Is Bitcoin Safe? 3 Reasons Bitcoin Is (Mostly) Secure AVG

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Bitcoin boom! Price now above $9,000 – American Security Resources Corp. (OTCMKTS:ARSC)

submitted by bitnewsbot to bitnewsbot [link] [comments]

It's beginning to feel a lot like 2017. Some useful reminders and advice for new comers.

Hype and increasing prices will undoubtedly attract new investors, HODLers, and gamblers. Regardless of how long you've been in crypto, below are a few pieces of information (or reminders) you should consider.
  1. We're still early. Cryptocurrency, including bitcoin, is still in its infancy. Because of this, we will continue to see headlines of hacks, exchange closures, big name investors coming into the space, major institutional adoption, and everything in between. Until crypto is regulated (for better or worse) and even after, there will be bad actors attempting to steal your cryptocurrencies. To that end, think twice when hearing about 'deals' or investments that seem too good to be true. They probably are.
  2. Protection. I often see questions regarding the storage of cryptocurrencies. Not to oversimplify, but as a user, you have ~3 choices to store your cryptocurrency. In order of most secure to least secure:
    1. Cold Storage - From wikipedia: Cold storage refers to storing Bitcoins/Cryptos offline and spending without the private keys controlling them ever being online. This resists theft by hackers and malware, and is often a necessary security precaution especially dealing with large amounts of Bitcoin. If you aren't comfortable manually storing your private key, physical hardware wallets are your best alternative. When possible, buy direct from the manufacturer to avoid any tampering to your new device.
      1. https://trezor.io/
      2. https://www.ledger.com/
    2. Hot Wallets - From investopedia: The difference between a hot wallet and a cold wallet is that hot wallets are connected to the internet, while cold wallets are not. Hot wallets can be installed onto your mobile device and/or your web browser. Similar to cold storage, these hot wallets will 'store' your crypto and will be accessed to send/receive tokens, execute smart contracts, and conduct other transactions. There are many options to choose from, but MetaMask is as close to an industry standard as it comes, and the developer has recently implemented an ERC-20 token swap function. Again, download directly from the developer if you can.
      1. https://metamask.io/
    3. Exchanges - Exchanges certainly have their own purpose, most notably as an on and off ramp for your fiat currency (e.g., US Dollar, etc). However, when you read headlines like "Bitcoin Hacked for 10 million dollars!" what they usually mean is, a centralized exchange that holds users' cryptocurrencies was hacked and bitcoin was extracted from the exchange's storage. For this reason, exchanges are considered to be less safe than your Hot Wallet and Cold storage alternatives.
  3. Don't be greedy. This is easier said than done, and many veteran traders have learned this the hard way -- some still haven't learned. When prices are only going up, you're going to feel like a million bucks. But things dont go up forever. Ever. (Unless it's the Fed's balance sheet.. har har). Point being, it's okay to take profits along the way up. I guarantee you'll have an opportunity to re-buy those same tokens at a cheaper price, and you'll enjoy them even more the second time around.
  4. Don't spend more than you can afford. Hopefully this goes without saying, but the crypto space is extremely volatile. It is not uncommon to lose your entire investment with just one wrong token/ICO/scam. To that end; just use your common sense. It sounds easy, but when you're making money, sometimes it's hard to see the cliff at the end of the road.
  5. Keep learning. I joined the crypto space because I saw an opportunity to make money. It's been a wild ride, and I've learned a lot more than I've gained (from a monetary perspective). What i didn't expect to happen, was to open pandora's box when it comes to what Bitcoin (specifically) aimed to solve. My thirst for knowledge only expanded when I learned of the opportunity space Ethereum was trying to fill. Compound that with the immutability of blockchain technology, DeFi, smart contracts, data oracles, (and the list goes on); now I'm completely hooked. It's clear to me that blockchain will revolutionize the way we function on the global scale. But many are just now beginning to learn about bBitcoin, and we're ahead of the curve. Which leads me back to point number 1; we're still early.
Sorry for rambling on here; I'm sure more veteran HODLers have already X'd out of this post, which is fine. They likely don't need this information as they have learned these same tips along their own journeys. But for newcomers to the space, I wish I had this foundational knowledge from the get go. Don't be afraid to ask questions on this sub. With the recent implementation of MOON tokens (this is a whole 'nother topic), I've personally noticed more downvotes than normal. But awareness and understanding is critical to adoption, so don't be turned off if you don't get an answer to your questions immediately. There is a wealth of knowledge scattered across the internet, and still a lot of smart people on reddit who are willing to help.
submitted by myhaxdontwork to CryptoCurrency [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

A Detailed Summary of Every Single Reason Why I am Bullish on Ethereum

The following will be a list of the many reasons why I hold and am extremely bullish on ETH.

This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom.

ETH 2.0

As we all know, ETH 2.0 phase 0 is right around the corner. This will lock up ETH and stakers will earn interest on their ETH in return for securing the network. Next comes phase 1 where the ETH 2 shards are introduced, shards are essentially parallel blockchains which are each responsible for a different part of Ethereum’s workload, think of it like a multi-core processor vs a single core processor. During phase 1, these shards will only act as data availability layers and won’t actually process transactions yet. However, their data can be utilised by the L2 scaling solution, rollups, increasing Ethereum’s throughput in transactions per second up to 100,000 TPS.
After phase 1 comes phase 1.5 which will move the ETH 1.0 chain into an ETH 2 shard and Ethereum will be fully secured by proof of stake. This means that ETH issuance will drop from around 5% per year to less than 1% and with EIP-1559, ETH might become a deflationary asset, but more on that later.
Finally, with ETH 2.0 phase two, each shard will be fully functional chains. With 64 of them, we can expect the base layer of Ethereum to scale around 64x, not including the massive scaling which comes from layer 2 scaling solutions like rollups as previously mentioned.
While the scaling benefits and ETH issuance reduction which comes with ETH 2.0 will be massive, they aren’t the only benefits. We also get benefits such as increased security from PoS compared to PoW, a huge energy efficiency improvement due to the removal of PoW and also the addition of eWASM which will allow contracts to be programmed in a wide range of programming languages, opening the floodgates for millions of web devs who want to be involved in Ethereum but don’t know Ethereum’s programming language, Solidity.

EIP-1559 and ETH scarcity

As I covered in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the addition of EIP-1559, it leaves the door open to the possibility of ETH issuance going negative. In short, EIP-1559 changes the fee market to make transaction prices more efficient (helping to alleviate high gas fees!) by burning a variable base fee which changes based on network usage demand rather than using a highest bidder market where miners simply include who pays them the most. This will result in most of the ETH being paid in transaction fees being burned. As of late, the amount which would be burned if EIP-1559 was in Ethereum right now would make ETH a deflationary asset!

Layer 2 Scaling

In the mean time while we are waiting for ETH 2.0, layer 2 scaling is here. Right now, projects such as Deversifi or Loopring utilise rollups to scale to thousands of tx/s on their decentralised exchange platforms or HoneySwap which uses xDai to offer a more scalable alternative to UniSwap. Speaking of which, big DeFi players like UniSwap and Synthetix are actively looking into using optimistic rollups to scale while maintaining composability between DeFi platforms. The most bullish thing about L2 scaling is all of the variety of options. Here’s a non exhaustive list of Ethereum L2 scaling solutions: - Aztec protocol (L2 scaling + privacy!) - ZKSync - Loopring - Raiden - Arbitrum Rollups - xDai - OMGNetwork - Matic - FuelLabs - Starkware - Optimism - Celer Network - + Many more

DeFi and Composability

If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (DeFi or more accurately, open finance). Ethereum is the first platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution!
Oh, and if you think that DeFi was just a fad and the bubble has popped, guess again! Total value locked in DeFi is currently at an all time high. Don’t believe me? Find out for yourself on the DeFi Pulse website.

