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What Can We Expect in the Halving Market? 58COIN Exchange Beauty Executive Gives the Answer

What Can We Expect in the Halving Market? 58COIN Exchange Beauty Executive Gives the Answer

What are the effects of the third Bitcoin halving?
How to view the relationship between mining pools and exchanges?
Is the contract a road of no return?
What is the future trend of digital currency?

Q1: What does 58COIN expect from this Bitcoin halving?
Xiao Bei: On the macro level, reduction in the bitcoin production shows a more stable signal to the market. May 12th is the third halving in bitcoin’s history, before it, however, the daily production plunged from 1800 to 900, a reduction of around 30,000 bitcoins in a month. The selling pressure reduced significantly, which leaves the root impact on the gradual stability of the market.
The reduction not only brought us a bull market with a sustainable and long-lasting effect but greater opportunities as well. As an exchange, it should better improve itself and render stable and quality products to users. Currently, 58COIN’s mining pool ranks the top 5 in the world. After the reduction, based on the principle of survival of the fittest, the superior resources will be allocated to a larger and more stable mining farm, and the steady recovery of computing power is also anticipating.
Q2: As an exchange, why does 58COIN occupy more than 10% of the overall bitcoin’s computing power?
Xiao Bei: At present, our computing power share is about 7.8%, ranking among the top five in the world. Our recent goal is to have a stable computing power share of more than 10%.
The mining pool provides the main non-trading BTC source for the exchange, increases the supply of BTCs on the market, and injects liquidity into the market. The top ten exchanges are expected to receive more than 70% of the bitcoin in the mining pool, so all major exchanges have begun to layout the mining pool to compete for BTC.
58COIN has reorganized the layout and started the operation of the new mining pool (58COIN& 1THash) in 2019. We have a mature operation team with more than 6 years’ experience, and hope to better link the upstream and downstream industries in the next stage. This is also an important step in the strategic development of high-quality exchanges.
Q3: For an exchange, liquidity and redemption abilities are the absolute reflection of the user's sense of security. How does 58COIN ensure these two abilities that users care most?
Xiao Bei: In terms of liquidity, first of all, our registered users have exceeded 3 million, which provides sufficient trading liquidity and depth. Secondly, our matching transaction service with constantly upgraded technology and algorithm ensures that each matchmaking time is in the microsecond level, and easily achieve system 10,000-level throughput performance.
Concerning the redemption ability, non-trading digital assets held by the exchange serves as the foundation. The advantages of 58COIN's mining pool have accumulated abundant platform reserves for us. As of now, our risk reserve has exceeded 3.6 billion yuan.
Besides, the Exchange integrates account opening, transaction matching, and liquidation, and plays an important role in the secondary market. Most exchanges lack a high-quality intelligent risk control system, a comprehensive anti-money laundering mechanism, and insufficient open and transparent information disclosure and supervision. There may be acts of forgery of trading volume, joint price manipulation with the project party, and other actions that harm the interests of investors. If the liquidity itself is not good enough, the situation mentioned above is more likely to occur.
Q4: Which section does 58COIN values most? Contract Trading or Spot Transactions? What is the biggest advantage of trading contracts on 58COIN?
Xiao Bei: Both spot and contract boast their own advantages, separately lie in the exchange value through hoarded coins, and flexible use of fluctuations. 58COIN as the main contract exchange, contract trading is definitely our focus. In terms of spot, it is mainly based on mainstream currencies.
Compared with spot trading, the two-direction trading mechanism is more flexible. Also, leverage can increase the utilization rate of funds and amplify the profit, which is suitable for users with fewer funds to trade.
The biggest advantage of contract transactions, in addition to the just mentioned abundant platform reserves, complete risk control and huge user base, there are several points related to the user's vital interests:
  1. The lowest fee in the industry. For example, the handling fee of the perpetual contract is: “Taker 0.03%, Maker 0.015%”;
  2. The fixed maintenance margin of 0.5%;
  3. No funding fees. We have made every effort to reduce the principal consumption in each exchange, thus greatly lower the risk of liquidation;
  4. The platform insurance funds bear the full debt loss, and users do not have to worry about apportioning any risks.
In addition, the contract can also maintain the value of the existing mainstream spot of the user to minimize the risk of depreciation caused by spot fluctuations.
It is worth mentioning that in terms of wallet, we implement multi-level and multi-dimensional security risk control strategies such as hot and cold wallet isolation, multi-signature authorization, and regularly change of hot wallet addresses. Meanwhile, a manual verification process was added to ensure the safety of the assets. Since its establishment, there has never been any wallet accident, wallet stolen, or the loss of coin incidents.
Q5: In the contract transaction, what advice does 58COIN give to novice users?
Xiao Bei: Firstly, please remind that contract is not a devil, it is just a tool. What we should do is to make good use of the tool to make profits.
Secondly, the purpose of the investment is to withdraw, and suggestions are shown below:
1. Invest with the spare funds at hand;
2. In the spot transaction, hoard coins in the bear market and exchange in the bull market, do not follow the trend of buying in the bull market;
3. In the contract, set up operation points and positions, and perform secondary operations according to market conditions. (Do not be greedy)
4. Make a risk response plan during the investment process, such as a sufficient margin, value preservation plan, etc.
Finally, we must keep in mind: when doing spot transactions, choose assets with good liquidity in a way to get away from manipulation projects, risky exchanges, etc.
58COIN provides detailed descriptions for each business line, novice users should read them carefully before using. Besides, each contract trading page is designed with a calculator to help provide trading references to users before investment.
Q6: What are the new plans of 58COIN?
Xiao Bei: First of all, we will remain a sophisticated attitude in technology, risk control, and product experience, offering a stronger guarantee for users' transactions; second, we will further improve the ecological layout of 58COIN, from increasing investment in mining pools, gradually optimizing the hot and cold wallet system, enabling entities, focusing on community construction, etc., with better technical upgrades and preparations, to ensure that the entire 58COIN ecology can better link the upstream and downstream industries, providing our users with a more stable ecological background; We will launch some online activities in the near future, covering basic knowledge, candlestick chart learning, and industry analysis. We look forward to making joint efforts with our users in learning and making progress.
Q7: What does 58COIN want to say about the future cryptocurrency market?
Xiao Bei: The real big bonus in the cryptocurrency market has not yet been released, and Bitcoin has more imagination space than gold in the future. The cryptocurrency market is stepping toward a diversified, professional, and tangible direction, requiring more high-quality industries participation and landing. Though it is currently the fastest-growing field, financial attributes should not be the only factor entitled to cryptocurrencies, the future market should be more integrated and serve the real economy, such as the Internet of Things, financial systems, and personal privacy.
For more details, please log in to or download our app:
submitted by 58CoinExchange to u/58CoinExchange [link] [comments]

