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Happy Cakeday, r/BitcoinGoldHQ! Today you're 3

Let's look back at some memorable moments and interesting insights from last year.
Your top 10 posts:
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TokenClub Bi-Weekly Report — Issue 114(5.4–5.17)

TokenClub Bi-Weekly Report — Issue 114(5.4–5.17)

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Hello everyone, thank you for your continued interest and support. In the past two weeks, various tasks of TokenClub have been progressing steadily. The product development and community operation progress this week are as follows:
1. TokenClub Events
1)Binance blockchain live streaming program “Block 101” joins TokenClub APP
TokenClub teamed up with Binance “Block 101” to host a series of live broadcast events. In the past two weeks, the big brothers such as the CEO of Feixin, Cobo co-founder Shenyu, and IOST co-founder Terry visited the TokenClub live broadcast room. See live summary. “Block 101” is a live broadcast of dialogues launched by Binance New Media Marketing Team, hosted by Jiayi, Anna, Liuliu, Yingge, Sisi, Qiqi, Doris, etc. Here will invite entrepreneurs in the industry, investment giants, opinion leaders, trading bulls or ordinary people with stories. Every Monday to Friday, with you in the TokenClub live room.

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2)Participate in poster forwarding, draw red envelope prize
When Bitcoin halves, TokenClub launches a poster forwarding red envelope campaign. On the day of the event, forward the poster to Twitter and the telegram group, and upload a screenshot to have the opportunity to extract the TCT red envelope award ~



3)Participate in live streaming interactive questions and win mysterious gift events
From May 11th to May 15th, TokenClub launched a live question and prize draw event. During the event, watch the block 101 live broadcast and interact with questions during the live broadcast, you will have the opportunity to get a mysterious gift from TokenClub.


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3)TokenClub’s self-media Bilaoye was invited to participate in AMA
a. On May 7th,Bilaoye was invited by UPChain to conduct an AMA with the theme of “Half Countdown, Where Will the Market Go” in the Chains community. AMA article link:
http://public.tokenup100.com/page/article.html?articleId=f1db8c6bfaa94886bbdd863ec9908252&from=timeline&isappinstalled=0
b. On May 8th, Bilaoye was invited by Golden Finance to conduct an AMA with the theme “Bitcoin Breaks Over US $ 10,000 and Will Do This in Half”. Review link:
https://m.jinse.com/live/topic?id=11813&from=singlemessage&isappinstalled=0
C. On May 14, Bilaoye was invited by Cailu Finance to conduct an AMA with the theme of “Correct Postures for Depositing Money” in the Cailu community.Review link:

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2.TokenClub Live
1) Summary
Recently, Feng Yuqing, the director of Yicai Global America, the first Chinese reporter to interview Buffett, the organizer & host of the First Financial New York Forum; a world-renowned financial expert, a professor of finance at the Cheung Kong Graduate School of Business, and the director of the finance department -Cao Huining; ARPA founder Felix, SWFT Blockchain one-stop currency exchange cross-chain platform operation in Greater China & BD leader-Ye Fei, mining big man Binxin Mining CEO “Feige”, contract emperor co-founder Xiaoding, AlchemyPay co-founder Shi Xiang, financial expert & first-line trader Xu Zhe, Huobi Key Account Manager-Xiaotong, Roark Group & Bitribe & 499 Block founder sky, Cobo co-founder Shenyu, DappReview CEO Niu Fengxuan, IOST co-founder Terry; and TokenClub blockchain and cryptocurrency investment strategy senior expert-Zao Shen talks with you about the blockchain ~
On May 6, Block 101 Sisi Dialogue Felix, the founder of the hard-core technical team on the blockchain, ARPA Felix, the theme is “The Wall Street Battle of the Wall Street Elite”. In this live dialogue, the resume is dazzling. , The young man who was free to switch between “Yangchun Baixue” and “earthed gas” from the team’s initial heart chat to his investment strategy to the judgment of the entire currency market, his fanaticism of rock seems to explain a series of “adventure” options- — Longing for a more free and innovative world.


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On May 6th, TokenClub invited the one-stop SWFT Blockchain currency exchange cross-chain platform Greater China operation & BD leader-Ye Fei as a guest to “Jingjing at 8 o’clock” live broadcast, bringing us “flash exchange in the future block The theme of “Chain Payment Ecosystem” is shared. Mr. Ye made a detailed interpretation of SWFTC, and revealed the development plan of SWFTC, and exchanged questions and answers with fans enthusiastically.

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On May 7th, Block 101 Luna talked to the CEO of the mining industry, who is most familiar with KTV, Kexin Mining, “Fei Ge”. Liu Fei talked to Bin An Luna, he counted his mining “stepping on the pit road” “, Talking about halving the market and investment experience, talking to the second half, wearing a red Polo shirt, he began to persuade everyone to learn more in the KTV in Beijing at night, and recommended books.


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On May 8, the TokenClub live column-”Professor had an appointment” shared the theme: “BOC crude oil treasure and financial derivatives market”. In this issue, Professor Cao invited the first U.S. Global Director of the United States, the first Chinese reporter to interview Buffett, the organizer & host of the First Financial New York Forum, and Columbia University Master of International Relations Feng Yuqing to share with guests on Chain, digital currency financial derivatives market, etc. have done a detailed exchange analysis.

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On May 8th, block 101 was led by Binance BD’s head Li Jiayi, who talked about contract emperor co-founder Xiao Dingdang. He is an old code farmer who is known for his futures contract operations. He wrote a 10-year code, and the front end Everyone is familiar with it, and it is hard to say anything on the line of speech. Frankly, he talked from his fortune history to the story of the endless number of contract circles, and shared his trading iron law with everyone: there must be a stop loss; must practice more and try more.


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On May 9th, Zaoshen is coming ~ The sharing theme of this issue is: The Yangtze River will push back and forth, and one wave will be more than one wave. Speaking of the “Houlang” hot event, Zao Shen mainly analyzed the halving market with everyone in detail, to see how many opportunities there are and what strategies to choose. Soul asked: How much money did you make in this wave of quotes?


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On May 11, Block 101 was discussed by Binance Qiqi Dialogue AlchemyPay co-founder Shi Xiang, the former vice president of Zhongan Technology and the founder of Micro Index shared with you the experience of dealing with overseas regulators: supervision is not actually strong Groups, regulation will strike you because you are worried about doing bad things, but as long as you are willing to actively communicate, regulation usually gives a tolerance period. For more content, please move to the live room.

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May 12, Exclusive: Huobi Global & Knowing Daniel Interpretation of “Physical Currency, Debt Currency to Encrypted Digital Currency”. The key account manager of Huobi Global has a conversation with financial expert and front-line trader Xu Zhe, talking about physical currency, debt currency and encrypted digital currency. Work is tired enough, the market is already exciting enough, pick Xu Da Tucao various currencies, teach you to return all the money. The value of the young lady’s face is a feeling of emotion.


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On May 12, Block 101 was founded by Binance Thinking, the founder of Roark Group, Bitribe, and 499Block. Sky, a science and technology man from Tsinghua University and MIT, has the title of “Coin Circle Zheng Kai”. Sky said that starting a business in the blockchain industry is like drifting in the turbulent Amazon River. If you do n’t believe that you will eventually reach the sea, you will be thrown off. Sky believes that Bitcoin is essentially a consensus based on time. Halving is like escaping the monsters, and each level increases the consensus.

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On May 13th, Block 101 Luna talked to F2Pool and Cobo co-founder Shenyu, and talked about the “new” story of Bitcoin. Leo ’s Godfish talked to us about the monopoly of computing power, mining pool operations, halving and Cobo ’s future development goals. He said that 80–90% of personal assets are Bitcoin, and about 10% of Ethereum and other Strange coins from mining. It is called “the first segment of the coin circle” because “more pits are filled, so in the end each pit becomes a stalk.”

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On May 14, Niu Fengxuan, CEO of DappReview, talked about “how ordinary people make money through Dapp”. Niu Fengxuan graduated from Fudan and Stanford. He is a serious game enthusiast. He has written many in-depth game evaluations and is an early participant of Dapp. He said that many people think that the biggest application of blockchain is speculation, but the technology ultimately serves products and applications. In the long run, if blockchain can really bring changes and innovations to the world technically, then it must be C-side users should feel it in a more friendly way in other fields.


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On May 15th, Block 101 Yingge talked to IOST co-founder Terry and talked about “The Blockchain Ideal of Princeton Schoolmaster”. Terry told us about his sad history, happy history, and experience and experience of mining from college mining to graduate school to entrepreneurship, talked about the development direction of the blockchain market, and interacted with fans.


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On May 16th, senior expert Zao Shen brought a live broadcast on the theme of “Depth Is Insufficient In Operation, How To Play With Crash”. In this live broadcast, in addition to analyzing the macro level of the economy, Zao Shen also focused on sharing The specific operation skills emphasized the principle of buying and selling, and finally commented on the hot events such as the recent Federal Reserve announcement that it will not fall to negative interest rates.


3.TokenClub operation data
-Live data: 13 live broadcasts in the past two weeks, with over 600,000 views. TokenClub hosted a total of 835 live broadcasts with a total of 44.25 million views.
-Binary trade data: In the past two weeks, guess the rise and fall to participate in a total of 1060 times, the amount of participation exceeded 2 million TCT. At present, it is guessed that the rise and fall function has participated in a total of 1.11 million times, with a cumulative participation amount of 496 million TCT.
-Chat data: In the past two weeks, a total of 28,950 messages have been generated. A total of 4.83 milliom messages have been launched since the function was launched.
-Mini-game data: The mini-game has participated in a total of 7,830 times in the past two weeks. A total of 1,66 million self-functions have been online.
-Cut leeks game data together: Since the game was launched, the total number of user participation in the game was 954,364 TCT total consumption was 6,27 million gift certificate total consumption was 15,53 million and TCT mining output was 160,48.
-TokenClub KOL data: Over the past two weeks, the total reading volume of the BTCGrandpa article has been viewed by more than 300,000 people.
-Social media data: At present, the number of Weibo official accounts is 17,972 and the number of Twitter followers is 1310, and we have opened the official Medium account this week, welcome to follow.
-Telegram official group data: In the past 2 weeks, there were 310 chats in the group, and the total number of Telegram official groups is currently 2971.
-Medium data: Medium official account u/TokenClub has published 1 excellent articles, official announcements and updates are published in English, welcome to follow.
4.Communities
1)Overseas community
TokenClub held an event for forwarding Twitter and telegram group chats for overseas users. Bitcoin halved in less than two weeks, overseas users are more active in the telegram group, and some friends are more concerned about Binance Block 101 live broadcast, aggregation exchange, TCT usage and other issues, the administrator responded in time.On May 12th, when Bitcoin was halved, TokenClub organized a forwarding Twitter, telegram group chat prize event and participating in a live question asking interactive prize event for overseas users. There are many live broadcast events in the near future. The live broadcast poster information will be released to overseas users as soon as possible. The follow-up TokenClub will translate and broadcast high-quality live broadcast content to Twitter and Medium. Bitcoin halved, overseas users are more active in the telegram group, and some partners are more concerned about block 101 live broadcast, bitcoin future price trend, TCT usage and other issues, the administrator responded in time in the group.

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2)Domestic community
Last Friday, a holiday, the community opened the red envelope rain event, and brought a sincere gift to everyone while relaxing in the holiday. At the same time, it also sent the most sincere blessings to all mothers in the community on Mother’s Day. Thank you for your long-term support and help to the Orange Club community.


The third week of the second 100-day fixed investment plan held this week has been awarded. The participation of this event is still quite positive. This week, the bitcoin halving market was also opened in advance. If it starts according to the first day The small partners participating in the fixed investment should now have a certain floating win, so we adopt the correct cycle investment strategy to believe that it can bring unexpected benefits to everyone.


On May 9th and May 16th, TCT Fortune Free Academy carried out red envelope party activities as scheduled. In the event, in addition to GF red envelopes, students were reminded that there may be a callback risk after the pie halving, and short-term profits are available.


On the evening of May 3rd and May 10th, TCT Fortune Free Academy carried out the 51st and 52nd week sign-in sweepstakes, and rewarded the small TCT partners who had always insisted on signing in. In these two sign-in sweepstakes, the lucky friends received 20–180TCT as a reward. In addition, during the lucky draw, the college friends also actively expressed their opinions on the topic of this year’s bull market.

The Leek Paradise Community Conference will continue as usual every Sunday at 20:00. During the conference, members will discuss recent hot topics, including gifts and blessings for Mother ’s Day, and the halving of Bitcoin everyone is paying attention to. At the end, the friends in the group also showed a rare enthusiasm at the first sight. It seems that the market still affects the mood. The members routinely started a red envelope rain to cheer for the participating partners and encourage everyone to maintain patience and confidence. Of course, at the same time, we are encouraging ourselves to see the community meeting next week. Come on!

TokenClub volunteer community, sign in red envelopes every day, as long as you sign in every day, you can get good benefits, friends join us quickly! In the past two weeks, the community has conducted active partners.

