shivatron – Bitcoin Mining India

bitcoin ja sakta hai 7500$ | Mining Rig In India

bitcoin ja sakta hai 7500$ | Mining Rig In India submitted by taanvahi to Bitcoin [link] [comments]

bitcoin ja sakta hai 7500$ | Mining Rig In India

bitcoin ja sakta hai 7500$ | Mining Rig In India submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

All We Know About Cryptbontix (DIG) + Other Tokens

All We Know About Cryptbontix (DIG) + Other Tokens
“If you want to go to the future, you have to go to the past. The future of money is gold.”
Arbitrade has acquired Cryptobontix, and although they both have different but complementary business models, they have formed a symbiotic relationship benefiting both parties to bring you this multidimensional asset class.
Cryptobontix is the company responsible for creating a family of tokens backed by precious metals such as Gold, Silver, Platinum and Palladium.
Currently, you will not be able to find a lot of information on their website, because:
“The website is awaiting legal approval from our council and council of our newly developed partners before we can release details of our operations and partnerships.” ~ Cryptobontix
The Cryptobontix Inc. development team has created four cryptocurrencies based on the Etherium smart contract technology (ERC20 Token), which are backed by valuable hard-backed assets. These include:
  • Dignity (DIG) – backed by ingot of gold bullion
  • Namaste (NAM) – backed by ingot of silver bullion
  • Orectic (ORE) – backed by ingot of palladium bullion
  • Honor (HNR) – backed by ingot of platinum bullion

Key Features Of The Asset-Backed Tokens:

  • Robust security & privacy protection, making it difficult for hackers, corporations and governments to unfairly seize assets.
  • Faster & cheaper transactions than traditional electronic systems.
  • Elimination of boundaries and fees associated with international transaction, some bank charges are as high as 10-15% – Baffles the mind to think what big industries and companies must spend on these fees!

How this changes the digital asset landscape and the future

To give you a better understanding of how powerful this family of tokens really is for the future economy, let’s take a closer look at another traditional store of value, money.
Money has four functions; It is a:
  • Store of value
  • Medium of exchange
  • Unit of account
  • Standard of deferred payment
One of the many problems with our traditional monetary system is the declining value of our fiat currencies, they are dropping immensely due to the impact of inflation on the economy over time.
For instance, the Great British Pound has lost 90\% of its value since 1973 and the price of a pint of milk has increased by 767\% in 40 years.
What is commendable and unique about the Cryptobontix Inc. cryptocurrency tokens is that they provide a dependable means of exchange beyond the direct control of national banks, such as the U.S. Federal Reserve, European Central Bank, Bank of Canada, Monetary Authority of Singapore, etc.
This is particularly attractive for those concerned about future long-term inflation as a result of:
  1. Loose monetary policy such as quantitative easing (often central banks’ “printing money” by purchasing government bonds).
  2. Near zero inter­bank lending rates.
  3. Banks going into liquidation such as the recent crash of Deutschebank or India’s war on cash.In 2016 Indias Finance Minister says “honest people” have no need worry. They removed the two large denominations of the rupee (500 and 1000 rupee) from use, stating it will no longer be legal tender. Citizens were given only four hours notice of this change, thus removing 86\% of cash in circulation by value. And in a country where 95\% of all transactions happen in cash and this is where more than 40\% of the population of the country has no bank account. The immediate effect was expected to be a loss of 2-4\% of the GDP of the country, and the ripple effect has been devastating.
By combining bullion, the oldest store of value, with the newest, cryptocurrencies, we believe Arbitrade & Cryptobontix have created both a new hybrid asset class and investment vehicle that has the potential to become a global leader in this sector.
We are witnessing the start of a new era in bullion backed digital assets. Trust-less is the key & decentralisation is the strength
“Arbitrade is acquiring $8.7 Billion worth of the four bullions (gold, silver, platinum, and palladium) that will back the company’s four major tokens.” - Arbitrade Management 25/05/18

History: UNY To DIG Swap

The history of events leading up to the rebranding of T.J.L. Holdings to Cryptobontix Inc. has been outlined below:
  • T.J.L. Holdings launched unity Ingot (UNY) on May 8th 2017. Tokens value proceeded on a gradual decline.
  • T.J.L Holdings, then rebranded to Cryptobontix Inc.
  • A 1:1 token swap from Unity Ingot (UNY) into Dignity (DIG) was initiated by Cryptobontix Inc. and took place from the 8th February through to 20th February 2018 on the Livecoin exchange.
  • During the take-over, a small number of members from T.J.L Holdings remained with the development team in the capacity of consultants until the transfer was completed and the company is successfully operating as Cryptobontix Inc.
  • Cryptobontix Inc. has a renewed vision of the original idea behind the Unity Ingot project and is now leading a family of tokens into its next stages of expansion.

Dignity (DIG)

Backing the Dignity token to Gold will give the token a floor value that matches the true value of the gold. It should be noted that assets usually trade at multiples of their intrinsic value.
Key facts about the Dignity (DIG) token:
  • The first token of it’s kind to be backed by both:
  1. Mining hardware – 10,000+ high performace mining rigs
  2. Gold bullion -$3 Billion in Gold Bullion ($1 worth of Gold Bullion for every token issued.)
  • Tender: GOLD
  • Quantity: 0.02445 grams per token
  • ‘Floor’ Value: $1.00 USD (awaiting audit confirmation)
  • Original UNY supply: 10,000,000,000
  • UNY Burned: 7,000,000,000
  • Token swap UNY > DIG
  • DIG Total Supply: 3,000,000,000
  • Currently listed on Coinmarketcap, ticker DIG and currently on the Livecoin exchange, with further popular exchanges listing the token throughout the summer of 2018.
https://preview.redd.it/qf7ztyr764911.png?width=207&format=png&auto=webp&s=2729bbc87357b9b4079ffa8e59c75dc0a5f76683
https://preview.redd.it/etewsb7664911.png?width=491&format=png&auto=webp&s=054d1f9bee31c029dfabd5d02fffcc1a9148ee76
What makes DIG so unique in the crypto-space, is that once it is developed, its continued growth is tied to both the value of gold and the performance of cryptocurrency (mining & buyback), which means the only way it could completely fail is if the entire cryptocurrency market fails.
Global trends and adoption rates indicate this is a highly unlikely event when one considers the value, energy and passion that has transpired and got us to this point.

Namaste (NAM)

This token represents the very first truly silver backed cryptocurrency and sets another industry standard for the new era of hard backed tokens.
Key facts about the Namaste (NAM) token:
  • Backed by $2 Billion in Gold Bullion to be traded for Silver Bullion upon each payment. ($2 worth of Silver Bullion for every token issued.)
  • Tender: SILVER
  • Quantity: 3.6559 grams per token
  • Value: $2.00 USD (on release)
  • NAM Supply: 1,000,000,000
  • Planned Release: To Be Confirmed, Testing underway
  • Number of mining rigs dedicated to this token: 10,000
https://preview.redd.it/2d3beqma64911.png?width=230&format=png&auto=webp&s=fe9ae7e27fe582c9dbe1c7a1f4f30785890881fd

Orectic (ORE)

This token represents the very first, truly palladium backed cryptocurrency and sets yet another industry standard.
Key facts about the Orectic (ORE) token:
  • Backed by $1 Billion in Gold Bullion to be traded for Platinum Bullion upon each payment. ($3 worth of Platinum Bullion for every token issued.)
  • Tender: PALLADIUM
  • Quantity: 0.101 grams per token
  • Value: $3 USD (on release)
  • ORE Supply: 500,000,000
  • Planned Release: To Be Confirmed, Testing underway
  • Number of mining rigs dedicated to this token: 10,000
https://preview.redd.it/tz6407hc64911.png?width=207&format=png&auto=webp&s=a0389248a042de61c9c7a6ebc064f775df1fa28c

Honor (HNR)

This token represents the very first truly platinum backed cryptocurrency and sets yet another industry standard.
Key facts about the Honor (HNR) token:
  • Backed by $500 million in Gold Bullion to be traded for Palladium Bullion upon each payment. ($4 worth of Palladium Bullion for every token issued.)Tender: PLATINUM
  • Quantity: 0.125 grams per token
  • Value: $4 USD (on release)
  • HNR Supply: 500,000,000
  • Planned Release: To Be Confirmed, Testing underway
  • Number of mining rigs dedicated to this token: 10,000
https://preview.redd.it/pgg4n0yd64911.png?width=206&format=png&auto=webp&s=f0e64dbd25e05d24918fd6c60a95630711b03ff7

Gold Bullion

Arbitrade Ltd. has made a definitive deal with Sion Trading FZE Dubai to acquire $10,000,000,000 in gold bullion. The bullion will be held at Brinks’ vault at the Dubai Gold Exchange. The company will have the bullion audited by a major accounting firm that operates in both Bermuda, Dubai and the United States before the end of September 2018 or as the accounting firm’s schedule permits. The audit is not an important factor and is only being done to satisfy U.S. Regulators.
Source: Arbitrade news update

How To Get Hold Of Your Physical Assets

According to the existing white paper:
  • After two years, you will be able to swap your token 1 to 1 for a special utility coupon that grants you your amount of bullion.
  • These will be redeemable during specific periods each year.
  • In November of every year, 1/15th of the token float will become available for you to trade your tokens with, until the expiration date of the coupons.
  • You will then be able to redeem the physical bullion held against the token by using the coupon.
  • At any point throughout the year, you can place a bullion order at the Cryptobontix website and fill out and send an order form to the prescribed address.
  • The shipping department will then process the transaction when the November redemption window opens and will ship the physical bullion to the token holders.

Mining Facility

Cryptobontix Inc. and Arbitrade have partnered with:
  1. Coin Miner LLC – to provide mining hardware
  2. Cryptotopic Inc. – to build and operate the mining facilities
View video footage of one of the facilities.

Coin Miner LLC

  • Arbitrade Ltd. and Cryptotopic Industries have been working with Coin Miner LLC and the build team to create a 100,000 square foot industrial mining facility in Ontario, Canada. A facility that was previously used for metal manufacturing.
  • Has over five years experience in industrial sized mining infrastructure & development
  • Over the next 12 months, they aim to provide the facilitities with 65,000 mining units, ranging from high-performance ASIC and GPU mining units such as proprietary G Series mining units with Nvidia & AMD chips achieving 275MH at 1,200 watts each.
Hayden Gill, Arbitrade’s leading advisor & mining consultant, says:
“The D9 miners alone will be generating a minimum of 305 Decred (DCR) per day which is currently trading at $99.90 on CoinMarketCap.com ***(June 2018)***
Arbitrade and Cryptobontix have also reported purchasing additional units from Bitmain, Canada Computers & Halong.
The mining units will commence operations for:
  1. Arbitrade’s decentralized exchange (DEX)
  2. Cryptobontix’s bullion and cryptocurrency mining backed tokens
Once installed and operational, the facility will mine the most profitable cryptocurrencies such as Bitcoin, Etherium, Dash & Monero.
The daily cryptocurrency mining profits are to be used to:
  • 50\% – purchase physical bullion
  • 20\% – buy additional high standard mining rigs
  • 15\% – support buy back tokens and trade exchange marketplaces
  • 15\% – operational cost and upkeep of mining facility
https://preview.redd.it/f6oadqzf64911.png?width=600&format=png&auto=webp&s=683ac55d711e736a959dd03df896ef2b6365a828

Cryptotopic Inc.