NFTs and tokeniation

NFTs or “Non-Fungible Tokens” - despite the name which may confuse a layman - are a basic concept. They are unique tokens with their own unique attributes. This allows you to create digital art, human readable names for your ETH address (see ENS names and unstoppable domains), breedable virtual collectible creatures like crypto kitties, ownable in game assets like Gods Unchained cards or best of all in my opinion, tokenised ownership of real world assets which can even be split into pieces (this doesn’t necessarily require an NFT. Fungible tokens can be/are used for some of the following use cases). This could be tokenised ownership of real estate (see RealT), tokenised ownership of stocks, bonds and other financial assets (which by the way makes them tradable 24/7 and divisible unlike through the traditional system) or even tokenised ownership of the future income of a celebrity or athlete (see when NBA player Spencer Dinwiddie tokenized his own NBA contract.)

Institutional Adoption

Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises.

Institutional Investment

One of Bitcoin’s biggest things it has going for it right now is the growing institutional investment. In case you were wondering, Ethereum has this too! Grayscale offers investment in the cryptocurrency space for financial institutions and their Ethereum fund has already locked up more than 2% of the total supply of ETH. Not only this, but as businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield. As a result, I expect to see companies having ETH holdings become the norm just like how Bitcoin is becoming more widespread on companies’ balance sheets.

The state of global markets

With asset prices in almost every asset class at or near all-time highs and interest rates lower than ever and even negative in some cases, there really aren’t many good opportunities in the traditional financial system right now. Enter crypto - clearly the next evolution of financial services (as I explained in the section on DeFi earlier in this post), with scarce assets built in at the protocol layer, buying BTC or ETH is a lot like buying shares in TCP/IP in 1990 (that is if the underlying protocols of the internet could be invested in which they couldn’t). Best of all, major cryptos are down from their all-time highs anywhere between 35% for BTC or 70% for ETH and much more for many altcoins. This means that they can significantly appreciate in value before entering uncharted, speculative bubble territory.
While of course we could fall dramatically at any moment in the current macro financial conditions, as a longer term play, crypto is very alluring. The existing financial system has shown that it is in dire need of replacing and the potential replacement has started rearing its head in the form of crypto and DeFi.

Improvements in user onboarding and abstracting away complexity

Ethereum has started making huge leaps forward in terms of usability for the end user. We now have ENS names and unstoppable domains which allow you to send ETH to yournamehere.ETH or TrickyTroll.crypto (I don’t actually have that domain, that’s just an example). No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. We also have smart contract wallets like Argent wallet or the Gnosis safe. These allow for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask.

The lack of an obvious #1 ETH killer

One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. While there are competitors which are each formidable to a certain extent such as Polkadot, Cardano and EOS, each have their own weaknesses. For example, Polkadot and Cardano are not fully operational yet and EOS is much more centralised than Ethereum. As a result, none of these competitors have any significant network effects just yet relative to the behemoth which is Ethereum. This doesn’t mean that these projects aren’t a threat. In fact, I am sure that projects like Polkadot (which is more focused on complimenting Ethereum than killing it) will take a slice out of Ethereum’s pie. However, I am still very confident that Ethereum will remain on top due to the lack of a clear number 2 smart contract platform. Since none of these ETH killers stands out as the second place smart contract platform, it makes it much harder for one project to create a network effect which even begins to threaten Ethereum’s dominance. This leads me onto my next reason - network effects.

Network effects

This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and the most adoption in most metrics (ETH beats in in some metrics these days). The network effect is also why most people use Zoom and Facebook messengeWhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (Jitsi for the zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. I know personally I have refrained from investing in altcoins because I would have to install another app on my hardware wallet or remember another recovery phrase.
Overthrowing Ethereum’s network effect is one hell of a big task these days. Time is running out for the ETH killers.

Ethereum is the most decentralised and provably neutral smart contract platform

Ethereum is also arguably the most decentralised and provably neutral smart contract platform (except for maybe Ethereum Classic on the neutrality part). Unlike some smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes as they wish like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999).
Even if governments around the world wanted to censor the Ethereum blockchain, under ETH 2.0’s proof of stake, it would be incredibly costly and would require a double digit percentage of the total ETH supply, much of which would be slashed (meaning they would lose it) as punishment for running dishonest validator nodes. This means that unlike with proof of work where a 51% attacker can keep attacking the network, under proof of stake, an attacker can only perform the attack a couple of times before they lose all of their ETH. This makes attacks much less financially viable than it is on proof of work chains. Network security is much more than what I laid out above and I am far from an expert but the improved resistance to 51% attacks which PoS provides is significant.
Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap that it is the most secure and neutral way to transfer value between these adversaries. Not to mention if much of the world’s commerce were to be settled in the same place - on Ethereum - then it would make sense for governments to settle on the same platform.

ETH distribution is decentralised

Thanks to over 5 years of proof of work - a system where miners have to sell newly minted ETH to pay for electricity costs - newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchnages. As pointed out by u/AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors.

The community

Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community is great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of Bitcoin to the incredibly helpful and welcoming daily discussion of EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at EthStaker who will go out of their way to help you set up an ETH 2.0 staking node on the testnets (Shoutout to u/superphiz who does a lot of work over in that sub!). Don’t believe me? Head over to those subs and see for yourself.
Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! :)

TL;DR:

submitted by Tricky_Troll to CryptoCurrency [link] [comments]

A Detailed Summary of Every Single Reason Why I am Bullish on ETH.

The following will be a list of the many reasons why I hold and am extremely bullish on ETH.

This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom.

ETH 2.0

As we all know, ETH 2.0 phase 0 is right around the corner. This will lock up ETH and stakers will earn interest on their ETH in return for securing the network. Next comes phase 1 where the ETH 2 shards are introduced, shards are essentially parallel blockchains which are each responsible for a different part of Ethereum’s workload, think of it like a multi-core processor vs a single core processor. During phase 1, these shards will only act as data availability layers and won’t actually process transactions yet. However, their data can be utilised by the L2 scaling solution, rollups, increasing Ethereum’s throughput in transactions per second up to 100,000 TPS.
After phase 1 comes phase 1.5 which will move the ETH 1.0 chain into an ETH 2 shard and Ethereum will be fully secured by proof of stake. This means that ETH issuance will drop from around 5% per year to less than 1% and with EIP-1559, ETH might become a deflationary asset, but more on that later.
Finally, with ETH 2.0 phase two, each shard will be fully functional chains. With 64 of them, we can expect the base layer of Ethereum to scale around 64x, not including the massive scaling which comes from layer 2 scaling solutions like rollups as previously mentioned.
While the scaling benefits and ETH issuance reduction which comes with ETH 2.0 will be massive, they aren’t the only benefits. We also get benefits such as increased security from PoS compared to PoW, a huge energy efficiency improvement due to the removal of PoW and also the addition of eWASM which will allow contracts to be programmed in a wide range of programming languages, opening the floodgates for millions of web devs who want to be involved in Ethereum but don’t know Ethereum’s programming language, Solidity.

EIP-1559 and ETH scarcity

As I covered in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the addition of EIP-1559, it leaves the door open to the possibility of ETH issuance going negative. In short, EIP-1559 changes the fee market to make transaction prices more efficient (helping to alleviate high gas fees!) by burning a variable base fee which changes based on network usage demand rather than using a highest bidder market where miners simply include who pays them the most. This will result in most of the ETH being paid in transaction fees being burned. As of late, the amount which would be burned if EIP-1559 was in Ethereum right now would make ETH a deflationary asset!

