr’s easy walk to re-election – while Shooter’s statewide brand was kneecapped, the voters in LD13 by and large seemed unphased by his wrongdoings at the state legislature. And with a stronger name-rec in the area and a fundraising system that doesn’t seem to be phased by his misdeeds, Shooter seems set to snatch primary victory from the jaws of defeat. With the anti-sexual abuser vote set to be split by Backus, Arizona’s Roy Moore (I don’t use that lightly, he preyed on college and high school interns as well) could make it to the general.
For all of Harris’s pros, she falters where Lyon succeeds as a candidate – both in funds, branding, and campaign intensity. If Kerr or even Backus win the Senate nomination, Harris is toast. But if Shooter makes it through somehow, the retired Master Sergeant stands a chance at turning this district blue. It will hinge on the morals of LD13 independents, and AZGOP rescinding support for Shooter if he sneaks through the primaries.
Will the stars align for Harris? Will Shooter’s attempt to reclaim his former glory turn this district blue?
Probably not.
But “probably” isn’t good enough in 2018.
hunter15991 Rating: Dem primaries uncontested. Leans Shooter, Likely Mitchell/Kerr. Safe GOP House general. Leans GOP Senate.
District 14
Like past districts, LD14 is more of a question as to who wins the GOP primary than who wins the general. The Dems are fielding businessman Bob Karp ($1K COH, Clean) and businesswoman Shelley Renee-Leon ($1.5K COH, Clean) for the House, while there’s a competitive primary between 2016 nominee Jaime Alvarez ($1.2K COH, Clean), and teacher Mendy Gomez ($1.4K COH, Clean). Alvarez should make it through the primary due to his name rec from 2016, but with teachers gaining prominence in post-strike Arizona, Gomez could take it from him.
A safe GOP district, the main question is how races on the right pan out. The House is rather tame, incumbent Rep. Becky Nutt ($19.3K COH) and outgoing Senator Gail Griffin ($31.4K COH) are uncontested for the nomination there. For Senate, there is a three-way battle between former House speaker David Gowan ($54K COH), incumbent State Rep. Drew John ($38K), and Army vet/businesswoman Lori Kilpatrick ($15.7K COH, Clean). Gowan, a candidate for CD1 back in 2016, has come to reclaim his old LD14 fiefdom, but Drew John seems hesitant to give it up without a fight. If Rep. John can hold steady, he’ll deprive the GOP of a massively-experienced ex-legislator and replace him with a freshman, milquetoast backbencher in John. Any nominee seems set to win the general, but if Gowan strikes out again here the State GOP will be in a slightly weaker position than before.
I realize counting Dems out is bad to do – the district’s a hair bluer than 13 – but if Harris at least fits her rural vibe somewhat, Gomez/Alvarez and the House slate unequivocally don’t. The Dems best hope here is just Gowan losing in the primaries.
hunter15991 Rating: Tossup Dem. Senate. Dem House uncontested. Tossup GOP Senate (John/Gowan), GOP House uncontested. All Safe GOP general.
District 15
If the doom and gloom in LD14 has got you down, you may want to try on LD15 for size. Located smack dab in the middle of AZ-06, LD15 is a microcosm of the fight Heather Ross will be fighting in the congressional district as a whole. Although the district as a whole has been red legislatively for eons, in 2016 both Sherriff Paul Penzone and Maricopa County Community Colleges Boardmember Linda Thor posted good results in LD15 – showing a capacity not only for sane Democratic votes, but also f or pro-education votes.
The GOP field in LD15 is set – former teacher and “moderate” Republican Representative Heather Carter ($45K COH) is dropping massive checks on her quest to secure the Senate seat in this district, while House Majority Leader John Allen ($46.6K COH) and incumbent Senator Nancy Barto ($24K) are running for the two House seats.
The Dem. field is well suited to meet them. In the Senate, teacher Kristin Dybvig-Pawelko ($3.16K COH, Clean – and hereafter KDP) is squaring off against Carter, while 3 Dem. candidates are vying for the two Dem. House nominations in the district. Teacher Jennifer Samuels is running as a ticket with KDP, both heavily emphasizing their education chops. Prosecutor Julie Gunnigle is gunning (pun intended) for the second spot, crafting her campaign around a strong anti-corruption message. Her legal chops are visible in her many livestreams she does, and if she fails at a run here (or for CD6) she’s got a promising practice to return to. 2016 nominee and lawyer Tonya MacBeth is the third candidate in the race – although she has not been able to adapt to the competitive primary Gunnigle and Samuels have thrust on her. With Gunnigle taking a lot of big-name endorsements (like Steve Farley) and Samuels pairing up with KDP, MacBeth is on track to get boxed out of the nomination.
In the general, Samuels and Gunnigle dodge a massive bullet, as moderate Republican Heather Carter is running for the Senate this cycle instead of one of the two House slots. While this does sink KDP (her main strength is education, but Carter counteracts that quite nicely), Samuels and Gunnigle have an opening against Allen and Barto. Both incumbent GOP legislators have been vocally against the recent teacher strike, with Allen leveraging his power as House Majority Leader to whip GOP members (like Carter, coincidentally) into line to vote against Dem. bills designed to find some sort of a fix to the teacher crisis. If the Dem. nominees can adequately tie Barto to Allen and Allen to the funding catastrophe in Arizona, then the same metrics that could push Ross over the finish line can push them over as well. The county party realizes this, having opened up an LD office here far earlier than was expected by anyone.
It likely will remain in GOP hands, but the dark money needed to protect what should be a safe seat for Republicans will absolutely send some Dems across the 50%+1 mark elsewhere in the state.
hunter15991 Rating: Dem. Senate uncontested. Likely Gunnigle/Samuels. GOP primary uncontested. Likely Carter, Leans Allen/Barto.
District 16
Located in deep-red East Mesa and Apache Junction, LD16 is a splash of cold water after such a rosy preview of LD15. Currently held by Senator David Farnsworth ($4K), retiring Representative Doug Coleman, and Tea PartieFurry fan Kelly Townsend ($32.4K). In the running for the second House seat being abandoned by Coleman are Apache PD Officer Stephen Kridler ($2K COH), businessman John Fillmore ($19K COH), activist Liza Godzich ($20K COH), and moderate-ish Tara Phelps ($26K COH, Clean). Phelps has been receiving tacit Democratic support in the area, as the Democratic primary (we’ll get to it in a moment) is relatively uncompetitive. Godzich is receiving Townsend’s stamp of approval, which for the most part sets up a Phelps v. Godzich race for the second slot after Townsend. However, a nominally-even race is slanted by the presence of Fillmore and Kridler, who by nature of their platforms are set to pull more from the right than the center. There’s a decent chance a pro-PublicEd Republican makes it through to the general this November.