Arbitrade reported it has commenced a 15-year lease agreement with Cryptotopic Inc., an Ontario company that will work with Coin Miner LLC, on behalf of Arbitrade, to build Canada’s largest mining facility in a 100,000 square foot industrial warehouselocated in Watford, Ontario, Canada, which will house the 65,000 mining units.
This lease agreement marks the first of four facilities Arbitrade plans to open over the next 36 months with Cryptotopic Inc. and Coin Miner LLC.

Coin Miner LLC

Hayden owns Coin Miner LLC and has been overseeing the mining developments in Watford and Atlanta. Watford has 5MW of current power that can facilitate 4,000 mining rigs to start. Arbitrade, along with Coin Miner LLC, has been successfully negotiating with Hydro One and its partners to bring in up to an additional 150MW of power so that the Watford facility will be among the largest cryptocurrency mining facilities in the world.
Currently, the property boasts a massive size of 100,000 square feet, but there are an additional 16 acres available that can accommodate an enormous expansion up to 1,000,000 square feet of mining space. The company, on behalf of Hayden, has been in negotiations to develop the company’s own ASIC mining rigs and GPU miners.
The Atlanta facility has already been toured by top stock and crypto analyst Ronnie Moas. Photographs and videos are available on his Instagram account. You can also check the Timeline.
If Arbitrade execute properly, this will make them one of the largest cryptocurrency mining operations globally.
submitted by BlockchainBullion to DignityCoin [link] [comments]

An Insiders Take on CoinTerra & the Bitcoin Mining Sector

Having been involved in Bitcoin since 2011 and on the inside of one of the 28nm Bitcoin mining contestants for the past two months, here is my story.
Feel free to skip the long intro to skip to the present: I added it because people might want to know where I'm coming from.
My elevator pitch is that I discovered Bitcoin in 2011 while traveling in Argentina, and after doing research I started recommending it as an investment to the subscribers of my financial newsletter in early 2012. BTC was $5 back then, so we did well with that.
Here are some links of the things that I've done in Bitcoin:
"Bitcoin seen through the eyes of a central banker"
Interview Keiser Report about Bitcoin, ECB & Argentina
"Why you should invest in Bitcoin"
"Cryptocurrency is the future of money, banking, and finance"
Since the beginning I've been thinking a lot about how I wanted to invest in Bitcoin. It has always made plain sense to me to begin with buying coins, as it is like an ETF on the entire Bitcoin economy.
However, in early 2012, just the idea of buying bitcoins was a pretty scary prospect. I consulted with two core developers who actually tried to dissuade me from looking at Bitcoin as an investment. One said it was still very much an experiment, the other said (correctly so) that there were still substantial security risks.
Eventually it was my experience in Argentina's difficult economy (rife with currency crackdowns and capital controls) that convinced me to take the leap - I decided that there was enough demand and enthusiasm for financial freedom in the world. Enough for some crazy people to keep funneling resources into Bitcoin, resources that would support the idealist hackers and maverick entrepreneurs to make the technology of cryptocurrency a success.
So I started buying bitcoins, considering myself lucky because my friends in Latin America had it much tougher: they had to mine most of their cryptocurrency in their basement with graphic cards because of the harsh capital controls that prevented them from sending money abroad and buying them on an exchange.
In all, 2012 was a difficult year for Bitcoin. The 'old' bitcoiners were still psychologically numbed from the huge decline in price, and the newbees were continually scared by new scandals: the Bitcoinica thefts in May and July, the BTC Savings and Trust-ponzi implosion in August, and the Bitfloor theft in September. The price of Bitcoin hovered between $5 and $13 all year, the mainstream media ignored or at best scorned Bitcoin, and I for one was mostly happy to still have an unscathed wallet.
Throughout the year I wrote about Bitcoin practically every week in my email updates and every month in my printed investment newsletter. It was often a frustrating job, because my many of my subscribers are babyboomers or from an older generation who don't intuitively grasp the concepts of peer-to-peer, open source, online, etc. I received a good number of emails accusing me of promoting a ponzi scheme, and my publisher (who does all the promotion for the newsletter) was very sceptical and tried to persuade me to write less about Bitcoin and more about traditional investments like gold and stocks.
I think this tension/struggle is part of what prevented me from exploring the investable side of the Bitcoin economy for quite a while, although I did buy a few Bitcoin mining stocks on the GLBSE. (Compliments to the miners that kept paying out dividends even after the wild ending of this stock exchange - COGNITIVE is one of them)
Attending the Bitcoin London conference organized by Amir Taaki in late 2012 was definitely a turning point for me. Cryptocurrency suddenly became tangible and real, and I think that was the case for many people there.
During Amir's conference, I made friends with Jim from MultiBit and Nejc from BitStamp. I likely missed an investment opportunity with BitPay (even though Tony Galippi was just as impressive back then as he is now), and I tried to persuade GLBSE's Nefario to start talking to a lawyer about the legal risks of running a Bitcoin denominated exchange. Josh from Butterfly Labs made an announcement there in London, and that was my first experience with the excitement and controversy that characterizes so much of the Bitcoin mining industry today.
Meanwhile my investment newsletter kept doing well, and I decided to make a move to South America to expand my horizon. That's how it happened that I was with my friends in Buenos Aires when the March-April 2013 explosion in price happened: an exhilarating time, and I'm still grateful for their long term Bitcoin experience which helped me make the right decisions for myself during this period.
Still I kept thinking about how I could invest some of my gains back in the Bitcoin economy. Chasing a dollar profit doesn't make sense to me, so I had to identify business models that gave perspective for making a multiple on my bitcoins.
Bitcoin mining felt like an interesting fit, for several reasons.
First, I spent the past few years studying the gold mining industry and the parallels and differences with Bitcoin mining are absolutely fascinating to me.
Next, in the short run I am not at ease regarding the authorities ability to attack or destabilize the BTC network. Many will object by saying that the Bitcoin network has a hashrate that's currently 40 times faster than top 500 supercomputers combined. However, that is misleading because the equation would change dramatically if those computers were equipped with specialized ASICs that can be produced for a couple of million dollars.
This is what Jim Rickards referred to when he said "technologists don't understand the world of power politics and malicious actors: there are people who don't care about the cost. (…) If they want to destroy a system, and they have to pay to do it, they'll do it. It's not necessarily more expensive than buying an aircraft carrier or building a submarine."
This is the reason why I think it's crucial to push up the network speed as close to the physical limits as possible. Once the miners are working on the smallest node and with the most efficient chip possible, it will be much more difficult for a malicious entity to do a 51% attack on the network.
(By the way, much respect to the small bitcoiners and basement miners for this: they are the ones that have been bankrolling the expensive development of ever more sophisticated ASIC chips. They are the ones that are slowly turning the once brittle skeleton of the Bitcoin network into an indestructible Adamantium shield.)
Finally, it seemed obvious to me that the Bitcoin mining market was about to enter a consolidation phase, in which the market would increasingly sponsor the more reliable and technically gifted chip producers, which will eventually create a more stable environment for everyone. How exciting, to try and witness from the first row how an entirely new industry grows from childhood/adolescence towards maturity!
Enter CoinTerra.
I first met Ravi Iyengar and his team members at the San Jose Bitcoin conference, where they pitched for an angel investment in their company. I was immediately impressed by their passion, technical pedigree, and understanding of the workings of Bitcoin.
I was definitely intrigued and after the conference we kept the communication lines open. Back in Belgium I met with two interested angels who happened to be Belgian, too. I then talked to different people with hardware backgrounds to verify whether Ravi's team really was that good judging by the industry standards. They were.
I started getting excited.
From there on, things began moving fast. The two Belgians got in and the more I talked to Ravi, the more I was impressed with his cogent reasoning, his decisiveness, and the speed by which he absorbs large amounts of new information. By mid July I finally made the decision to also come in as the third angel investor in CoinTerra.
When I talked about the company to Timo Hanke (German cryptographer and author of the Bitcoin Pay-to-Contract protocol) he was intrigued, did his own due dilligence, and soon after became an investor in, and later a team member of CoinTerra.
Other investors and advisors that came in on the angel round had reputable backgrounds in the software and hardware industries, precious metals, telecom, and law - all of whom shared a great and genuine passion for Bitcoin. I began feeling very fortunate to be able to follow this project from such a close perspective.
After some days, because of Ravi's high energy and magnetic enthusiasm, the following turned into involvement. When I was invited to come to Austin, Texas to help out, I jumped in with both feet - I've been here for a week now.
One thing I noticed when getting involved with CoinTerra more closely, is that the communications part of the equation needed improving. I can understand how the issue came to be. Ravi is in the first place an engineer and a team leader, and he started structuring his company from that same perspective. Even today most of his focus is directed to closely managing all the engineers (in Austin, in Raleigh, and also in India) to make sure that the risks involved are managed to the greatest possible extent.
The engineering roots of CoinTerra are also reflected in the initial vision behind the company: to build large and efficient mining data centers, deploy them worldwide, and to then offer cloud hashing services to the public. However, the still uncertain legal repercussions of that lead to a change in strategy. Instead, CoinTerra is now working on providing chips and rigs for the general public, and leaves it for the customers to decide where and how to mine with them.
Now, I understand and appreciate how very skeptical a large part of the Bitcoin mining community has become. People have invested a lot of resources in brave but often very inexperienced teams who have not always been able to deliver on their promises. It has been a road of trial and error, and the errors of some have proven painful to many.
I can say that I understand what it means to have skin in the game of the mining market; I am an investor in a company that has announced but not released a manufactured product on the market yet. And I stand by it: I think CoinTerra is working on fantastic products and has great future potential as a company. Would I like to make a return on my investment? Of course, that will be the best proof that it fulfills the potential that I see in Ravi and his team.
That said, even to just be involved in this technological arms race that is taking place in Bitcoin mining, where hyper competitive capitalism is miraculously creating a very pure public good, is a real privilege. I think the sector will further mature and that we will see more and more reliable companies emerge over time, and all the while the Bitcoin network will grow stronger and stronger.
I'm happy to take questions if you are interested.
Best wishes,
Tuur
submitted by dtuur to Bitcoin [link] [comments]

Why I think the mining problem/gpu pricing is not going to go away anytime soon.