What is a better investment, Bitcoin or Ethereum?

Before I explain why, I need you to understand something. Bitcoin and Ethereum are at two completely different stages within their potential. They also do not share the exact same mission; therefore, you do have to understand their differences to form an opinion about which one has the biggest use.
Before we look at the coins in detail, let's start with the potential ROI (100% = 2x Original Investment).
Bitcoin’s current market cap is $193,165,354,468 in order for you to make 100% this number would need to double to just under $400 Billion.
Ethereum’s current market cap is $44,715,990,083 , roughly 1/5th of Bitcoins. In order for you to make 100%, the price would need to increase to just under $90 Billion. - This is obviously more probable.
This will not serve as the only variable in making a decision, we now need to break down their uses and differences.
What is Bitcoin?
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
Peer-to-Peer (P2P): is a technical way of saying computers (peers) that are connected together via the internet.
Timestamps: are a sequence of characters that identify exactly when a certain event occurred, giving the exact time and date.
Hashing: is the process of compacting large quantities of data into smaller fixed sizes.
Proof-of-work: is the verification that the individual peer created the said hash
Nodes: are computers that are connected to the blockchain
Bitcoin is a first generation cryptocurrency, that was created in 2009 with the intention to become the currency of the internet.
Its Applications
Safe Haven
Being that billions of people are under the control of a broke economy or volatile dictatorship, Bitcoin is beginning to become a medium in which people within underdeveloped countries feel as a more secure place to store their value.
The current operation costs roughly $600B annually, all at the expense of separated families. Bitcoin can now serve as a tool that operates the exact same way and only costs 1/10th of the price.
A transaction on the Bitcoin network also processes faster therefore giving the people a strong reason to make the switch.
Bitcoin is recognized as an asset, but can also be identified as an efficient currency in which people can buy and exchange with. With this being an application of Bitcoin, as the market continues to decrease in volatility, the use for Bitcoin will increase within businesses and everyday people that transact on a daily basis.
These are just a few, but for the sake of answer length, let’s move onto some of the scalability issues with Bitcoin that hinder my decision of choosing Bitcoin over Ethereum.
Bothering Issues with Bitcoin
A study from Digiconomist found that each transaction on the Bitcoin blockchain uses 236 KWh worth of electricity, this amount is enough to power 8 U.S households for an entire day.
Energy consumption will hinder the scalability issues of Bitcoin, however the other issue that arises with POW mining is that with the increase in cost associated with mining BTC it is less economical to mine Bitcoin. This would limit the distributed nodes (miners) globally and allow a larger percentage of control to the dominant mining pools / farms.
This would lead to a more centralized blockchain, where they can change the rules of BTC as they please.
The supply of Bitcoin is finite, capped at 21 million. Eventually (currently predicted for 2140) Bitcoin's supply will run out. Once this happens, miners will no longer receive rewards for completing blocks but instead will be given fees. The fees will be drastically high in relative terms, and people will stop using the blockchain.
Also, if miners decide that this is uneconomical for them to process the transactions and use their computing power elsewhere the speed of transactions for Bitcoin will drastically slow down, rendering one of the fundamental values of a Bitcoin (speed) useless.
Blue chip Companies
This is more so for all cryptocurrencies, but Bitcoin in particular. It’s not a matter of if but a matter of when a blue-chip company such as Facebook, Amazon or Google decides to implement their own cryptocurrency.
Another possibility is a potential ‘world coin’ which global governments will all agree on using, this may seem unrealistic but it is definitely not impossible and many benefits would arise from having such a currency.
Quantum Computing
Bitcoin is said to be Quantum resistant, on the whitepaper it mentions that:
‘To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases.’
This may seem quantum resistant but it is important to understand that the difficulty is changed every 10 minutes and this is more than enough time for QC to mine all of Bitcoin’s remaining coins.
Bitcoin Bubble
The last point of this section is to recognize that the Bitcoin bubble could pop loud enough to crash the market. Due to a whole lot of hype, and even more speculative and uneducated buyers, Bitcoin could face a peak in which a simple spark
What is Ethereum?
Ethereum is an open source platform with the mission to build and inspire next-generation decentralized applications. In other words, the applications being built on the Ethereum network would have no middle men. Users are able to interact safely with social and financial systems to transact peer to peer, therefore opening a new realm of opportunity within decentralized development on specifically the exchange of value.
Like the Bitcoin network exchanges Bitcoin, applications within the Ethereum network would exchange ETHER. Therefore, making the Ethereum network have its own digital currency or, cryptocurrency that these decentralized applications would run on.
On the Ethereum network, developers are able to build these decentralized applications simply, within this seemingly complicated new technology. Think of it as Shopify or Volusion, these are centralized networks in which users/developers can build e-commerce stores more efficiently and cost effectively.
Ethereum is similar in this aspect, the network was essentially created to assist and fuel the growth of decentralized blockchain applications within its network.
Smart Contracts
Now, what Ethereum is based on, is a thing called “Smart Contracts”
Developers are extremely excited about this tool, a smart contract is similar to how it sounds, it’s a digital contract that self-executes… Think of it as a virtual vending machine.
A smart contract is a digital contract between two people in which the technology or tool handles the management, performance, enforcement and payment of the agreement. The smart contract has its own digital bank account of ETHER and settles once the product is received or the service is completed therefore greatly improving the efficiency of data tracking, payment processing and user friendliness of each decentralized application.
Let’s dive into an example
The first age of the internet brought quite a bit of disruption to the music industry… Idk if you knew, but if you we’re a songwriter 25 years ago and produced a hit song that got a million singles you would acquire royalties of up to $50,000. Now if you were to produce a hit song that gets a million streams you don’t get $50,000, you get $45… Enough to cover the first round at the bar.
In result, musicians are now finding other ways to produce revenue with their music. One being the utilization of a blockchain ecosystem like Ethereum. Music applications are now being built for musicians to reclaim their content, smart contracts are being implemented into the music itself, therefore the music protects the intellectual property rights of the artist.
You want to listen to the song? It’s free… or maybe a few micro pennies to download. You want to put the song in your video or movie? Make it your ringtone? These each cost a different price and presented at the point of purchase would be its underlying IP rights for the use of that piece of music.
Musicians are absolutely hyped about this because now, the song becomes a business. It’s out there on this platform marketing itself, protecting the rights of the author and because the song has a payment system; in the sense of a bank account, all of the money then flows back to the artist, and they control the industry rather than these powerful intermediaries.
This concept could apply not only to just songwriters but any creator of content, from art, to inventions, to scientific discoveries or the work from independent journalists. There are endless industries in which people do not gain fair compensation in which the underlying technology of Ethereum could benefit in a big way.
Other examples:
· A smart contract can be created to pay a worker for every hour they work, they log their hours on the blockchain and then after verification the funds are instantly transferred to them
· Buying goods internationally can be tracked and verified – reducing fraud.
· Property buying can be facilitated through the contract
· Every industry that has a contract in place will be able to use the blockchain of Ethereum
It is also worth noting that Ethereum is also a lot quicker than Bitcoin, average block time being 15 seconds for Ethereum opposed to 10 minutes for Bitcoin.
Personally, I am invested into both. If I HAD to choose, like I said it would be Ethereum simply because of where it is now in comparison to its potential as well as its very transparent, direct, opportunistic mission towards the hosting of decentralized blockchain applications.
submitted by alifkhalil469 to BtcNewz [link] [comments]