Layer 2 Scaling

In the mean time while we are waiting for ETH 2.0, layer 2 scaling is here. Right now, projects such as Deversifi or Loopring utilise rollups to scale to thousands of tx/s on their decentralised exchange platforms or HoneySwap which uses xDai to offer a more scalable alternative to UniSwap. Speaking of which, big DeFi players like UniSwap and Synthetix are actively looking into using optimistic rollups to scale while maintaining composability between DeFi platforms. The most bullish thing about L2 scaling is all of the variety of options. Here’s a non exhaustive list of Ethereum L2 scaling solutions: - Aztec protocol (L2 scaling + privacy!) - ZKSync - Loopring - Raiden - Arbitrum Rollups - xDai - OMGNetwork - Matic - FuelLabs - Starkware - Optimism - Celer Network - + Many more

DeFi and Composability

If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (DeFi or more accurately, open finance). Ethereum is the first platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution!
Oh, and if you think that DeFi was just a fad and the bubble has popped, guess again! Total value locked in DeFi is currently at an all time high. Don’t believe me? Find out for yourself at: https://defipulse.com

NFTs and tokeniation

NFTs or “Non-Fungible Tokens” - despite the name which may confuse a layman - are a basic concept. They are unique tokens with their own unique attributes. This allows you to create digital art, human readable names for your ETH address (see ENS names and unstoppable domains), breedable virtual collectible creatures like crypto kitties, ownable in game assets like Gods Unchained cards or best of all in my opinion, tokenised ownership of real world assets which can even be split into pieces (this doesn’t necessarily require an NFT. Fungible tokens can be/are used for some of the following use cases). This could be tokenised ownership of real estate (see RealT), tokenised ownership of stocks, bonds and other financial assets (which by the way makes them tradable 24/7 and divisible unlike through the traditional system) or even tokenised ownership of the future income of a celebrity or athlete (see when NBA Star Spencer Dinwiddie Tokenized His Own NBA Contract.

Institutional Adoption

Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises.

Institutional Investment

One of Bitcoin’s biggest things it has going for it right now is the growing institutional investment. In case you were wondering, Ethereum has this too! Grayscale offers investment in the cryptocurrency space for financial institutions and their Ethereum fund has already locked up more than 2% of the total supply of ETH. Not only this, but as businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield. As a result, I expect to see companies having ETH holdings become the norm just like how Bitcoin is becoming more widespread on companies’ balance sheets.

The state of global markets

With asset prices in almost every asset class at or near all-time highs and interest rates lower than ever and even negative in some cases, there really aren’t many good opportunities in the traditional financial system right now. Enter crypto - clearly the next evolution of financial services (as I explained in the section on DeFi earlier in this post), with scarce assets built in at the protocol layer, buying BTC or ETH is a lot like buying shares in TCP/IP in 1990 (that is if the underlying protocols of the internet could be invested in which they couldn’t). Best of all, major cryptos are down from their all-time highs anywhere between 35% for BTC or 70% for ETH and much more for many altcoins. This means that they can significantly appreciate in value before entering uncharted, speculative bubble territory.
While of course we could fall dramatically at any moment in the current macro financial conditions, as a longer term play, crypto is very alluring. The existing financial system has shown that it is in dire need of replacing and the potential replacement has started rearing its head in the form of crypto and DeFi.

Improvements in user onboarding and abstracting away complexity

Ethereum has started making huge leaps forward in terms of usability for the end user. We now have ENS names and unstoppable domains which allow you to send ETH to yournamehere.ETH or TrickyTroll.crypto (I don’t actually have that domain, that’s just an example). No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. We also have smart contract wallets like Argent wallet or the Gnosis safe. These allow for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask.

The lack of an obvious #1 ETH killer

One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. While there are competitors which are each formidable to a certain extent such as Polkadot, Cardano and EOS, each have their own weaknesses. For example, Polkadot and Cardano are not fully operational yet and EOS is much more centralised than Ethereum. As a result, none of these competitors have any significant network effects just yet relative to the behemoth which is Ethereum. This doesn’t mean that these projects aren’t a threat. In fact, I am sure that projects like Polkadot (which is more focused on complimenting Ethereum than killing it) will take a slice out of Ethereum’s pie. However, I am still very confident that Ethereum will remain on top due to the lack of a clear number 2 smart contract platform. Since none of these ETH killers stands out as the second place smart contract platform, it makes it much harder for one project to create a network effect which even begins to threaten Ethereum’s dominance. This leads me onto my next reason - network effects.

Network effects

This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and the most adoption in most metrics (ETH beats in in some metrics these days). The network effect is also why most people use Zoom and Facebook messengeWhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (https://meet.jit.si/ for zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. I know personally I have refrained from investing in altcoins because I would have to install another app on my hardware wallet or remember another recovery phrase.
Overthrowing Ethereum’s network effect is one hell of a big task these days. Time is running out for the ETH killers.

Ethereum is the most decentralised and provably neutral smart contract platform

Ethereum is also arguably the most decentralised and provably neutral smart contract platform (except for maybe Ethereum Classic on the neutrality part). Unlike some smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes as they wish like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999).
Even if governments around the world wanted to censor the Ethereum blockchain, under ETH 2.0’s proof of stake, it would be incredibly costly and would require a double digit percentage of the total ETH supply, much of which would be slashed (meaning they would lose it) as punishment for running dishonest validator nodes. This means that unlike with proof of work where a 51% attacker can keep attacking the network, under proof of stake, an attacker can only perform the attack a couple of times before they lose all of their ETH. This makes attacks much less financially viable than it is on proof of work chains. Network security is much more than what I laid out above and I am far from an expert but the improved resistance to 51% attacks which PoS provides is significant.
Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap that it is the most secure and neutral way to transfer value between these adversaries. Not to mention if much of the world’s commerce were to be settled in the same place - on Ethereum - then it would make sense for governments to settle on the same platform.

ETH distribution is decentralised

Thanks to over 5 years of proof of work - a system where miners have to sell newly minted ETH to pay for electricity costs - newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchnages. As pointed out by u/AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors.

The community

Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community is great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of Bitcoin to the incredibly helpful and welcoming daily discussion of EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at EthStaker who will go out of their way to help you set up an ETH 2.0 staking node on the testnets (Shoutout to u/superphiz who does a lot of work over in that sub!). Don’t believe me? Head over to those subs and see for yourself.
Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! :)

TL;DR:

submitted by Tricky_Troll to ethtrader [link] [comments]

The Problems With Tarkov's Economy and Balance.