In a semi recent pcper mailbag, Ryan Shrout explained his thoughts on when gpu pricing will go back to normal: https://youtu.be/HrFw37wi-Do?t=11m56s (and also this hardforum post https://hardforum.com/threads/nvidia-crypto-demand-for-gpus-very-strong-but-could-cool-in-december.1944501/ and I'm sure many many other posts out there)
I think it's going to be a loonng time. because before what ended the boom the two (iirc, this is the third time we've seen GPU cryptocurrency mining) times before, it was mainly based off of bitcoin, (and to a lesser extent litecoin) which is sha256, which is extremely ASIC-able (scrypt really isn't, but I don't think that was as major of a contribution to it as bitcoin), and what happened was that ASICs happened and just fucking decimated the GPUs in hashes/watt, so that made mining unprofitable with GPUs, because the difficulty just skyrocketed. And that's what is needed this time around too. something needs to happen for the difficulty of [any/all algorithms here] to increase to the point where it doesn't become profitable. and that's just not going to happen, at least for a solid 8 months, imo. Casual miners with a half dozen cards or so, will be able to make back their expenses, even electricity, assuming bitcoin stays around $4k. which is another factor: nicehash and bitcoin price. as long as bitcoin price stays high and people are getting paid in bitcoin, then we'll continue to do mine, because it doesn't matter that electricity is expensive, bitcoin is worth more, more than electricity is expensive.
Maybe when etherium switches to Proof of Stake, that will help the AMD GPU market, but, let's be honest, I'll be surprised if that happens before 2H2018, and there's just so many algorithms to hash. just because one is unprofitable (like sha256 is now), there's literally dozens more to choose from.
There needs to be a global crash of cryptocurrency for miners to not snatch up GPUs at above MSRP. And, tbh, I'm not sure what would make that happen, since the blockchain is literally designed to be really really damn hard to censor. if China decides, for some stupid reason (just as a thought experiment, they won't actually do it imo), to just straight up block all the ports that bitcoin/litecoin/etherium/zcash communicate on, by the great firewall of china, two things would happen: there'll be china-specific builds of mining software that will randomize the ports and protocol so that the miners could continue to mine, or the literal warehouses of miners would just pack up and move to india or somewhere, where the price of electricity is just slightly more expensive, but not much. and I just don't see that happening.
Nvidia and AMD just suddenly shitting out 10x as many cards as they are now, isn't going to solve the problem, because the problem isn't with the supply, it's the hashing ability of the cards, and the price of them. AMD will sell literally every single RX 580 that they put out for $300, which is more than $70 above MSRP (at $229 from a quick google search). As long as the GPUs keep the profitability that they have, they will continue selling like they are. it's an inelastic demand, it's always going to be there, and it's outside the control of both AMD and Nvidia, as long as (hashing rate * BTC/hash * $/BTC - electricity cost/month) * est months mining - initial price > 0
Am I wrong? I hope so, I want to upgrade my rig next year to Volta, but I just don't see that happening. Please convince me I'm wrong.
submitted by A_Wild_Shiny_Mew to pcmasterrace [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

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submitted by BitcoinChronicler to btc [link] [comments]

Blockchain summit report: Day 1 - "Enterprise cloud"