[Long] In defense of the idea of "post-scarcity"... kinda

It has come to my attention that on this subreddit and many others, the idea of humanity becoming a "post scarcity society" is seen as laughable, and its proponents pitiful and uneducated.
It is not difficult to see why people would think this. Right now, we live in a world of consumer capitalism, which is characterized by private ownership of the means of production, wage labour, and the exchange of goods and services on a market as opposed to a planned economy. Market economies generally create price points through the ever alternating conditions of supply and demand, that is the higher the demand and the lower the supply of a good, the higher the price will be and sometimes vice versa. Now, in this capitalist market system, value is dictated by this principle of supply and demand, and so an imperative precondition for capitalism is the scarcity of resources. If there were no or little resource scarcity, it would be impossible for any market system, including capitalism, to function at all.
With that said...
Throughout human history we have gained ever easier and more convenient access to resources. The earliest example of this was during the neolithic revolution, where hunter-gather tribes were settling down and beginning to invest their time majorly in agriculture, but also in the area of crafts. This dawn of civilization brought with it many perks for the human race. People no longer needed to hunt for food, and had a sense of safety in their respective community. At the end of it, humanity had much greater access to resources than they did in paleolithic times - this was also of course the advent of the division of labour.
The next big "jump" we made as a race was during the industrial revolution, where the combine harvester made many agrarians redundant, so they flooded to the cities to work in factories, this was the beginning of commodity production. Good that previously only the wealthy could afford were now available to the masses because factories were so efficient in their production. The resource we used for power at the time was steam and coal, which gave us electricity.
Recently we have had another big leap as a civilization. The internet has given us near limitless access to cheap and free information that has led to a boom in the education sector. These days, anyone can gain a new skill by taking an online course or simply through self learning.
Today we are beginning to transition away from fossil fuels and into renewable energy in a big way, and this is only going to become evermore the case. But here's the thing with renewables, they are self sufficient, they require little resources to maintain and run. Renewables thus have a net marginal cost of near zero in the long term. And on top of that, with experimental nuclear projects such as the ITER project and various governments mandating the research of MSRs, there are even more ways to generate energy than ever before.
Energy is becoming more and more abundant, setting the precedent for post-scarcity.
However, its not just about energy, its also about information and resources. We are making technological strides in areas of agriculture, in nanotechnology, and in so many other areas. There is an experimental method of recycling that exists called molecular sorting, whereby waste is taken and, via nanotechnology, disassembled into its individual components to be reused for other stuff. Countries like Japan are investing heavily in vertical farming, which if we were going for post scarcity could generate an abundance of food for the population in combination with the synthesizing of meat and dairy produce. Food has the same problem as energy, you use it or you lose it, at least today. However, imagine having massive storage containers positioned next to your nearest vertical farm that would cryogenically freeze most of the food produced on the urban farm, a "food battery" if you will. It would take a lot of energy, sure, but with what I have previously stated I think we've got that covered. And of course, there's water. With water I find we kind of have a paradox, Earth is 70% water yet many countries have dire water shortages. Of course I don't need to worry since I live in the UK where weather conditions are mostly favorable in this case, but that's besides the point. Desalination is becoming a big thing now, and its not hard to see why. With this technology, we can filter out saline seawater into drinkable water quite effectively, and it has served some nations such as Israel quite well, and also in parts of California in the US. It's a technology that can be used rather strategically, and can address much of the world's issues with access to clean water. Not to mention if you engineered your desalination plant in a certain way it could double as a hydro plant for electricity.
Oh yeah, not to mention a list of things like advances in robotics, AI, asteroid mining, fusion rockets, warp drives (we can create negative effective mass now btw), VR, AR, MagLev trains, and so on and so forth.
That leaves a couple of things left. The first is housing. Of course no matter how much you try to think otherwise, and unless you've built a Dyson ring, you can pretty much assume that land is inherently scarce.
But contrary to what you might think, this isn't actually a problem at all. There is an organisation called the vertical city institute which is based in China. It's proposal is simple. New cities should be built vertically and not horizontally. The structure or multiple of them would be built spacious enough so that the inhabitants would feel like they have enough space, and elements of nature such as vegetation would be integrated into the city design giving people access to green spaces even when they are on the 100th floor.
The specifications don't go into too much detail, but I have played around with the idea in my head and have came up with a few additions. I personally am a big fan of modular design. With the conception of so-called "Smart apartments" today, people are able to fit more and more stuff inside less and less space. This concept got me thinking, what if we took this idea to the extreme a little? Imagine a 10 metre x 10 metre room. Inside the walls of this room are decently sized storage spaces. Say you wanted the whole living space to be a lounge, you would retrieve a sofa of your choosing from the storage spaces in the walls of this space, maybe some lamps and a coffee table. Now imagine you don't want this living space to be a lounge anymore, you want it to be a personal gym instead, the same principle would apply. With the right automation technology such as robotics, you could change the setting of your living space repetitively, and this would render things like 10-bed mansions obsolete; in fact with this idea you essentially have all the functionality of a mansion inside one room. Privacy isn't an issue either since if you have multiple people staying in one of these living spaces, you could spit the room into multiple sections, and these could have different independent settings of their own.
But wheat about access to nature? There's one big advantage I haven't discussed about vertical cities. Building cities this way saves a ton of land, that could be used for recreational space or even further agriculture outside of the cities. This has the positive knock on effect of not disturbing nature and thus nurturing further biodiversity.
There's one last thing I want to address in this discussion, and that is resource allocation. Now you may be thinking "if you need to allocate resources in any specific way then you haven't achieved post-scarcity", and this is true to some extent. Let me confuse you a little, despite all I have talked about in this post, scarcity is something that is inevitable in a finite universe. In addition, if goods are being produced in ubiquity, but no one can access them, then that creates scarcity - and so you have to do something about it.
You can distribute goods in a variety of ways, the most high tech of them being via automated drones. The big question though is how you allocate those goods and resources. The answer to that problem may come closer than you might think. The technology behind bitcoin and other cryptocurrencies, the blockchain, has many alternate uses. In combination with the internet of things, a more advanced form of the blockchain could be used as a decentralized network that would catalog the earth's resources and distribute them via request. This AI driven "resource management system" would not govern people, but would instead be subservient to people's everyday needs.
The amalgamation of all what I have stated above would not create "post-scarcity", that much is impossible since we live in a finite universe. However, it is possible to create such thing as a "perceived post scarcity" or "access abundance" as I like to call it, through the methods stated above.
Possible counter-arguments:
Human population: I predict that as the third world gains access to healthcare, education, and reproductive facilities, the world population will stabilize eventually leading to a situation where we have gradually more resources per head; I do not predict any exponential growth in the world population.
Extraordinary requests/hoarding etc: Obvious nonsense requests for resources will be rejected unless they have a valid reason, this could be decided through democratic means. Also, its unlikely anyone would hoard since it wouldn't benefit them, as with access abundance they would always have access to the things they need or want.
I hope this post wasn't too lengthy and I look forward to hearing your responses to my ideas.
Edited for typos, if you find any more please notify me.
submitted by MeleeMeistro to Futurology [link] [comments]

Cryptocurrency and Blockchain – Industry News – (06.21.19 – 06.28.19)

Total Market Cap, as of 06.28.19 at 12:00pm (PST): $338,763,908,761 (+11.29%)

Missed last week’s update? Click here


• On June 26th, 2019 at 20:45 UTC, Coinbase was hit with an outage amidst high volatility. The platform was rendered inaccessible on mobile and desktop browsers until 9:17 UTC where it was back to being operational. During this time, the price of Bitcoin experienced a downturn and users could not have access to there funds store in Coinbase wallets.