TCT has been listed on Binance、Okex、Gate.io、ZB-M、MXC、Biki、Coinex、BigOne、Coinbene、Cybex、SWFT、Loopring、Rootrex etc.
TokenClub website: www.tokenclub.com
Telegram:https://t.me/token\_club
TokenClub App download QR code

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Market Analysis on May 13, 2020: Bitcoin has halved, and melon-eating masses are in stable mood

Market Analysis on May 13, 2020: Bitcoin has halved, and melon-eating masses are in stable mood
[Today's Hot Tips]
1. [NYDIG has sold nearly $ 140 million in Bitcoin funds]
According to Forbes, New York Digital Investment Group (NYDIG) revealed that it has sold nearly $ 140 million in Bitcoin funds. It is reported that the New York company won the BitLicense of the state in 2018. It also submitted an exemption form to the US Securities and Exchange Commission (SEC) yesterday, disclosing the fund. According to documents, the fund is officially known as the NYDIG Bitcoin income enhancement fund LP, and it just started selling on May 5.
2. [Telegram announces the closure of its blockchain project TON]
Pavel Durov, the Telegram founder, announced that under the influence of US regulators, the blockchain platform TON and its cryptocurrency Gram project, which has been under development for nearly 2.5 years, have ended.
3. [The total value of stablecoins has exceeded $ 10 billion]
Coin Metrics data shows that as of May 12, the total value of all stablecoins has exceeded $ 10 billion, soaring more than 70% in two months.
[Today's market analysis]
Bitcoin (BTC)BTC rose slightly at about 1 a.m. today, touching an intraday high of 8979.27 USDT, and then slowly fell back. It fell to an intraday low of about 8731.14 USDT at about 6 o'clock. The overall fluctuation range is not large, and it is now above 8800 USDT. Mainstream currencies were adjusted slightly within the day. BTC is currently reported at 8933.70 USDT on LOEx Global, with a 0.28% increase in 24h.
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Bitcoin has been halved, and the melon-eating masses are in a stable mood. The next step is to wait for a "change" in the market to choose a direction.
In the halving on the May 12, Bitcoin performed smoothly, without the sharp increase that everyone expected. Instead, there was a plunge the day before yesterday, and many investors suffered heavy losses in liquidation. This has weakened the confidence of countless investors who believe in Bitcoin production reduction and have a good market. Subsequently, BTC was shocked at the line of 8800, and we will definitely choose the direction here. We can wait for the trend to be clear and make choices again. If the resistance of the tombstone K line the day before yesterday is high, it is difficult to surpass it. It is necessary to surpass the tombstone K line on May 10 to have a market, otherwise it will be the top at the second highest point. If it is down, it will sideways at the line of 8800, and the C wave will fall. Therefore, the currency price always goes in the direction of low resistance, and the money is better in our own hands than it is not. We should always put the position control in the first place! What we need is to wait for the next "change".
Operation suggestions:
Support level: the first support level is 8800 points, the second support level is 7800 integers;
Resistance level: the first resistance level is 9000 points, the second resistance level is 9700 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 1 million community members in 24 hours.
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Market Analysis on May 7, 2020: The halving will be fulfilled, BTC is in high volatility, pay attention to the risk of decline

Market Analysis on May 7, 2020: The halving will be fulfilled, BTC is in high volatility, pay attention to the risk of decline
[Today's Hot Tips]
1. [The total number of Bitcoin nodes has dropped to a low of nearly three years]
Data calculated by Bitcoin developer "Luke Jr" shows that on May 6, the total number of Bitcoin nodes fell below 47,000, the lowest level in nearly three years.
2. [People.cn: People's Financial Services uses "supply chain + blockchain" to connect SMEs and small and medium-sized banks]
People.cn today published the article "People's Financial Services uses "supply chain + blockchain" to connect SMEs and small and medium-sized banks". It is mentioned in the article that the People's Pratt & Whitney Financial Services Platform uses blockchain technology to link core enterprise suppliers. After the core enterprise accesses the platform, its upstream and downstream small and medium-sized enterprises can rely on the real trade credentials with the core enterprise to directly initiate financing needs. After the big data risk control screening process of the platform, small and medium-sized banks can safely distribute inclusive funds to small, medium and micro enterprises through the platform. Relying on "supply Chain + blockchain", People's Financial Services has also launched a government supply chain scene service, matching local governments, park operators, park enterprises and capitals, providing the government with one-stop services such as offline merchants, standardized management, unified application of industry subsidies and supply chain funds to reduce the risk of corporate tax arrears and alleviate the loss of local fiscal revenue.
3. [The new California bill assumes that digital assets are not securities]
Under a new bill introduced in the California legislature on May 5 to amend California’s securities laws, California may be providing cryptocurrency owners with new clarity to update the definition of what constitutes a security including eligible digital assets that is not a investment contracts.
[Today's market analysis]
Bitcoin (BTC)
In the early hours of this morning, BTC first maintained a sideways consolidation, which rose slightly at about 6 o'clock, reaching a maximum of 9392.55 USDT, which is currently above 9300 USDT. Except for BTC, the remaining mainstream currencies are adjusted within the day. BTC is currently reported at 9323.5 USDT on LOEx, a rise of 0.56% in 24h.
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BTC broke through the pressure level and fell back once again. Recently, it has been in a wide range of shocks around 9457-8385 in the short term. Of course, regardless of whether BTC is short-term or whether it will peak in the next week, we must prepare for withdrawal. Because, the official halving of BTC is close to "good realization is bad". Because, in the future, the market may face a slump of more than a month!
It is still 6 days before the halving of the Bitcoin block on May 12th. The first half of the rise due to the halving of Bitcoin is likely to have passed. Bitcoin is likely to start falling. This is what happened in the previous two BTC block halvings. Although history will not repeat itself, it will not be much different.
The halving of BTC block is a thing that many people are staring at, and it is also a thing that many people are laying out. The bears have been prepared in advance, and it is likely that a round of smashing will occur immediately. It isn’t know how much the price of BTC will be after this halving, hoping it is not too low.
However, although BTC will have a round of plunge after halving, it is likely that a new round of bull market will start after the plunge, the slow bull market will start, and there will always be a big market that will rise in 2021 or 2022. If we follow a four-year cycle, it is likely that there will be a big bull market for Bitcoin in 2021, which is also the time when many bigwigs predict.
Operation suggestions:
Support level: the first support level is 8800 points, the second support level is 8500 integers;
Resistance level: the first resistance level is 9450 points, the second resistance level is 9550 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 1 million community members in 24 hours.
submitted by LOEXCHANGE to u/LOEXCHANGE [link] [comments]

What you should know about the bitcoin halving

What you should know about the bitcoin halving
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Whether you’re a crypto faithful or just a passer-by who happened to notice a bitcoin headline, you’ve likely come across the halving.
The roughly quadrennial event is arguably an important one in the progression of the bitcoin network. For all the adjustments and changes to bitcoin’s code since its launch – and the evolution of the ecosystem and industry around it – the issuance cycle and bitcoin’s predetermined supply have never been altered.
The halving is, perhaps, emblematic of both bitcoin’s philosophical basis as well as its technical progression. It’s also a heck of a lot of fun, with past halvings inspiring celebrations and watch-parties for those counting down each block until the halving officially kicks in.
So, let’s get into it.

What is the bitcoin halving?

First, some basics. Each bitcoin block brings three things with it: transactions, newly-created bitcoins and fees.
For example, block number 625875 included 1,478 transactions worth 4899.23684782 BTC. The block was created by BTC.com. In exchange for making that block, BTC.com earned 12.5 BTC and 0.08439752 BTC in fees.
When bitcoin first launched, each block had a subsidy of 50 BTC. In 2012, that amount fell to 25 BTC per block, and in 2016 it was further reduced to 12.5 BTC per block. With upcoming halving – currently estimated to take place in or around May 12, when the network hits its 630,000th block – that amount will drop to 6.25 BTC per block.
To date, roughly 18.3 million bitcoins have been minted out of a total of 21 million that will ever be created.

Wait, what’s a miner?

Miners create the blocks of transactions that make sending BTC throughout the distributed bitcoin network possible. They append new blocks to the ever-growing chain – that’s the blockchain – and are rewarded with new bitcoins for doing so.
To create block 625875, BTC.com ran its miners and sought to be the first to create the next block. Mining is resource-intensive by design, and while some have described the process as an effort to solve a complex mathematical problem, a more apt description might be that miners rapidly try forming different numbers until they land on the right one.
Mining is a key element of Bitcoin’s security. As more blocks are added, it becomes more difficult to rewind the transactional clock and undo transactions from earlier blocks.
The generation of new BTC is how miners make money; their profits come from the sale price minus the cost of electricity, labor and everything else it takes to keep their legions of mining machines humming. The block reward is also the bedrock incentive for miners to keep the block production process – and, as a result, the transaction history – honest. By getting paid in bitcoin, they have an interest in seeing its price stay steady. A transaction history prone to manipulation or tampering would have no value.
The cycle of block reward or subsidy halvings is baked into bitcoin’s code. The reward reduction underpins bitcoin’s controlled supply, serving as a kind of digital parallel to finite natural resources.
So miners create new bitcoins, and with the halving, they’ll create fewer new bitcoins.
Yes. As The Block highlighted on Monday, miners currently make an estimated $13.4 million per day in new bitcoin and fees. Once the halving kicks in, that’ll drop to about $6.7 million total in the even that prices remain steady.
Of course, that number may very well fluctuate depending on the market reaction in the hours, days, weeks and months ahead. For a deeper look, check out The Block’s Larry Cermak by-the-charts column on the halving published on Monday.
I heard that the price is going to go up with the halving. Is that true?
Much digital ink has been spilled in recent months on the question of whether bitcoin’s price will rise as a result of the halving.
There are varying theories as to why: the halving will bring new market entrants, the tightening of issuance will spur more buying, or history will basically repeat itself. For example, bitcoin’s price rose above $1,000 a year after its 2012 halving. The July 2016 halving saw bitcoin’s price around $660 – a year later, the price had soared above $2,000.
But those were, arguably, different times, and next month’s halving is the first to occur after the parabolic craziness of early 2018.
A price increase isn’t a foregone conclusion – though, to be sure, neither is a drop or a continuation of the status quo.
Okay…so the number isn’t going up?
Nobody knows. And this isn’t investment advice, so quit asking me.

Who will be affected by this?

One can expect that major portions of the bitcoin-facing industry could be impacted in one way or another.
As noted above, miners will see the primary element of their income – new bitcoins – be cut in half. That’s bad news for miners who are operating older, less efficient hardware or borrowed significant sums of money to get new equipment – especially those hit by the recent turbulence in crypto markets. Bitcoin’s hash rate – a measure of the network’s computational power – could slip as some operations find themselves unable to make a profit and thus are forced to power down.
Exchanges will be affected because they’ll be front-and-center for any market response. It could prove to be a boon for exchanges as they’ll arguably be in the best position to benefit from any positive market moves.

Where can I watch the halving take place?

The best vantage point would a block explorer, where live updates for new transaction blocks can be found.
Given that the vast majority of countries are currently in the midst of social distancing because of the coronavirus pandemic, it’s unlikely that in-person parties will be held.
But with everyone stuck at home, it’s virtually certain that those with a stake or interest in crypto will be online – from Twitter to Telegram to IRC – waiting for the third-ever bitcoin reward halving to take place.
Written By: Ben
Edited By: Mosun
Graphics By: Jacobite
submitted by Telos4africa to u/Telos4africa [link] [comments]

How much would a Bitcoin node handling 1GB blocks cost today? I did some back-on-the-envelope calculations.

1GB blocks would be able to confirm more than 5000tx/s. That would be VISA-level scale (which handles, on average, 1736tx/s). We often hear that we shouldn't raise the blocksize because then nodes would become too expensive to run. But how expensive exactly?
We have the following costs to take into account:
For now, I'm going to assume a non-pruned full node (i.e. a node that stores all transactions of the blockchain) for personal use, i.e. for a computer built at home. I'll add in the calculations for a pruned node at the end, which would likely be the prefered option for people who merely want to verify the blockchain for themselves. If you don't care about the assumptions and calculations, you can just jump right to the end of this post. If you spotted any error, please inform me and I'll update my calculation.

Storage

There's, on average, one block every 10 minutes, that is 144 every day and 4320 blocks every thirty days. I was able to find a 3TB HDD for $47,50 on Amazon, that is $0.018/GB. Storing all blocks with all transactions of a month (4320GB) would be $78.96/mo. Prices for storage halved from 2014 to 2017, so we can assume that to half in 2022, thus we can reasonably assume it'd cost around $40/mo. in 2022.
But would such an inexpensive hard disk be able to keep up with writing all the data? I found a comparable cheap HDD which can write 127MB/s sequentially (which would be the writing mode of Bitcoin). That would be enough even for 76GB blocks!
Edit: For the UTXO set, we need very fast storage for both reading and writing. Peter__R, in his comment below, estimates this to be 1TB for 4 billion users (which would make ~46,000tx/s if everyone would make 1tx/day, so id'd require about 10GB blocks). jtoomim seems more pessimistic on that front, he says that much of that has to be in RAM. I'll add the $315 I've calculated below to account for that (which would be rather optimistic, keep in mind).