previous days
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Event details
Today was day 1 of the 2 day "International Blockchain summit" presentations. On every seat was a little bag that had 3 books about the Blockchain! Unfortunately they were all in Chinese.
http://imgur.com/jmkRYVj http://imgur.com/g66KeRD
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Presentations summary
Whereas DEVCON2 was all about development, and leveraging the network effects of leveraging other projects in the ecosystem, the presentations today were VERY high level talks.
There was a massive stark difference between "the old guard" in the Fintech space, and the disruptors that are shaking things up.
Take a look at the BOC (Bank of China) and ChinaLedger presentations. They talk about how Distributed computing is dangerous. ChinaLedger go on to say that they need the power to be able to go in and halt transactions, modify smart contracts on the fly, liquidate accounts when they need. While also saying that they will make sure they will do everything to help privacy and use encryption… which only the Government can unlock ("Golden keys"?). It was the most centralised "Blockchain" I have ever heard of.
On the flip side I was inspired by the forward thinking of the Consensys presentation, and their long term vision for where to drive the Ethereum platform. They are helping to create open tools and platforms that will be leveragable by a multitude of projects (as demonstrated with Ujo and BHP project "Rai stones").
http://imgur.com/AXHw1Df
After the Consensys presentation, my 2nd favourite presentation was by Wanxiang labs "10 years to build a city", talking about how they plan on taking some land and creating from scratch a smart city powered by the blockchain and electric vehicles. While the other old guard are squabbling about how it is going to impact their "business as usual" profits, there were the new projects out there envisioning and disrupting.
The BHP presentation was also pretty cool, a great implemenation of using Blockchain to improve a business process.
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Presentations
New Finance: Technical & Legal rules - BoC He is from bank of China. Entire presentation was him being scared and trying to justify why current Blockchain tech is an unregulated wasteland, and why there needs to be regulation from banks and government.
For Fintech they think Blockchain will not be successful without proper regulations Blockchain finance - it is distributed. Storing all of the transactions will take a lot of storage space. What to do once the transaction rates exceed what can be processed. Thinks that public distributed transactions will not be more than a toy like with Bitcoin. For real FinTech they need something different for a high frequency. Thinks that decentralisation should not be the core feature of Blockchains (due to transaction limit). Thinks it should be decentralised, not distributed.
Should be done with private consortiums. Needs legal rules and technical rules. They think that self rulemaking currencies (Bitcoin) can not be regulated. So need to stop them, to prevent bad things like money laundering. This is showing the loopholes brought about by Bitcoin. So when using digital currencies, they need certifications and tracking.
"We need more regulations and rules to facilitate the healthy development of this space. Only with support of regulations can new technology take off".
Me: I totally disagree… (if not already apparent)
Blockchain futures & realities - CSDC
China Securities Depository and clearinghouse
He was much more open minded and forward looking. Is a pep talk for "things are going to change", how are we going to use these new things. He said that he recorded it into English that should be able to be downloaded, would be worth watching if you are into this space.
Summary: Genie is out of the bottle, we need to embrace this and think how we are going to put the requirements of securities ("real name transactions") in a decentralised way. And the registration and tracking of assets to real names.
People have ideals because they are not happy with reality. Due to this dissatisfaction, people are passionate about trying to make that dream a reality. Need to play by the rules, or the market will be chaos. So now we have facilities law, regulations, etc. This forms the framework of China economic. This is very different from Blockchain. This is at odds to the distributed systems. Seems like we are dissatisfied with this, so trying to reconcile these differences.
All securities transactions need to follow "real name" transactions, but want to do this in a decentralised manner. Market cap is 54 trillion (of something in China). GDP is over 70 million
They are researching Blockchain, but not just in the lab. Need to find potential applications and use cases for it. If we want to implement Blockchain technologies, we need to see what the hurdles will be, so we can get closer to the ideal. As BoC speaker said, the number of transactions per seconds is HUGE. Daily may reach 10s of millions at its peak. How are we going to handle this with a theoretical framework. Need to start from the reality of China. And the reality is it is a giant country with a huge population, which depends on the capital market. If you just implement within a lab it is okay. But if it is going to be put into the industry, then we need to work with the government. We can't just get rid of the government, it is impossible (REVOLUTION!!). So need to focus on key senarios to tackle, as you can't just apply Blockchain everywhere simultaneously. Or all your efforts will fruitless. How to complement it initially, not replace it.
Ten years efforts to build a city (Wanxiang Labs)
Me: I reallly liked this presentation. I've been keeping notes for months around building this type of innovative city in Australia. I plan on rewatching this one again later.
Going to build a city in 10 years. An energy gathering city in HangZhou 10KM2. Their US company is starting to build new energy vehicle. 900m RMB? 90k people. Deploy the city into the cloud. Intelligent life, traffic & services. Everything will be connected. IoT, Internet, smart living, smart transport. Once this is successful, they plan on launching it across the world. Will publish their learnings. Launching incubators and accelerators. Their own cloud Blockchain as a Service. Many scenarios in this smart city that could utilise Blockchain. Distribution for Solar power. ID & Vehicle registration. Intelligent community services. Can promote a sharing economy throughout the community. Partnering with Microsoft, IBM, Consensys, Ethereum foundation, WeBank, AliCloud
Vitalik Buterin keynote
Talking of the progress China has made in Blockchain innovation in such a short period of time. He visited China 3 years ago and visited a number of Bitcoin companies and was impressed on the scale of what China had, much more than what was happening in USA. But all the focus was just on cryptocurrencies, not Blockchain technologies, Just mining. 2nd time, he saw some kind of experimentation happening with interesting things (like coloured coins?) 3rd time saw more interest in Blockchains. 4th? time, he did a hackathon with Wanxiang labs (event sponsor), and there were ~30 projects. The growth since then has been rapidly growing. The scale of projects we couldn't have imagined 3 years ago. Was just theoretical, now a lot of ideas are almost reality. e.g. Self-sovereign identity, instant settlement.
Hyperledger
https://www.hyperledger.org/ Goals. Build an opensource dev focused community of communities to build a hyperledger based solution. Create a family of "etnerprise grade" open source blockchain framework, platform & libraries.
Because it is an enterprise opensource project, they need to track contributions, patent details, etc. Is part of the Linux Foundation, which has 16 years of providing governance stucture support for major open source projects. 80 project partners. IBM, Intel, Accenture, JP Morgan, Airbus, ANZ bank, Cisco, etc. 20 of the 80 project partners, are based in China. Apache license v2.
A world or many chains. There will not be only one blockchain. There will be many public chians and millions of private chains. Each may use different consensus mechanisms.
Major projects are: Fabric: Developed by IBM. PBFT, moving to Raft and other pluggable consensus mechanisms. Written in Go. Sawtooth Lake: Proof of Elapsed Time. Runs on secure enclaves. Written in Python. Hyperledger explorer: GUI for navigating Fabric & swatooth lake. Fabric-py SDK. (Java proposed later).
Future: Smart contract engines. Portable identities. Will never see a "HyperCoin". It is about making Hyperledger a standard, and a governance group.
IBM keynote - IBM Blockchain & Hyperledger
Today if you want to do something in your business on Blockchain it is difficult. Hard to scale, issues with privacy. No Enterprise support. Need tools to write tests for smart contracts. Need good solution patterns. Difficult to scale up, especially around transaction rates.
Built Fabric to support "serious business" Permissioned blockchains can't scale. Every node shouldn't execute every transaction. The 2 peers that are interacting are the only ones that should execute. IBM has implemented this internally to resolve invoice disputes with their suppliers.
IBM
All the slides were in Chinese. Difficult to follow unfortuantely. The (original) Silk Road was important for trade. Blockchain may be just as important for trade in the future People are debating the need of distributed systems being an important thing of Blockchains, is it really necessiary? Blockchain should instead be focused on unblocking instead. IBM will provide an IBM certified docker container. IBM Blockchain. http://www-31.ibm.com/ibm/cn/blockchain/index.html Has a concept of a "shadow chain"?
Blockchain Platform @ Microsoft
At Devcon1 Microsoft announced Blockchain as a Service. Rolled out DevTest Labs to allow you to spin up public, private, permissioned, and consotrium blockchians quickly. Provisoin with 1 click. Mix & match from best available blockchain tech.
Bletchley: Open infrastructure, Enterprise capabilities. Microsoft is not building their own Blockchain.
Blockchain has some missing parts (identity, privacy, key management lifecycle, tools). Asked our partners what are the missing parts. A database in itself isn't an application.
(re)Announcing: Bletchley v1. 2 parts. Distributed infrastructure layer (Blockapps, R3, bitpay, parity, Eris). There isn't going to be 1 Blockchain to rule them all, so allow you to leverage any of them. Lots of customers were taking a long time trying to spin up private consortiums, and trying to secure them correctly. Used to take 3 weeks, now down to 8 questions and 5 minutes. Spins up a private Ethereum consortium. 4-100s of nodes.
Distributed middleware "fabric" layer. Tools that can work across many blockchain technologies. Cryptlets are a way of doing offchain processing. Receive market data based on an event (market price daily closing, CRM event). Need to have trusted execution of the logic, to attest that it was not tampered with. Secure IP protected algorithms. Scale an algorithm for max performance by running it off blockchain in a secure & attested way in the cloud. Oracles may be malicious, or they may be intercepted during transmission. Cryptlets run on a secure host with a secure communication channel in a trust envelope. Marketplace for publishing the cryptlets into a market for others to consume. Azure cloud is twice the size of Amazon & Google COMBINED.
Bletchley Cryptlet Fabric. Supports Ethereum, will support more Blockchains. It is middleware that will support many. Secure execution on demand. Standard way of publishing and accessing external resources.
BaaS roadmap. DevTest labs, will continue to onboard more. Bletchley v1. Kinakuta to help improve security. Bletchley SDK
Longer range implications of Ethereum & other decentralising technologies (Consensys) LOVED this presentation.
Simplest view: Next gen database. Blockchain based, maximal replication, Prevents rogue actors Force for universal disintermediation, will distrupt every industry. Previously it was mostly just Bitcoin. Future projects were "BitCoin 2.0", instead of "Blockchain 2.0". So Ethereum project built the most powerful and capable Blockchain platform, both public (permisionless) and private (permissioned) Deeply secure, non-repudiable shared source of truth. Dapp is a set of smart contracts. And a user interface to interact with it. Was important to get an initial version of Ethereum out into the hands of devs, to start thinking how to start building decentralised applications. Ethereum has a vision for scalability, which includes sharding and state channels. Privacy, state channels is one option. Zcash/zk-Snarks is another way.
Currently building out an ecosystem of decentralised applications. Building core components: Identity/persona (uPort, metamask). Wallet (uPort wallet). Registries (Regis, ENS). Token Factory. Do private enterprise Blockchains make sense? Yes, large entities can have a complex internal mix of business units, having a shared source of truth can help. If enterprises have their own private consortium Blockchains, will be a harder target to infiltrate and modify databases. Business processes emboided as state transition graphs.
If you plan on building your own tools or technology on top of Blockchain tech (public or private), build it on Ethereum so it can be reused in many different places by other entities running their private chains Developed "Balance" for real time compliance, accounting auditing and monitoring. Real time dashboard for companies & regulators. Organisations using certified software wil not be able to break or bend any financial accounting rules.
The Blockchain will last for years or decades giving a persistent database. Gives a chance to do persistent portable identity. uPort self-sovereign identity.
Blockapps Announcement
Is Ethereum for Enterprise. Partnered with Microsoft to announce Blockchain as a Service (BaaS). Over 1k projects have used it, over 300 customers. Being released in Azure China datacentre (mooncake), and other Chinese clouds : Alibaba cloud, tencent cloud, Wancloud. Initial China projects: Minsheng insurance, Wanxiang smart city, Qianhai smart city, Shanghai smart city. China is going to be the country leading the world in Blockchain projects.
The Rise of Blockchain Consortia: Uniting the Banking World
One of the largest banks in Spain. Banks are just a ledger (a very large ledger). Each bank has its own ledger. They don't trust each others. Which is why you need clearing houses and things like this. What if there was a shared ledger trusted by all banks. "It's not about the coin, its about the ledger.
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New development of ChinaLedger: Forging a powerful tool for Chinese capital market in the FinTech era
Was literally the most centralised blockchain I have ever heard of. Please excuse me as I rant inline.
ChinaLedger is a consortium. 11 founders established it. Chinese financial institutions and Wanxiang labs. "we created our own Blockchain and tools". Will come up with their own custom software and implementation. Will create a whitepaper and create reference architecture. Partners will use the network to do transactions. Need facilities to be able to freeze or take over acounts, and get access to all data. A need to be able to halt or freeze a transaction or smart contract. A need to be able to halt or freeze a transaction or smart contract. and the facility to liquidate an account or smart conract or manually change the state of a smart contract We need to be able to stop the trading of certain stocks. Let regulators control things. Will be fully in control of the gas. Wants to support 100k/s and 1 ms latency.
Then ironically says tries to say they are going to put privacy into this. "Everything will be encrypted and private. Except that CCP & regulators who will have ability to read everything". I'm SURE that won't be abused…
http://imgur.com/Qt4qh3O You keep using that word... Blockchain, distributed ledger, privacy, encryption
Re-imagining Global Payments (For business)
Banks make a LOT of money from bank wires. So they have no incentive to come up with anything better. The person sending the money needs to give 26 pieces of information. Don't know when you'll get the money, what the rate will be. About $20 to send, $20 to receive, plus lose a few percentage through the conversion.
Their solution (for business payments). Register for an account, can use online. No fees. Transparent FX rate. Can track the payment. Uses Bitcoin in the middle. Before international calls used to call many $s per minute. Now with VoIP (Skype) you can do it for cents. Same thing will happen to international money transfers.
Enabling Global P2P Cash Transfers with Abra (For consumer)
https://www.goabra.com/ http://www.coindesk.com/abra-remittance-app-us-launch/
Nowadays you can send an IM to anyone else in the world instantly for free. Why can't you do the same thing with money? Can do it locally in some domestic markets, like paytm (india, WeChat pay (China), mpesa (Africa). But not for cross border transactions. iOS & Android. Real digital cash wallet. Send & receive globally. No FX risk. Add cash via bank or in person. As private as paper cash. Abra tellers earn $$ (as a percentage fee). The wallet is stored locally on the phone. So you "physically" control it. (need to back up your private key). Use an Abra teller (someone else using the app) to exchange buy/sell cash for digital cash. Anyone can be a teller. Tellers charge a fee. Teller & user rate each other. When 2 people send money each other via Abra, happens instantly, . No FX volatility.
Awaking the Sleeping Giant: The Natural Resource Industry and the Blockchain
Note: Hispresentation was in English, but I thought it was extremely considerate that he had his slides translated into Chinese as well. Every slide had simultaneous English & Chinese descriptions so that the attendees using the live translation headsets could follow along easier. If I ever present in another country again, I'll try and plan ahead like he did. Was very thoughtful.
Why is BHP interested in the Blockchain? They are the largest mining company in the world (natural resources mining, not Bitcoin mining. Hehe) They are a global distributed organisation. So a distributed Blockchain
Project Rai Stones. Sample tracking of geological samples. They are highly valuable resources. Some of the wells cost $100M, and you only get 1 chance to take the sample. They currently only track the samples manually through emails & spreadsheets. They are working with Consensys & Blockapps. Runs on Ethereum & IPFS, on top of Microsoft Azure. 1 node at BHP, 1 at their collaborator, 1 at their regulator. 3 roles in the business flow, BHP out in the field, the analysis team, and BHP corp. They create/register a smart contract on the network for each sample. When the person collects the sample, they go to the dashboard, click the checkboxes to say they acquired, that updates the smart contract. They ship it off, so they put in the details of which analysis office it is being sent to, updates state from collected to shipped. Analysis team can log in, see what samples are in transit to them to be analysed. They receive it, give it a unique Id based on their internal process. They get trusted tracking of samples, and real time updates.
What if they could automatically operate machines, they could help avoid bad combinations of machines operating at the same time. Like a crane operating on an oil rig, when a helicopter is coming in. Disable a piece of machinery if it is past its allowed usage before routine preventative maintenance. Disabled until it is tested, and certified as okay on the Blockchain. Stop unqualified people from using a tool or vehicle.
Ore gets mined and put onto shipping freighters. Need to track Provenance, custodians, entire supply chain.
Need to give regulatory data to the regulators in each country the operate in. All the mines in the industry need to submit this public data to gov, it all gets aggregated, and disseminated. But it costs HEAPS to do this. What if they built a consortium chain. They can all publish the public data, ready to be analysed instantly by peers. Could make the entire industry more effienct and transparent by making the consortium not just for the 1 country, but a public one. Give a global transparent view of the entire industry. Would help drop costs of compliance.
They started on Ethereum Mainnet & Testnet. Now they are seeing the emergence of many private chains. They will see the bridging between chains. Seen that Ethereum plans on sharding (many chains). Forsees that there will be a global mesh of these Public & Private chains all supporting each other.
Cotricity – “a prosumer to business”- virtual energy market on the Ethereum blockchain (Consensys)
https://co-tricity.com Energy meets Blockchain Joint venture between Consensys & an energy company in Germany. Energy sector is changing rapidly. Prosumer is someone with generative capacity (eg. Solar panels & battery storage). Normal smart meter collects usage about production & consumption. Tracked on Ethereum. Matches up Prosumers to local community things like Schools. The local environmental and economic benefits of keeping it in the local community.
Mechanism design, "reverse game theory". Goal is to effectiveise the energy market and reduce costs. Means creating incentives such that the optimal strategy for every participant results in the realisation of this goal. e.g. Help to smooth out the peak in the morning, give a small reward for not using energy in the morning
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The deconstruction of money: Prosperity when wealth ceases to exist