Huobi Global aims to expand operations to service Turkish users. By the end of 2019, the exchange plans to offer a crypto-to-fiat onramp, localized products and dedicated customer service.
Bitfinex launches margin derivatives trading for cryptocurrencies. Qualified Bitfinex account holders will be able to trade a new hedging product through a derivatives wallet, utilizing USDt-based collateral and up to 100x leverage.
• Indian based crypto exchange Koinex ceases operations over regulatory challenges. The exchange plans to refund frozen deposits to bank accounts over the next 5 weeks. Users are asked to empty their cryptocurrency wallets by July 15th, 2019.
• Irish cryptocurrency exchange Bitsane suspected of an exit scam worth millions in euros. The platform went offline on June 17, 2019 and its Twitter and Facebook accounts have since been deleted.
• Singaporean exchange Bitrue gets hacked, losing 9.3 million Ripple (XRP) and 2.5 million Cardano (ADA) extracted from its hot wallets.


• The CFTC has approved bitcoin derivatives provider LedgerX to offer physically settled bitcoin futures contracts. On June 25th, 2019 LedgerX received a designated contract market licence DCM) which allows them to offer the new futures contracts.
• The Europol arrested six individuals arrested over a “typo squatting” scam where a well-known cryptocurrency exchange (unnamed) was cloned in order to attain access to unsuspecting victim’s cryptocurrency wallets.
• The government of Iran puts pressure on power grids and forcing officials to cut off supplies to cryptocurrency mining farms. The Iran Power Ministry is considering enforcing a tariff on miners and over 1,000 bitcoin miners have already been seized from two mining farms.


Opera releases “Opera Touch”, a browser with a built-in crypto wallet. This lets user interact seamlessly with dApps built on the Ethereum blockchain and supports all ERC-20 tokens, stablecoins and non-fungible tokens (NFTs).
Overstock’s tZero launches a digital wallet and exchange app for cryptocurrencies on IOS. The new app, dubbed “tZero Crypto” claims to be hack-resistant for trading and storing cryptocurrencies. Initially, the application will support Bitcoin (BTC) and Ethereum (ETH).


Apex Crypto – a subsidiary of Apex Clearing, a SEC-registered financial clearing and execution company have launched a trading platform for broker-dealers and financial advisors. The platform will support trading for Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC). PEOPLE
• Cryptocurrency exchange Gemini hires five former employees of Coinbase whom was working on an individual focused cryptocurrency trading solution which has since shut down as of April 2019. The new hires will be focused on the exchange’s professional trading platform and custody solution.


@hodlonaut – “New Bitcoin hashrate ATH yesterday. The network is now secured by more than 57 quintillion sha256 hashes every second. The magnitude of this is hard to grasp. Never before has wealth been stored with such security. This drives BTC price. Which drives hashrate. Bitcoin won.” 🚀
@TimDraper – “Would you switch airlines to get rewarded in bitcoin rather than airline miles?”
@ErikVoorhees – “Keep buying bitcoin until CNBC says to buy it.”
submitted by Edmund_N to CryptoMarkets [link] [comments]

What kind of problems do ordinary people face when they try to purchase cryptocurrency?