On the Senate side, Farnsworth is being challenged in the primary by “Big” Michael Hernandez ($2K COH), an anti-establishment character running a hair left of Farnsworth. Anecdotally, he’s getting along quite well with the Democrat in the race, Ben Carmitchel (bencarmitchelforaz - $710 COH, Clean and needs $5’s). Although Hernandez doesn’t seem like he’ll make it to the general, he’s undoubtedly a cheery face this election. In the general, Carmitchel is joined by former teacher Sharon Stinard ($3.4K COH), as well as by Green Party write-in and former Democratic nominee for WY-AL Richard Grayson) ($0 COH). Stinard, Carmitchel, and Grayson all face a touch climb in the general – the best this district can feasibly hope for is for Phelps to make it through the Republican primary.
hunter15991 Rating: Dem primaries uncontested. Likely Farnsworth, Likely Townsend, Tossup (Phelps/Godzich). Solid GOP General.
District 17
Before I begin this segment, it’s wise for me to inform readers (however many there are) that I was previously employed by the Democratic slate in LD17, before being forced out for what in my mind are senseless reasons. I have tried not to let the firing itself impact my judgement re. this district, but the fact that Dem. staffers in this district (the people I was replaced with) are by-and-large woefully inexperienced cannot be overlooked.
District 17 is a super-crucial district for the Dems this cycle, being targeted both by the state and national DLCC. It’s the home district of House Speaker JD Mesnard ($143K COH), who is currently running for the open Senate seat in the district. The second Representative, running for re-election, is Jeff Weninger ($79.1K COH), a backbencher who focuses most of his time on passing bills related to bitcoin/blockchain technology. The party-backed candidate for Mesnard’s old seat is Chandler Vice Mayor Nora Ellen ($91.7K COH) – coincidentally Mesnard’s mom. They face RN Julie Willoughby in the primaries, who is receiving a surprising amount of backing from anti-Mesnard forces in the GOP and seems set to make the primary a bit of a slugfest. Still, Ellen most likely will advance to November.
The Democratic nominees for the district are hospital administrator Steve Weichert ($13K COH) and education consultant/former teacher Jennifer Pawlik. Both are running on a strong, education-first platform, and when I left were attacking Mesnard for his connection to Ellen and for his poor education votes.
While the district is inching closer to blue (it’s a lot swingier than one would expect) and party support is increasing, I need to take a moment and comment about the staffing situation. After my friend and I were forced out (pay and responsibilities gradually reduced to a token position), staffing duties were handed over to volunteers and political newbies, who requested training from us in practically every aspect of running a campaign. I don’t claim to be a campaign guru myself, but the current campaign manager had difficulty figuring out basic algebra, and an Excel sheets with a pre-generated set of instructions (click this tab for X, this tab for Y). Combine this with an incredible disdain by both candidates to call for money outside of their immediate circle, and there is cause for concern. Thankfully the party can allocate additional resources to the area, but I don’t know how much they’d be willing to shell out.
The ingredients are all there. The cooks aren’t.
hunter15991 Rating: Dem primaries uncontested. GOP Senate uncontested, Likely Weninger, Leans Ellen. Tossup Senate, Tossup House 1, Solid House GOP 2 (Dem. uncontested).
District 18
Immediately adjacent to LD17 is LD18 – which is just as swingy of a seat. It is currently – surprisingly – majority-Democrat, held by Senator Sean Bowie ($123K COH), a moderate Democrat who won this seat in 2016 by running against a Trumpist Republican who turned off a lot of the swing voters in the district. He faces the same Trumpist Republican, Frank Schmuck (yes, that’s his real name – and $125.7K COH) this fall.
One of his House counterparts, Mitzi Epstein ($37.3K COH), winning alongside Bowie in 2016. The second Representative, however, is GOP loyalist Jill Norgaard ($65.5K COH), a rank-and-file Republican who has had to quickly adopt a moderate stance now that her district is a target for the Dems to fully flip this November. In the general she will face either education activist Jennifer Jermaine ($15.1K COH) or DSA activist/pastry chef LaDawn Stuben ($12.7K COH, Clean). While Stuben was able to raise her $5’s rather quickly, most DSA activist attention has turned elsewhere to Westbrook/Phoenix City Council, and her campaign is slowing down just as Jermaine is catching fire. It’ll most likely be Epstein/Jermaine in the fall.
But Norgaard has a competitive primary to fight through as well. Other candidates include former Arizona Board of Regents member Greg Patterson ($800 COH), former Tempe Union Schoolboard candidate and vocal anti-abortion activist Don Hawker ($600 COH), and AZGOP minority outreach chair Farhana Shifa ($17.7K COH). Shifa seems like the most likely 2nd GOP nominee given her party background, but Patterson matches her tit for tat on the resume (yet has a surprising gap in terms of fundraising).
In the general, this seat will be one the GOP tries to take back from the Democrats, in an attempt to return to their supermajority from pre-2016. However, the changing political attitudes in the area are pretty indicative that, if anything, the district is heading further blue this fall. It’s not without the realm of doubt to see a full Dem. slate here – Bowie, Epstein, Jermaine – where four years prior it was fully red.
hunter15991 Rating: Dem Senate uncontested. GOP Senate uncontested, Likely Epstein/Jermaine. Likely Norgaard, Leans Shifa. Leans Dem Senate, Leans Dem House 1 (Epstein/Shifa), Tossup House 2 (Norgaard/Jermaine).
District 19
Thankfully for me, LD19 is quite a snoozefest. Democratic Senator Lupe Contreras ($73 COH) is running uncontested in both the primary and the general. Democratic Representative Diego Espinoza ($1.5K COH) is running for re-election, with a noticeable battle for the second House seat ongoing. The decision by Rep. Mark Cardenas to pursue higher office (he failed) led to this seat opening up in LD19. Avondale City councilman Lorenzo Sierra ($16.2K COH) is the frontrunner in the race, having secured both Contreras’, Espinoza’s, and Cardenas’s endorsements. But he’s facing opposition from Tolleson Union High School District Governing Board Vice President Devin DelPalacio ($2.9K COH). He is running on a strong pro-education platform, but as a former student of Tolleson Union I don’t consider him to be the best pro-PublicEd example in Arizona.
No Republicans have filed for this district, making the primary the general election.
hunter15991 Rating: Dem Senate uncontested. Likely Espinoza, Leans Sierra. Uncontested general.
District 20
And if LD19 was a snoozefest, LD20 is a wild ride. A Leans-GOP district in a normal year, it’s receiving a lot of attention from both parties. Three of the four possible races (GOP/Dem House, GOP/Dem Senate) are contested primaries. Incumbent Senator Kimberly Yee is running for Treasurer, leaving the State Senate seat up for grabs. I’ll try to be brief.