Welcome to my overly long TED Talk about Tarkov's overall economy and the balancing issues within itself.
First, before I continue with the analysis of Tarkovs economy, let me throw some definitions your way, as understanding these things is very important to understanding what i'm about to explain.
FAUCETS
Faucets are feature or design decision that puts value into an economy.
SINKS
Sinks are features or design decisions that take away value from an economy.
NETS.
Not sure if this is an actual definition, but a Net is something that blocks value from falling into a sink. It's not a faucet, but it acts like one.
LOOT ECONOMY
The loot economy is essentially the 'FIR Economy'. It encompasses every piece of loot found in raid, even loot taken off of players bodies that doesn't have the FIR tag.
THE PLAYER-DRIVEN ECONOMY
The player driven economy is essentially the Flea Market.
Now it's important to understand what makes an economy sustainable. A stable economy would have to have tons of sinks for players to put their money into, while providing faucets for players to take money from. EFT's faucets include...
-FIR LOOT from PMC RUNS
-LOOT Gets Vendored
-LOOT Gets Sold on Flea (Requires Level 15)
-LOOT Gets Crafted Into FIR Items (Requires Hideout)
-CRAFTED LOOT Gets Vendored
-CRAFTED LOOT Gets Sold on FLEA (Requires Level 15)
-CRAFTED LOOT Gets Used
-PvP LOOT from PMC RUNS
-LOOT Gets Vendored
-LOOT Gets Used
-FIR LOOT from SCAV RUNS
-LOOT Gets Vendored
-LOOT Gets Sold on Flea (Requires Level 15)
-LOOT Gets Crafted Into FIR Items (Requires Hideout)
-CRAFTED LOOT Gets Vendored
-CRAFTED LOOT Gets Sold on FLEA (Requires Level 15)
-CRAFTED LOOT Gets Used
-PvP LOOT from SCAV RUNS
-LOOT Gets Vendored
-LOOT Gets Used
-BITCOIN FARM (Requires Hideout)
-And i'm sure many more than i'm missing
An economy also needs to have a lot of sinks to keep an economy flowing and stop players from amassing massive hordes of wealth. EFT's sinks include...
-Lost Gear from PMC RUNS (Recycles back into the 'PvP LOOT from PMC and SCAV RUNS' Faucets. But for another player.)
-Flea Market Taxes
-Medical Costs (Optional)
-Food Costs (Optional and Minor Sink)
-Hideout Upgrade Costs (Temporary Sink, Eventually turns into Faucet.)
-Scav Case Losses (Gambling)
-and a probably a few more that have slipped my mind.
Maybe you can already start to see some issues, and I haven't even started yet.
EFT's economy also has Nets, EFT's nets include
-Insurance
-Armor and Weapon Repairs
-Items in Secure Container (Maybe that would be counted here?)
EFT's economy is not sustainable. In order for an economy like EFT's to continue, they would need far more sinks to create a sense of scarcity. Veterans say that money is far too easy to make, but that's not the issue, money is far too hard to lose.
Ever wonder why you see a lot of squads using meta gear? Its because they all get their insurance back whenever they die, as it only takes 1 surviving member of a 5-man team, to secure his dead squadmates gear, and chuck it in a bush. Eliminating most of a squads expenses.
Solo players on the other hand, don't have this luxury, and will use a lot of low-end to mid-tier gear, expecting to lose it, and get it back in insurance, because it's not worth picking up.
BSG needs to incorporate more sinks and adjust their nets in a way that fixes it, otherwise the game will forever rely on wipes, and there will never be proper scarcity in the economy.
I want everyone to try and remember what it was like when you first booted up the game, had no fucking idea what you were doing, and how i'm sure many of you were scared shitless about losing your last P226 or Grach, and elated about finding a rifle, probably not knowing it shot dog-shit .366 rounds.
Now, i've spoken to a lot of new players, and a lot them have this sense of overwhelming anxiety about playing the game once they realise that death has consequences. This anxiety also helps tremendously with selling the games atmosphere, but as people get more experienced and more wealthy, that anxiety goes away, and so does the games atmosphere.
Its not possible to put us all back into the shoes of a new player, as a lot of the anxiety is caused by not knowing what the hell is going on or that you have an infinite source of income to the left of your PMC. But it is possible to bring back *SOME* of that anxiety by introducing gear scarcity into the Loot Economy.

There is almost no gear scarcity in the Loot Economy for a few reasons.
1. The flea-market allows people to buy whatever they want, whenever they want.
-There's a few ways to change this, removing it IS NOT the answer.
2. Playing in a squad tremendously increases your chances of getting your gear back in insurance.
3. Trader prices for Meta gear are far too low and Meta gear is far to easily obtained from raiders, bosses, and players wearing this gear; because it's so easy to obtain.
Now these things COULD be fixed, but if you did it would make a lot of gear useless. Because there are more issues.
Ammo and armor balance is scuffed.
Let me just give a few examples.
Everyone wants 7n31. It's a hot new ammo that everyone wants to try out, yet its sold out every trader reset. To counter this, BSG adds it as a craftable in the hideout. Now, it's all over the flea market, but very expensive, at the time of writing this it's 1700 RUB around. Pricey.
Now 7n31 coupled with the rate of fire of most of the guns that shoot it, goes through level 4 and 5 like butter, and even level 6 pretty well. But this is where we start to run into issues.
By increasing the supply of 7n31 and many other AP ammos, you've essentially massively decreased the effectiveness of many Higher-End armors.
"Oh well, that's fine, now newer and rats players have a chance of getting through all these chad armors."
Except that's not what happens.
Let me use a better example.
M62 is $5 a bullet. It completely ignores level 5 and goes through level 6 like butter. It is widely available, and very cheap.
Why would you use Level 5 and 6 when going up against this ammo?
There is no reason, Level 5 and 6 only slows you down when your up against AP Ammo.
That's fine though, this rare and exotic ammo should be able to go through armor like its nothing, that's why I pay exorbitant amounts of money and grind to obtain this ammo.
Except its not rare and exotic, its extremely common, with very little work to obtain, and this goes for a lot of the bullets in the game. Most Meta ammos are reasonably affordable and put down level 5 and 6 easily, which begs the question, why would I use Level 5 and 6? Why would I spend 800k on a slick, when someone can spend $5 to ignore it.
This goes into another issue that I see a lot of people talking about, the TTK (Time To Kill) The TTK isn't going to be fixed by adding 5 more health to the thorax, it will be fixed when armor actually does something. The only thing 5 more health on the Thorax does is make it more expensive to run AP ammo against unarmored players, and make bolt actions useless compared to DMRs.
TTK also effects the New Player experience, a lot of new player will simply spam their little makarov at big bad Altyn man and wonder why it did nothing. That's because armor isn't hard to get either, its harder to get than the ammo that pens it sure, but it's still very easy to get if you know how to get it. Meanwhile that new player is wondering why everyone is going through their cool new level 4 ceramic armor, and they're bullets aren't doing anything.
Now if they fixed the the Loot Economy and made armor, ammo and other gear harder to find, it would do nothing, because the traders sell ammo extremely cheap and armor extremely expensive compared to the ammo. Which means armor is going to get burnt, found, repaired and used until that person dies and the armor gets picked up again or scrapped at fence.
Now the traders, from what I understand, are supposed to eventually have extremely limited stock and options. However, seemingly, the community hates the idea of sold out traders.
I have an aneurysm everytime I see a post complaining about super high-pen ammo being sold out, and then immediately see the supply go up the next day, like what just happened with 7n31.
Because you're making. The problem. Worse.
Now, I want to believe that BSG will continue with their plans to make an economy based on scarcity, but this community has an issue with crying about a lot of dumb shit. Which, don't get me wrong, if the vast majority agrees that something needs to change, it probably should. We play the game more than the devs, we know what is fun.
But when you guys complain about something as sophisticated as tarkov's economy, and you have no idea what you're talking about, thats bad.
I wouldn't be making this section of the post, if I thought that BSG would ignore the complaints. But they have this habit of caving in to the community's crys. Please BSG, do not do this.
TL;DR: In order to have a good scarcity based economy, BSG needs to have more sinks in the economy to take money out of the hands of wealthy players, and they need to make ammo more expensive compared to the price of armor. The TTK issue is solved by making ammo more rare than armor, community needs to stop crying about stuff they don't understand.

Thank you for coming to my TED Talk.
submitted by AftT3Rmath to EscapefromTarkov [link] [comments]

A detailed summary of every reason why I am bullish on ETH.

The following will be a list of the many reasons why I hold and am extremely bullish on ETH.

This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom.

ETH 2.0

As we all know, ETH 2.0 phase 0 is right around the corner. This will lock up ETH and stakers will earn interest on their ETH in return for securing the network. Next comes phase 1 where the ETH 2 shards are introduced, shards are essentially parallel blockchains which are each responsible for a different part of Ethereum’s workload, think of it like a multi-core processor vs a single core processor. During phase 1, these shards will only act as data availability layers and won’t actually process transactions yet. However, their data can be utilised by the L2 scaling solution, rollups, increasing Ethereum’s throughput in transactions per second up to 100,000 TPS.
After phase 1 comes phase 1.5 which will move the ETH 1.0 chain into an ETH 2 shard and Ethereum will be fully secured by proof of stake. This means that ETH issuance will drop from around 5% per year to less than 1% and with EIP-1559, ETH might become a deflationary asset, but more on that later.
Finally, with ETH 2.0 phase two, each shard will be fully functional chains. With 64 of them, we can expect the base layer of Ethereum to scale around 64x, not including the massive scaling which comes from layer 2 scaling solutions like rollups as previously mentioned.
While the scaling benefits and ETH issuance reduction which comes with ETH 2.0 will be massive, they aren’t the only benefits. We also get benefits such as increased security from PoS compared to PoW, a huge energy efficiency improvement due to the removal of PoW and also the addition of eWASM which will allow contracts to be programmed in a wide range of programming languages, opening the floodgates for millions of web devs who want to be involved in Ethereum but don’t know Ethereum’s programming language, Solidity.