The Ubcoin Market team prepared a new article on how difficult it might be to buy cryptocurrency for the first time. We made a short analysis of exchanges, ICOs, P2P platforms and mining as means of purchasing cryptocoins for the first time. The analysis concluded that all these methods have drawbacks. Ubcoin Market is designed to be a platform that facilitates the process of becoming a crypto investor by giving the ability to people to sell their possessions for cryptomoney.
If you need to buy some greens for your dinner, you go to the grocery store. If you need some fish you go to the fish market. If you need a book you go to the nearest bookshop or shop online using Amazon. But what if you want to buy cryptocurrency? Where do you go?
2017 appeared to be the year of ICO. Unlike most predictions the cryptocurrency hype train is still on the rails. One can see that the fluctuations of Bitcoin are keeping the whole topic on the boil with increasingly more people becoming interested in cryptocurrency. Many people consider cryptocurrency as an investment tool or believe enticing stories of an easy and lucrative investment. The new aspiring crypto investors often are not only from the upper or business class or so called active ‘classical’ investors, but also includes non-classical grassroots investors. Many people from various backgrounds keep wondering how they can jump on the cryptocurrency bandwagon and become part of the new trend. Alas, there are more questions than answers.
The first and most probable choice an aspiring crypto investor might make is choosing an exchange. An exchange is where one can buy cryptocoins for fiat money. The mechanism seems pretty easy and similar to the typical trading on mainstream fiat exchanges. However, with cryptocurrency various difficulties arise.
First of all, the boom of cryptocurrencies over the last few years induced the establishment of numerous exchanges all over the world and they keep rising in number. A number of such exchanges are fraudulent and may close without notice, taking all your money. The main problem here is that for now in many countries there are no external regulators for these crypto-exchanges. In the worst scenario you won’t be able to address your loss to any governmental body to obtain your money back.
Therefore, choosing a safe and appropriate exchange to store your cryptocoins is not a straightforward task. Moreover, in many countries cryptocurrency in general and crypto-exchanges remain a grey area for legislation. Although, some countries have already articulated their attitude towards cryptocurrency negatively or positively.
For example, China keeps shutting down everything related to cryptocurrency. The government has already banned ICO and ordered to close all domestic Bitcoin exchanges, what BTCC did. The authorities go further and shoot down the access to any overseas exchanges and platforms. One of the local banks of Hong Kong even suspended a company account of Hong Kong-based cryptocurrency exchange. If authorities shut down an exchange, very little can be done for customers of the exchange platform. Meaning the customers may irreversibly lose their cryptocurrency due to the closure of the exchange by authorities. Barely anything can help a private customer to escape the same destiny if his or her account is somehow related to cryptocurrency transactions.
Japan in the past has had a much less hostile cryptocurrency environment compared to other Asian countries. Nevertheless, Japan appears to be reconsidering its policy towards exchanges after a massive breach in one of the biggest Japanese cryptocurrency exchanges.
Initial Coin Offering(s)
The second feasible way to obtain some cryptocurrency is to participate in an ICO.
According to statistics nearly 350 fully completed ICO were carried out in 2017. The number of ICOs this year so far stands at 92. In addition to the previous stated amounts of ICO, there were also numerous ICO that either failed or never intended to fulfill their projected promises in order to steal investors’ money.
The first question is how to navigate through the ocean of ICO and how to decide whether an altcoin is worth your investments. Even if you’ve researched and studied about cryptocurrency there are many dynamics and unknowns. For example, as a small private investor you cannot bear all the risks as a big investment firm can. On the other hand you will still need to use an exchange to procure altcoins since they are usually not traded for fiat money. After the first step, you then have to exchange your tokens for fiat money or the cryptocurrency that is actually accepted through the exchange of fiat money. Unfortunately, the convoluted process is only one of the issues of exchanges.