Bandwidth

Bandwidth is more complicated, because that can't just be shipped around like HDDs. I'll just take prices for my country, Germany, using the provider T-online, because I don't know how it works in the US. You can plug in your own numbers based on the calculations below.
1GB blocks/10 minute mean 1.7MB/s. However, this is an average, and we need some wiggle room for transaction spikes, for example at Christmas or Black Friday. VISA handles 150 million transactions per day, that is 1736tx/s, but can handle up to 24,000tx/s (source). So we should be able to handle 13.8x the average throughput, which would be 1.7MB/s x 13.8 = 23.46M/s, or 187.68Mbit/s. The plan on T-online for 250Mbit/s (translated) would be 54.95€/mo (plus setup minus a discount for the first 6 months which seems to cancel out so we'll ignore it), which would be $61.78/mo. This plan is an actual flatrate, so we don't have to worry about hitting any download limit.
Note, however, that we don't order bandwidth for only our Bitcoin node, but also for personal use. If we only needed 2MB/s for personal use, the plan would be 34.95€, thus our node would actually only cost the difference of 20€ per month, or $22.50/mo. Nielsen's Law of Internet Bandwidth claims that a high-end user's connection speed grows by 50% per year. If we assume this is true for pricing too, the bandwidth cost for ~200Mbit/s/mo. would go down to 12.5% (forgot how exponential growth works) 29.6% of its today's cost by 2022, which decreases our number to $2.81/mo. $6.66/mo.
Edit: jtoomim, markblundeberg and CaptainPatent point out that the node would have a much higher bandwidth for announcing transactions and uploading historical blocks. In theory, it would not be necessary to do any of those things and still be able to verify one's own transactions, by never broadcasting any transactions. That would be quite leechy behaviour, though. If we were to pick a higher data plan to get 1000MBit/s downstream and 500MBit/s upstream, it would cost 119.95€/mo., however this plan isn't widely available yet (both links in German). 500MBit/s of upstream would give us max. 21 connected nodes at transaction spikes, or max. 294 connected nodes at average load. That would cost $39.85 in 2022 (with correct exponential growth).

CPU/Memory

CPU/Memory will be bought once and can then run for tens of years, so we'll count these as setup costs. The specs needed, of course, depend on the optimization of the node software, but we'll assume the current bottlenecks will have been removed once running a node actually becomes demanding hardware-wise.
This paper establishes that a 2.4GHz Intel Westmere (Xeon E5620) CPU can verify 71000 signatures per second... which can be bought for $32.88 a pair on Ebay (note: this CPU is from Q1'10). We'd need to verify 76659tx/s at spikes (taking the 13.8x number), so that pair of CPUs (handle 142,000tx/s) seem to just fit right in (given one signature per tx). We'd also have to account for multiple signatures per transaction and all the other parts of verification of transactions, but it seems like the CPU costs are neglegible anyway if we don't buy the freshest hardware available. ~$100 at current prices seem reasonable. Given Moore's Law, we can assume that prices for CPUs half every two years (transistor count x1.4162), so in three years, the CPU(s) should cost around $35.22 ($100/1.4163).
For memory, we again have to take into account the transaction spikes. If we're very unlucky, and transactions spike and there won't be a block for ~1h, the mempool can become very large. If we take the factor of 13.8x from above, and 1h of unconfirmed transactions (20,000,000tx usually, 276,000,000tx on spikes), we'd need 82.8GB (for 300B per transaction).
I found 32GB of RAM (with ECC) for $106, so three of those give us 96GB of RAM for $318 and plenty remaining space for building hash trees, connection management and the operating system. Buying used hardware doesn't seem to decrease the cost significantly (we actually do need a lot of RAM, compared to CPU power).
Price of RAM seems to decrease by a factor of x100 every 10 years (x1.58510), so we can expect 96GB to cost around $79.89 ($318/1.5853) in 2022.
Of course, CPU and memory need to be compatible, which I haven't taken into account. Chug a mainboard (~$150) and a power supply (~$50) into the mix, and the total would be just over $600 for today's prices. Even if mainboard and power supply prices remain the same, we'd still only have to pay around $315 for the whole setup in 2022.

Electricity

I found the following power consumptions:
So we'd have 129W 147.6W + N*6W. Electricity cost average at 12ct/kWh in the US, in Germany this is higher at 30.22ct/kWh. In the US, it would cost $11.14 $12.75 + N*$0.52 (P*12ct/kWh / 1000 * 24h/day *30days / 100ct/$), in Germany 28.06€ 32.11€ + N*1.30€.
At the end of the first year, it would cost $20.12 $21.73/mo. in the US and 50.52€ 54.57€/mo. in Germany.
At the end of the second year, it would cost $29.11 $30.72/mo. for the US and 72.98€ 77.03€/mo. for Germany. It increases by $8.98/mo. per year in the US and by 22.46€/mo. per year in Germany.
Electricity prices in Germany have increased over time due to increased taxation; in the US the price increase has been below inflation rate the last two decades. As it's difficult to predict price changes here, I'm going to assume prices will remain the same.

Conclusion

In summary, we get:
If we add everything up, for today's prices, we get (E: updated all following numbers, but only changed slightly) $132/mo. (US), $187/mo. (DE) for the second year and $71.92/mo. $78/mo. (US), $115.79/mo. $124/mo. (DE) in 2022.
It definitely is quite a bit of money, but consider what that machine would actually do; it would basically do the equivalent of VISA's payment verification multiple times over, which is an amazing feat. Also, piano lessons cost around $50-$100 each, so if we consider a Bitcoin hobbyist, he would still pay much less for his hobby than a piano player, who'd pay about $400 per month. So it's entirely reasonable to assume that even if we had 1GB blocks, there would still be lots of people running full-nodes just so.
How about pruned nodes? Here, we only have to store the Unspent Transaction Output Set (UTXO set), which currently clocks in at 2.8GB. If blocks get 1000 times bigger, we can assume the UTXO set to become 2.8TB. I'll assume ordinary HDD's aren't goint to cut it for reading/writing the UTXO set at that scale, so we'll take some NVMe SSDs for that, currently priced at $105/TB. Three of them would increase our setup by $315 to $915, but decrease our monthly costs. E: However this UTXO set is also required for the non-pruned node, therefore the setup costs stay at $915. Even in the highest power state, the 3 SSDs will need only 18.6W in total, so we'll get a constant 147.6W for the whole system.
In total, this is:
In total, this is $35.25/mo. in the US and $58.57/mo. in Germany for today's prices, or (E:) $19.41/mo. (US) and (E:) $42.73/mo. (DE) in 2022's prices. Which looks very affordable even for a non-hobbyist.
E: spelling
E²: I've added the 3 NVEe SSDs for the UTXO set, as pointed out by others and fixed an error with exponentials, as I figured out.
submitted by eyeofpython to btc [link] [comments]

For all the newbies here: Relax, you are an early adopter, never 'panic-sell', corrections like this one are a good entry point of for 'Dollar Cost Averaging'. And no, Korea didn't just "ban" Bitcoin.

It is always a good time to buy (the real Bitcoin, not Bcash), we are NOT in a "bubble" (fiat is the real bubble), the answer is: Buy now, always Hodl in FUD times (Bitcoin has "died" many times, but Moneybadger don't care, buy the dips and never panic-sell, stuff like: "China/Korea ban Bitcoin...again!" will keep happening again and again.
Stick to the real Bitcoin through all the 'forks' and 'splits' that accomplish nothing but new mediocre, unsafe and centralized altcoins, strengthen/immunize Bitcoin and give you free altcoins to buy more Bitcoin.
All Central Powers look silly trying to control or ban it. Learn from history and listen to this absolute Boss. There will never be enough Bitcoin for every existing millionaire to own just ONE SINGLE BITCOIN, Total number of millionaires (in USD value) worldwide is around 33 million. BTC is the best money.
Also relax, you are actually an early adopter, BTC is still relatively small, mentally prepare yourself for healthy and expected market volatility/dips/corrections/"crashes" (check out this amazing 'Corrections Trends Perspective') and remember all this:
Follow this basic rules of Bitcoin:
It is always a good time to buy Bitcoin if you are hodling long term and not just for day trading, so this is a great strategy. Remember that Bitcoin has practically been up most of the time, and the road to the moon is paved with minor corrections (Bitcoin is never really "down" when you zoom-out).
Everybody parroting: "The bitcoin bubble is about to pop, not linear.
When they bring up the "2000 Dotcom Bubble collapse", tell them: I hope so! Look at these past decentralized/disruptive tech adoption "bubbles". Hyperbitcoinization is coming.
So is not farfetched to say that it will be at 100,000 by 2020, since it came from less than $1 to $5,000 in less than 10 years, and it hasn't even hit the bottom part of the exponential 'S-Curve' of adoption. Check out this great 2017 MIT study: "The Cryptocurrency Market Is Growing Exponentially". Patience pays, don't listen to most "Expert Analysts" or MSM".
Bitcoin is a Moneybadger that get's stronger and immunized with every new attack and this broad picture of its price since infancy (1 year candles on a logarithmic scale) shows Bitcoin growth is not a "bubble" but it's exponential (bigger "bubbles" every time), this old logarithmic scale has been accurate so far, as well as analysts like Wall Street strategist Tom Lee by using Metcalfe's Law: "The value of a telecommunications network is proportional to the square of the number of connected users of the system (n2)" wiki-link. He explains it clearer here.
Learn the difference between Inflation (dollar) and Deflation (Bitcoin) and just take a look at the fiat >20 trillion (and growing fast) debt clock to get a visual shock of unlimited fiat supply (vs limited Bitcoin/Gold supply). BTC is secured by the laws of the Universe.
Bitcoin has outperformed every other currency, commodity, stock and asset since its inception in 2009. Bitcoin, the Moneybadger, is the first unseizable store of value in human history, unlike gold, equities, or fiat, it can't be confiscated if stored correctly. How banks think blockchain will disrupt their industry. Check out these Bitcoin Economy and Bitcoin Transaction infographics.
Also, remember its fixed, limited supply of 21 million coins ever, there are just ~4.5 million (~20%) bitcoins left to be mined till 2140 and the production will keep decreasing ("halving") every 4 years till then. So, remember this and don't wait for the Bitcoin "bubble" to burst or for the price to drop significantly again, because you could be waiting forever:
“The best time to buy bitcoin was in 2009...”.
Don't be -- this guy
Edit: Stay away from fake "Bitcoin" stuff like "btc", "Bitcoin".com (Bitcoin.org is the legit site), Bcash ("Bitcoin" Cash/BCH), "Bitcoin" Gold, etc.
submitted by domelane to Bitcoin [link] [comments]

We are averaging 2,000 new subs daily.

We just celebrated the 350,000 mark 5 days ago and today we are over 360,000. Nice to see this sub and the Bitcoin community in general growing this big and this fast.
If you are one of those many just coming in, welcome! I'm sure you'll find this place very interesting, fun and informative. We are here to help you to better understand what Bitcoin is and and how it works, and for ourselves to keep learning. This is my welcome post for newbies:
When you come asking when is a good time to buy, the answer is: Buy now, always Hodl in FUD times (Bitcoin has "died" many times, but Moneybadger don't care, buy the dips and never panic-sell, stuff like: "China ban Bitcoin...again!" will keep happening again and again.
Here's Bitcoin's response to Jamie Dimon. Stick to the real Bitcoin through all the 'forks' and 'splits' that accomplish nothing but new mediocre, unsafe and centralized altcoins, strengthen/immunize Bitcoin and give you free altcoins to buy more Bitcoin.
All Central Powers look silly trying to control or ban it. Learn from history and listen to this absolute Boss. There will never be enough Bitcoin for every existing millionaire to own just ONE SINGLE BITCOIN, Total number of millionaires (in USD value) worldwide is around 33 million. Get one while you still can.
Also relax, you are actually an early adopter if you start investing today, mentally prepare yourself for healthy and expected market volatility/dips/corrections/"crashes" (check out this amazing 'Corrections Trends Perspective') and remember all this regarding Bitcoin investment:
Never try to time the market. Dollar cost average by buying what you can afford to lose every week.
It is always a good time to buy Bitcoin if you are hodling long term and not just for day trading, so this is a great strategy. Remember that Bitcoin has practically been up most of the time, and the road to the moon is paved with minor corrections (Bitcoin is never really "down" when you zoom-out).
Everybody parroting: "The bitcoin bubble is about to pop" since 2009, don't know that bitcoin is a decentralized system with mathematically fixed, deflatioary and limited supply currency and its growth is exponential.
So is not farfetched to say that it will be at 100,000 by 2020, since it came from less than $1 to $5,000 in less than 10 years, and it hasn't even hit the bottom part of the exponential 'S-Curve' of adoption. Check out this great 2017 MIT study: "The Cryptocurrency Market Is Growing Exponentially". Patience pays, don't listen to the "Expert Analysts on MSM".
Bitcoin is a Moneybadger that get's stronger and immunized with every new attack and this broad picture of its price since infancy (1 year candles on a logarithmic scale) shows Bitcoin growth is not in a "bubble" right now. Learn the difference between Inflation (dollar) and Deflation (Bitcoin) and just take a look at the fiat >20 trillion (and growing fast) debt clock to get a visual shock of unlimited fiat supply (vs limited Bitcoin/Gold supply).
Bitcoin has outperformed every other currency, commodity, stock and asset since its inception in 2009: "2017: Bitcoin Beats Stocks, Bonds, And Gold, Again”. Bitcoin, the Moneybadger, is the first unseizable store of value in human history, unlike gold, equities, or fiat, it can't be confiscated if stored correctly. How banks think blockchain will disrupt their industry.
Also, remember its fixed, limited supply of 21 million coins ever, there are just ~4.5 million (~20%) bitcoins left to be mined till 2140 and the production will keep decreasing ("halving") every 4 years till then. So, remember this and don't wait for the Bitcoin "bubble" to burst or for the price to drop significantly again, because you could be waiting forever:
“The best time to buy bitcoin was a few years ago, the second best time is always now”.
Don't be -- this guy
Here is a good start:
"Introduction to Bitcoin" - Andreas Antonopoulos
Playlists on Andreas own YT channel
Check out this great articles:
"What Gave Bitcoin Its Value?"
"How do Bitcoins have value?"
"Yes, Cryptocurrencies are Valuable"
ELI5: BITCOIN
How to buy Bitcoin?
Where to buy Bitcoin list
Excellent "Crypto 101" by stos313)
Where to use Bitcoin list by Bitcoin-Yoda
Starter Guide "Bitcoin Complete And Ultimate Guide".
Who accepts Bitcoin? List of Companies, Stores, Shops.
Bitcoin is a worldwide-distributed decentralized peer-to-peer censorship-resistant trustless and permissionless deflationary system/currency (see Blockchain technology) backed by mathematics, open source code, cryptography and the most powerful and secure decentralized computational network on the planet, orders of magnitude more powerful than google and government combined. There is a limit of 21 million bitcoins (divisible in smaller units). "Backed by Government" money is not backed by anything and is infinitely printed at will by Central Banks. Bitcoin is limited and decentralized.
Receive and transfer money, from cents (micropayments) to thousands:
And that’s just as currency, Bitcoin has many more uses and applications.
Edit: Fixed some non-working links and added new ones.
submitted by readish to Bitcoin [link] [comments]