EIP-1559 and ETH scarcity

As I covered in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the addition of EIP-1559, it leaves the door open to the possibility of ETH issuance going negative. In short, EIP-1559 changes the fee market to make transaction prices more efficient (helping to alleviate high gas fees!) by burning a variable base fee which changes based on network usage demand rather than using a highest bidder market where miners simply include who pays them the most. This will result in most of the ETH being paid in transaction fees being burned. As of late, the amount which would be burned if EIP-1559 was in Ethereum right now would make ETH a deflationary asset!

Layer 2 Scaling

In the mean time while we are waiting for ETH 2.0, layer 2 scaling is here. Right now, projects such as Deversifi or Loopring utilise rollups to scale to thousands of tx/s on their decentralised exchange platforms or HoneySwap which uses xDai to offer a more scalable alternative to UniSwap. Speaking of which, big DeFi players like UniSwap and Synthetix are actively looking into using optimistic rollups to scale while maintaining composability between DeFi platforms. The most bullish thing about L2 scaling is all of the variety of options. Here’s a non exhaustive list of Ethereum L2 scaling solutions: - Aztec protocol (L2 scaling + privacy!) - ZKSync - Loopring - Raiden - Arbitrum Rollups - xDai - OMGNetwork - Matic - FuelLabs - Starkware - Optimism - Celer Network - + Many more

DeFi and Composability

If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (DeFi or more accurately, open finance). Ethereum is the first platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution!
Oh, and if you think that DeFi was just a fad and the bubble has popped, guess again! Total value locked in DeFi is currently at an all time high. Don’t believe me? Find out for yourself at: https://defipulse.com

NFTs and tokeniation

NFTs or “Non-Fungible Tokens” - despite the name which may confuse a layman - are a basic concept. They are unique tokens with their own unique attributes. This allows you to create digital art, human readable names for your ETH address (see ENS names and unstoppable domains), breedable virtual collectible creatures like crypto kitties, ownable in game assets like Gods Unchained cards or best of all in my opinion, tokenised ownership of real world assets which can even be split into pieces (this doesn’t necessarily require an NFT. Fungible tokens can be/are used for some of the following use cases). This could be tokenised ownership of real estate (see RealT), tokenised ownership of stocks, bonds and other financial assets (which by the way makes them tradable 24/7 and divisible unlike through the traditional system) or even tokenised ownership of the future income of a celebrity or athlete (see when NBA Star Spencer Dinwiddie Tokenized His Own NBA Contract.

Institutional Adoption

Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises.

Institutional Investment

One of Bitcoin’s biggest things it has going for it right now is the growing institutional investment. In case you were wondering, Ethereum has this too! Grayscale offers investment in the cryptocurrency space for financial institutions and their Ethereum fund has already locked up more than 2% of the total supply of ETH. Not only this, but as businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield. As a result, I expect to see companies having ETH holdings become the norm just like how Bitcoin is becoming more widespread on companies’ balance sheets.

The state of global markets

With asset prices in almost every asset class at or near all-time highs and interest rates lower than ever and even negative in some cases, there really aren’t many good opportunities in the traditional financial system right now. Enter crypto - clearly the next evolution of financial services (as I explained in the section on DeFi earlier in this post), with scarce assets built in at the protocol layer, buying BTC or ETH is a lot like buying shares in TCP/IP in 1990 (that is if the underlying protocols of the internet could be invested in which they couldn’t). Best of all, major cryptos are down from their all-time highs anywhere between 35% for BTC or 70% for ETH and much more for many altcoins. This means that they can significantly appreciate in value before entering uncharted, speculative bubble territory.
While of course we could fall dramatically at any moment in the current macro financial conditions, as a longer term play, crypto is very alluring. The existing financial system has shown that it is in dire need of replacing and the potential replacement has started rearing its head in the form of crypto and DeFi.

Improvements in user onboarding and abstracting away complexity

Ethereum has started making huge leaps forward in terms of usability for the end user. We now have ENS names and unstoppable domains which allow you to send ETH to yournamehere.ETH or TrickyTroll.crypto (I don’t actually have that domain, that’s just an example). No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. We also have smart contract wallets like Argent wallet or the Gnosis safe. These allow for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask.

The lack of an obvious #1 ETH killer

One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. While there are competitors which are each formidable to a certain extent such as Polkadot, Cardano and EOS, each have their own weaknesses. For example, Polkadot and Cardano are not fully operational yet and EOS is much more centralised than Ethereum. As a result, none of these competitors have any significant network effects just yet relative to the behemoth which is Ethereum. This doesn’t mean that these projects aren’t a threat. In fact, I am sure that projects like Polkadot (which is more focused on complimenting Ethereum than killing it) will take a slice out of Ethereum’s pie. However, I am still very confident that Ethereum will remain on top due to the lack of a clear number 2 smart contract platform. Since none of these ETH killers stands out as the second place smart contract platform, it makes it much harder for one project to create a network effect which even begins to threaten Ethereum’s dominance. This leads me onto my next reason - network effects.

Network effects

This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and the most adoption in most metrics (ETH beats in in some metrics these days). The network effect is also why most people use Zoom and Facebook messengeWhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (https://meet.jit.si/ for zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. I know personally I have refrained from investing in altcoins because I would have to install another app on my hardware wallet or remember another recovery phrase.
Overthrowing Ethereum’s network effect is one hell of a big task these days. Time is running out for the ETH killers.

Ethereum is the most decentralised and provably neutral smart contract platform

Ethereum is also arguably the most decentralised and provably neutral smart contract platform (except for maybe Ethereum Classic on the neutrality part). Unlike some smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes as they wish like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999).
Even if governments around the world wanted to censor the Ethereum blockchain, under ETH 2.0’s proof of stake, it would be incredibly costly and would require a double digit percentage of the total ETH supply, much of which would be slashed (meaning they would lose it) as punishment for running dishonest validator nodes. This means that unlike with proof of work where a 51% attacker can keep attacking the network, under proof of stake, an attacker can only perform the attack a couple of times before they lose all of their ETH. This makes attacks much less financially viable than it is on proof of work chains. Network security is much more than what I laid out above and I am far from an expert but the improved resistance to 51% attacks which PoS provides is significant.
Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap that it is the most secure and neutral way to transfer value between these adversaries. Not to mention if much of the world’s commerce were to be settled in the same place - on Ethereum - then it would make sense for governments to settle on the same platform.

ETH distribution is decentralised

Thanks to over 5 years of proof of work - a system where miners have to sell newly minted ETH to pay for electricity costs - newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchnages. As pointed out by u/AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors.