On the Democratic side, activist Matthew Marquez ($13.3K COH, Clean) and tax auditor Douglas Ervin ($15.7K COH, Clean) face off for the nomination. Marquez – anecdotally – is running behind Ervin in terms of in-district enthusiasm and endorsements, but the race is still close, and he does a small but dedicated progressive bloc of volunteers. Ervin still seems like he’ll get the nomination, but there’s a good chance at Marquez getting it instead.
On the GOP side, State Rep. Paul Boyer ($30.8K) and ASU Professor Charles Loftus ($300 COH) face off for the nomination. Boyer’s past history in the district and financial advantage make this pretty much a one-sided race.
The House is a bit less packed, but still a wild ride – at least on the Dem. side. The GOP only has two candidates running – conservative activist (And wife of AZ superior Court judge Clint Bolick) Shawnna Bolick ($93K COH – she has sizable connections), and incumbent Rep. Anthony Kern ($36K COH).
The Dem. primary is a bit more packed. Lawyer Chris Loftus Gilfillan ($13K COH, Clean – and yes, middle name “Loftus”. No clue about relation), small business owner Patrick Church ($300 COH), non-profit manager Hazel Chandler ($2K COH, Clean) and special needs advocate Dan Anderson ($200 COH) are all running for two spots for the general. Currently I’d guess that Gilfillan and Chandler will make it through due to their strong groundgame and online media presence, but Church could sneak through in a fluke. Anderson, unfortunately, won’t be making it to the general.
In the general, any Dem. candidate that makes it through will be relying heavily on outside party funds to get them to parity with the massive warchests of Kern/BoyeBolick. With the district an under-the-radar target by Dems (it was won by the Maricopa County Recorder, Adrian Fontes, during his 2016 campaign), such cash will be deathly important for flipping both chambers of the legislature. I personally don’t see much hope in the district, but anecdotally real decisionmakers in the party apparatus see it as more than likely to flip.
Here's hoping it does so in November.
EDIT: Christ, forgot there was an independent running. Doug Quelland is a former Republican Senator in that district running to the right of Boyer. Hopefully he helps Ervin flip it.
hunter15991 Rating: Leans Ervin, Likely Boyer, Likely Gilfilan, Leans Chandler. Tossup Senate general, Leans GOP House (x2) general.
submitted by hunter15991 to BlueMidterm2018 [link] [comments]

Wafcoin stands out from the tide of the exchange’s wide world

Wafcoin stands out from the tide of the exchange’s wide world
At the beginning of 2018, more than 7,400 new “spire of the tower” have emerged, forming a Red Sea battleground of nearly 16000 exchanges in less than a year. As a result, all suffered from the collapse of the market that Bitcoin prices fell, transactions shrinked, and users left the market, and entered the dilemma of “more monks than meat”. With stricter regulation, congested tracks, and shrinking markets, exchanges are changing all the time, and the waves swung through the market throughout the year.
On January 27, 2018, the Japanese Exchange,Coincheck, which was established in 2014, declared closing down due to hacking. In February, the decentralized exchange which was established in 2016. Because of internal disputes, the actual controllers ran away. In 2018, the track of exchange was filled with gunpowder, more than 80% of the exchanges closed, "running away" and investors were pressed to the wall, the choice of a reliable exchange is the top priority at present!
📷
Founded in 2018, Wafcoin (WA) is the world's first exchange with a dual license in the Virgin Islands. The platform provides safe, transparent, stable and efficient blockchain token economic transaction services to users around the world,to build the co-governance platform with world's first blockchain token ecological transaction.
The Wafcoin platform has a financial-grade distributed cluster architecture, a matching algorithm of more than 2 million levels, bank-level security encryption and ODAT offline acceleration, and isolation technology of multi-signature hot and cold wallet to ensure high reliability, high performance and strong security of the token platform.
Faced with many difficulties and challenges, the team of Wafcoin has always adhered to the principle of adhering to the initial mind and customers supreme, and took root in the blockchain industry with enthusiasm and loyalty to support and empower the blockchain industry.
submitted by gswt to u/gswt [link] [comments]

01-22 08:43 - 'Wafcoin stands out from the tide of the exchange’s wide world' (self.Bitcoin) by /u/gswt removed from /r/Bitcoin within 133-143min

'''
Wafcoin stands out from the tide of the exchange’s wide world
At the beginning of 2018, more than 7,400 new “spire of the tower” have emerged, forming a Red Sea battleground of nearly 16000 exchanges in less than a year. As a result, all suffered from the collapse of the market that Bitcoin prices fell, transactions shrinked, and users left the market, and entered the dilemma of “more monks than meat”. With stricter regulation, congested tracks, and shrinking markets, exchanges are changing all the time, and the waves swung through the market throughout the year.
On January 27, 2018, the Japanese Exchange,Coincheck, which was established in 2014, declared closing down due to hacking. In February, the decentralized exchange which was established in 2016. Because of internal disputes, the actual controllers ran away. In 2018, the track of exchange was filled with gunpowder, more than 80% of the exchanges closed, "running away" and investors were pressed to the wall, the choice of a reliable exchange is the top priority at present!
📷
Founded in 2018, Wafcoin (WA) is the world's first exchange with a dual license in the Virgin Islands. The platform provides safe, transparent, stable and efficient blockchain token economic transaction services to users around the world,to build the co-governance platform with world's first blockchain token ecological transaction.
The Wafcoin platform has a financial-grade distributed cluster architecture, a matching algorithm of more than 2 million levels, bank-level security encryption and ODAT offline acceleration, and isolation technology of multi-signature hot and cold wallet to ensure high reliability, high performance and strong security of the token platform.
Faced with many difficulties and challenges, the team of Wafcoin has always adhered to the principle of adhering to the initial mind and customers supreme, and took root in the blockchain industry with enthusiasm and loyalty to support and empower the blockchain industry.
'''
Wafcoin stands out from the tide of the exchange’s wide world
Go1dfish undelete link
unreddit undelete link
Author: gswt
submitted by removalbot to removalbot [link] [comments]

Wafcoin stands out from the tide of the exchange’s wide world

At the beginning of 2018, more than 7,400 new “spire of the tower” have emerged, forming a Red Sea battleground of nearly 16000 exchanges in less than a year. As a result, all suffered from the collapse of the market that Bitcoin prices fell, transactions shrinked, and users left the market, and entered the dilemma of “more monks than meat”. With stricter regulation, congested tracks, and shrinking markets, exchanges are changing all the time, and the waves swung through the market throughout the year.
On January 27, 2018, the Japanese Exchange,Coincheck, which was established in 2014, declared closing down due to hacking. In February, the decentralized exchange which was established in 2016. Because of internal disputes, the actual controllers ran away. In 2018, the track of exchange was filled with gunpowder, more than 80% of the exchanges closed, "running away" and investors were pressed to the wall, the choice of a reliable exchange is the top priority at present!