NPIP004: Static Block Reward

After the ClockSync fix was soft forked into the network a couple of months ago, NavCoin is now compliant with the Proof of Stake v2 protocol as published by Blackcoin:
https://blackcoin.org/blackcoin-pos-protocol-v2-whitepaper.pdf
The next logical step is to become compliant with PoS v3. The spec can be read here:
https://bravenewcoin.com/assets/Whitepapers/Blackcoin-POS-3.pdf
The short version is that PoS v3 includes cold staking capability and a fixed block reward.
We have already presented cold staking in NPIP002 and it has received unanimous support from the community. This is scheduled to be deployed after the Community Fund claims mechanism goes live and brings NavCoin half way to being compliant with PoS v3.
This brings us to the second part of the PoS v3 spec, a fixed block reward.
Why would we want a fixed block reward instead of a percentage based reward? The main consideration is that while earning stake rewards is nice for your NAV balance, the primary purpose of staking is being rewarded for validating and securing the network. With the current percentage based rewards, coins can be offline for an indefinite period, not securing the network, then appear online to claim their reward even though they have done very little work to secure the network beyond minting a few blocks.
Coins which are online are using their weight to validate blocks minted by other stakers and play an important part in securing the network, even if they're not the one minting the current block. They are what protects the network against a 51% attack and it is therefore important for network security to have as much coin weight online as possible.
To read the full rationale, please refer to NPIP004 here: https://github.com/NAVCoin/npips/blob/npip-0004/npip-0004.mediawiki
Please remember that this is a draft at this stage and is open for discussion. Ultimately no-one can alter the consensus mechanism without support from the network, so the choice will be up to the community and network to decide the best course forward. I want to put a few additional thoughts on paper here which I would love some feedback on.

Overview

NPIP004 suggests to set the static block reward at 2NAV per block.
There are approximately 1,051,200 (2*60*24*365) blocks mined per year which means there would be 2,102,400 NAV generated per year by proof of stake rewards.
There are currently ~63M NAV in circulation, so this would set the inflation rate to 3.3% annually by way of stake rewards. The other thing to take into consideration with a static reward is that as a percentage, it will exponentially decrease over time.
eg. When the circulating amount is 100M NAV, the inflation generated by stake rewards would be the same amount of NAV which equates to 2.1% of total supply instead of 3.3%.

Deflationary supply

There is some debate whether an exponentially deflationary supply is a good or a bad thing. In regards to supply demand economics, it has proven to be a massive boon for Bitcoin with the value exponentially increasing after every mining reward halving. The counter argument is that it is bad for distribution since it rewards early adopters more than the new entrants to the ecosystem.
Personally, i'm the for the deflationary model. I think the difference in mining rewards from now until we have 100M in circulation (10+ years from now) is negligible compared to adoption when we're talking about things which effect the supply demand economics. It is reducing by 1/3 over roughly 10 years, not halving every 4 years as with bitcoin.

Inequality

There has been some discussion as to how this could drive a further divide between stakers with more and less NAV. The thing to keep in mind is that although the rewards are fixed, the number of blocks you stake is still proportional to your staking weight on the network. This means that stakers still increase in wealth proportionally to each other as a percentage. Let's run a few scenarios.
Assuming there are 20M NAV contributing to staking, just like there is today. Here's what the stake rewards would look like for some different balances over a 1 year period.
Balance After 1 Year Percentage
1,000,000 NAV 1,105,120.00 NAV 10.512%
100,000 NAV 110,512.00 NAV 10.512%
10,000 NAV 11,051.20 NAV 10.512%
1,000 NAV 110.512 NAV 10.512%
As you can see, the only real thing that happens is we shift the decimal place around if we have different input values, but as a percentage everyone is increasing proportionally to what they input.
This is a slightly over simplified view, but it is largely accurate. Whether you have 10% or 0.001% of the total staking weight, you will mint blocks proportionally to your weight, so everyone's balances increase at the same percentages.
The only thing which could complicate the matter is compounding interest. A few people have been concerned that because the person with the larger balance stakes more frequently, they will effectively run away from the smaller stakers who would never get the opportunity to stake.
I wrote a small computer program to simulate the staking rewards over 1 year taking into account the network weight and the additional 2 NAV added every time someone finds a block. The assumption I've made is the worst case scenario e.g all coins staked are never spent, but compound back onto the staking weight.
You can read the program here: https://github.com/craigmacgregostatic-reward-modelleblob/mastemodel.js
In laymans terms, it calculates when you'd be due for a reward based on your weight vs the rest of the network where the network starts with 20M NAV and gets 2 NAV added per 30 seconds. The output is as follows:
Staker Balance Start Balance End Percent Gain
balance1 1,000,000 1,105,120 10.51%
balance2 100,000 110,512 10.51%
balance3 10,000 11,052 10.52%
balance4 1,000 1,106 10.6%
network weight 22,102,400 10.51%
So, as you can see the smaller stakers still get their rewards, even though the bigger stakers balance is going up 2NAV every 20 blocks. I even modelled this for someone staking 100 NAV and they will end up with 112 NAV after 1 year (12% gain). So if anything it seems like this model marginally favours smaller stakers over bigger ones which was a surprising result actually.
The only thing this doesn't take into account is resolving orphans. I can't simulate orphans easily with a basic javascript program, it is something I will investigate when i run the NPIP on the testnet to make sure there is no problem in the real world. But i assume it will be of little consequence.

Why is it over 10% gain?

You have to remember that because the total amount generated is fixed but split proportionally. With a network weight of 20M the annual rewards per coin is 10.5%, but if 40M coins were staking the annual reward per coin would be 5.25%. if more people bring coins online to stake, the rewards decrease. Currently there are only around 25% of NAV online for staking, but typically we see around 40% NAV online for staking which would mean the annual reward is around 8.4% per coin. If 100% coins were used for staking the annual reward would be equal to 3.33% per coin.

How does this compare to other coins?

Coin Reward
PIVX 5-10%
ARK 10-12%
LSK 10%
NEBL 10%
NAV 5-10%
Source: https://www.investinblockchain.com/best-proof-of-stake-coins
So this move would put us in step with other PoS coins and actually still remain on the low end of the reward scale, especially if more people start staking.
I found this spreadsheet which has pretty detailed information about a bunch of coins and their inflation rates:
https://docs.google.com/spreadsheets/d/1-weHt0PiIZWyXs1Uzp7QIUKk9TX7aa15RtFc8JJpn7g/edit#gid=237137882
From this, you can see that NavCoin would still have one of the lowest inflation rates in crypto when you include PoW coins as well. Bitcoin currently inflates at around 3.68% as example.

Isn't low inflation like we have now better?

With 4% per year and only 25% of coins staking, NavCoin currently only inflates at around 1.4% per year (including the community fund). We've seen the staking network weight roughly halve over the last 6 months, something which could be attributed the reduction of rewards when the community fund was introduced. It's possible people are switching to other, more profitable PoS coins because 4% reward is too low. At this network weight and market rate, it would only take around USD $2M worth of coins to perform a 51% attack. In reality, buying enough coins to 51% attack the network would drive the price of NAV up and therefore make it much more expensive than this to attack the network, but it's still worth noting the importance for network security to attract more people to stake.

Conclusion

Changing to a static block reward of 2 NAV per block increases network security in multiple ways, the first being that it forces people to be online securing the network with their weight constantly. Secondly, it would increase potential earnings for stakers which would attract more people to stake NavCoin and increase the network weight further. Both of these factors make the network harder to 51% attack and would improve network security.

Additional suggested changes

When we originally proposed 0.25 NAV per block for the Community Fund we calculated that as 20% of the current inflation rate. So reducing from 5% to 4% and adding 0.25 NAV was roughly equal. However this calculation was based on 40% of coins staking at 5% reward. I would suggest that if we move to a static block reward, we increase the community fund amount to 0.5 NAV per block, so it retains the 20% ratio to staking rewards as was originally intended.
This would mean that there are 2,102,400 NAV created per year for staking and 525,600 NAV per year created for the community fund totalling 2,628,000 new NAV created per year. This equals an initial inflation rate of 4.17% which is exponentially decreasing as a percentage as explained previously.

Alternative approaches

Maximum Coin Age
We could introduce a maximum coin age of 1 month. If they came online after 6 months to claim reward, they would only receive 1 months of reward. This would incentivise people to remain online because otherwise they would miss out on rewards. However, for a big staker, they can cycle thorugh all their coins quite quickly, but a small staker would potentially miss out on rewards even if they stayed online the whole time. I would argue this solution is worse for small stakers than a static reward. It also doesn't address the fact that other coins have higher rewards and attracts no new users.
Block Validator Reward
We could keep the coinage based staking rewards for the block minter and create an additional static reward which the minter issues to people who are online and securing the network with their weight even if they aren't the block minter. It would still essentially be a lottery based on network weight, but this way we have a hybrid system where everyone gets their percentage, but people who are online staking all the time get extra. This alternative would take a reasonable amount of investigation, research and testing to accomplish and it's not been trialled before afaik. For simplicities sake, i would argue that just using a static reward is a better option.
Other approaches
Not sure what else, i haven't thought of any other ways to solve this problem yet. If you have any ideas, don't be afraid to post them in the thread.

Conclusion

I'm personally in favour of changing the block reward to 2 NAV and increasing the Community Fund to 0.5 NAV per block. I'd be happy to hear your thoughts, so please post your feedback below.
submitted by pakage to NavCoin [link] [comments]

The Nexus FAQ - part 1

Full formatted version: https://docs.google.com/document/d/16KKjVjQH0ypLe00aoTJ_hZyce7RAtjC5XHom104yn6M/
 

Nexus 101:

  1. What is Nexus?
  2. What benefits does Nexus bring to the blockchain space?
  3. How does Nexus secure the network and reach consensus?
  4. What is quantum resistance and how does Nexus implement this?
  5. What is Nexus’ Unified Time protocol?
  6. Why does Nexus need its own satellite network?
 

The Nexus Currency:

  1. How can I get Nexus?
  2. How much does a transaction cost?
  3. How fast does Nexus transfer?
  4. Did Nexus hold an ICO? How is Nexus funded?
  5. Is there a cap on the number of Nexus in existence?
  6. What is the difference between the Oracle wallet and the LLD wallet?
  7. How do I change from Oracle to the LLD wallet?
  8. How do I install the Nexus Wallet?
 

Types of Mining or Minting:

  1. Can I mine Nexus?
  2. How do I mine Nexus?
  3. How do I stake Nexus?
  4. I am staking with my Nexus balance. What are trust weight, block weight and stake weight?
 

Nexus 101:

1. What is Nexus (NXS)?
Nexus is a digital currency, distributed framework, and peer-to-peer network. Nexus further improves upon the blockchain protocol by focusing on the following core technological principles:
Nexus will combine our in-development quantum-resistant 3D blockchain software with cutting edge communication satellites to deliver a free, distributed, financial and data solution. Through our planned satellite and ground-based mesh networks, Nexus will provide uncensored internet access whilst bringing the benefits of distributed database systems to the world.
For a short video introduction to Nexus Earth, please visit this link
 
2. What benefits does Nexus bring to the blockchain space?
As Nexus has been developed, an incredible amount of time has been put into identifying and solving several key limitations:
Nexus is also developing a framework called the Lower Level Library. This LLL will incorporate the following improvements:
For information about more additions to the Lower Level Library, please visit here
 
3. How does Nexus secure the network and reach consensus?
Nexus is unique amongst blockchain technology in that Nexus uses 3 channels to secure the network against attack. Whereas Bitcoin uses only Proof-of-Work to secure the network, Nexus combines a prime number channel, a hashing channel and a Proof-of-Stake channel. Where Bitcoin has a difficulty adjustment interval measured in weeks, Nexus can respond to increased hashrate in the space of 1 block and each channel scales independently of the other two channels. This stabilizes the block times at ~50 seconds and ensures no single channel can monopolize block production. This means that a 51% attack is much more difficult to launch because an attacker would need to control all 3 channels.
Every 60 minutes, the Nexus protocol automatically creates a checkpoint. This prevents blocks from being created or modified dated prior to this checkpoint, thus protecting the chain from malicious attempts to introduce an alternate blockchain.
 