For example, China banned ICO. Furthermore, Japan is not particularly friendly towards the new way of raising capital for startups. After a series of fraudulent ICO in Austria, the authorities in Vienna are now trying to involve Interpol to track down dishonest crypto-entrepreneurs. Austria is working on the restriction of transactions and any activities in the field of cryptocurrencies. The USA has a generally friendly regulation policy towards cryptocurrency. However, since the US Securities and Exchange Commission equated ICO to an IPO, the companies issuing tokens and also exchanges trading them are subject to the same laws. That implies that that all transactions must be registered as transactions with stocks or securities. The US neighbor, Canada, holds the same positions on policy. Canadian authorities are considering the potential applicability of Canadian securities laws to cryptocurrencies and related trading and marketplace operations. The overall result for ordinary people, willing to purchase and trade tokens, is that all these transactions have to be registered with corresponding governmental or regulatory bodies, but no such procedures have been adapted for the crypto market yet. Additionally, such transactions are going to be taxed in the future similar to security transactions.
One should be extremely cautious when taking part in an ICO. One can very easily find himself involved with a scam ICO resulting in a loss of funds. One also must keep in mind that even if the entrepreneur you trusted with your money is, in fact, honest, your activity can become subject to taxation or other laws, which could render your venture illegal. However, there is a third way.
Peer-to-Peer Platforms
With the spread of cryptocurrency and as the number of people wanting to purchase cryptocurrency grows, the demand has led to the rise in platforms that conduct crypto-to-fiat exchange offline. Most well-known platform is Local Bitcoins.
Usually, if you are interested in the topic and join various crypto-related chats and forums, they find you on their own. The most commonly exchanged coin on such peer-to-peer offline platforms is Bitcoin, however sometimes they offer transactions with other popular altcoins. If you decide to use such a service, you may find yourself entering some real life detective or thriller film.
The scenario may unfold itself something similar to this: your online counterpart suggests an offline meeting place, hopefully, a public one. The location is where you will exchange your fiat money for some crypto-tokens. Now you have to use some muscle and drag a big sports bag stuffed with fiat cash, across the city to meet your contact. Once you meet, you verify each other’s identity and signal the successful transaction through numbers or QR codes on your mobile devices. In the end, if you are a fan of thriller films with briefcases stuffed with cash, this would be a decent way to roleplay such. However, in reality, the security and safety of your money and your own self are extremely questionable when employing this method of buying cryptocurrency.
Moreover, if the transaction wasn’t fraudulent and everything went smoothly, then you still will face the question ‘what do I do next?’. And the paths are more or less the same. You either go to an exchange and have to cope with all the previously stated problems, or you wait some time to switch sides and become a ‘dealer’ yourself.
The last, and for many reasons, the least feasible way to obtain cryptocurrency is mining. Mining was the initial way of getting tokens. It was a bonanza for early miners, but nowadays the entry threshold is too high.
The mining boom a few years ago hugely impacted the market of graphics cards pushing the prices to their highest points resulting in doubled or tripled prices for the most popular devices. Some of the biggest producers on the market even launched new series of specialized hardware tailored to mining certain cryptocurrency. The costs per one ‘mining farm’ and electricity now are covered, at best, within 6–9 months, compared to 3–4 months at the beginning of the more recent ‘mining fever’.
Moreover, it is hard to compete with ‘mass-mining’ in countries like China. Over the last year Chinese bitcoin miners made up over 50 percent of the worldwide mining population, building farms with high capacities. So as for now, this hype-train is way out of reach for private aspiring crypto-investors.
Up to this moment, everything related to cryptocurrencies was more about it’s first part — ‘crypto’. But how can one actually derive value and use it as means of exchange for benefits in everyday life? Our team understands all the risks and issues in addition to the interests of aspiring crypto-investors. Therefore, we decided to create an advanced platform that is transparent, easy to use, easy to understand and ultimately a simple way into the world of cryptocurrency. Our project is called the Ubcoin Market. A platform where people can purchase and sell real goods in a secure and simple manner using our specialized eretheum based altcoin.
submitted by Ubcoin to u/Ubcoin [link] [comments]