Founded in 2018, Wafcoin (WA) is the world's first exchange with a dual license in the Virgin Islands. The platform provides safe, transparent, stable and efficient blockchain token economic transaction services to users around the world,to build the co-governance platform with world's first blockchain token ecological transaction.
The Wafcoin platform has a financial-grade distributed cluster architecture, a matching algorithm of more than 2 million levels, bank-level security encryption and ODAT offline acceleration, and isolation technology of multi-signature hot and cold wallet to ensure high reliability, high performance and strong security of the token platform.
Faced with many difficulties and challenges, the team of Wafcoin has always adhered to the principle of adhering to the initial mind and customers supreme, and took root in the blockchain industry with enthusiasm and loyalty to support and empower the blockchain industry.
submitted by TONGZHENGSHIJIE to u/TONGZHENGSHIJIE [link] [comments]

Of Wolves and Weasels - Day 194 - Guest Post: Don't Underestimate Dogecoin

Hey all! GoodShibe... on vacation! (sort of!)
Please enjoy this post by Guest Writer Sku and tip them well ;D)
Note: To tip them directly: +dogetipbot @Sku xxx doge verify
When a few people suggested to me that I should write a guest post for GoodShibe, I was quite surprised. I didn't consider myself the type of person who is a good writer, or was even the type of person people wanted to listen to. I remember reading the first of Wolves and Weasels post, just about 6 months ago. Never did I think it would still be going now, half a year on, and that I would be writing it. This has surely been the forefront Dogecoin daily blog for the entire community, and in Dogecoin's bright future it will be looked back on fondly. It is therefore special for me to be a part of it.
It is people like GoodShibe who have been a pillar of this community, and kept us going through the good times and the bad, through complete dedication to Dogecoin every single day. But it is not just the GoodShibes who make Dogecoin, it is people like you and me. I am just a normal guy, who stumbled upon this whole crazy community in December through Reddit, and had no idea what I was doing.
I picked up a few scraps from faucets, and my interest grew from there. 6 months later, and I'm writing an article about it. Dogecoin is powerful, because for too long, altcoins were only popular among an inner circle of enthusiasts, and it is truly Dogecoin which has blown the community wide open for anybody to get involved in, myself included.
Looking back as well these past months, thinking back from what /Dogecoin was like when I joined, we have changed so much, but for the better. When you look at the top 10 coins, Dogecoin is now 7 months old, and has earned a permanent position on that list. Despite the decline from a speculative bubble, we have held strong with a huge $20m market cap, which, if you told me in December i wouldn't believe. Back then everyone was talking about if we would hit $5m cap, because LEL DOGE ON A COIN TO THE MOON. It seemed completely ridiculous that Dogecoin was taking off, and I don't think anyone truly believed in it longterm at that point.
But then something happened. You guys happened. You came here in droves, and you built a huge thriving community which rivaled anything ever seen in Cryptocurrency before. Together we built the foundation for this coin to still be here, to still be so strong, and still be a contender as a top Cryptocurrency seven months down the line. How many other seven month old Cryptocoins still have a community of this size, and a market cap of $20m USD? What happened to the flood of copycat meme coins of January and February? We are not the new kids in town any more, we have rooted ourselves firmly into the altcoin scene, and we are here to stay for a long long time.
Community?
A lot of trolls bemoan how the community is not as active, and smaller than it once was. While this is somewhat true, I have a few counter pointers to this:
Community is what makes a coin, and we have that. What point is a currency if no-one is there to use it, just speculative investors pumping and dumping? Dogecoin seems to be up there with Bitcoin and Litecoin as the 3 major accepted Crypto currencies accepted by retailers. And that is because these 3 coins have normal people using them, and spending them. Pretty much every other Crypto is 100% speculative at this stage, but Dogecoin is already going further than most to build usage, economy and community.
We had our speculative bubble, and like every other coin it came crashing down, but unlike almost any other coin, we are all still here, supporting this huge $20m USD market cap coin. Look at any other new coin that had a crash like ours; the community has simply vanished.
Value?
I also briefly touched above on coins moving from bad hands to good hands, and this is really great news. We have mined almost 88 billion coins by this point, a huge number, and a lot of these coins are moving into better hands, long term investors, and members of the community. But, it will take 17 years before we mine another 88 billion coins. We have mined such a large amount of coins in such a short amount of time, that a lower price was needed to move those coins into long term hands, such as you and me.
This is where Dogecoin will get it's value from. True believers, long term investors and community members are now holding on to a large majority of all the coin which will exist for years to come. And this time time, we won't give it over as easily to daytraders, short term investors and the like, because the people still holding are in this long term. The bad hands will have to fight over a lot less coins, as we hold all of our stockpiles as investments, tip them out to new users, and start building our own usage economy.
Maybe one day we can cash out a little for profit, but we will have worked hard to build what we have. We are not get rich quick scammers, we are doing it the old fashioned way, it's slow, and it's hard work, but we know the results will be much more rewarding.
At current prices, we create 35btc worth of new coins everyday, most of which are mined by multipools, and dumped straight to exchanges. 35btc every day might sound like a lot to you, but consider the following statistics. Given current pricing, here is the amount of new coins being produced daily by the 2 big players as things stand:
Bitcoin: 3600btc (100x Dogecoin)
Litecoin: 390btc (11x Dogecoin)
So at Dogecoin's current price level, we are producing very little new value everyday compared to the other big players. And these big players will be producing an enormous volume of coins everyday for years to come, whereas if we still are at a 40sat price level in January, after block 600,000, we will be producing just 14.4m Dogecoins a day, just 5.6btc, 643x less than Bitcoin.
Litecoin doesn't halve until August 2015, and Bitcoin late 2016, and even then, they will still be flooding the market with huge numbers of coins for decades to come. This is where Dogecoin is different; the flood of coins for us is coming to an end, and is already largely over. The community has proven staying power. Given these factors, do you really think Dogecoin will only be worth 40sats in January, as it becomes harder and harder for the market to get it's hands on coins?
As I mentioned in my last post, the great thing about the speculative crash, is that it's a great time for everyone to jump back on board, to buy a worthwhile number of coins at excellent value. You will be buying outside of a speculative bubble right now, at a fair market evaluation which has not been overly inflated by pumpers and speculators. There will still be short term ups and downs, but the long term outlook has never looked brighter. We have grown as a community, fought back the great summer dramas of 2014, and are stronger than ever before. There never has been a better time to jump into Dogecoin.