4. What is quantum resistance and how does Nexus implement it?
To understand what quantum resistance is and why it is important, you need to understand how quantum computing works and why it’s a threat to blockchain technology. Classical computing uses an array of transistors. These transistors form the heart of your computer (the CPU). Each transistor is capable of being either on or off, and these states are used to represent the numerical values 1 and 0.
Binary digits’ (bits) number of states depends on the number of transistors available, according to the formula 2n, where n is the number of transistors. Classical computers can only be in one of these states at any one time, so the speed of your computer is limited to how fast it can change states.
Quantum computers utilize quantum bits, “qubits,” which are represented by the quantum state of electrons or photons. These particles are placed into a state called superposition, which allows the qubit to assume a value of 1 or 0 simultaneously.
Superposition permits a quantum computer to process a higher number of data possibilities than a classical computer. Qubits can also become entangled. Entanglement makes a qubit dependant on the state of another, enabling quantum computing to calculate complex problems, extremely quickly.
One such problem is the Discrete Logarithm Problem which elliptic curve cryptography relies on for security. Quantum computers can use Shor’s algorithm to reverse a key in polynomial time (which is really really really fast). This means that public keys become vulnerable to quantum attack, since quantum computers are capable of being billions of times faster at certain calculations. One way to increase quantum resistance is to require more qubits (and more time) by using larger private keys:
Bitcoin Private Key (256 bit) 5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF
Nexus Private Key (571 bit) 6Wuiv513R18o5cRpwNSCfT7xs9tniHHN5Lb3AMs58vkVxsQdL4atHTF Vt5TNT9himnCMmnbjbCPxgxhSTDE5iAzCZ3LhJFm7L9rCFroYoqz
Bitcoin addresses are created by hashing the public key, so it is not possible to decrypt the public key from the address; however, once you send funds from that address, the public key is published on the blockchain rendering that address vulnerable to attack. This means that your money has higher chances of being stolen.
Nexus eliminates these vulnerabilities through an innovation called signature chains. Signature chains will enable access to an account using a username, password and PIN. When you create a transaction on the network, you claim ownership of your signature chain by revealing the public key of the NextHash (the hash of your public key) and producing a signature from the one time use private key. Your wallet then creates a new private/public keypair, generates a new NextHash, including the corresponding contract. This contract can be a receive address, a debit, a vote, or any other type of rule that is written in the contract code.
This keeps the public key obscured until the next transaction, and by divorcing the address from the public key, it is unnecessary to change addresses in order to change public keys. Changing your password or PIN code becomes a case of proving ownership of your signature chain and broadcasting a new transaction with a new NextHash for your new password and/or PIN. This provides the ability to login to your account via the signature chain, which becomes your personal chain within the 3D chain, enabling the network to prove and disprove trust, and improving ease of use without sacrificing security.
The next challenge with quantum computers is that Grover’s algorithm reduces the security of one-way hash function by a factor of two. Because of this, Nexus incorporates two new hash functions, Skein and Keccak, which were designed in 2008 as part of a contest to create a new SHA3 standard. Keccak narrowly defeated Skein to win the contest, so to maximize their potential Nexus combines these algorithms. Skein and Keccak utilize permutation to rotate and mix the information in the hash.
To maintain a respective 256/512 bit quantum resistance, Nexus uses up to 1024 bits in its proof-of-work, and 512 bits for transactions.
 
5. What is the Unified Time protocol?
All blockchains use time-stamping mechanisms, so it is important that all nodes operate using the same clock. Bitcoin allows for up to 2 hours’ discrepancy between nodes, which provides a window of opportunity for the blockchain to be manipulated by time-related attack vectors. Nexus eliminates this vulnerability by implementing a time synchronization protocol termed Unified Time. Unified Time also enhances transaction processing and will form an integral part of the 3D chain scaling solution.
The Unified Time protocol facilitates a peer-to-peer timing system that keeps all clocks on the network synchronized to within a second. This is seeded by selected nodes with timestamps derived from the UNIX standard; that is, the number of seconds since January 1st, 1970 00:00 UTC. Every minute, the seed nodes report their current time, and a moving average is used to calculate the base time. Any node which sends back a timestamp outside a given tolerance is rejected.
It is important to note that the Nexus network is fully synchronized even if an individual wallet displays something different from the local time.
 
6. Why does Nexus need its own satellite network?
One of the key limitations of a purely electronic monetary system is that it requires a connection to the rest of the network to verify transactions. Existing network infrastructure only services a fraction of the world’s population.
Nexus, in conjunction with Vector Space Systems, is designing communication satellites, or cubesats, to be launched into Low Earth Orbit in 2019. Primarily, the cubesat mesh network will exist to give Nexus worldwide coverage, but Nexus will also utilize its orbital and ground mesh networks to provide free and uncensored internet access to the world.
 

The Nexus Currency (NXS):

1. How can I get Nexus?
There are two ways you can obtain Nexus. You can either buy Nexus from an exchange, or you can run a miner and be rewarded for finding a block. If you wish to mine Nexus, please follow our guide found below.
Currently, Nexus is available on the following exchanges:
Nexus is actively reaching out to other exchanges to continue to be listed on cutting edge new financial technologies..
 
2. How much does a transaction cost?
Under Nexus, the fee structure for making a transaction depends on the size of your transaction. A default fee of 0.01 NXS will cover most transactions, and users have the option to pay higher fees to ensure their transactions are processed quickly.
When the 3D chain is complete and the initial 10-year distribution period finishes, Nexus will absorb these fees through inflation, enabling free transactions.
 
3. How fast does Nexus transfer?
Nexus reaches consensus approximately every ~ 50 seconds. This is an average time, and will in some circumstances be faster or slower. NXS currency which you receive is available for use after just 6 confirmations. A confirmation is proof from a node that the transaction has been included in a block. The number of confirmations in this transaction is the number that states how many blocks it has been since the transaction is included. The more confirmations a transaction has, the more secure its placement in the blockchain is.
 
4. Did Nexus hold an ICO? How is Nexus funded?
The Nexus Embassy, a 501(C)(3) not-for-profit corporation, develops and maintains the Nexus blockchain software. When Nexus began under the name Coinshield, the early blocks were mined using the Developer and Exchange (Ambassador) addresses, which provides funding for the Nexus Embassy.
The Developer Fund fuels ongoing development and is sourced by a 1.5% commission per block mined, which will slowly increase to 2.5% after 10 years. This brings all the benefits of development funding without the associated risks.
The Ambassador (renamed from Exchange) keys are funded by a 20% commission per block reward. These keys are mainly used to pay for marketing, and producing and launching the Nexus satellites.
When Nexus introduces developer and ambassador contracts, they will be approved, denied, or removed by six voting groups namely: currency, developer, ambassador, prime, hash, and trust.
Please Note: The Nexus Embassy reserves the sole right to trade, sell and or use these funds as required; however, Nexus will endeavor to minimize the impact that the use of these funds has upon the NXS market value.
 
5. Is there a cap on the number of NXS in existence?
After an initial 10-year distribution period ending on September 23rd, 2024, there will be a total of 78 million NXS. Over this period, the reward gradient for mining Nexus follows a decaying logarithmic curve instead of the reward halving inherent in Bitcoin. This avoids creating a situation where older mining equipment is suddenly unprofitable, encouraging miners to continue upgrading their equipment over time and at the same time reducing major market shocks on block halving events.
When the distribution period ends, the currency supply will inflate annually by a maximum of 3% via staking and by 1% via the prime and hashing channels. This inflation is completely unlike traditional inflation, which degrades the value of existing coins. Instead, the cost of providing security to the blockchain is paid by inflation, eliminating transaction fees.
Colin Cantrell - Nexus Inflation Explained
 
6. What is the difference between the LLD wallet and the Oracle wallet?
Due to the scales of efficiency needed by blockchain, Nexus has developed a custom-built database called the Lower Level Database. Since the development of the LLD wallet 0.2.3.1, which is a precursor to the Tritium updates, you should begin using the LLD wallet to take advantage of the faster load times and improved efficiency.
The Oracle wallet is a legacy wallet which is no longer maintained or updated. It utilized the Berkeley DB, which is not designed to meet the needs of a blockchain. Eventually, users will need to migrate to the LLD wallet. Fortunately, the wallet.dat is interchangeable between wallets, so there is no risk of losing access to your NXS.
 
7. How do I change from Oracle to the LLD wallet?
Step 1 - Backup your wallet.dat file. You can do this from within the Oracle wallet Menu, Backup Wallet.
Step 2 - Uninstall the Oracle wallet. Close the wallet and navigate to the wallet data directory. On Windows, this is the Nexus folder located at %APPDATA%\Nexus. On macOS, this is the Nexus folder located at ~/Library/Application Support/Nexus. Move all of the contents to a temporary folder as a backup.
Step 3 - Copy your backup of wallet.dat into the Nexus folder located as per Step 2.
Step 4 - Install the Nexus LLD wallet. Please follow the steps as outlined in the next section. Once your wallet is fully synced, your new wallet will have access to all your addresses.
 
8. How do I install the Nexus Wallet?
You can install your Nexus wallet by following these steps:
Step 1 - Download your wallet from www.nexusearth.com. Click the Downloads menu at the top and select the appropriate wallet for your operating system.
Step 2 - Unzip the wallet program to a folder. Before running the wallet program, please consider space limitations and load times. On the Windows OS, the wallet saves all data to the %APPDATA%\Nexus folder, including the blockchain, which is currently ~3GB.
On macOS, data is saved to the ~/Library/Application Support/Nexus folder. You can create a symbolic link, which will allow you to install this information in another location.
Using Windows, follow these steps:
On macOS, follow these steps:
Step 3 (optional) - Before running the wallet, we recommend downloading the blockchain database manually. Nexus Earth maintains a copy of the blockchain data which can save hours from the wallet synchronization process. Please go to www.nexusearth.com and click the Downloads menu.
Step 4 (optional) - Extract the database file. This is commonly found in the .zip or .rar format, so you may need a program like 7zip to extract the contents. Please extract it to the relevant directory, as outlined in step 2.
Step 5 - You can now start your wallet. After it loads, it should be able to complete synchronization in a short time. This may still take a couple of hours. Once it has completed synchronizing, a green check mark icon will appear in the lower right corner of the wallet.
Step 6 - Encrypt your wallet. This can be done within the wallet, under the Settings menu. Encrypting your wallet will lock it, requiring a password in order to send transactions.
Step 7 - Backup your wallet.dat file. This can be done from the File menu inside the wallet. This file contains the keys to the addresses in your wallet. You may wish to keep a secure copy of your password somewhere, too, in case you forget it or someone else (your spouse, for example) ever needs it.
You should back up your wallet.dat file again any time you create – or a Genesis transaction creates (see “staking” below) – a new address.
 

Types of Mining or Minting:

1.Can I mine Nexus?
Yes, there are 2 channels that you can use to mine Nexus, and 1 channel of minting:
Prime Mining Channel
This mining channel looks for a special prime cluster of a set length. This type of calculation is resistant to ASIC mining, allowing for greater decentralization. This is most often performed using the CPU.
Hashing Channel
This channel utilizes the more traditional method of hashing. This process adds a random nonce, hashes the data, and compares the resultant hash against a predetermined format set by the difficulty. This is most often performed using a GPU.
Proof of Stake (nPoS)
Staking is a form of mining NXS. With this process, you can receive NXS rewards from the network for continuously operating your node (wallet). It is recommended that you only stake with a minimum balance of 1000 NXS. It’s not impossible to stake with less, but it becomes harder to maintain trust. Losing trust resets the interest rate back to 0.5% per annum.
 
2. How do I mine Nexus?
As outlined above, there are two types of mining and 1 proof of stake. Each type of mining uses a different component of your computer to find blocks, the CPU or the GPU. Nexus supports CPU and GPU mining on Windows only. There are also third-party macOS builds available.
Please follow the instructions below for the relevant type of miner.
 
Prime Mining:
Almost every CPU is capable of mining blocks on this channel. The most effective method of mining is to join a mining pool and receive a share of the rewards based on the contribution you make. To create your own mining facility, you need the CPU mining software, and a NXS address. This address cannot be on an exchange. You create an address when you install your Nexus wallet. You can find the related steps under How Do I Install the Nexus Wallet?
Please download the relevant miner from http://nexusearth.com/mining.html. Please note that there are two different miner builds available: the prime solo miner and the prime pool miner. This guide will walk you through installing the pool miner only.
Step 1 - Extract the archive file to a folder.
Step 2 - Open the miner.conf file. You can use the default host and port, but these may be changed to a pool of your choice. You will need to change the value of nxs_address to the address found in your wallet. Sieve_threads is the number of CPU threads you want to use to find primes. Ptest_threads is the number of CPU threads you want to test the primes found by the sieve. As a general rule, the number of threads used for the sieve should be 75% of the threads used for testing.
It is also recommended to add the following line to the options found in the .conf file:
"experimental" : "true"
This option enables the miner to use an improved sieve algorithm which will enable your miner to find primes at a faster rate.
Step 3 - Run the nexus_cpuminer.exe file. For a description of the information shown in this application, please read this guide.
 
Hashing:
The GPU is a dedicated processing unit housed on-board your graphics card. The GPU is able to perform certain tasks extremely well, unlike your CPU, which is designed for parallel processing. Nexus supports both AMD and Nvidia GPU mining, and works best on the newer models. Officially, Nexus does not support GPU pool mining, but there are 3rd party miners with this capability.
The latest software for the Nvidia miner can be found here. The latest software for the AMD miner can be found here. The AMD miner is a third party miner. Information and advice about using the AMD miner can be found on our Slack channel. This guide will walk you through the Nvidia miner.
Step 1 - Close your wallet. Navigate to %appdata%\Nexus (~/Library/Application Support/Nexus on macOS) and open the nexus.conf file. Depending on your wallet, you may or may not have this file. If not, please create a new txt file and save it as nexus.conf
You will need to add the following lines before restarting your wallet:
Step 2 - Extract the files into a new folder.
Step 3 - Run the nexus.bat file. This will run the miner and deposit any rewards for mining a block into the account on your wallet.
For more information on either Prime Mining or Hashing, please join our Slack and visit the #mining channel. Additional information can be found here.
 