Mining can be termed as the validation of transactions or cryptocurrency mining could also be termed as the procedure by which new coins or tokens are introduced (mined) into the current supply in circulation, also a procedure used to secure the system in which the coin operates on. Those who mine a coin are called miners. Miners often face numerous challenges when mining, it is safe to say that they are in need of an in all solution to their current challenges to help curb the problems for a probable solution. Cryptocurrency mining is very expensive with its high consumption of electricity.
BATMINE is a blockchain based project whose aim is to eradicate complexities faced by cryptocurrency miners, they intend to provide mining amenities at an affordable rate. They offer miners the opportunity to buy state of the art miners which they can run in any of #batmine establishments, proceeds these miners derives are theirs to keep, they only have to pay a service fee for electricity consumed, operation, service & management.
The team behind the scene of BATMINE are renowned entrepreneurs with expertise in the business, and they’ve invested a lot of time and funds to ensure they get their ideas & formulas right for BATMINE project to succeed. The team is well read and researched in matters of the blockchain technology as well as mining. The mission of#batmine is to make available a safe environment, low electricity cost, and a high hash rate that will generate more proceeds than what miners formally receive. Miners mostly use Antminer S9 which is nothing compared with 55Th/sec #batmine is offering that is nearly the double of what miners are able to mine.

BATMINE mining platform will mine Bitcoin, Litecoin, Ethereum and some others initially but they will watch the crypto market for new altcoins doing great and start mining them. Different types of mining hardware will be used with an eye for their life expectancy, hash power rate, energy usage, electricity usage, easy accessibility of spare parts in case of damaged parts, and ability to switch from mining one cryptocurrency to another
Various factors will be considered before opening any mining center, below are key things to note before a location can be chosen. ♦ A cool climate is very essential because mining hardware do not need a hot environment, it needs proper air ventilation to avoid overheating. ♦ A secure location that allows quick response in case of any emergency. ♦ A good structured building that suits commercial mining operation. ♦ A region with cheap & affordable electricity bills. ♦ A region with adequate green energy at around 4 cents per kilowatt.
BATM is the acronym of BATMINE TOKEN (BATM) token, this is a utility token which was created on the ethereum blockchain (smart contract) which will be used as the standard mode of payment for services rendered on the platform. #batm will be the driving force in which batmine will ride on, as mentioned above there will be discounts on cryptocurrency mining pool which highly depends on the amount of tokens owned, the more BATM in a particular user’s wallet the more discount they are entitled to.
Benefits of users are numerous, but I'll mention a few, holders will be entitled to earnings gotten from mining activities on#batmine network, earnings gotten from sales of #batmine miner hardware, earnings over custodial services agreement, and earnings over MaaS (hash power, electricity, and related costs) service agreements. These benefits will continue until March 2029 (A period of 10 years).
Holders of BATM will be able to vote for changes they want to be enforced, be part of development planning, discuss community events and matters arising with the executive team members. The amount of BATM owned will determine the weight of the vote casted. To protect the value of WBT, the team plans to burn unsold and undistributed tokens after the sales, no other token will ever be created, minted or mined.


submitted by Freeboz to ICOAnalysis [link] [comments]

06-14 20:12 - 'The Rise of Litecoin' (self.Bitcoin) by /u/aaron0791 removed from /r/Bitcoin within 0-9min

Please do not downvote because you hate altcoins, read this post found in /Litecoin and comment your thoughts as civilized bitcoiners that we are.

PD: I am not author of this post, I am only a poster here in BTC

Bitcoin has been an immense success but in this last year it has not developed. With its exponentially rising transaction fee it has lost divisibility; a key property of money. Many small Bitcoin accounts with $10 or less have been rendered useless. This has also meant that businesses selling low cost items and services are no longer viable.
Litecoin shares the majority of Bitcoin’s code and has now had an upgrade to version 2 (Segwit) which is much more capable. All the while Bitcoin stagnates running older code.
How did this happen? Well the first thing to realise is that Bitcoin was set up as an open source project. Unlike Apple privately owning the iOS11 software development. All the work that has gone into Bitcoin has been in the public domain. It’s a part of the ideaology of the libertarian movement.
The second fact to know is that Bitcoin is run by a distributed network of computers. [As a side note doing any real computing on a distributed computing network is a nightmare because it is incredibly inefficient, how Ethereum can ever have any practical application will remain a mystery to me.] This has the advantage that it can’t be shut down, corrupted or changed.
The Bitcoin network is designed to constantly upgrade its armour (by increasing the hashing power). No vested interest or powerful party can do anything without 51% of the network’s hashing power. The whole Bitcoin system is incentivised to be immutable, that is Bitcoin’s power, its permanency and unchangeability.
There is one upgrade route which has been designed in; that is miner consensus. If all miners agree to a software upgrade then that can happen. In the early days of Bitcoin upgrades were done a few times. The major upgrade that Litecoin has carried out is called Segwit (Segregated Witness). This is a clever rearrangement of the Bitcoin code which makes it more efficient, more secure and more capable ([link]1 money, [link]2 free transactions, etc.etc.). It was developed with years of research and testing by Bitcoin advocates. So why hasn’t it been done on Bitcoin? Computers that do the calculations and protect the Bitcoin network get paid a Bitcoin reward.
Since 2009, millions of computers have joined the Bitcoin network in order to earn Bitcoin. Over time the computers that do these network calculations have become faster and faster and more and more specialised. Efficiencies of scale have meant that thousands of computers have been put together in mining farms using fast ASIC chips. 90% of the cost of running a mining farm is the electricity.
Mining is incredibly competitive and mining farms typically only make 1% profit. Some miners secretly identified a way to increase their profits, this method is called the ASIC boost. It makes the chips that do the mining 20% more efficient. Because of the weighted electricity cost this translates into a 2000% increase in profits. The ASIC boosters now represent ~35% of the mining power.
The Problem: Segwit the great upgrade designed by Bitcoin for Bitcoin will eradicate the ASIC boosters mining advantage. The selfish profit advantage of these miners combined with the immutability of Bitcoin means there can never be consensus on a Segwit upgrade. Add to this an escalating Bitcoin price which further reinforces the ASIC boosters' profitability.
So there you have it, Litecoin the little crypto underdog which has been running steadily behind Bitcoin since 2011 has come along and implemented Segwit. Litecoin is now massively upgraded compared to Bitcoin. It’s as though Apple after spending years developing iOS11 couldn’t agree on it so Google comes and says here you go we’re releasing a litePhone using iOS11.
Litecoin is such an exciting place to be. Some Bitcoiners feel threatened, they think that they were the chosen ones and Segwit was just for them. That's not the intention of Litecoiners at all. The presence atomic swaps (the interchange of money) between Litecoin and Bitcoin means that Litecoin is massively better off if/or when Bitcoin implements Segwit.
The fact remains that Litecoin is the only major Segwit enabled currency and we have to assume we are going to be on our own for some years to come. We have a lot to do. Here's to the successful rise of Litecoin.
Edit: formatting, thanks /cheshireycat
The Rise of Litecoin
Go1dfish undelete link
unreddit undelete link
Author: aaron0791
1: mast:programmable 2: Lightning:instant
submitted by removalbot to removalbot [link] [comments] mixing bitcoin with quantum