Maybe one day you will be writing a 1653 word essay on Dogecoin too. Which brings me to the end of mine. Thanks if you stuck with me all the way to the end, and I hope that it inspired you today, to truly look at what an amazing thing this community has done together.
https://www.youtube.com/watch?v=tdjh_evylJA
It's 8:28AM EST and we've found 87.89% of our initial 100 Billion DOGEs -- only 12.11% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~46 to ~48 Gigahashes per second and our Difficulty is down from ~708 to ~616.
I Hope you enjoyed today's Guest Post by Sku!
Note: To tip them directly:
+dogetipbot @Sku xxx doge verify
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

Coin-a-Year: Nyancoin

Hello cryptocurrency lovers! Welcome to Coin-a-Year, the laziest series yet in the Coin-a-Day publishing empire. This year's coin is Nyancoin (NYAN). I originally covered Nyancoin in an article here in /cryptocurrency published January 4th, 2015.
Without (much) further ado, I'm going to include the original report next, unmodified. This is unlike my Coin-a-Week series, where I use strikeout and update in-text. Because this is going to be a longer update, I'll just make all further comments and updates below, just realize that all information below is as of January 4th, 2015 and thus is more than a year out of date as of posting now, at the end of February 2016.
Since I use horizontal rules as internal dividers in the original post, I'll use a double horizontal rule to divide the original text from this prelude and the following update.
Coin-a-Day Jan 4th
Welcome to the fourth installment of Coin-a-Day! To see convenient links to the introduction and the previous entries, please see /coinaday. Today's coin is Nyancoin (NYAN).
Summary
• ~173.6 million available currently [1]; 337 million limit [2]
• All-time high: ~0.000024 BTC on February 16, 2014 [1]
• Current price: ~3 satoshi [1]
• Current market cap: ~$1,275 [1]
• Block rate (average): 1 minute [1] [3]
• Transaction rate: ~25? / last 24 hours; estimated $3-4 [4]
• Transaction limit: 70 / second [5]
• Transaction cost: 0 for most transactions [6]
• Rich list: ??? [7]
• Exchanges: Cryptsy [8]
• Processing method: Mining [10]
• Distribution method: proof-of-work block rewards and 1% premine for "bounties, giveaways & dev support" [2] [10]
• Community: Comatose [9]
• Code/development: https://github.com/nyancoin-release/nyancoin ; there hasn't been a released code change in 10 months. The new developer has talked about some changes, but has not made a new release. He has given advice about how to keep the network running and operate the client. [10]
• Innovation or special feature: First officially licensed cryptocurrency (from Nyancat) [2]; "zombie"-coin [11]
Description / Community:
So you're probably wondering why in the world we're talking about a coin which has been declared dead and already written off. I actually first selected this coin to illustrate a "deadcoin", but the more I dug into it, the more I was amazed at the shambles I discovered. I am combining the description and community sections for this coin, because the community (or lack thereof) is the central issue for Nyancoin.
Substantially all, if not literally all, of the original infrastructure is gone. From the announcement post, the original website has expired. The nyan.cat site itself survives, but has no reference to the coin. The github repo remains, but then there was never much changed from the bitcoin/litecoin original. In fact, the COPYING file doesn't even list "Nyancoin Developers". None of the original nodes seem to be running anymore. @Nyan_Coin hasn't tweeted since July 6th. And that was just to announce posting an admittedly cute picture to facebook which makes a claim for a future which seems never to have developed. Of the original 15 pools, I think all are dead except p2pool, for which at least one node still supports NYAN. The original blockchain explorer, nyancha.in, is still running. The faucet is dead or broken. The original exchanges no longer list it (two of the three having died; SwissCEX having ended its trading as of the first of this year). And so forth.
And yet:

I'm not dead! I'm getting better!

No you're not, you'll be stone dead in a moment.
[Of course, that scene finishes with knocking out the "recovering" patient so he can be taken away...not to mention the absurdity of including Monty Python in a financial article, but moving right along.]
There is still just enough left to Nyancoin to keep it twitching, even if it is on life-support. Whether it's an individual node or whether it's a pool, there are blocks being produced at a steady rate as intended. Transactions are being processed. There is still a market. There is still a block explorer. And there is a dev. It is like a case study in the absolute minimum necessary to keep a coin alive. The most likely outcome is almost certainly a final collapse when one critical piece or another of the infrastructure goes away. And yet in the meantime, a person can own a million NYAN for $8 [12], and then move this coin quickly and easy, albeit with no particular external demand. It's like the world's most hyped testnet.
I think this case presents an interesting example of what happens to an altcoin when its initial support dries up. NYAN coin is more fortunate than some, actually, as there are some where there are no longer any nodes running it nor the original announcement thread (in fact, there was actually a second Nyancoin launched around the same time. But it died hard and its original announcement thread was deleted and at this point I would have no idea how to access it; so "Nyancoin" thus illustrates how hard a coin can die (Nyancoin 2) as well as how it can hang around despite being proclaimed dead, with far more justification behind that pronouncement than there has been for bitcoin (NYAN) ).
Footnotes
[1] http://coinmarketcap.com/currencies/nyancoin/
[2] https://bitcointalk.org/index.php?topic=402085.0 Regarding the premine, it's unclear to me where this money is now, since the original poster hasn't been active on BCT since May and the original site is down. However, given that it's only 1%, and about $25 in value right now, there seem to be more significant concerns for NYAN.
[3] http://nyancha.in/chain/Nyancoin - Nyan blockchain explorer; blocks are somewhat inconsistent but somewhere around the 1 minute average
[4] There doesn't seem to be anything automatically doing these stats, so I did visual inspection on about 1500 blocks (about one day) excluding the block generation reward (~250k/day). Most blocks are otherwise empty. I counted about 24 transactions or so scrolling through, with an outlier around 300k NYAN and another around 100k NYAN. In total, about 500k NYAN, excluding the block rewards. This is very approximately $3-4.
[5] Nyancoin is a basically unmodified, slightly out-of-date bitcoin as far as code goes, and ignoring the change in block rate and total coin supply, as well as the difficulty retarget after every block. So for purposes of estimating maximum possible transaction throughput, I start with bitcoin's estimated 7 transactions per second, and multiply by 10 for having a block on average every minute rather than every 10 minutes. In any event, this limit is not likely to be reached in the foreseeable future.
[6] Like bitcoin, transaction fees appear to be optional in Nyancoin. Unlike bitcoin, there is almost no transaction volume, and coins tend to sit for a relatively long time before being moved. So zero-fee transactions appear to be the norm from looking at a couple transactions on the block explorer.
[7] I couldn't find one. See the disclosure section of this article: your humble correspondent is likely represented in some way on a top 100 if one were to be made or if one exists, despite not holding it directly, depending on how the exchange holds it.