3. How do I stake Nexus?
Once you have your wallet installed, fully synchronized and encrypted, you can begin staking by:
After you begin staking, you will receive a Genesis transaction as your first staking reward. This establishes a Trust key in your wallet and stakes your wallet balance on that key. From that point, you will periodically receive additional Trust transactions as further staking rewards for as long as your Trust key remains active.
IMPORTANT - After you receive a Genesis transaction, backup your wallet.dat file immediately. You can select the Backup Wallet option from the File menu, or manually copy the file directly. If you do not do this, then your Nexus balance will be staked on the Trust key that you do not have backed up, and you risk loss if you were to suffer a hard drive failure or other similar problem. In the future, signature chains will make this precaution unnecessary.
 
4. I am staking with my Nexus balance. What are interest rate, trust weight, block weight, and stake weight?
These items affect the size and frequency of staking rewards after you receive your initial Genesis transaction. When staking is active, the wallet displays a clock icon in the bottom right corner. If you hover your mouse pointer over the icon, a tooltip-style display will open up, showing their current values.
Please remember to backup your wallet.dat file (see question 3 above) after you receive a Genesis transaction.
Interest Rate - The minting rate at which you will receive staking rewards, displayed as an annual percentage of your NXS balance. It starts at 0.5%, increasing to 3% after 12 months. The rate increase is not linear but slows over time. It takes several weeks to reach 1% and around 3 months to reach 2%.
With this rate, you can calculate the average amount of NXS you can expect to receive each day for staking.
Trust Weight - An indication of how much the network trusts your node. It starts at 5% and increases much more quickly than the minting (interest) rate, reaching 100% after one month. Your level of trust increases your stake weight (below), thus increasing your chances of receiving staking transactions. It becomes easier to maintain trust as this value increases.
Block Weight - Upon receipt of a Genesis transaction, this value will begin increasing slowly, reaching 100% after 24 hours. Every time you receive a staking transaction, the block weight resets. If your block weight reaches 100%, then your Trust key expires and everything resets (0.5% interest rate, 5% trust weight, waiting for a new Genesis transaction).
This 24-hour requirement will be replaced by a gradual decay in the Tritium release. As long as you receive a transaction before it decays completely, you will hold onto your key. This change addresses the potential of losing your trust key after months of staking simply because of one unlucky day receiving trust transactions.
Stake Weight - The higher your stake weight, the greater your chance of receiving a transaction. The exact value is a derived by a formula using your trust weight and block weight, which roughly equals the average of the two. Thus, each time you receive a transaction, your stake weight will reset to approximately half of your current level of trust.
submitted by scottsimon36 to nexusearth [link] [comments]

If you are new here, and wondering if it's ok to buy when the price is "high", you may enjoy this fun and informative introduction to Bitcoin.

Buy now, always Hodl in FUD times (Bitcoin has "died" many times, but Moneybadger don't care, buy the dips and never panic-sell, stuff like: "China ban Bitcoin...again!" will keep happening again and again. Here's Bitcoin's response to Jamie Dimon. All Central Powers look silly trying to control or ban it. Learn from history.
Also relax, you are actually an early adopter if you start investing today, mentally prepare yourself for healthy and expected market volatility/dips/corrections/"crashes" (check out this amazing 'Corrections Trends Perspective') and remember all this regarding Bitcoin investment:
Never try to time the market. Dollar cost average by buying what you can afford to lose every week.
It is always a good time to buy Bitcoin if you are hodling long term and not just for day trading, so this is a great strategy. Remember that Bitcoin has practically been up most of the time, and the road to the moon is paved with minor corrections (Bitcoin is never really "down" when you zoom-out).
Everybody parroting: "The bitcoin bubble is about to pop" since 2009, don't know that bitcoin is a decentralized system with mathematically fixed, deflatioary and limited supply currency and its growth is exponential.
So is not farfetched to say that it will be at 100,000 by 2020, since it came from less than $1 to $5,000 in less than 10 years, and it hasn't even hit the bottom part of the exponential 'S-Curve' of adoption. Check out this great 2017 MIT study: "The Cryptocurrency Market Is Growing Exponentially". Patience pays, don't listen to the "Expert Analysts on MSM".
Bitcoin is a Moneybadger that get's stronger and immunized with every new attack and this broad picture of its price since infancy (1 year candles on a logarithmic scale) shows Bitcoin growth is not in a "bubble" right now. Learn the difference between Inflation (dollar) and Deflation (Bitcoin) and just take a look at the fiat >20 trillion (and growing fast) debt clock to get a visual shock of unlimited fiat supply (vs limited Bitcoin/Gold supply).
Bitcoin has outperformed every other currency, commodity, stock and asset since its inception in 2009: "2017: Bitcoin Beats Stocks, Bonds, And Gold, Again”. Bitcoin, the Moneybadger, is the first unseizable store of value in human history, unlike gold, equities, or fiat, it can't be confiscated if stored correctly. How banks think blockchain will disrupt their industry.
Also, remember its fixed, limited supply of 21 million coins ever, there are just ~4.5 million (~20%) bitcoins left to be mined till 2140 and the production will keep decreasing ("halving") every 4 years till then. So, remember this and don't wait for the price to drop significantly again, because you could be waiting forever:
“The best time to buy bitcoin was a few years ago, the second best time is always now”.
Don't be -- this guy
Here is a good start:
"Introduction to Bitcoin" - Andreas Antonopoulos
Playlists on Andreas own YT channel
Check out this great articles:
"What Gave Bitcoin Its Value?"
"How do Bitcoins have value?"
How to buy Bitcoin?
Where to buy Bitcoin list
Excellent "Crypto 101" by stos313)
Where to use Bitcoin list by Bitcoin-Yoda
Edit: Formatting
submitted by readish to Bitcoin [link] [comments]

Discussion around Block Halving

Can we have a discussion on what we all think the effects of the next Bitcoin block reward halving will have on the Bitcoin market. According to the Bitcoin clock the next block halving is around 06-08-2016. I'm quite bullish about the outcome of the next black halving, I think there could be a interesting period of time where the mining operations will not be able to maintain the same supply of coins, couple this with steady adoption from now until 2016. moon or doom?
submitted by LeB00s to BitcoinMarkets [link] [comments]

Advice and sources for newbies:

Welcome! Here are some info, advice and sources for newbies to get you started (what to buy? stick to Bitcoin):
When you come asking if or when is a good time to buy, the answer is: Buy now, always Hodl in FUD times (Bitcoin has "died" many times, but Moneybadger don't care, buy the dips and never panic-sell, stuff like: "China ban Bitcoin...again!" will keep happening again and again.
Here's Bitcoin's response to Jamie Dimon. Stick to the real Bitcoin through all the 'forks' and 'splits' that accomplish nothing but new mediocre, unsafe and centralized altcoins, strengthen/immunize Bitcoin and give you free altcoins to buy more Bitcoin.
All Central Powers look silly trying to control or ban it. Learn from history and listen to this absolute Boss. There will never be enough Bitcoin for every existing millionaire to own just ONE SINGLE BITCOIN, Total number of millionaires (in USD value) worldwide is around 33 million. BTC is the best money.
Also relax, you are actually an early adopter if you start investing today, mentally prepare yourself for healthy and expected market volatility/dips/corrections/"crashes" (check out this amazing 'Corrections Trends Perspective') and remember all this:
Never try to time the market. Dollar cost average by buying what you can afford to lose every week.
It is always a good time to buy Bitcoin if you are hodling long term and not just for day trading, so this is a great strategy. Remember that Bitcoin has practically been up most of the time, and the road to the moon is paved with minor corrections (Bitcoin is never really "down" when you zoom-out).
Everybody parroting: "The bitcoin bubble is about to pop" since 2009, don't know that bitcoin is a decentralized system with mathematically fixed, deflatioary and limited supply currency and its growth is exponential.
So is not farfetched to say that it will be at 100,000 by 2020, since it came from less than $1 to $5,000 in less than 10 years, and it hasn't even hit the bottom part of the exponential 'S-Curve' of adoption. Check out this great 2017 MIT study: "The Cryptocurrency Market Is Growing Exponentially". Patience pays, don't listen to the "Expert Analysts on MSM".
Bitcoin is a Moneybadger that get's stronger and immunized with every new attack and this broad picture of its price since infancy (1 year candles on a logarithmic scale) shows Bitcoin growth is not a "bubble" but it's exponential (bigger "bubbles" every time), this old logarithmic scale has been accurate so far.
Learn the difference between Inflation (dollar) and Deflation (Bitcoin) and just take a look at the fiat >20 trillion (and growing fast) debt clock to get a visual shock of unlimited fiat supply (vs limited Bitcoin/Gold supply).
Bitcoin has outperformed every other currency, commodity, stock and asset since its inception in 2009: "2017: Bitcoin Beats Stocks, Bonds, And Gold, Again”. Bitcoin, the Moneybadger, is the first unseizable store of value in human history, unlike gold, equities, or fiat, it can't be confiscated if stored correctly. How banks think blockchain will disrupt their industry. Check out these Bitcoin Economy and Bitcoin Transaction infographics.
Also, remember its fixed, limited supply of 21 million coins ever, there are just ~4.5 million (~20%) bitcoins left to be mined till 2140 and the production will keep decreasing ("halving") every 4 years till then. So, remember this and don't wait for the Bitcoin "bubble" to burst or for the price to drop significantly again, because you could be waiting forever:
“The best time to buy bitcoin was a few years ago, the second best time is always now”.
Don't be -- this guy
Here is a good start:
"Introduction to Bitcoin" - Andreas Antonopoulos
Playlists on Andreas own YT channel
Check out this great articles:
"What Gave Bitcoin Its Value?"
"How do Bitcoins have value?"
"Yes, Cryptocurrencies are Valuable"
Bitcoin ELI5
Bitcoin Guide
Bitcoin Resources
Bitcoin Infographic.
How to buy Bitcoin?
Where to buy Bitcoin list
Bitcoin 'Awesome Handbook'
Excellent 'Crypto 101' by stos313
Where to use Bitcoin list by Bitcoin-Yoda
Starter Guide "Bitcoin Complete And Ultimate Guide".
Who accepts Bitcoin? List of Companies, Stores, Shops.
submitted by readish to Bitcoin [link] [comments]