The community

Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community is great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of Bitcoin to the incredibly helpful and welcoming daily discussion of EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at EthStaker who will go out of their way to help you set up an ETH 2.0 staking node on the testnets (Shoutout to u/superphiz who does a lot of work over in that sub!). Don’t believe me? Head over to those subs and see for yourself.
Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! :)

TL;DR:

submitted by Tricky_Troll to ethfinance [link] [comments]

A single global economy of FAIL

I had a lot of fun with Jo_Bones insane vomit yesterday, that retarded chimp is a special one for sure. He inspired me to write some satire of his delusional CSWesque rant. I list some hilarious quotes from him at the end as well from the comment chain.
The original delusional rant

If all governments could agree on any single thing at any point in time, it would be an unprecedented moment in history. A "unicorn moonshot" so to speak. If the unicorn moonshot were to manifest as every government suddenly desiring to throw their already digital currencies into complete disarray and chose a technically inferior and non-compliant product in the process, then you can bet your ass they would use BSV for their fiscal policies. At the moment, here is what came up when I googled Central Banks for the first time today. Here's what came up when I googled fractional reserves. I then googled what reconciled means, and after my eyes rolled back in to my head out of sheer inability to digest the information I was reading, I decided BSV was the blockchain to solve all of this because I personally think this thing is an awesome high-school comp sci project.

If every central bank suddenly decided to relinquish state control of their monetary policy, and instead decided that the security model of 7 amateur software developers paid by an ex-felon hiding in Antigua who controls the #11 cryptocurrency on coinmarketcap was the answer, we could have the opportunity to use a strictly worse version of our current banking software and IT infrastructure. Instant transactions between bank accounts you own? Screw that, welcome to 10 minute block times! Did you fat finger that bill payment to the wrong sender? Too bad, it's gone forever! Welcome to immutability! It's a feature not a bug!

If you extrapolate how bad this is, suddenly taxes would be lower because digital monetary transactions would come to a screeching halt. Can't pay taxes on money you don't have, right? Suck that statists! The world would benefit from one giant economy of scale even though that phrase makes no sense in this context, and in reality is another buzzword I just simply don't have the time to try to understand. I forgot to Google that one I guess. This means prices around the globe would be out of control because we'd have to revert to a primal barter system! My chicken for your box of peaches! The possibilities to fuck over literally the entire world are endless!

Additionally, there would now be a high degree of transparency to how poorly BSV scales, since blocks take hours to propagate at 1GB sizes and that would only represent the hourly transactions of a town of 10,000 people, which would inevitably lead everyone to understand what 99.99% (AKA the non-mentally retarded "subset" of the population) already know.


In the comments I decided to change potential use cases from the utter nonsense I listed above to a couple different things.
https://www.reddit.com/bsv/comments/j9u2jt/a_single_global_economy_of_scale/g8ppeq7/?utm_source=share&utm_medium=web2x&context=3
Here I am demonstrating that I know currency lives in a database today:
The point is that they centrally issue and control their own tokens on the bitcoin network. I don’t see what’s so hard to understand about this. They already issue tokens on their own network. It’s just a different database.
Here I am 7 comments later saying those databases don't allow for digital cash when I just stated they did.
Your SQL databases don’t really allow for digital cash.
Shit maybe token issuance on BSV won't work time to pivot to:
But bank transfers still take days between Europe and Asia and have high fees precisely because all the banks maintain their own networks.
Think of the possibilities guys. You totally can't do this today, right?
so they can (for example) sell a YouTube video directly to the whole world, for their native national token... on the bitcoin network.
Crap, maybe there are some good points there. At least Bitcoin can push transactions out in seconds despite having a 10 minute block time! And wait until you see the block times if anyone ever does try to send a billion tx in a second!
These hashes cost bitcoin, but you can sell billions of them per second.
What do you mean risks of minority hash rate on BSV? Nobody has ever done a 51% attack and not been arrested! THEY'LL LOSE THEIR MINING EQUIPMENT!
Except that it’s illegal to attack another chain, and it’s public, and traceable and the punishment would be your company loses all its mining equipment.
I'm running out of use cases since they're getting shot down so fast. Here's a good one. Why pay $80 a month for internet in 1 transaction, when you can pay for internet 1.7trillion times every month for every data packet you get?
And the advantage of sending 0.0011p to someone might be that they’re providing a service to you, like a data packet.
But think of all the UnIqUe AnD gReAt FeAtUrEs on BSV. Really cutting edge stuff that SQL Server doesn't have due to being obsolete in the 90s, like the ability to append only instead of modify data elements! Also, watch the blockchain desync if you ever tried 1billion tx/sec!
The network scales to handle billions of TX/sec and the ledger is append only so it matches the criteria for keeping accurate records and/or updating them as needs be.
Time to pivot again since I'm being dismantled at every turn. What haven't I mentioned yet?
you haven’t solved the issue of the US dollar being the worlds default currency on which global trade relies.
Here is me doing my best Craig Wright technobabble nonsense impression. I know this is technically English but the words being strung together make no sense!
Once again you’ve really missed the point of all this. A data commodity that comes about through consensus of the network on ‘what value is’ contains a fraction of every part of the global economy.
Time to revert to some Craig Wright technobabble bullshit again:
Those in charge of producing dollars ultimately have an unfair advantage over those who don’t and they can game the system.
That’s a peer to peer internet model where producers get paid directly by consumers for the data they consume and miners get paid according to how fast and how efficiently and how accurately they can deliver the data.

Have I mentioned the fact I don't understand that blockchains are literally distributed databases?
Finally, you can send any kind of data in a bitcoin transaction. Not just fiat currencies issued by a government but audio, video, text, a webpage, etc.
And finally:
It’s very smart. Unlike you.
My transformation is complete.
submitted by pointedpointything to bsv [link] [comments]

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

Unilend Finance - Listing Soon, Moonshot Expected

Hi friends, i want to tell you about UniLend project which will be listed soon.
First of all i want to tell you, Unilend team announced that CertiK has audited UFT smart contract.
The blockchain security pioneer is one of the most advanced auditors in whole-chain, smart contracts, and VAPT verification in the scene.
Certik's best-in-class cybersecurity experts have delivered end-to-end security audits for over 220 clients, including over 118k lines of code, and now UFT smart contracts as well.
Here is the announcement by the CertiK:
UniLend is a permission-less decentralized protocol that combines spot trading services and money markets with lending and borrowing services through smart contracts.
UniLend Features
*Permissionless listing: Any ERC20 token will be able to list without any entity controlling the listing process, making UniLend’s features accessible to every token.
*Lending & borrowing: Users have the capability to unlock their token’s functionality for lending to receive an interest rate and for borrowing by paying an interest rate.
*Trading: A corresponding trading pair will also operate on UniLend's platform to include decentralized spot trading functionality for platform users.
*Governance: The protocol will be governed by its token holders through proposals in order to ensure adjustments to the protocol are made with a majority consensus.
*Liquidity: By providing liquidity for asset trading and loans on Unilend's platform, users are able to receive fees in proportion to their liquidity pool stake.
*Native Utility Token: The native utility token of UniLend will be UFT, Unilend Finance Token. The token will have multiple use cases for governance, platform utility, and much more.
How is UniLend different to existing DeFi protocols?
Existing DeFi solutions have left the majority of digital assets outside of the DeFi ecosystem. There are over 6000 tokens listed on coinmarketcap. However, the current platforms such as Compound, Aave, Maker DAO, and many more, support less than 30 assets.Some protocols offer lending and borrowing with a limited set of tokens while others offer the freedom to trade any ERC20 assets but neglect the lending and borrowing aspect.
UniLend is bridging that gap by combining the decentralization aspect of enabling any ERC20 to be utilized as collateral for lending & borrowing whilst providing the flexibility for users to also trade their assets in-platform. Ultimately, UniLend aims to unlock the full potential of digital assets for their owners.
Investors
UniLend Successfully Raises $3.1M in Seed and Private Sale Rounds Amid Overwhelming Strategic Investor Support
Unilend funding rounds attracted the attention of some of the industry’s heaviest hitters, including Woodstock Fund, Signal Ventures, 3Commas, Danish Chaudhry (Head of Bitcoin Exchange), Jay Putera (Partner at CryptoBriefing ), TRG Capital, BTC12 Capital, AU21 Capital, Youbi Capital, TomoChain, Bidesk, Bibox, Tenzor Capital, and Sandeep Nailwal (Co-founder of Matic Network).
Tokenomics
*Platform: ERC20
*Total Supply: 100,000,000 UFT
*Initial Circulating Supply: 7,777,778 (7,78%)
*Seed Round Price: $0,07 (25% released after 6 months, 25% after 12 months, 25% after 15 months and 25% after 18 months)
*Seed Round Hardcap: $700,000 (reached)
*Private Round Price: $0,12 (25% release at TGE, 25% after 3 months, 25% after 6 months and 25% after 9 months)
*Private Round Hardcap: $2,400,000 (reached)
*Public Sale: Interest form is cloesed,lottery done with partneeship Chainlink VFR, KYC process ongoing. (Hardcap: $150,000, oversubscription)
There will be a voting for Bithumb Global Listing on October 15th - 12:00 to 16:59 (UTC+8)
Conclusion
UniLend protocol is working to create a new niche in the market which has been neglected and untapped by current solutions in the DeFi space. I believe team efforts will create a level playing field in the market by enabling every token to be a part of the growing DeFi ecosystem.
submitted by walklineua to CryptoMoonShots [link] [comments]