Crypto experiment: scrypt that emulates a qubit, something similar to what Google with his quantum playground does.
The Vision
“We believe quantum computing may help solve some of the most challenging computer science problems, particularly in machine learning. Machine learning is all about building better models of the world to make more accurate predictions. If we want to cure diseases, we need better models of how they develop.
If we want to create effective environmental policies, we need better models of what’s happening to our climate. And if we want to build a more useful search engine, we need to better understand spoken questions and what’s on the web so you get the best answer.”
This is the vision of Hartmut Neven,Technical Lead Manager, Image Recognition at Google about quantum looks like.
The Awe
Ever since I can remember, I had a passion for discovering new things. I have always knew that there is much more out there ready for me to be discovered.
So, how Disney used to say that “Ideas come from curiosity”, I have started to take the same path and started to follow my own curiosity. The outcome?
This cool idea of creating a a new cryptocoin that uses some sort of scrypt that emulates a qubit, something similar to what Google with his Quantum Playground does.
Bitcoin and Artificial Intelligence
Many of services that Google offer depend on sophisticated artificial intelligence technologies such as machine learning or pattern recognition. If one takes a closer look at such capabilities one realizes that they often require the solution of what mathematicians call hard combinatorial optimization problems.
It turns out that solving the hardest of such problems requires server farms so large that they can never be built. But using the bitcoin model, you can develop a decentralized network that can do the work much easier than a server farm.
And I truly believe that a new type of protocol a so-called “quantum coin script” (or qscript) can help here.
Ok, but can it be done in today's world?
The idea is pretty nice, as there is win win: people interested in developing a career within Nasa , Seti, Virgin group, etc, will mine the quantumcoins, the power goes to NASA, Seti, Virgin group, etc, research center, and with the coins, students can partially or fully pay their studies (space programs, research, aeronautical etc.).
This will help NASA, Seti, Virgin Group to process huge chunks of data much much faster: image processing, simulations, 3D rendering, so on and so forth.
Also, if we gather all the power and converge it to multiple mining pools, this power could be managed much much easier than a server farm, rewarding all the miners with the coin itself.
So there are a fabulous set of problems to work on to figure out how to make all that work Push curiosity to the limits and let’s build this together
I am just at the beginning and there are some awesome problems to solve, and to me this presents an opportunity: To be able to do something that you love, that you’re passionate about and that you really deeply know can have dramatic impact in people lives.
And I am looking for amazing people in physics, aerospace ,aerodynamics, finance, bitcoin coding, visualization, web programing to really help me, help us, solve this puzzle together.
submitted by maximusake to Bitcoin [link] [comments]

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Due to the current overall state of the global cryptocurrency market and cryptocurrency mining, we have decided to close the Shortest Miner application. The Miner App will be working until the 9th of October 2019. Therefore, the payment on the 10th of October will be the last payment that includes incomes from the Shortest Miner. 3. Best Bitcoin mining software CGminer. Pros: Supports GPU/FPGA/ASIC mining, Popular (frequently updated). Cons: Textual interface. Platforms: Windows, Mac, Linux Going strong for many years, CGminer is still one of the most popular GPU/FPGA/ASIC mining software available. CGminer is a command line application written in C. It’s also cross platform, meaning you can use it with Windows On the Main tab, click Start Bitcoin on system login. Click the Ok button to save the new settings. The next time you login to your desktop, Bitcoin Core GUI should be automatically started as an icon in the tray. If Bitcoin Core GUI does not automatically start, you may need to add it to an .xinit or .xsession file as described here. Global Bitcoin Limited.For the purpose of breaking into the financial market, Global bitcoin Limited Ltd is the company to be aligned with. Our team of experts provides the full range of services you need to set up an investment portfolio and make your investment a long-term success. Unfortunately, these rules render the deduction for mining expenses almost worthless for most bitcoin miners. Deducting Mining Expenses As A Business. If your bitcoin mining activity qualifies as a business, the rules are much more generous.

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HashFlare Shuts Down Bitcoin Mining

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