B Team Playoff Hype

After the excitement of A Team playoffs, it would make sense to take a night off, relax, and watch B Team bois have some good old fashioned fun, right?
Right?
B Teamers are savages. B Teamers are created when the primordial sludge of popped Majors, Minors, and A Teamers are drained off and the combined fluids coagulate into balls in the incestual birthing pit. Like Uruk Hai, they’re snatched from the womb ready to chat shit and get hit. Their techniques are unrefined but the sheer tenacity of these little ankle biters is enough to strike fear in the hearts of the most senior Tagpro players. Flags have been capped, powerups have been fought over, and these teams have weathered the regular season only to head straight into the hurricane known as that bitch Irma who delayed the season a week, but also known... as playoffs.
MATCH #1
CLOCKS N BLOCKS VS C.R.E.A.M.
“Familiar With Respawn” z0mbie, “Worse Deity” I Am Zeus, “Currently Embalmed” ping tut, “Plays O Cause He Got” no defense, “Has No Areola” legit nipple, “Eats Out Little Boys” Shere Khan, “Straight Outta Neverland” Peter Pan, and “No Chance In Hell” Snowball
VS
“Gushing Granny” Dew1234, “Founder Of The JJJ” Jeremy Jamm, “Absolute Zero” kelvin, “These Dudes All Sound Like Elements On The Periodic Table” Markam, Klovar, Trituin, and Halve
C’mon. It’s fucking cocks and cum. Can the CRC please investigate markam and horse for rigging because they must have planned this out. Y’know what, fuck it, neither of you win.
CNB and CRM are both disqualified for rigging and Needful Pings not only get in but are rewarded with a bye for having a little class.
MATCH #2
TC JUKES VS FUNKETOWN (I’M NOT BOTHERING WITH THOSE DOTS)
“I’ma Let You Finish, But NEU Had One Of The Best Offending Seasons Of All Time” T-Swift!, “Actually An Okay Guy” degenerate, “Sets Off Allergies” PoppyBall, “2nd Most Adorable Tagpro Name” snuggles, “Chieftess” Tonto, “Not The Subway Guy” Jarek, and “Why Are You On D If Your Name Is” MrStealYoFlag
VS
“Is This A Rapper? I Don’t Really Know A Lot About Rap” ill Fayze, “Not A Horse” Twilight, “Achieved The Rank Of Count” Monte Cristo, “GOAAAAAALLLLLLLLLLLLL” Victor Messi, “Has” Fitz. “When He Loses, “Short Order” Cook, and “Lucky” LarryLuciano
Funketown is still a shit name. FNK isn’t really funky or, uh, funke, so TCJ jukes them out and wins I guess.
TCJ wins in six because wolfcola is bad at choosing names.
MATCH #3
BALL OR NOTHING VS PI-CURIOUS
“Nihilistic” Nilus, “Types ‘Du Hast’ In Every Game” RAMMSTEIN, “Boss, What Took You So Long” -Kaz-, “Are You Tough Enough To Snuff The” SluffandRuff, “Number Of The Slightly Lesser Known Beast” 777z, “Squeaky” Keekly (My personal favorite), “Despicably” Devious, and “Younger Brother Of clew And clew2” clew3
VS
“Uses Visa” MasterCard78, “HOLY SHIT IT’S” sodaboy2020, “Has No Manners” nanner, “Robb Stark” TheYoungWolf, “High In Celsius, Even Higher In Fahrenheit” hot diCe, “Sounds Like Gum” WRIG, and “Doesn’t Describe His Play” Elegant
Once again, Ajax didn’t take how hard it would be for me to make a joke about the team name into account when he created BoN, so I turn my attention to Pi-Curious. If BoN can throw pies on the map to distract PIC they might have a chance, but God help them if the bakery fucked up and sent cakes. You do not want to offend a pi-curious man by giving him cake.
BoN pulls out a hard fought win with pies or gets roflstomped in case of cake.
You probably don’t even care about the predictions. You’re here for the nicknames.
MATCH #4
CIRCLEJUKERS VS THE LAND BEFORE TIMERS
“Yet To Be Knighted” Sir Cle Jerk, “We All Have Crippling” Sadness, “Can’t Find The” CLITLER, “Saves Chips For A” lazyday, and “Yer A Memer” Swagrid
VS
“Pineapple Gobbler” j0ules, “That Sound When You Slip On Ice” Skwid, “One Letter From A Ban” chuckk, “Broken Caps Lock Button” YUNG ZEEF, “The Island Was The First Result On Google” Avalon, “Went To Harvard” Stanfordite, and “Not Quite Hammer Pants” PillowPants
As discussed before, TLBT have an innate ability to stop the opposing team’s timers. However, this actually plays to their disadvantage today because CJ juke on a schedule and get very upset when they can’t keep track of the time. CJ come out and win every round in which they play the blue balls, and I have the feeling they’re very blue balled already.
CJ win in seven games and release some pent up frustration.
MATCH #5
REKT ANGLES VS BOATY MCBOATFACE
“He’s A” Lumberjack “And That’s Okay”, 3.1 “Gigawatts” Thor, “Hashtag!” #!, Such”t”it, “Can’t Derail The” HYPETRAIN, “Spelling Was Not The” 11th Cmndmnt, and Al “9th Grade Field Trip” Chaperone
VS
“Playoff” tmmbl, “Father Of The Truxsphere” Koala King, “Peyton Manning’s Favorite Flavor” Papa John, “Kills With Poems” Poeticalto, whosagoodboy “You Are, Yes You Are!”, and “His Holiness, GOAT, The Man Your Mother Warned You About, Mr. Omnipotent, Tmmmbl’s Headache, Inmate #6942069, Chief White House Strategist, Currently Mining Bitcoins, Addicted To Juke Juice, Egocentric Extremist, Slap Me Harder, Leader Of The Phantom Thieves Of Heart, A Team Is Overrated, I Played Majors Once, Ajax’s Worst Nightmare, John Cena Aficionado, Fluent In l33t, Wordsmith, The Most Interesting Man In The World, Cum Guzzler, Gum Cuzzler, Survivor Of The Friendzone, Double Bubble Toil And Trouble, Too Hot To Handle, McLovin’s The Name Tagpro’s My Game, Stone Cold Killer, Kawaii In The Streets Senpai In The Sheets, Check Me Out On Twitter, Mrs. God’s Baby Boy, Oz As In The Wizard Of Oz Not Oh Zee For Fuck’s Sake Guys, Chicken Fucker, Stuck In NEUhusky’s Shadow, Committed Sudoku, The Fastest Fingers In The West, LMC’s Vintage Wine, Level 5 Biohazard, The Mad Milker Of Manitoba, Not Australian, Mental Asylum Escapee, Post-Op D To O, Ow Fuck I Just Slammed My Ankle Into My Table Oh God It Hurts, Fallen Angel, Trux Spy, Straight C Student, Starving Author, Future A$AP Clan Leader, Scourge Of The South, Bin Laden’s Body Double, Tagprofessor’s Daddy, I Just Fellated Myself With 50 Nicknames And You Read Them All” Oz God
BMB sweeps ‘cause I’m playing.
Hey, these are my shit predictions (shitdictions?), I make the rules.
submitted by ObeySaturnGod to NLTP [link] [comments]

FAQ For Newcomers

August 9th, 2014: With the amount of projects that have been in constant development, this FAQ is somewhat out of date. While information about fundamentals of the coin remains the same and can be found here, there is much that has changed since then. In the meanwhile, please see the projects list here for a taste of the enormous development efforts of the BlackCoin community, and feel free to follow the subreddit to keep on track with new updates:
http://www.reddit.com/blackcoin/comments/27lz3h/blackcoin_projects_overview/
I created this as an initial draft of a FAQ for newcomers, feel free to recommend additions, corrections, removals, or changes.
TL/DR version at the end for those short on time.

Sections: (Ctrl + F to jump)

What is BlackCoin? [A]
What separates BlackCoin from other cryptocurrencies? [B]
Why Proof of Stake? [C]
What other reasons are there to pick up some BlackCoin? [D]
How to obtain BlackCoin? [E]
Why BlackCoin instead of competing Proof of Stake coins? [F]
Where can I talk to others about BlackCoin? [G]
TL/DR Version: [H]

What is BlackCoin? [A]

BlackCoin is a cryptocurrency based on many of the ideas contained within the original Bitcoin protocol, but with a few very important changes. Being only a couple of months old, it is a relatively new currency, but has been experiencing rapid growth. It is already in the top 10 cryptocurrencies by market cap.

What separates BlackCoin from other cryptocurrencies? [B]

There are a few main advantages to BlackCoin that separate it from most other cryptocurrencies. To ensure a fair distribution of coins, BlackCoin was initially distributed through a Proof of Work phase, the same method that Bitcoin uses to generate coins and secure the network.
That period is now over, and BlackCoin has transitioned entirely to PoS, or Proof of Stake. This allows lightning fast confirmation times, which can average as fast as 10 seconds each. In comparison, bitcoin averages 10 minutes per confirmation and litecoin clocks in at 2.5 minutes. These faster confirmation times can provide an extraordinary advantage for merchant adoption, as well as greatly improving the user experience.

Why Proof of Stake? [C]

Proof of Work was a fantastic innovation that formed the backbone of the original Bitcoin protocol. The idea is that by solving a computationally intensive math problem, one can prove the effort they've done to secure the protocol. This is how a blockchain is generated, and the effort that is required to perform this computations contribute to a coin's scarcity and value.
However, proof of work eventually becomes an extraordinarily expensive system. To secure the bitcoin network at the current market value costs about $1.8 million dollars, every single day. Most of this money is leaving the system to pay for energy costs and specialized computer equipment, much of which is done by huge computer farms. Even worse, when the value of a bitcoin increases, so does this cost. The hypothetical "$10,000 bitcoin" would cost $13 billion per year to maintain. While some of this may be mitigated by a reward "halving" or two in 3-7 years time, decreasing this reward too substantially creates a potential security risk.
Proof of Stake solves this issue in a very elegant way. Rather than using computer power as a scarce resource to generate security, Proof of Stake uses the scarcity of the coin itself. A user may choose to "stake" his coins to generate the next block in the chain, and his chance of doing so is basically proportional to the weight of his own coins.
With Proof of Work, a user can attack a network if he holds 51% of the current computer power, but to do so with Proof of Stake, that user would need a large shares of the overall coins. Acquiring this number of coins would be very difficult and expensive, and such an individual would have little incentive to attack the network as this would hurt the value of his own coins. As such, a Proof of Stake system is secured through basic economic facts rather than mass computing power.
While this is still a very contentious issue, the superior environmental and economic efficients of Proof of Stake lead many here to believe that it could be the future of cryptocurrency.

What other reasons are there to pick up some BlackCoin? [D]

There are many interesting coins out there, but BlackCoin strives to be superior in all areas. The combination of Proof of Stake and fast transaction times allow BlackCoin to excel both as a long-term store of value and for day-to-day transactions, a rare combination. But the coin also has a strong community and a rapidly developing infrastructure.
The coin's original developer has continued to work on the coin and make sure new applications are secure, even going so far as to point out a potential vulnerability in a competing coin. There is a dedicated community manager and many others who have been helping BlackCoin to grow and thrive.
Further, there are many new and exciting projects going on with BlackCoin, and it can even be difficult to keep track of it all. The most famous of these projects is the Blackcoin mining pool (http://blackcoinpool.com/), which allows miners to group together to mine other Proof of Work coins and use the profits to purchase BlackCoin, allowing this value to be absorbed into the BlackCoin economy. But don't be confused - the coin wasn't built around the idea of the mining pool, it's just one of the many great community developments that have sprung up to support it.
There have been other major developments recently as well. BlackCoin was recently accepted to be part of CoinKite's point of sale system, a huge step which will make it easy for both physical and online merchants to accept BlackCoin. The Black Coin Card (www.blackcoincard.com) is another effort which will make it very simple for anyone to get started using BlackCoin. Even a press release was sent out today to spread the word about BlackCoin: http://www.prweb.com/releases/2014/04/prweb11772516.htm. The community brings more and more ideas each day to support and promote BlackCoin.

How to obtain BlackCoin? [E]

Just like any cryptocurrency at the moment, it can take a little effort to get started, but once you have some cryptocurrency to your name, it isn't too hard.
The best way at the moment to acquire BlackCoin would be to buy Bitcoin and send those to an exchange to convert to BlackCoin. BitStamp.net is one of the largest exchanges between USD and Bitcoin, while CoinBase is also an option for U.S. customers. Once you have bitcoin in your possession, you can convert them to BlackCoin pretty quickly. Just send them to an exchange like MintPal and you can buy them at the present market rate.
Unfortunately, it can be a bit slow to get Bitcoin with the above method, but it's probably the best. If you want greater speed, you could try localbitcoins.com or finding someone directly to trade with (perhaps another reddit user). However, you may pay a significant premium over the market rate this way (15%+) and have to be careful of scams.
For the miners out there, you can't mine BlackCoin directly, but you can join the BlackCoin pool which mines the most profitable coins and uses them to purchase BlackCoin. Another user made a video explaining how to get started here: http://www.reddit.com/blackcoin/comments/23dy88/a_video_on_how_to_get_set_up_for_new_members/ (But make sure you are pointed at the updated address, stratum+tcp://useast.blackcoinpool.com:3333 for scrypt as I write this, stratum+tcp://useast.blackcoinpool.com:4444 for SHA).

Why BlackCoin instead of competing Proof of Stake coins? [F]

Some way wonder why they should obtain BlackCoin when coins like NXT and Peercoin have been around longer. Of course, this is always up to an individual to decide, but I feel there are strong reasons to support BlackCoin instead.
I think PeerCoin was a great idea for a coin and was the original pioneer of the Proof of Stake/Proof of Work concept. It is still in a combination phase between the two, slowly transitioning to a pure proof of stake coin. But it is different in its goals from BlackCoin.
Peercoin was designed to be the sort of coin that you use as a store of value, but is also specifically designed not to be used for day to day transactions. It uses a slow transaction confirmation time of 10 minutes per block and a very high fixed fee rate for transactions at .01 PPC per kilobyte. It is intended to be more of a complementary coin to something like Bitcoin rather than a day to day currency.
NXT is another coin which is operating as completely Proof of Stake, but there are some important differences between the two coins. BlackCoin is currently about twice as fast as NXT in terms of average confirmation speed and was based on the original Bitcoin Protocol. In comparison, NXT was instead built on its own code base. This may allow some potential positive changes, but also means that NXT is more likely to introduce new bugs or exploits that were not a part of its tried-and-true predecessors.
But one of the biggest differences can be found in the initial coin distribution. BlackCoin was launched with a brief initial Proof of Work phase and no pre-mine. Although this phase is much shorter than the one implemented by Peercoin, it was announced a week in advance to give all miners and buyers an equal and fair opportunity to claim the coin. In contrast to this method, NXT was distributed based on Bitcoin payments to an account set up by the developer. The period for purchasing NXT was prematurely cut off 6 weeks early without any warning. See here for more information:
https://bitcointalk.org/index.php?topic=303898.msg3620944#msg3620944
Another important component of any cryptocurrency that truly cannot be understated is the community that supports, builds infrastructure for, and spreads awareness of the coin to increase both its utility and adoption rate. It is this very factor that I feel has played a major role in bringing Bitcoin to where it is today, with a multi-billion dollar market cap. While this is a largely subjective area, I feel that BlackCoin has one of the strongest communities, especially for a very young coin, with several new projects springing up every few days. Contrastingly, it appears that NXT has some schisms within the community as can be seen here, splitting into two different forums:
https://nextcoin.org/index.php/topic,4621.0.html
However, bear in mind that this is my own view on the situation as an outsider with limited involvement, and it is always best to do your own research if time permits.

Where can I talk to others about BlackCoin? [G]

There are a few places to talk about BlackCoin, news, and upcoming developments. First, where you are now, the reddit community has been growing very quickly:
http://www.reddit.com/blackcoin/ Make sure to check the sidebar for many more websites.
https://bitcointalk.org/index.php?topic=469640.0 This is the bitcointalk thread. This thread has historically had the most information of any forum, but it's quite a slog to read through. Worth checking up on if you don't want to miss anything though.
http://blackcointalk.com/ The "official" forums.

TL/DR Version: [H]

Blackcoin is a cryptocurrency. It's pretty new, but it's pretty great. It uses Proof of Stake, so it's efficient. It's also lightning fast. Bitcoin is slow and expensive to secure. Proof of Stake = the future. BlackCoin = the future. The community here is amazing. BlackCoinPool. BlackCoinCard. Press. Hype. CoinKite. New projects all the time. Don't get left in the dust. Blackcoin is the best in all areas. Speed, store of value, economics, efficiency, community, developers, got it all. Buy some.
submitted by asdffsdf to blackcoin [link] [comments]

Welcome post for bitcoin newbies with common advice, fun memes and serious resources (updated).