Here's a question to ponder: How do you conjure 300 billion dollar out of thin air? The answer, if you hadn't guessed it yet, is cryptocurrency. People used to laugh at this phenomenon, but they're not laughing anymore. They're feeling the same emotions about this phenomenon that I felt four years ago: They're worried and excited at the same time.
Bitcoin is a first, but not just in one domain. It's a first in most of its defining characteristics. We have witnessed the emergence of a means of exchange whose rate of inflation is predictable. Nobody can create more than 21 million Bitcoin, we can merely find ourselves disagreeing about the definition of a Bitcoin, which is starting to happen.
Despite its scarcity, Bitcoin has no intrinsic value. We're now beginning to discover that this doesn't matter, something most economists and academics had not anticipated. Just as an artist can earn money by shitting in a can, you can earn money by producing virtual currency. What we don't know yet is how far this phenomenon can grow. As of speaking, it gobbles up 0.1% of the world's electricity. As a means of doing anonymous transactions, it's pretty much useless compared to the alternatives that have succeeded Bitcoin.
In the worst case scenario, Bitcoin is like Microsoft or Facebook, in the sense that its network effect and early mover advantage allow it to eliminate all competition. This results in the dystopian scenarios I have frequently discussed before. In a more realistic scenario however, Bitcoin ceases to grow eventually. This makes more sense to me. Consider this: Would you invest in something that has grown in value 100-fold over the past two years? You would probably be wise enough to recognize that other investment options have more growth potential left. If enough people understand this, it becomes a self-fulfilling prophecy. If we assume that people buy Bitcoins to get rich quick, they'll stop buying them when it becomes clear it won't allow them to get rich. As a result, its value will eventually crash.
Note the difference between Bitcoin and Windows here. We're not using Windows because we think it has growth potential. We're using Windows because everyone else uses Windows and thus it's easier for us to communicate. You don't genuinely buy Bitcoin because you want to use it. You buy Bitcoin because you expect others will want to buy it from you at a higher price. To put this in simpler terms: If we use something merely because we expect its use will grow in the future, it can't come to dominate the market it's in.
To own Bitcoin means to forever have a sword of Damocles hanging over your head. You bought it because you expect its value to rise. At the same time, you are aware that it suffers from existential threats: Government intervention, a superior alternative taking over, a rush for the exit that the network can't process, a 51% attack, an unanticipated protocol flaw, an early adapter who wants to cash out. You're willing to take those risks when you expect its value may rise 100-fold. You're no longer willing to take those risks when you expect its value might double in the next ten years. The innate instability of Bitcoin ensures it will forever remain a niche phenomenon.
Here's a question to ponder: Why buy Bitcoin, if you and your friends can invent your own coin that you distribute among yourselves? If I had to choose between entering a country where all the land is owned by a small minority or entering a country where I can still freely stake a claim to my own land, I would choose the latter option. People throughout history have understood this principle, which is why small communities came up with their own currency systems.
The general trend throughout history has been that these alternative currency systems were destroyed by those who felt threatened by them. It's a little known fact that whenever local currencies emerge that seem to replace a government issued currency, governments tend to respond by shutting them down. It happened in Germany in 1931, it happened to the Liberty dollars in the United States and it happens in more situations, when the alternative currency becomes a threat.
Of course, alternative currencies rarely become a genuine threat to the status quo. The reason is because people can generally create new units out of thin air. Whatever institute issues the alternative currency has no means to prohibit you from doing so. Today, we know that this is no longer a valid issue, due to cryptocurrency. As a result, this controlled issuance allows people to interpret alternative currencies as having a genuine value, based on the expectation that they will be able to find someone to sell it to when they feel the need to.
What this means is a fantastic development for those of us who fear the extreme inequality we witness today. The nature of wealth is that it tends to accumulate. Those who are wealthy have the means to become wealthier, whereas those of us without wealth have no such means. Then eventually, when wealth has accumulated to extreme degrees, the elite has found itself in possession of most of the world's fertile land and natural resources. Then, those with their backs against the wall tend to rise up in revolt and exterminate the aristocracy.
Today, after the invention of cryptocurrency, revolutions work differently. When we see that the game is rigged against us, that you own everything there is to own, we cease acknowledging your protocol and set up our own. We don't participate in games that we can't win. We're unable to ignore land ownership, if you cling onto the land, you risk ending up beneath the guillotine. We're perfectly able however, to stop pretending that a Bitcoin is something more than a series of ones and zeros in a digital database. This outcome is already unfolding. Why is Bitcoin losing its dominant position in the ecosystem? Because people realize that the game is rigged against them. Most people are simply not dumb enough to spend 10,000 dollar to buy one bitcoin. Smart people look for other opportunities.
How does a revolution look? Consider what happened a few weeks ago, when Bitcoin ended up clogged and a competing protocol, Bitcoin Cash, suddenly grew enormously in value. This revolution was prematurely aborted, but the underlying issues have not been addressed. Bitcoin is still bumping up against its transaction capacity, wealth is still monopolized in the hands of a shrinking group, a single Bitcoin still has an intimidatingly high value to all but a small group of wealthy people who have no intention to actually use the currency. As a result, hedge-fund managers and trust fund kids are now buying first class tickets to board the Titanic.
Understand the following principle: The unequal distribution of a currency undermines its use value. A currency owned by a small group of wealthy people is subject to dramatic price fluctuations. The stock market suffered a sudden dramatic collapse in 1929, during an era when wealth inequality was at its most extreme. The reason is simple. If the distribution of an asset is extreme in its inequality, it becomes impossible to estimate the fair value of the asset.
This is the problem that Bitcoin inevitably suffers. The wealth inequality of Bitcoin increases over time, as hackers are able to steal Bitcoins, while those who find themselves wealthy all of a sudden tend to exit the scheme. As this unequal distribution grows worse, the instability of Bitcoin grows worse too. Economists have long known that wealth inequality and speculative bubbles go hand in hand. We see high prices right now for Bitcoin, but this is merely because nobody wants to exit at the moment. As soon as people want to leave the scheme, they'll find it's simply not possible at current prices. I expect that Bitcoin could see its price drop by 90% or more, over a period of days. People will find themselves unable to leave the scheme during such a period, because the transaction capacity on the network is limited.
When Bitcoin falls apart, people will see that the underlying technology has more genuine potential than this particular faulty implementation. As a result, another redistribution of wealth will take place. One important thing to understand is that currencies gain value because of broad use. Broad use is accomplished, by broad distribution. In its early days, everyone could mine bitcoins and everyone could use faucets where they were handed out for free. As a result, a core community emerged.
Note that the broad distribution that creates value does not have to contradict the unequal distribution that creates its high price. Value and price are not always well correlated. In regards to Bitcoin however, the more important point is that the currency grew in price by inheriting both characteristics: It's widely distributed, but most of the coins are actually held by a small minority. This small minority thus has a lot of wealth, on paper. They won't be able to actualize their wealth, if they tried to cash out the value of Bitcoin would take a plunge.
You will find that Bitcoin's role as a speculative bubble will be replaced by various competing technologies, but its role as a digital currency will be replaced by currencies that are broadly distributed. As an example of how this will work in the future, consider Clams. Clams are a digital currency with an egalitarian and wide distribution. Anyone who owned a range of currencies ended up owning Clams. This has proved to be free money, for people who paid attention. The project was abandoned by its developer, but it demonstrated the way forward for others. There are now various Bitcoin forks, that hand out their coins to entire swathes of the population, while handing out extra coins to its own developers. Those developers do end up profiting off their invention, simply because the wide distribution creates interest in the coin.
In contrast to what you might think, these various new currencies don't have to die out. In contrast to offline currencies, digital currencies can be extremely easily exchanged for one another. Merchants are able to accept coins they have never heard of for products they sell, simply because the underlying infrastructure is managed for them by third parties. So, what credible reason do people have to put their trust entirely in Bitcoin? The answer is simple: None. The herd has discovered Bitcoin, but the herd will consume it and bring about its demise, as the protocol can't scale.
But what if I'm wrong? What if Bitcoin can scale? Well, the answer to that question is simple: Bitcoin can't scale. A form of Bitcoin that can scale ceases to be Bitcoin. Bitcoin is characterized by 1 MB blocks, which limits transaction capacity to 3 transactions per second, which is a fraction of what credit card companies can handle per second. If Bitcoin increases its block size, a new currency comes into existence, that needs new software and would leave users who fail to update their software at risk of losing their coins. What about off-chain scaling? Off-chain scaling requires settlement on the 1 MB blockchain. As a result, those who plan to develop off-chain scaling methods admit that Bitcoin would need 133 MB blocks, simply to accomplish the goals they have set for it. The system can't function under those conditions.
What happens if Bitcoin does somehow develop off-chain scaling and starts to use 133 Mb blocks? The energy needed to mine Bitcoins increases dramatically. As a result, the number of people who can mine Bitcoin goes down, mining Bitcoin will only be an option for people in places with dramatically low energy prices. In addition, governments would be unlikely to accept having 90% of their national electricity use be devoted to mining Bitcoins. A currency that requires solving pointless computer problems to distribute it is a currency that remains forever a niche phenomenon. There will be no consensus around how to change the protocol, it will endlessly fracture until it renders itself obsolete.
Important to understand is that cryptocurrencies don't allow you to hold onto extreme wealth. Consider Bitcoin. In its early days, there were plenty of smart people who saw its potential. But if you're a billionaire, how would you use a currency worth less than your own net worth, to increase your own wealth? The answer is that you can't. Small projects grow the most, but small projects can't fit your wealth inside of them. The effect this has is that the extremely unequal global distribution of wealth we witness today will be rectified. The habit that extreme wealth has is that it doesn't survive dramatic changes to the status quo.