Do you think cryptocurrency is 'ripe' for adoption by developing countries? - Civil discussion

Do you think cryptocurrency is 'ripe' for developing countries?

Hi everyone, I am u/Mierenknager and I struggle with this question a lot. Because I am not sure if it is good to push developing countries to use Bitcoin/Alt-coins.

Why this question is important:

You can't deny cryptocurrency will change the future, of course. But right now we are still in the speculating and developing phase. While we research and test different coins or algoritms, we are already pushing developing countries to use Bitcoin/alt-coins.

Why crypto can be good and bad for developing countries:


The good points about crypto:

Bad points about crypto at the moment:

And now?

I really hope to hear your opinions about this ethical problem. Do you support crypto-currency for developing countries or not, and why?
Thanks for reading!
View Poll
submitted by MierenKnager to CryptoCurrency [link] [comments]

Dont worry if you FOMO. You are not going to be millionaires anyway.

BTC is heading to new ATH. Many new people are stepping up the train, and many of them are posting questions such as "how to acquire most bitcoin ?", or "Is it still possible to have 1 BTC", or "what should I do to secure my BTC ?", and the worst: "Should I put all my savings in BTC" ? ...
Those are some legit questions, but if you are asking yourself those questions, you are probably about to burn yourself and becoming a future millionaire has maybe struck your head. Let's just do some quick math to show you that you will NOT become a millionaire.
Following the BTC pattern, I saw many youtubers predicting that BTC price is heading toward 200k USD in one or two years. This is a very optimistic prediction. But let's take it to have the most favorable scenario.
So if you are a broke ass newcomer like most of the people here, you can barely afford 1BTC right now. If you can, your net profit in 1-2 years will be roughly 180k USD. This is a very good income in only two years. But still, you are not a millionaire.
If you want to be a millionaire, you would need to buy at least 5-6 BTC right now, which you cannot afford (even with all your savings) if you are part of the people I mentioned above, and like more than 90% of the population. There are only a few dudes in the world who became multi-millionaire with BTC because they bought a lot when it was below 1K USD. Since then, most of the people are just securing a good retirement plan (even if some of them burned everything in a Lambo...).
SO what should you do ? Is investing in BTC really worth it, even if you will not buy a Lambo? I still believe yes.
If the price of BTC is multiplied by 15 in the next two years, your investment, even as small as it, will also be multiplied by 15. This is still a good income.
So, don’t' burn all your savings, BTC can still only go to 20K then dump again. And take your time to only invest what you can afford to lose.

TL;DR: The times when it was highly profitable to buy BTC are gone a long time ago. Stack stats with what you have, buy the dips when you can, and hodl.
EDIT: In other words, if you are a newcomer, you should read this first.

submitted by Mekilekon to Bitcoin [link] [comments]

(Canada) My experience with WealthSimple Crypto

I thought WS Crypto might be an easy way to invest in Bitcoin without having to worry about security. But now that I've tried it, I suggest -- don't bother.
Here's my experience:
  1. I had to create a new WealthSimple Trade account, and add my bank accounts again, because the Trade platform is not linked to WealthSimple Invest in any way (if you are already an existing Invest customer).
  2. Must download Android/iPhone app, because you can't use WealthSimple Trade in browser.
  3. You need to create a WS Crypto account. This is a process of checking "I agree" to 10+ warnings that your Bitcoin may disappear, because WealthSimple does not have faith in the Cold Storage service that is being used to hold your crypto, and they want to clear themselves of all legal responsibility if your crypto should go missing.
  4. Deposit funds: you must wait 5 business days before you can start trading! Even thought your bank account is already withdrawn after the first day.
  5. Buying Bitcoin: there is a 1.7% spread from market price (so on CA$1000, that's a CA$17 fee).
  6. To buy Bitcoin, you need to accept more legal disclaimers that WS is not responsible for any loses.
  7. Selling Bitcoin: there is a 2.2% spread from market price (so on CA$1000, that's a $22 fee).
  8. Withdrawing: wait 2 to 5 business days for the funds to appear in your bank account.
So you're looking at a long wait and a ~4% fee on a trade.
While I waited 5 days for my funds to clear, I missed the 8% growth last week re: PayPal news.
So if you're in Canada, here's what I've been using instead:
  1. Order a Trezor: now only EUR 59 (about CA$93). Make sure it's from Trezor website, because otherwise it could have compromised security.
  2. Sign up at https://coinsquare.com and go through the Identification process. It takes a little bit of time, but once you're identified, everything else is fast.
  3. Fund CoinSquare account: my Interac E-Transfers clear within 12-24 hours now, much faster than WS Trade. Right now, E-Transfer funding is free until Nov. 2, they have these promos every few months so take advantage of them (usually it's a 1.5% e-transfer fee).
  4. Buying Bitcoin: the fee is only 0.1 - 0.2%, way lower than WS Crypto. The rates seem to be reflective of the market price, they're not inflated. You can also set your own rate and wait, unlike WS Crypto which only offers a fixed rate.
  5. Storage: when your order is complete, transfer your crypto to your Trezor. Bitcoin withdraw fee is 0.0005 BTC (about CA$8.50). DO NOT leave your crypto on the exchange for a long period, because if you return in a few weeks/months, the exchange may no longer be solvent (although, CoinSquare is the most professional option in Canada so far).
  6. Sell & Withdraw: CoinSquare charges a 2% withdraw fee on direct deposit. But you can always sell your Bitcoin somewhere else instead -- in person, at a Bitcoin ATM, on another exchange, or altogether just use it to shop online. So because you control your crypto, there is no requirement to use this sell feature (unlike WS Crypto, where your custodian won't let you take the Bitcoin elsewhere, and you are forced to eat their sell fee).
submitted by BuildItMakeIt to Bitcoin [link] [comments]