[8] I could not find any other exchanges still listing Nyancoin. SwissCex appears to have disabled it as of a couple days ago. Cryptsy has a notice that the NYAN/BTC market will be closing, but its NYAN/LTC market appears strong.
[9] Essentially all of the original sites, pools, faucets, etc. are dead and there has been very little to replace it. There is basically a single node, or perhaps a very few, which are running the blockchain. However, there is a developer still trying to hold things together, maxvall_dev, maxvall on BCT. He is the last hope for the NYAN.
[10] https://bitcointalk.org/index.php?topic=597877.0 This is the thread where maxvall took over as dev, and it also discusses switching to PoS, which hasn't happened as far as I know.
[11] "zombie"-coin: Not to be confused with ZMB (my god, does it ever end?). This is my term to describe a coin which is "undead": by rights it should be dead. And yet it's still walking around and acting like it's alive. What is it? What's going on? It's quite debatable whether this gives it any special value, but I find it an interesting state, and it's why this was chosen for early coverage. There are plenty of actually popular and successful coins, and we will go onto covering more normal selections; we're looking for variety rather than repetition. But I think this is an interesting example for what can go wrong, and yet in the midst of that, how little it takes for a coin to survive. In fact, it's almost like an alternate history bitcoin to me; this shows the concept that "it was run on one computer before; it can be run on one computer again" to some extent. And there are even some strange pragmatic benefits as well, like having no competition for getting a transaction into a block and thus zero transaction fees.
[12] And, in fact, the author chose to do so today, spending about 0.03 BTC for about 1 million NYAN.
Additional Reading
/nyancoins - Like NYAN: mostly dead, but not quite
http://nyan-coin.org/ - new official website
BCT thread listing nodes, xpool (p2pool), for mining information.
americanpegasus predicting in February that NYAN will hit $1; always an entertaining read
Giveaway
Instead of a challenge today, since NYAN has enough challenges, I decided I would give away 10,000 NYAN to at least the first ten people who ask for it. This still remains at my discretion, but honestly, if you really want, say, 50,000 NYAN and create four new accounts to do so, I'll probably be too amused to say no. I don't expect to get ten requests. If I get more, I'll probably still fulfill them, but as with everything else, this is left to my whim.
Donations and Disclosure
Okay, this is an important one today because of the tiny market here. I actually hold less USD value in NYAN than in BTC, DOGE, and PPC (although my value in PPC might be about equivalent actually), but I hold more of the total market in NYAN than any of those three. And I'll probably be buying more. So I have a conflict of interest in writing this article.
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
I personally hold just over 1 million NYAN on Cryptsy right now.
Perhaps it would be better if I didn't write any articles about anything I were invested inspeculating on, but I started this series for my own education to further my speculation, so unfortunately, dear reader, your needs come second to my own. tanstaafl; you get what you pay for, and I'm giving you my thoughts.
If by some strange quirk of fate you actually own NYAN and enjoyed this article and wished to donate some to me, K7Ho9HghBF6xWwS6JsepE6RAEPyAXbsQCV is mine (first non-empty account I've posted; transferred 1000 NYAN into here earlier from Cryptsy to test that the network and my wallet were actually working).
Thank you all for reading and commenting! I've already learned a lot from this process and I look forward to more!
Upcoming coins:
• January 5th: Nxt
• January 6th: Darkcoin
• January 7th: Namecoin
I'll use alphabetic labeling for footnotes in the updates to avoid any confusion with the footnotes in the original. For simplicity, unchanged items, like the 337 million limit and the 1 minute will not be mentioned, and we'll start with the summary changes.
Updates:
Summary
  • ~263.7 million NYAN currently exist [a]
  • Current price: ~7 satoshi [b]
  • Current market cap: ~$8,000 [c]
  • Transaction rate: ~185 / last 24 hours; ~3,300,000 NYAN (~$100) [d]
  • Exchanges: Cryptopia [e]
  • Community: We're not quite dead yet; in fact, I think we're getting better! [f]
  • Code/Development: I have an early draft of NYAN2, but I'm about six months past my initial goal for having it available to use. Life/work/lack of build machine/procrastination. NYAN2 will be a rebase onto a modern LTC codebase which will soft fork to fix a current vulnerability to a fork bug. For now, the network still runs on the same code that it did when I wrote the first article.
Discussion
I'm going to consider the community first, since I pointed it out as the weakness and central topic in the last one, then talk about the technical situation briefly, and then review the financial results.
The community has been excellent, if I do say so myself. We've got working infrastructure going thanks to the contributions of many Nekonauts (see [f]). Some original Nekonauts have returned or at least popped in from time to time, and new ones like myself have found Nyancoin (I would say given what I wrote in the original, I was still a skeptic of it at that point. Not that skeptics can't be Nekonauts, but I think I'd put my conversion to the cult of nyan shortly after writing that, even though I was already a nillionaire then for the heck of it.)
While I do look forward to seeing the community continue to grow in future years and consider that important, I don't think the community is our weakest point any longer; I think it's now our strongest point. I've tried to encourage the community's revival as best I could, including giving away tens of nillions in total, and lots of long rambling articles on my views on ethics and philosophy and frankly it's worked better than I would've really expected (or at least it has coincided with an effective recovery of the community). The community also helped me through at least a couple hard times personally in there as well.
The technical situation in Nyancoin is mostly unchanged but slightly improved, although with two additional known vulnerabilities. It's unchanged in that it's the same client. It's improved in that we have an active nyanchain explorer host (nyan.space), and we have a public draft of a plan for a soft forking security fix update in the near future (hopefully by the end of March (although I've slipped these deadlines before and may well miss March for release by a bit, I do think I'm inching closer now and then)).
The most serious vulnerability is to forking. This is the bug which hit Peercoin if I recall correctly. NYAN2 is intended to solve this through its soft fork from the LTC fix upstream (from the BTC fix upstream). In the meantime, we've been lucky we haven't been attacked. The tiny marketcap probably helps with not being a particularly attractive attack target. We're not exactly about to pay ransom to move faucet outputs. But that's no excuse; we want this fixed and should have it finally done "soon" (tm).
The less serious vulnerability is to a time warp attack in the difficulty function (Kimoto Gravity Well), which relates to general weaknesses it has and issues we've had with large gaps in the block chain because of spikes in the difficulty function causing it to be unprofitable and driving away most of the hash, and then low difficulty and price rise making it attractive to more hash, creating a spike and causing it again. While this is irritating, the chain still works, even if there are fits and starts at times. An important part of the reason I can get away with this is because there is at least one Nekonaut-supporting miner, CartmanSPC, who rescues us from time to time, and did so during the course of this article being written. We have a bunch of pools, but sometimes the hash just isn't there to get us unstuck when the difficulty goes high enough. Another part of the reason I consider it not an especially serious issue is because there's a workaround which works for me (classic bad developer logic): I use a large transaction fee (generally 337 NYAN, although I might have halved it after the most recent halving, I'll probably use 337 again) on my personal wallet by default. If necessary, I use a couple of them. It can make NYAN profitable to mine again despite the higher difficulty and "unstick" the chain. The difficulty function can go back down again in the next block if the gap has been long enough, so that can be enough to keep it going again for a while (although it can also get stuck again irritatingly fast at times). A fix for this will be putting in a better difficulty function for NYAN3, which will require a hard fork. This is tentatively scheduled for feature freeze around the middle of this year, coding to follow, activation sometime early 2017.