Until a few years ago, Bitcoin was the domain of basement dwelling NEETs and angry libertarian gun-nuts. But what we can do, anyone can do. If you live in a community that suffers poverty, you can set up your own currency that you use among each other and by virtue of the fact that you use it, it grows in value. What we have done with Bitcoin, has been done by other people too. If you don't think you can win under our rules, you change the rules and play your own game. There are now numerous currencies out there that have given birth to anonymous millionaires, while many more like me have made smaller fortunes.
As I have mentioned before, technology is a self-limiting phenomenon. Technology in its most advanced stages consumes its own niche and as a result leaves us off without the technology. With self-driving cars, the car starts to die out. With lab-grown meat, meat dies out. The Internet, destroyed the concept of possession. Why should I buy a car, if it idles 95% of the time? Why should I visit a hotel, if people can rent out their room to me? Why should I own a book, if the information I seek is accessible under my fingertips? Why should I even own anything? In Sillicon Valley, digital nomads live without any genuine possessions, other than a smartphone, a laptop and the clothing they wear.
What has remained off-limits so far, is the concept of wealth itself. The idea of wealth has survived the digital transition, even as everything else has been rendered obsolete. This is now coming to an end. We live in an era, where the concept of wealth is being deconstructed. One important principle in this observation is the issue of scarcity. Things have value, because demand for them is higher than their supply. In Estonia, Latvia and Lithuania, houses are practically for sale for free, because the population has declined by a quarter since the fall of the Soviet Union. How can physical space have a price when there is more of it than anyone needs? It can't. It can only have a price when a small elite is allowed to keep it off limits to the rest of us, without making use of it themselves.
But now, we face the finalization of the deconstruction of wealth. What does it mean to own anything? How can anything have value, if it is not scarce? Are you still wealthy, if your wealth must remain a secret? If you can't flaunt the fact that you're a millionaire, you can't genuinely be thought of as rich. Cryptomillionaires are men who have wealth they can't genuinely use. Under those conditions, the illusion of power begins to die. We see today that money is a joke. You can print money in your parents' basement and people will treat it as genuine money. The next step is the recognition that wealth is a joke. The society we are entering is one where wealth loses its relevance, until it eventually can't be defined. The very concept itself is ceasing to make sense. It is a nightmare we imposed upon ourselves and now we will no longer believe in it.
The history of civilization is the exchange of wealth for fertility. The man accumulates resources, passes those on to his male descendants and the men monopolize young women to disproportionately pass on their own genes to the next generation. This became possible, when the concept of ownership became possible. There exists no inequality, among hunter-gatherers who have no ability to press a claim to resources. In primitive communities where everyone lives near a river dense with fish, some men end up claiming "ownership" over the river and soon enough we witness hereditary castes, monarchs and inherited wealth. In the Kalahari desert, where people depend on animals that run around and Mongongo nuts that can be consumed, there is no property, as there is nothing to claim ownership over. You might claim ownership over a plot of desert, sure, but how will you enforce it? You can't and thus everyone is equal.
The concept of wealth had a nice run. It survived from the Neolithic revolution until the digital revolution, when it was rendered obsolete. It transformed young sturdy women with bows in their hands and hair on their legs into airbrushed trophy wives who sell their bodies to the highest bidders. What we know as a human being today is entirely corrupted by thousands of years of civilization, during which a corrupt aristocracy disproportionately passed on its genes and turned life itself into a cynical pursuit of material wealth. Today we are saying farewell to them.
Have you ever thought about what we are leaving behind us? In a society where social status is inherited, like in India, you eventually end up with hereditary underclasses who are made to carry around leaking baskets with human excrement on their heads. Alexandra Kollontai became a Marxist after her aristocratic parents prohibited her from marrying a man she met at university, an engineering student of modest means. In the society we are giving birth to, everyone is free to pursue his deepest passions and to make use of his full potential, with no noble birthright standing in between him and his vision.
Does this sound absurd to you? Over the top? Ridiculously optimistic? Well consider this: We have already gotten rid of the aristocracy. Western civilization used to be ruled by a hereditary caste that had complete control over society. The mechanization of agriculture in the 19th century and the abolition of the corn laws led to the demise of the aristocracies. The status quo could simply not be maintained. The concept of a republic, a nation not ruled by a king, was once utterly absurd. Books about the future written in the 18th century, like Samuel Madden's "Memoirs of the Twentieth Century", feature tall tales about religious theocracies in Italy and absolute monarchies in France. What none of them anticipated is that the kind of authoritarian systems they were familiar with could not sustain itself under modern conditions. It seemed as absurd to them that people could be ruled by anything other than inbred aristocrats, as it seems to you when I suggest to you that the concept of wealth itself is in the process of being rendered obsolete.
Eventually we will develop a form of society, where money and financial transactions themselves are an outdated nuisance, an inefficiency. Consider this: You're traveling by train and find out that you don't have a public transport card. As a result, the automated gates that stay closed unless you check in with a card won't open for you. You're hesitant to jump over them, because a camera records anyone who tries to sneak in. You walk to a machine that allows you to buy a card, then you charge the card with money and check in at the gates before entering the train.
Upon entering the train, you notice a man walks around who is tasked with ensuring that everyone bought a card. This is his job, his raison d'être. After the train arrives at its destination, you walk out, forget to check out and hurry back home, here you realize that you forgot to check out and money was automatically deducted from your account. You call the train company, wait ten minutes before someone picks up the phone and ask the lady on the other side of the line to send back the money that was excessively deducted from your card because you failed to check out. Does this sound like an efficient society to you?
Consider a simple fact: In most of Western civilization, we house the homeless and provide them medical care because it's cheaper than to have emaciated people wander around in shopping malls who scare off the tourists, steal bicycles and spread tuberculosis. People find themselves wealthier, by sharing some of their wealth with those who are worst off. It's a more efficient manner of running society, that happens to be in everyone's best interest. Economic inequality, is an economic inefficiency. We live in a non-zero sum game. That is, our current situation is unoptimal, the economy as a whole can benefit from having less economic inequality.
Now hear another plain fact: Your society punitively taxes your income, because you're not benefiting society by working a lot. If you work a 9 to 5 job, as most of us do, you get up, leave your house, get stuck in traffic, sit for 8 hours, which ensures chronic health problems down the line, then head back home during rush hour again. The reason you end up with a similar amount of money if you worked 32 hours, is because it happens to be in everyone's benefit. If you worked eight hours less every week, long-term unemployment would be prevented, because more people would be able to participate in the labor market. You would be able to pick up your kids from school, rather than sending them to daycare. Unless you're a genius, nobody benefits from you "working hard". That's why you're not earning more money from it.
So now you have to ask yourself another question: If society doesn't benefit from your "work", then it's time for you to plan ahead for a future in which it renders your work obsolete. What will you do with your life, when the rat race comes to a stop? What will you do, if the neighbor who watches TV for fourteen hours a day ends up driving the same kind of car as you? If you can't spend your time "getting ahead", then what will you do with your life? That's a question that I want you to ponder.
"Life will lose its meaning" You might say. But that's what all weak men believe who can't think outside of the paradigm they were born into. I live in a society where we no longer fight trench wars with neighboring countries or build colonial empires. My life doesn't feel less meaningful as a consequence. I live in a society where I'm not encouraged to go out and fight in defense of some fundamentalist cult. My life does not feel less meaningful. If I won't have to work to sustain myself, I will quite readily find the means to make my life meaningful. If anything, it would become easier for me to have a meaningful life.
There's always something that can be done. We don't get to it, because we're forced to earn a living for ourselves. All geniuses begin their career with an excessive amount of free time. How could Darwin come up with the theory of evolution? Because he was free to visit the Galapagos islands. Why do we have seaweed that tastes like bacon in the supermarket here in the Netherlands? Because a guy had it served on his platter while he was on vacation abroad. Steve Jobs spent his twenties sleeping on people's floors, smoking pot, dropping acid and visiting guru's in India. People are not creative when they have hoops held in front of them. Innovation happens when people are left free to fool around.
Most people are passionate about something. Even white working class men in early 20th century Western Europe who worked in factories had pigeons they trained and bred for races. When people have free time and more resources than they need to sustain themselves, wonderful things are produced. Those who think we need to be kept busy, have insufficient faith in man's ability to find meaning for himself. If people are nurtered well and treated with kindness, they are able to blossom and begin to improve the world they inhabit.
If people turn into television addicted zombies when their chains are removed, it is because they were left injured by society. Dogs used for medical experiments who have their cages opened are hesitant to step out onto the green grass too. I prefer to look at the examples I know, of people who do understand how to deal with this transition. I think back to a woman I knew, who was granted a small fortune because she survived a plane crash unscathed. She travels across Europe in an old Volkswagen van with her boyfriend, I ran into her at a party held by her friends at a squatted countryside manor. She dances in the night and loves without hesitation and her eyes radiate pure joy. It is clear to me that most people are not ready for the transformations that are upon us. They don't want to live at the end of history. They want to head back to what they knew. But at the end of the day, what you are looking at is nothing to be afraid of. It's just green grass.
submitted by moresourdough to accountt1234 [link] [comments]