Welcome to bitcoin!
When you come asking if or when is a good time to buy (the real Bitcoin, not Bcash), the answer is: Buy now, always Hodl in FUD times (Bitcoin has "died" many times, but Moneybadger don't care, buy the dips and never panic-sell, stuff like: "China ban Bitcoin...again!" will keep happening again and again.
Here's Bitcoin's response to Jamie Dimon. Stick to the real Bitcoin through all the 'forks' and 'splits' that accomplish nothing but new mediocre, unsafe and centralized altcoins, strengthen/immunize Bitcoin and give you free altcoins to buy more Bitcoin.
All Central Powers look silly trying to control or ban it. Learn from history and listen to this absolute Boss. There will never be enough Bitcoin for every existing millionaire to own just ONE SINGLE BITCOIN, Total number of millionaires (in USD value) worldwide is around 33 million. BTC is the best money.
Also relax, you are actually an early adopter, BTC is still relatively small, mentally prepare yourself for healthy and expected market volatility/dips/corrections/"crashes" (check out this amazing 'Corrections Trends Perspective') and remember all this:
Follow this basic rules of Bitcoin:
It is always a good time to buy Bitcoin if you are hodling long term and not just for day trading, so this is a great strategy. Remember that Bitcoin has practically been up most of the time, and the road to the moon is paved with minor corrections (Bitcoin is never really "down" when you zoom-out).
Everybody parroting: "The bitcoin bubble is about to pop" since 2009, don't know that bitcoin is a decentralized system with mathematically fixed, deflationary and limited supply currency and its growth is exponential, not linear.
When they bring up the overused "2000 Dotcom Bubble collapse" argument, tell them: I hope so! Look at these past decentralized tech adoption "bubbles". Hyperbitcoinization, it is coming.
So is not farfetched to say that it will be at 100,000 by 2020, since it came from less than $1 to $5,000 in less than 10 years, and it hasn't even hit the bottom part of the exponential 'S-Curve' of adoption. Check out this great 2017 MIT study: "The Cryptocurrency Market Is Growing Exponentially". Patience pays, don't listen to most "Expert Analysts" or MSM".
Bitcoin is a Moneybadger that get's stronger and immunized with every new attack and this broad picture of its price since infancy (1 year candles on a logarithmic scale) shows Bitcoin growth is not a "bubble" but it's exponential (bigger "bubbles" every time), this old logarithmic scale has been accurate so far, as well as analysts like Wall Street strategist Tom Lee by using Metcalfe's Law: "The value of a telecommunications network is proportional to the square of the number of connected users of the system (n2)" wiki-link. He explains it clearer here.
Learn the difference between Inflation (dollar) and Deflation (Bitcoin) and just take a look at the fiat >20 trillion (and growing fast) debt clock to get a visual shock of unlimited fiat supply (vs limited Bitcoin/Gold supply).
Bitcoin has outperformed every other currency, commodity, stock and asset since its inception in 2009: "2017: Bitcoin Beats Stocks, Bonds, And Gold, Again”. Bitcoin, the Moneybadger, is the first unseizable store of value in human history, unlike gold, equities, or fiat, it can't be confiscated if stored correctly. How banks think blockchain will disrupt their industry. Check out these Bitcoin Economy and Bitcoin Transaction infographics.
Also, remember its fixed, limited supply of 21 million coins ever, there are just ~4.5 million (~20%) bitcoins left to be mined till 2140 and the production will keep decreasing ("halving") every 4 years till then. So, remember this and don't wait for the Bitcoin "bubble" to burst or for the price to drop significantly again, because you could be waiting forever:
“The best time to buy bitcoin was in 2009...”.
Don't be -- this guy
Watching Andreas Antonopoulos is a great start:
"Introduction to Bitcoin"
Playlists on Andreas own YT channel
Check out this great articles regarding Bitcoin's value:
"What Gave Bitcoin Its Value?"
"How do Bitcoins have value?"
"Why we value Bitcoin"
"Yes, Cryptocurrencies are Valuable"
Bitcoin ELI5
Bitcoin Guide
Bitcoin Resources
How to buy Bitcoin
Bitcoin Infographic
Bitcoin Reading List
Where to buy Bitcoin list
The Bitcoin Sticky FAQ's
Bitcoin Academic Research
Bitcoin 'Awesome Handbook'
Excellent 'Crypto 101' by stos313
Where to use Bitcoin list by Bitcoin-Yoda
Comprehensive Big-Picture info by Trace Mayer
Starter Guide "Bitcoin Complete And Ultimate Guide".
Who accepts Bitcoin? List of Companies, Stores, Shops.
Edit: Stay away from fake "Bitcoin" stuff like "btc", "Bitcoin".com (Bitcoin.org is the legit site), Bcash ("Bitcoin" Cash/BCH), "Bitcoin" Gold, etc.
submitted by domelane to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] We are averaging 2,000 new subs daily.

The following post by readish is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/76xp8w
The original post's content was as follows:
We just celebrated the 350,000 mark 5 days ago and today we are over 360,000. Nice to see this sub and the Bitcoin community in general growing this big and this fast.
If you are one of those many just coming in, welcome! I'm sure you'll find this place very interesting, fun and informative. We are here to help you to better understand what Bitcoin is and for ourselves to keep learning. This is my welcome post for newbies:
When you come asking when is a good time to buy, the answer is: Buy now, always Hodl in FUD times (Bitcoin has "died" many times, but Moneybadger don't care, buy the dips and never panic-sell, stuff like: "China ban Bitcoin...again!" will keep happening again and again.
Here's Bitcoin's response to Jamie Dimon. Stick to the real Bitcoin through all the 'forks' and 'splits' that accomplish nothing but new mediocre, unsafe and centralized altcoins, strengthen/immunize Bitcoin and give you free altcoins to buy more Bitcoin.
All Central Powers look silly trying to control or ban it. Learn from history. There will never be enough Bitcoin for every existing millionaire to own just ONE SINGLE BITCOIN, Total number of millionaires (in USD value) worldwide is around 33 million. Get one while you still can.
Also relax, you are actually an early adopter if you start investing today, mentally prepare yourself for healthy and expected market volatility/dips/corrections/"crashes" (check out this amazing 'Corrections Trends Perspective') and remember all this regarding Bitcoin investment:
Never try to time the market. Dollar cost average by buying what you can afford to lose every week.
It is always a good time to buy Bitcoin if you are hodling long term and not just for day trading, so this is a great strategy. Remember that Bitcoin has practically been up most of the time, and the road to the moon is paved with minor corrections (Bitcoin is never really "down" when you zoom-out).
Everybody parroting: "The bitcoin bubble is about to pop" since 2009, don't know that bitcoin is a decentralized system with mathematically fixed, deflatioary and limited supply currency and its growth is exponential.
So is not farfetched to say that it will be at 100,000 by 2020, since it came from less than $1 to $5,000 in less than 10 years, and it hasn't even hit the bottom part of the exponential 'S-Curve' of adoption. Check out this great 2017 MIT study: "The Cryptocurrency Market Is Growing Exponentially". Patience pays, don't listen to the "Expert Analysts on MSM".
Bitcoin is a Moneybadger that get's stronger and immunized with every new attack and this broad picture of its price since infancy (1 year candles on a logarithmic scale) shows Bitcoin growth is not in a "bubble" right now. Learn the difference between Inflation (dollar) and Deflation (Bitcoin) and just take a look at the fiat >20 trillion (and growing fast) debt clock to get a visual shock of unlimited fiat supply (vs limited Bitcoin/Gold supply).
Bitcoin has outperformed every other currency, commodity, stock and asset since its inception in 2009: "2017: Bitcoin Beats Stocks, Bonds, And Gold, Again”. Bitcoin, the Moneybadger, is the first unseizable store of value in human history, unlike gold, equities, or fiat, it can't be confiscated if stored correctly. How banks think blockchain will disrupt their industry.
Also, remember its fixed, limited supply of 21 million coins ever, there are just ~4.5 million (~20%) bitcoins left to be mined till 2140 and the production will keep decreasing ("halving") every 4 years till then. So, remember this and don't wait for the Bitcoin "bubble" to burst or for the price to drop significantly again, because you could be waiting forever:
“The best time to buy bitcoin was a few years ago, the second best time is always now”.
Don't be -- this guy
Here is a good start:
"Introduction to Bitcoin" - Andreas Antonopoulos
Playlists on Andreas own YT channel
Check out this great articles:
"What Gave Bitcoin Its Value?"
"How do Bitcoins have value?"
How to buy Bitcoin?
Where to buy Bitcoin list
Excellent "Crypto 101" by stos313)
Where to use Bitcoin list by Bitcoin-Yoda
Bitcoin is a worldwide-distributed decentralized peer-to-peer censorship-resistant trustless and permissionless deflationary system/currency (see Blockchain technology) backed by mathematics, open source code, cryptography and the most powerful and secure decentralized computational network on the planet, orders of magnitude more powerful than google and government combined. There is a limit of 21 million bitcoins (divisible in smaller units). "Backed by Government" money is not backed by anything and is infinitely printed at will by Central Banks. Bitcoin is limited and decentralized.
Receive and transfer money, from cents (micropayments) to thousands:
  • Cheap regardless of amount $$$ sent (more scaling apps coming)
  • Borderless (no country can stop it from going in/out or confiscate)
  • Trustless (nobody needs to trust anybody for it to work)
  • Privacy (no need to expose personal information)
  • Securely (encrypted cryptographically and can’t be confiscated)
  • Permissionless (no approval from central powers needed)
  • Instantly (from seconds to a few minutes)
  • Open source (auditable by anybody)
  • Worldwide distributed (from anywhere to anywhere on the planet)
  • Censorship resistant (no government can stop its use)
  • Peer-to-peer (no intermediaries with a cut)
  • Portable (easier to carry/move than cash, gold and silver)
  • Public ledger (transparent, seen by everybody)
  • Scalable (each bitcoin is divisible down to 8 decimals)
  • Decentralized (distributed with no single point of failure)
  • Deflationary (its supply goes down with time until reaching 21 million ever)
  • Immutable global registry (can’t be altered/hacked by nobody)
  • No chargebacks-No fraud ('push' vs' 'pull' transactions).?
And that’s just as currency, Bitcoin has many more uses and applications.
Edit: Formatting.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Top 5 Bitcoin Halving Price Predictions in 2020 - YouTube The Bitcoin Halving Is Here (And Why It Matters) Bitcoin Halving 2020 HAPPENING NOW! #BITCOIN BLOCK REWARD HAVLING COUNTDOWN 2020 - YouTube LIVE] Bitcoin Halving 2020 Real time countdown - YouTube

Was ist die Bitcoin-Halbierung? Neue Bitcoins werden vom Bitcoin-Netzwerk alle 10 Minuten ausgegeben. In den ersten vier Jahren nach dem Bestehen von Bitcoin betrug die Anzahl der alle 10 Minuten neu ausgegebenen Bitcoins 50. Alle vier Jahre wird diese Zahl halbiert. Der Tag, an dem die Menge halbiert wird, wird als "Halbierung" bezeichnet. Im Jahr 2012 sank die Anzahl der alle 10 Minuten neu ... Live bitcoin halving countdown. What Is a Bitcoin Halving? In all their infinite wisdom, Bitcoin’s anonymous inventor Satoshi Nakamoto decided that only 21 million BTC would ever exist. They wanted new coins to be released gradually into the market — but at the same time, it was crucial for a generous supply of Bitcoin to start circulating sooner rather than later. Der Bitcoin ist kein Zahlungsmittel. Vielmehr wächst die Überzeugung, er sei digitales Gold. Warum das so ist und wieso der Bitcoin 2020 auf 77.000 Dollar steigen kann. As part of Bitcoin's coin issuance, miners are rewarded a certain amount of bitcoins whenever a block is produced (approximately every 10 minutes). When Bitcoin first started, 50 Bitcoins per block were given as a reward to miners. After every 210,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 ... Bitcoin-Halving passiert alle 210.000 Blöcke – ungefähr alle vier Jahre – bis die Höchstzahl von 21 Millionen Bitcoins erreicht wird. Bitcoin-Halbierung ist für Trader ein wichtiges Event, da die Menge der neuen Bitcoins, die vom Netzwerk erzeugt wurden, reduziert wird. Dadurch wird auch die Verfügbarkeit der neuen Bitcoins limitiert, so dass die Preise steigen können, wenn die ...

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Top 5 Bitcoin Halving Price Predictions in 2020 - YouTube

Bitcoin Halving 2020: History & Price Prediction (A Simple Explanation) - Duration: 12:33. Crypto Casey 292,067 views. 12:33. Cryptocurrency is SURGING Today As VISA Goes 100% ALL IN! This Is The ... #BITCOIN #BLOCK #REWARD #HAVLING #COUNTDOWN #CLOCK #2020 The bitcoin halving is coming in less the few months like clockwork in anticipation for the event th... Bitcoin Halving Explained Simple - Does it Affect Bitcoin's Price? - Duration: 5:33. 99Bitcoins 90,116 views. 5:33. Ray Dalio on the Economy, Pandemic, China's Rise: Full Interview - Duration ... What exactly is the halving? How do we know when it will happen? This question is from the bonus Q&A session on the Halving, which took place on May 2nd, 202... The Bitcoin blockchain has experienced its third block reward halving on May 11, 2020, at approximately 3:21 p.m EST, even though quite a few countdown clocks estimated that the halving would ...

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