Financial has been our most disappointing performance. A graph of the 1 year performance right now on coinmarketcap looks pretty sad, showing our fall from a little over 60 satoshi down to around 7 satoshi now.
We rose too high, too fast, and I didn't stick with the safe high paying job like a sane person. Instead I hit the road, went to jail, and worked minimum wage. That doesn't sound like a sentence from a cryptocurrency financial review, does it? But the performance of NYAN since the article has been the story of my personal finances, which is the story of my life since then.
So, autobiographical coinaday interlude, trying to keep it generally to the most salient points. Well, in 2014 I had been on my way home to Minnesota from California when I was pulled over leaving Eureka, Nevada for speeding (got sloppy and went 45 approaching the 45 sign and thus technically still in the 35; bored cop seeing out-of-state plates). My vehicle reeked of weed, what with having been in Mendocino County previously with no intention of traveling out of the county much less state anytime soon but family emergency brought me back, and the end result was a citation for possession of cannabis and paraphernalia along with the speeding.
Fast forward to the beginning of 2015, I'm settled into a good software position and start looking more at cryptocurrency in my spare time. I write the coin-a-day series for a bit and then got annoyed and quit after a while when trying to do one a day on top of an actual job was too much for me (along with some annoyance over criticism; I can be rather thin-skinned at times). But I had gotten interested in Nyancoin, and started buying it up more and more with extra money I was making.
And then comes the crash. I had to stop putting as much in as I realized that where I was living and what I was working on wasn't going to work out for me and I needed to figure something else out. So, as I seem wont to do, I went on a roadtrip. I quit my job. And I went back for the court date for my citations and refused to pay, instead spending 10 days in jail rather than pay ~$1400 (I actually had the money in cash available to me if I chose to pay as a backup if I chickened out, but the judge annoyed me enough that I really preferred to be jailed instead of paying, as stupid as that sounds since I'm quite sure the judge didn't care in the least one way or another).
After that, I went back to roadtrip lifestyle for a while. It was a nice period. A lot of beautiful scenery; a lot of reading. Eventually, I busted up my car pretty badly...a couple times actually, the second time for good. Fast forwarding through the rest of the year, I worked a couple minimum wage jobs to pay bills and avoid cubicle life and kill some time until I figured out what I was going to do next. Just recently I quit as delivery boy after getting a speeding ticket (I swear, I'm not as horrible of a driver as this makes me sounds, although I have had a bad tendency to speed in the past, which I really have curbed to almost nothing; but I'm clearly not good enough) and am currently writing a Coin-a-Year article with a friend's incentive and applying to do documentation and development with the Nu project.
Okay, so what did any of that have to do with NYAN? Well, it's the mess of a life that has led to the fall of the price from 60 satoshi to 7 satoshi. If instead my life history for the time since the article had been simply "I was happily employed writing software", then I don't believe we would have dropped below 20 satoshi. It's easy to see in hindsight. If anyone can lend me a time machine, I'm sure I can get some condensed instructions which should improve performance significantly. Otherwise, just going to have more chalked up for the "character building" tally.
So, lessons learned if you are the major buy support for your coin: you need long-term reserves. Whatever you put in bids can be taken out in a moment by a dump for no apparent reason. This is particularly true if you may be quitting your cushy, high-paying job and wandering around without income for an extended period of time. Rather obvious, but hey, maybe someone else can learn from my mistakes. If I'd been bidding as cautiously as I am now from the beginning, I think the price would probably be somewhere from 10-20 satoshi now instead of around 7 satoshi.
It's especially unfortunate given that I wanted to be able to demonstrate the more consistent growth possible building a stable store of value, as opposed to the pump and dumps common in altcoins. And instead we had a pump-and-dump looking graph ourselves after I bid up higher than I was able to sustain, and a large (10+ nillion) instadump crashed the market all the way back down to 1 satoshi momentarily. We've had a few large (2+ nillion) dumps since, but nothing that large. We haven't generally had that large of bids though either.
It's hard to know when I've exhausted the supply at a price level, when it sometimes waits for a couple weeks or even more and then fills all the bids at once. But I want to maximize the minimum price paid because I think that's important for building confidence in a store of value long-term, which is one of my core goals for NYAN.
At the same time, we're still up from the lowest parts of the floor and where I found it. Since I own about 30% [g], the very cheapest supply has been taken off the market. I plan to keep on buying up "cheap NYAN" as much as I can. I've bought up to 60 satoshi before, I'll probably buy up that high this time around. I've got a token 100,000 NYAN ask at 300 satoshi; I hope never to sell lower.
Conclusions
Now I try to wrap it all together as if I saw this all coming and am the wise expert, despite having had about 90% drop in price in the last year after bidding too high. My original concept was taking the "minimum viable coin" and reviving it to a powerhouse as a textbook example in how to do it.
Part of my core concept in this is the arbitrariness of value: throughout history, humans have chosen any number of things as a store of value for the time: salt, large rocks, certain metals, disks, marked sticks, and so forth. While there has generally been a certain logic in the choice, in that there is a locally restricted supply in one way or another, and so forth, from the perspective of other centuries or cultures the choices can seem quite strange. Growing up, I was always struck by how strange the notion of salt being limited and valuable seemed in a world where people were trying to reduce intake and large amounts could be bought for trivial sums. And yet, a key nutrient necessary for life fundamentally makes more sense as being valuable than notched sticks or printed paper or a piece of plastic with some encoded information.
Humans have perpetually come up with stranger and stranger ways of storing and transferring value. Each new step, as always, comes with its own disadvantages and, frankly, has generally appeared nonsensical at best and fraudulent at worst to the status quo. Which doesn't mean that each new attempt is valuable. The gold bugs always like to point out that every fiat currency ultimately returns to its true value of zero. And the skeptics of cryptocurrency argue that all cryptocurrencies will eventually return to their true value of zero.