Build Assist for beginner looking to build a rig

I have decided to start mining some crypto as i got a decent bonus that i want to invest towards it for passive income. I can invest as high as $15,000 to build a decent rig that i want to use to mine multiple alt coins and maybe ether and bitcoin sometime just to pad those totals up in my wallet slowly.
What i am looking for is a decent rig that gives me hash rate efficiently and which i can use to mine different alt coins in a cycle as i dont plan to bind myself to an alt coin or two. If anyone is experienced in this, can you please help a beginner out with suggestions on what parts to get.
Regards, Swanklad.
P.S: Oh and i live in India, so if any indians in here know any places that sells these mining rigs and are well reputed please message me. All i could find in my city are cheap ones with 980 graphics cards. Location of the shop is not a problem as i can ship it to me.
submitted by swanklad to cryptomining [link] [comments]

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calculator,.,bitcoin,.,guiminer,.,ghash,.,bitcoin,.,g coin,.,bitcointalk,.,g cash to,.,bitcoin,.,bitcoin,.,miner.g,.,bitcoin,.,hard fork,.,bitcoin,.,hardware wallet,.,bitcoin,.,history,.,bitcoin,.,historical price,.,bitcoin,.,hack,.,bitcoin,.,how to buy,.,bitcoin,.,halving,.,bitcoin,.,how it works,.,bitcoin,.,hashrate,.,bitcoin,.,hardware wallet uk,.,bitcoin,.,h/s,.,c&h,.,bitcoin,.,main.h,.,bitcoin,.,hash.h,.,bitcoin,.,coins.h,.,bitcoin,.,best b#$h -,.,bitcoin,.,best b#$h -,.,bitcoin,.,lyrics,.,h&r block,.,bitcoin,.,h-not-zero,.,bitcoin,.,bitcoin,.,investment,.,bitcoin,.,in gbp,.,bitcoin,.,investment trust,.,bitcoin,.,index,.,bitcoin,.,inventor,.,bitcoin,.,in usd,.,bitcoin,.,india,.,bitcoin,.,inflation,.,bitcoin,.,in dollars,.,bitcoin,.,investment uk,.,i,.,bitcoin,.,in usd,.,i,.,bitcoin,.,in inr,.,i,.,bitcoin,.,to pkr,.,i,.,bitcoin,.,to dollar,.,i,.,bitcoin,.,to naira,.,i,.,bitcoin,.,in rs,.,i,.,bitcoin,.,= satoshi,.,i,.,bitcoin,.,is equal to,.,i,.,bitcoin,.,berapa rupiah,.,i,.,bitcoin,.,in inr in 2009,.,bitcoin,.,japan,.,bitcoin,.,jobs,.,bitcoin,.,japan legal,.,bitcoin,.,jesus,.,bitcoin,.,jobs london,.,bitcoin,.,jobs uk,.,bitcoin,.,july 2017,.,bitcoin,.,jokes,.,bitcoin,.,june 2017,.,bitcoin,.,jihan,.,bitcoin,.,j,.,bitcoinj tutorial,.,bitcoinj micropayments,.,mary j,.,bitcoin,.,belle,.,mary j,.,bitcointalk,.,j maurice,.,bitcoin,.,mary j,.,bitcoin,.,j p morgan,.,bitcoin,.,,.,bitcoin,.,j vty,.,обменник,.,bitcoin,.,bitcoin,.,kurs,.,bitcoin,.,kraken,.,bitcoin,.,koers,.,bitcoin,.,knots,.,bitcoin,.,key,.,bitcoin,.,kopen,.,bitcoin,.,korea,.,bitcoin,.,knowledge,.,bitcoin,.,kaufen,.,bitcoin,.,kurz,.,bitcoin,.,k line,.,bitcoin,.,k,.,bitcoin,.,k value,.,bitcoin,.,k chart,.,john k,.,bitcoin,.,bitcoin,.,k-market,.,k-market jätkäsaari,.,bitcoin,.,k čemu,.,bitcoin,.,bitcoin,.,live price,.,bitcoin,.,latest news,.,bitcoin,.,login,.,bitcoin,.,logo,.,bitcoin,.,ledger,.,bitcoin,.,live,.,bitcoin,.,local,.,bitcoin,.,lottery,.,bitcoin,.,london,.,bitcoin,.,loan,.,bitcoin,.,l-39,.,l-39,.,bitcoin,.,jet,.,bitcoin,.,l'altra faccia della moneta,.,l'ambassade,.,bitcoin,.,l'avenir du,.,bitcoin,.,l'histoire du,.,bitcoin,.,l'inventeur du,.,bitcoin,.,l'évolution du,.,bitcoin,.,l'avenir des,.,bitcoins,.,l'origine du,.,bitcoin,.,bitcoin,.,market,.,bitcoin,.,millionaire,.,bitcoin,.,mining software,.,bitcoin,.,meaning,.,bitcoin,.,mining hardware,.,bitcoin,.,machine,.,bitcoin,.,mining pool,.,bitcoin,.,magazine,.,bitcoin,.,mining rig,.,m,.,bitcoin,.,meaning,.,m.bitcoin2048,.,bitcoin,.,m of n,.,bitcoin,.,m of n transactions,.,siriusxm,.,bitcoin,.,triple m,.,bitcoin,.,m lhuillier,.,bitcoin,.,m pesa vs,.,bitcoin,.,m.bitcoin2048.com отзывы,.,mercado,.,bitcoin,.,bitcoin,.,news uk,.,bitcoin,.,network,.,bitcoin,.,net worth,.,bitcoin,.,news reddit,.,bitcoin,.,nodes,.,bitcoin,.,network fee,.,bitcoin,.,near me,.,bitcoin,.,nedir,.,bitcoin,.,news india,.,bitcoin.n,.,bitcoin,.,n.ireland,.,n&p,.,bitcoin,.,consulting,.,shares in,.,bitcoin,.,piotr_n,.,bitcointalk,.,piotr_n,.,bitcoin,.,m of n,.,bitcoin,.,bitcoinspot.n,.,bitcoin,.,or ethereum,.,bitcoin,.,owner,.,bitcoin,.,online,.,bitcoin,.,original price,.,bitcoin,.,offline wallet,.,bitcoin,.,online wallet,.,bitcoin,.,outlook,.,bitcoin,.,official site,.,bitcoin,.,on amazon,.,o,.,bitcoin,.,e seguro,.,o,.,bitcoinu,.,bitcoin,.,o'reilly,.,bitcoin,.,to aud,.,bitcoin,.,o'reilly pdf,.,bitcoin,.,to euro,.,bitcoin,.,to btc,.,sve o,.,bitcoin,.,o'reilly,.,bitcoin,.,and the blockchain,.,bitcoin,.,price gbp,.,bitcoin,.,predictions,.,bitcoin,.,price uk,.,bitcoin,.,price prediction,.,bitcoin,.,paper wallet,.,bitcoin,.,pizza,.,,.,bitcoin,.,price live,.,p np,.,bitcoin,.,r.i.p.,.,bitcoin,.,p-free,.,bitcoin,.,win32/bitcoinminer.p,.,bitcoin,.,qt,.,bitcoin,.,qr code,.,bitcoin,.,quote,.,bitcoin,.,quantum computing,.,bitcoin,.,que 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chart,.,bitcoin,.,value history,.,bitcoin,.,value gbp,.,bitcoin,.,vs ethereum,.,bitcoin,.,vs usd,.,bitcoin,.,volatility,.,bitcoin,.,vs litecoin,.,bitcoin,.,value 2010,.,bitcoin,.,vs gold,.,bitcoin,.,v litecoin,.,bitcoin,.,v dollar,.,bitcoin,.,v euro,.,bitcoin,.,v gold,.,bitcoin,.,v blockchain,.,bitcoin,.,v onecoin,.,bitcoin,.,hack v.2,.,bitcoin,.,worth,.,bitcoin,.,wiki,.,bitcoin,.,wallet uk,.,bitcoin,.,what is it,.,bitcoinwisdom,.,bitcoin,.,whitepaper,.,bitcoin,.,wallet online,.,bitcoin,.,wallet address,.,bitcoin,.,wallet download,.,bitcoin,.,miner.w,.,bitcoin,.,w polsce,.,bitcoiny w polsce,.,bitcoin,.,w niemczech,.,bitcoin,.,w chmurze,.,bitcoin,.,w żabce,.,bitcoin,.,w polsce legalny,.,bitcoin,.,w chinach,.,bitcoin,.,w prawie polskim,.,bitcoin,.,w górę,.,bitcoin,.,xe,.,bitcoin,.,xbt,.,bitcoin,.,xt,.,bitcoin,.,xbte,.,bitcoin,.,xapo,.,bitcoin,.,xrp,.,bitcoin,.,xt price,.,bitcoin,.,xpub,.,x,.,bitcoin,.,generator,.,bitcoin,.,yahoo finance,.,bitcoin,.,year chart,.,bitcoin,.,year,.,bitcoin,.,yield,.,bitcoin,.,ytd,.,bitcoin,.,yubikey,.,bitcoin,.,yoda,.,bitcoin,.,yahoo finance chart,.,ybitcoin,.,magazine,.,bitcoin,.,y control de cambio,.,y combinator,.,bitcoin,.,ecuador y,.,bitcoin,.,bitcoin,.,by paypal,.,bitcoin,.,y el lavado de dinero,.,bitcoin,.,y deep web,.,bitcoin,.,y lavado de dinero,.,bitcoin,.,y litecoin,.,bitcoin,.,and blockchain,.,bitcoin,.,zebra,.,bitcoin,.,zerohedge,.,bitcoin,.,zimbabwe,.,bitcoin,.,zar,.,bitcoin,.,zcash,.,bitcoin,.,zapwallettxes,.,bitcoin,.,zarabianie,.,bitcoin,.,zug,.,bitcoin,.,zero,.,bitcoin,.,zero confirmations,.,bitcoin,.,z value,.,titan z,.,bitcoin,.,mining,.,titan z,.,bitcoin,.,z cash,.,bitcoin,.,nvidia titan z,.,bitcoin,.,mining,.,nvidia titan z,.,bitcoin,.,nakup zlata z,.,bitcoini,.,sklep z,.,bitcoinami,.,trgovanje z,.,bitcoini,.,co z,.,bitcoinem,.,bitcoin,.,0 confirmations,.,bitcoin,.,0.1,.,bitcoin,.,0.1.0,.,bitcoin,.,0 active connections,.,bitcoin,.,0 transaction fee,.,bitcoin,.,0 fee,.,0.15,.,bitcoins,.,0 25,.,bitcoins,.,0.05,.,bitcoin,.,in euro,.,bitcoin,.,2.0,.,0.1,.,bitcoins,.,0.21,.,bitcoins,.,bitcoin,.,1st august,.,bitcoin,.,1 million,.,bitcoin,.,101,.,bitcoin,.,10 year chart,.,bitcoin,.,10000,.,bitcoin,.,148,.,,.,bitcoin,.,10 year prediction,.,bitcoin,.,100k,.,bitcoin,.,100 dollars,.,bitcoin,.,10 years ago,.,1,.,bitcoin,.,in gbp,.,1,.,bitcoin,.,in pounds,.,1,.,bitcoin,.,in £,.,1,.,bitcoin,.,to dollar,.,1,.,bitcoin,.,in inr,.,1,.,bitcoin,.,to euro,.,1,.,bitcoin,.,in gdp,.,1,.,bitcoin,.,in eur,.,1,.,bitcoin,.,to myr,.,1,.,bitcoin,.,in sterling,.,bitcoin,.,2010,.,bitcoin,.,2017,.,bitcoin,.,2020,.,bitcoin,.,2018,.,bitcoin,.,2009,.,bitcoin,.,2013,.,bitcoin,.,21 million,.,bitcoin,.,2012,.,bitcoin,.,2014,.,2,.,bitcoin,.,to usd,.,2,.,bitcoin,.,price,.,2,.,bitcoin,.,to inr,.,2,.,bitcoin,.,wallets,.,2,.,bitcoins to dollars,.,2,.,bitcoins free,.,2,.,bitcoins a month,.,2,.,bitcoin,.,qt,.,bitcoin,.,2 year chart,.,bitcoin,.,2 paypal,.,bitcoin,.,3000,.,bitcoin,.,31st july,.,bitcoin,.,3 confirmations,.,bitcoin,.,3.0,.,bitcoin,.,3 year chart,.,bitcoin,.,3 month chart,.,bitcoin,.,300,.,bitcoin,.,365 club,.,bitcoin,.,3000 usd,.,bitcoin,.,30 confirmations,.,3,.,bitcoins in gbp,.,3,.,bitcoins,.,3,.,bitcoins to usd,.,3,.,bitcoin,.,in euro,.,3,.,bitcoin,.,to eur,.,bitcoin,.,3 unlimited,.,bitcoin,.,3 day chart,.,bitcoin,.,3 address,.,bitcoin,.,4000,.,bitcoin,.,4chan,.,bitcoin,.,4 billion,.,bitcoin,.,401k,.,bitcoin,.,4 backpage,.,bitcoin,.,43,.,bitcoin,.,40000,.,bitcoin,.,4k,.,bitcoin,.,4 year chart,.,bitcoin,.,48,.,4,.,bitcoins,.,4,.,bitcoins to usd,.,4,.,bitcoins in gbp,.,4,.,bitcoin,.,to eur,.,bitcoins 4 backpage,.,bitcoin,.,4 igaming,.,bitcoin,.,4 u,.,bitcoin,.,4 november,.,bitcoin,.,4 cash,.,bitcoin,.,5 year chart,.,bitcoin,.,51 attack,.,bitcoin,.,500,.,bitcoin,.,5 year,.,bitcoin,.,500 000,.,bitcoin,.,5000,.,bitcoin,.,50000,.,bitcoin,.,5 year price,.,bitcoin,.,5 years ago,.,bitcoin,.,5 year forecast,.,5,.,bitcoins in pounds,.,5,.,bitcoins,.,5,.,bitcoins to usd,.,5,.,bitcoin,.,free,.,5,.,bitcoin,.,in euro,.,bitcoin,.,5 years,.,bitcoin,.,5 minutes,.,bitcoin,.,5 min,.,bitcoin,.,5 unlimited generator,.,bitcoin,.,666,.,bitcoin,.,6 months,.,bitcoin,.,6 confirmations,.,bitcoin,.,6 month chart,.,bitcoin,.,6000,.,bitcoin,.,60 minutes,.,bitcoin,.,6 confirmations time,.,bitcoin,.,6 month price,.,bitcoin,.,6 years ago,.,bitcoin,.,60 day chart,.,6,.,bitcoin,.,network confirmations,.,,.,
submitted by besterse to BestCryptoPlatform [link] [comments]

[Shibe Market Analysis] An Introduction to Fundamentals-based Valuation

Browsing /dogecoin and the community at large, you may have noticed that typically people "value", or form an estimate of the prices they'd be willing to buy and sell dogecoin at, through a number of methods, most common of which are a buy and hold-style (which at its core is saying dogecoin will be undervalued til we reach the proverbial moon) and technical analysis based, akin to saying "dogecoin hasn't gone below 150 in a while, so buying at 150 is probably a good idea".
While both of these techniques have their merits, there is a 3rd methodology of valuation that may interest the more mathematically-oriented shibes, and is helpful for all shibes to be familiar with, namely fundamentals-based valuation.
What are fundamentals?
Fundamentals are the underlying characteristics of the doge economy; metrics like the average transaction value, network difficulty, block reward and rate of dogecoin production are all ways of "measuring" these characteristics and play a role in fundamentals-based valuation. It is worth noting that only fundamentals-based valuation can answer the question of "why", because it is the only methodology that incorporates the underlying economy beneath the price of doge. For example, if i ask why dogecoin doesn't go below 150, a trader may answer that whales have a buy wall at 150, or there is strong support at 150, but can never really explain why these phenomenon choose the price of 150 to assert themselves.
A Fundamentals-based Valuation
This spreadsheet shows the process of arriving at a target price for DOGE/BTC based on the underlying network difficulty and the cost of building a mining rig.
Modeling the rig
Mining rigs are a core component in the production of dogecoin, and while there are vast differences in their appearance and features, all mining rigs can be boiled down into two key metrics - the capital cost per kilohash per second, and the electrical consumption per kilohash per second. Capital cost per KH/s measures how much it costs to build the rig, and typically hovers around $1 per KH/s. Using quality parts and higher margins of safety pushes this value up, while skimping on quality and operating with smaller safety margins can push this value closer to $0.75 or lower. A lower value of capital cost per KH/s means your rig is more efficient with your capital (the money you use to build it). Electrical consumption per KH/s is much more standard, as the predominant AMD gpus essentially share the same chips, and so even though some cards generate higher KH/s, they also use more electricity. This number combined with the electrical cost per kWh in your region essentially determine your "operating cost", or the cost you pay to keep your rig running. I've used the typical electicity cost in my region, 15 cents per kWh.
As a side note, the primary feature of scrypt asics is not the fundamental revolution it was in bitcoins - scrypt asics simply offer much lower electrical consumption per KH/s in exchange for a much higher capital cost per KH/s. It remains to be seen whether the hardware manufacturing industry will reduce the cost of scrypt asics enough to make them competitive with GPUs on a capital cost per KH/s basis. If this happens, then they will indeed become the dominant form of mining hardware, otherwise there will always be room for GPU rigs.
Modeling the Macro Economy of Doge
The network difficulty parameter you've probably heard of before, and essentially controls how many doges you receive per KH/s over a period of time. Since the total number of doges given out per block must average out to a fixed rate, but the global hash rate changes, the network difficulty adjusts to distribute the doges proportionately.
Finally, the Daily Growth Rate is one of the most important parameters, and one of the hardest to estimate. Essentially it's the growth rate of the dogecoin economy, and different ways of estimating it will dramatically change the result. Historically over the last 2 months, the doge economy has grown at an average pace of 5.04% per day, measured by market cap.
Putting it together
Using the network difficulty, its possible to estimate the daily doge production per KH/s, which using a network difficulty of 1418 works out to be approximately 7.09 doges/day. The electricity used to produce this is a flat $0.000000625 worth of kWh per day. The capital cost, on the other hand, varies according to the interest rate you use. Since we're assuming 1 KH/s costs $1 of capital, the required interest you need to earn on your capital is the effective daily cost of capital. Summing the two costs gives you an estimated total cost per day in USD of producing the 7.09 doge, and from this we can derive an implied exchange rate.
As you can see, the primary driver of changes in this exchange rate is the interest/growth rate on capital - much like how in fiat markets, the interest rate on government bonds determines exchange rates (if I can earn 2.5% on bonds in India but can borrow at 0.25% in the USA, I will borrow USD to exchange into Indian rupees to buy their bonds and earn a 2.25% spread, and in doing so create demand for rupees and supply of dollars in exchange markets, pushing the value of the rupee up).
In the case of doge, you can think of it as you can borrow on your credit card for 35% annually, or approximately 0.082% daily, and then use the money you get to buy a rig, which earns you 1.65% per day, and pocket the difference of 1.56% (please do not max out your credit card doing this). Should the value of doge fall below the level corresponding to 0.082%, new miners no longer will want to take debt to build mining rigs. I haven't done the calculations here, but you can actually use litecoin in a similar manner - litecoin is a safer, more established crypto than doge with less price variation, and so at the same rate of return on capital, a miner will probably choose to mine litecoin. Implicitly this also means that mining doge must earn a higher return than mining litecoin, and so the rate of return on capital mining litecoin sets a floor for the rate of return of mining doge, and thus the price of doge. Should the price of doge hit this floor, rather than the price continuing to fall the global hash rate and difficulty would begin going down instead, and those miners continuing to mine doge would receive the required return on capital because they collect more doges per KH/s.
Takeaways
Examining the selected interest rates, you can see that at the historical average growth rate of 5.04%, doge should be worth 1024 satoshis, more than 5 times the current price. It's clear the market doesn't believe we will continue growing at 5.04% per day. Working backwards from the current exchange rate, we can actually see that the market currently estimates the doge economy to grow at .86% per day going forward. When the block reward halves, if the network difficulty doesn't fall substantially, dogecoin will need to become substantially more valuable in order to justify the capital used to mine it. In practice, it will probably be a combination of the network difficulty decreasing and the price of dogecoin increasing that re-equilibriates the market, but this process may go on for a few weeks during which time the price of dogecoin and the network difficulty may be highly volatile. Notably, the hash rate that leaves dogecoin will probably migrate to other cryptos, and so it may be worthwhile for daytraders and speculators to begin looking for those alt-coins likely to attract the displaced hashrate from dogecoin once the block reward halves, and buy those coins before their network difficulty rises in anticipation of the prices rising.
While this article isn't meant to be a definitive guide on fundamentals-based valuation, it is meant to introduce the concept and light the path for shibes more interested in investing for the long run and display some of the techniques and the frame of mind behind valuations based on the underlying economy, rather than the lines on a chart.
Happy trading shibes!
Disclaimer: I am not psychic and do not actually know where the market is going; I'm pretty sure the market doesn't know where its going either (except TO THE MOON!). Please do not base your trading decisions solely on the above analysis, and never trade more than you're comfortable losing. Finally, please do not hate/sue me if trades don't go your way, but if they do go your way, it was totally because you read this article :)
If you're looking to learn how to trade or just want a quick refresher, check out my ongoing series, or if you just want to subscribe to these market analyses check out DogeTrader.
submitted by kwickymartkidd to dogecoin [link] [comments]

MAD Doge - Market Analysis 2/9/2014 (Edition Edition) Sochi n' Such

Let's fly right into this:

Updates:

Market Trend

The Free Market

Ready? Okay, let's get started

Cool down

Upcoming Topics

Hopefully I can cram all that into this week, we're planning on posting once a day except for Thursday.
Keep it classy shibes, SHIBE ON!
TLDR: Too Much Regulation Sucks.
submitted by DRKMSTR to MADDOGE [link] [comments]

Bought a new gaming computer a few days ago. How much can I expect to earn by mining litecoins? Computer spec inside.

Here's my build:
PCPartPicker part list / Price breakdown by merchant / Benchmarks
Type Item Price
CPU AMD FX-6300 3.5GHz 6-Core Processor $119.99 @ Microcenter
Motherboard Asus M5A97 R2.0 EVO ATX AM3+ Motherboard -
Memory Kingston HyperX 8GB (4GB x 1) DDR3-1600 Memory $181.99 @ Amazon
Storage Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive $80.86 @ Compuvest
Video Card Sapphire Radeon HD 7870Ghz 2GB Video Card $224.99 @ Newegg
Case Corsair 200r $49.98 @ Outlet PC
Power Supply SeaSonic S12II 520W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply $70.98 @ Newegg
Optical Drive LG GH24NS72 DVD/CD Writer $24.17 @ NCIX US
Monitor Dell S2240L 60Hz 21.5" Monitor $126.00 @ Newegg
Total
Prices include shipping, taxes, and discounts when available. $878.96
Generated by PCPartPicker 2013-05-27 16:12 EDT-0400
Ignore the price, this costed me $1061 in India.
How much can I expect to earn while mining with this rig, in dollars? I've no idea how litecoin/bitcoin works (although I know about the basics but have no clue about hash etc.).
Electricity bill rates are $0.086 per unit (or Rs. 5). Can this system keep up with that and more importantly, make any profit?
Also, will it be more profitable to mine litecoins or bitecoins?
submitted by FusionX to litecoinmining [link] [comments]

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mining rig setup banglore india bitcoin mining ethereum mining by bitcoin baba and team

hello friends these setup is in banglore india the mining rig includes 8 rx 580 8 gb cards 2 750 watt psu tb 250 btc pro motherboard and other things total hash rate of the machine is 430 mh if ... mining rig setup banglore india bitcoin mining ethereum mining by bitcoin baba and team - Duration: 1:30. BITCOIN BABA 2,894 views. 1:30 . Ethereum Mining Rig In India 30mhs on Sapphire Rx570 4gb ... BITCOIN MINING RIG IN INDIA - Duration: 21:40. SMINFOTECH Cryptocurrcey 10,313 views. 21:40. Transform a Damaged Laptop into an ALL-IN-ONE desktop PC - Duration: 17:17. ... hello friends these setup is in banglore india the mining rig includes 8 rx 580 8 gb cards 2 750 watt psu tb 250 btc pro motherboard and other things total hash rate of the machine is 430 mh if ...

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