It's certainly possible. And it's possible the USD will hyperinflate someday. I tend to try the moderate view for a plausible guess of the future. By that type of logic, I would guess that over the course of decades, USD will in general lose value, and cryptocurrency will tend to slowly gain value. That might not seem the moderate view, but USD not losing value over decades would be truly shocking. And hyperinflation has been predicted since the USD went off the gold standard, or before. So some amount of inflation less than hyperinflation seems like the safe guess (but then, the Titanic arriving would also have seemed like the safe guess to me). And with cryptocurrency, I think it's clear by now the technology will continue to survive. So my first question is with what overall value as a market? It could go down, of course, but that seems unlikely in an already small, young market. Even if all the current crop die off and are replaced, whatever cryptocurrencies are around should be able to do better than a handful of billion in market cap in my view.
I believe that cryptocurrency has a bright future ahead of it. The best coins should ultimately survive and thrive. But I've been wrong on most of my major calls so far, like for instance when I thought BTC was over-priced around $5-$10.
I think Nyancoin can have an important role to play in the future of cryptocurrency in the years and decades to come, but it's a massively speculative long-shot. See also Nyancoin risks document. But like Linus Torvalds' autobiography, I try to keep "Just for Fun" as a core motto and principle. It's makes for a good hobby project because there will always be more to work on, with a core community motto of
TO INFINITY AND BEYOND!
Disclaimers / Sponsorship:
As I said before:
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
And I'll reiterate that I own about 30% [g] of the current supply of NYAN, which makes me by definition maximally biased.
Also, I'm not sure what's up with the address from the first post. It doesn't show up in my current wallet as a recognized address. So, anyhow, don't send there. :-) If you'd like to donate, please consider sponsoring a coin-a-day or coin-a-week article.
This is the first sponsored article. This Coin-a-Year article has been brought to you by spydud22 's generous patronage. I'd been meaning to do a Coin-a-Week article on Nyancoin for a while, but between wanting to "wait until the price recovered a bit" and general procrastination, then it seemed like it would make a good Coin-a-Year article, and then I wanted to wait until the price recovered a bit more...anyhow, so thank you spydud22, for causing me to finally do this. :-)
Footnotes
  • [a] nyan.space/chain/Nyancoin ; as of block 1091430, 263738786.71890615 NYAN outstanding. This is slightly over 50% more than the last report, which is what we would expect, since it had existed for about a year then, and has approximately annual halvings. The first year generated about 50% of total supply; the second year generated about 25% of total supply. We should expect in a year to have about 17% (one-sixth) more than we have now.
  • [b] https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC ; this is the only market reflected in coinmarketcap and it is the primary one on which I trade. Cryptopia also has other base pairs which operate at significantly higher spreads (lower bids; higher asks) and have minimal volume. In the time since the last report, NYAN has traded as high as 60 satoshi (and briefly a little higher at times), but over the last almost twelve months since a peak about a year ago, the price has been generally declining overall, as a gross oversimplification of a lot of movements. This has been an effect of me not being able to keep buying as much and there being large dumps I wasn't expecting from time-to-time. Now I'm taking the approach of building large (one or more nillion (million NYAN)) bids on each price as I slowly work my way back up again in order to be able to handle possible dumps with less price shock.
  • [c] coinmarketcap.com/currencies/nyancoin/ ; as noted in [b], this only reflects the /BTC basepair on Cryptopia but that's where most of the volume is anyhow. Of course, the market is also not particularly liquid since I'm the primary buyer and have rather limited means currently.
  • [d] I haven't setup a script to count this yet, among many things on my to-do list for someday, so I went through by hand from what was the then-latest block of 1091430 on nyan.space back to 1089766 which was the first block generated less than 24 hours before. There was actually a three and a half hour block gap at that point, such that the next prior block was about 24 hours and 15 minutes before 1091430 while 1089766 was only about 20 hours and 45 minutes prior, and has a disproportionate number of transactions and value compared to a typical block (8 and ~313,000 NYAN respectively) from the build-up during the gap. But since that gap conveniently started right about at the start of the 24 hour period, doesn't really skew our results here.
Note that there are often times where the UTXO created during one transaction during the day is spent during a later transaction in the day. This can be considered the "same" Nyancoin being "spent" twice in the same day in our total. But in practice, I believe what's happening here is the faucet is breaking off small (10-50 NYAN) pieces from a larger (~40,000 NYAN) chunk, and so that pops up a bunch of times. So the total NYAN blockchain volume as counted for this topline number should not be interpreted as "NYAN spent in the day" but "NYAN moved on the chain", where the "same coin" can move many times. So it's a very easily gamed metric and not a strong / resistant metric like the market price tends to be (at least relatively speaking), but it's a fun number to calculate and provides a little bit of information.
The transaction count can also be easily inflated and certainly, for instance, having the faucet does generate transactions which are a very common transaction.
And this is also just an arbitrary 24 hour period compared to a previous arbitrary 24 hour period. Nonetheless, I do think there's clearly a bit more activity on the Nyanchain, even though the typical block is still empty and the number of transactions and volume is still tiny compared to the major cryptocurrencies.
Here's an arbitrary example of the faucet transactions Note the zero transaction fee, which I love that the miners support (the defaults are all quite low as well).
Here's an example of what may be the smallest transaction by NYAN volume of the day; but no, I followed its small, spent output, and it led to this gem which also links to this. I have no idea what's going on here, but it's hilarious and I love it. How's that for microtransaction support? :-)
  • [e] Obviously Cryptsy went down. We had had more than enough red flags with Cryptsy (including one time where I was able to withdraw 6 nillion more than I had in my balance) and got onto Cryptopia. spydud22 basically accomplished that for us, although I helped out in the tail end of the campaigning.
  • [f] Our community is still small (I wish there were literally dozens of us!) but we've had valuable activity from multiple people, including, just as highlights, vmp32k who hosts nyan.space, a clone of the original nyancha.in, jwflame who created the excellent nyancoin.info intro site, with the awesome status page (which currently notes that "the last 500 blocks actually took 111 minutes, which is approaching the speed of light, causing the universe to become unstable"), KojoSlayer who runs the faucet and dice, spydud22 who got us on Cryptopia, and many other Nekonauts have made worthy contributions, and the Nekonauts mentioned have done more than just that listed. So while we are small, we are active at least from time to time and technically capable.
Even though our posting rate is still around 1 post a day or so on average, and so still a relatively quiet subreddit (and it is our main (only?) hub), it's still a very noticeable and significant difference from how /nyancoins looked when I was reviewing it for the original piece here. Here's an attempt to approximate what was there using Reddit search ; archive.org has a snapshot on January 19th, 2015, which is well into the early revival mania and one from August 14th, 2014, before four and a half months of little to no activity. Apparently archive.org unsubscribed to /nyancoins in that interval itself...
  • [g] Maybe up to around 35% by now; maybe still around 30%. I haven't updated hodling report lately; it was 30% last time I recall, but I've bought more and more has been made since.
submitted by coinaday to CryptoCurrency [link] [comments]

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