MicroStragegy’s Bitcoin Play is Just Smart Business, Nothing Else: CEO Explains

MicroStrategy has been featuring more in cryptosphere and it all started when it converted its primary asset base into Bitcoin. However, the business intelligence software provider is also staying aware of the possible swings in Bitcoin’s price and is ready to sell at a moment’s notice.
Safety Amid an Economic Downturn
Earlier this week, Michael Saylor, MicroStrategy’s chief executive, sat for an interview with Bloomberg, where he spoke about the firm’s shocking move to hold over $400 million in Bitcoin. There, he explained that they see Bitcoin as a safer asset, especially compared to cash and gold.
Saylor explained in part that he chose to make the move to Bitcoin because he had seen the impact of the coronavirus pandemic on traditional assets. Before the pandemic hit, the firm had about $500 million in assets, which it had invested primarily in short-term government securities.
Sadly, the pandemic caused yields on the securities to tumble, and Saylor knew that the company had to move into something more reliable.
“Once the real yield on our treasury got to more than negative 10%, we realized that everything we are doing on P&L is irrelevant. We really felt we were on a $500 million melting ice cube,” he said.
The company eventually found the safety it sought with Bitcoin. In July, MicroStrategy announced in a formal announcement that it had switched its primary asset base to the leading cryptocurrency, purchasing about 21,454 BTC for $250 million. Among other things, the Virginia-based tech giant highlighted that Bitcoin had proven itself a dependable store of value.
In the weeks since then, MicroStrategy has doubled down. In a filing with the Securities and Exchange Commission (SEC), it confirmed that it could purchase even more of the asset. However, that would only happen after assessing its cash needs and business strategy.
Just Business for MicroStrategy
Days later, the company purchased an additional 17,000 BTC tokens — bringing its total Bitcoin haul to about $425 million.
Considering that it is putting a lot of its eggs in the crypto basket, Bloomberg was curious about whether Saylor was worried about Bitcoin’s famed volatility and how much a sharp price drop could gut his firm.
However, Saylor brushed off any concerns. In part, he said:
“We can liquidate it any day of the week, any hour of the day. If I needed to liquidate $200 million of Bitcoin, I believe I could do it on a Saturday.”
Saylor added that the asset’s volatility isn’t much of a problem as he could quickly move away from it and get the company’s money back. The CEO also pointed out that he wasn’t committing to Bitcoin as a passion project. He noted that his firm’s decision to buy the asset was merely due to its proven stability over the past few months, and he would liquidate his company’s holdings if he saw some other alternative assets with greater yields.
For now, however, Saylor is all-in on Bitcoin. The CEO further predicted that more companies would make similar moves, adding that private companies are currently in the right position.
submitted by cryptoanalyticatech to Bitcoin [link] [comments]

Crystal Ball Prediction for Next Bull-run!

Crystal Ball Prediction for Next Bull-run! submitted by tralxz to btc [link] [comments]

[WTS] PREMIUM SILVER ROUNDS, unique items


PRICES UPDATED
SILVER SPOT: $24.60/oz (for my reference)
PM PLEASE, PM PLEASE
Through this weekend, I will use this post to list many different premium silver rounds (kooks, goats, swans, 2010 brits, phils, privateer, other) and some unique items. So check back for updates.

To start, offered is:

2016 China 30 gram Silver Pandas BU (In Capsules) — $30/ea (APMEX PRICE $36.82/ea)
https://imgur.com/a/07X9l3o (Panda Proof)

Rolls of premium rounds (20 per roll) in capsules and wrap (only selling by the roll for now)
2014 x 2 Australia 1 oz Silver Kookaburra BU -- $620/roll (APMEX PRICE $38.70/ea)
2015 x 2 Australia 1 oz Silver Kookaburra BU -- $620/roll (APMEX PRICE $38.70/ea)
2017 x 4 Australia 1 oz Silver Kookaburra BU -- $620/roll (APMEX PRICE $38.70/ea)
2019 x 2 Australia 1 oz Silver Swan BU — $840/roll (APMEX PRICE $54.70/ea)
2015 x 5 Australia 1 oz Silver Lunar Goat BU (Series II) — $640/roll (APMEX PRICE $39.70/ea)
https://imgur.com/a/kBHTcR6 (kooks, swans, goat proof)

Keep calm and slave on rounds, 2010 Brittanias
2013 SBSS Slave Queen 1oz Rounds x 9 — $28/ea
2010 1oz Brittanias x 19. When is the last time you saw these? — $31/ea
https://imgur.com/a/QsGF6P7 (Slave Queen, Brits Proof)

2013 Northwest Territorial Mint 45 caliber 1 oz cartridges
Boxes of 10. All original packaging and COA. Sold only as boxes of 10. 2 available. — $370/ea (1 left)
https://imgur.com/a/EMcv4DA (45 caliber proof)


2 oz Silver Rounds Privateer Ultra High Relief Pirate Rounds .999 Fine Bullion
Privateer: No Prey, No Pay 2oz premium rounds x 10 — $70/ea
2 oz Silver UHR Round - Privateer Series: The Siren x 4 — $70/ea
https://imgur.com/a/LR2yEQh (Privateer Proof)


2013 1 oz Pegasus Silver Rounds
Pegasus 1oz x 10. Some are starting to show toning or have toning of edges — $29/ea
https://imgur.com/a/eCJLLBR (Pegasus Proof)

2019 Silver 1oz Austrian Philharmonics
Tubes of (20) 1oz Austrian Philharmonics. Selling by the tube for now. x 2 — $560/ea (findbullionprices.com best price $36.70/ea)
https://imgur.com/a/P1XPzCg (Phils Proof)

2015 Australian Funnel Web Spiders
(1) tube of 20 Funnel Spiders, 1oz ea — $580 (APMEX price $33.70/ea)
https://imgur.com/a/sSzZwRl (Funnel Spider Proof)

Classic Silver Lot (Engelhard 1oz bars, Swiss of America Rounds, A-mark 1oz bars)
Classic 1oz Engelhards x 16 -- $29/ea (APMEX price $34.70/ea) (2 remaining)
1 1974 Classic Swiss of America 1oz thick round -- $40 (APMEX price $49.71) (SOLD)
Classic 1981 A-mark 1oz bars x 5 — $29/ea (ALL SOLD)
https://imgur.com/a/7ojjoxA (Classic Lot Proof)

Other Silver Bar Lot (Scotties, others)
20 oz Scotty kitkat bar -- $560 (SOLD)
10oz Scotty stackers x 2 — $280/ea
Prospector’s Gold & Gems poured bars -- $27/oz (10 oz left)
5oz Bullion Stackers hexagonal pour — $145 (SOLD)
Classic 5oz toned Sunshine mining company bar (old bar predating Sunshine Mint) — $145
https://imgur.com/a/p8K4TtR (Other Silver Bar Proof)


5g Engelhard .9999 GOLD Bar — $340 (SOLD)
These are pretty hard to come by.
https://imgur.com/a/ajfwQAr (Engelhard Gold Proof)

1/10 oz 1994 Platinum Koala — $150 (SOLD)
https://imgur.com/a/xtVWEfE (Koala Proof)

5oz Great Panther Silver Limited Bar — $150
This one is scarce!!
https://imgur.com/a/cOm23xg (Panther proof)

Cross posted on other forums.
TERMS: All eligible items are verified with a sigma precious metal verifier. Prices are generally based on the underlying spot price. Large fluctuations in spot prices could affect the price of items listed. USPS first class starts @ $4 for up to 4oz, SFRB @ $8 for up to 60 oz, MFRB @ $16 for 60+ oz, signature @ $2.50. Will insure for 1.1% of purchase price. Shipping is at buyer’s risk. All items will be tracked unless otherwise stated. Would recommend delivery to a secure box for precious metals. Accept: Zelle, Venmo, Cash app, Bitcoin. NO PAYPAL. Other forms of payment will be considered.
I am not a coin grader. The condition of any coin listed is how it was listed when I acquired it. I will be more than happy to provide any detailed, unedited photos for any coin. Unless specifically mentioned, assume coins are in generally good condition. Noticeable defects potentially affecting the value will attempt to be noted. I try to price my items substantially below the lowest price I can find online from a national dealer. If you see a legitimate cheaper price, let me know and I may very well adjust my price. FYI, I am in Eastern time zone if I do not respond, may be sleeping.
submitted by AgAuSeller to Pmsforsale [link] [comments]

Monero Monetary Policy?

Hello, first time poster here.
From what I can tell, there is significantly less entrenched orthodoxy applied to how monero does things compared to other cryptocurrency. Its the only one with ASIC resistance, has a dynamic block size, is willing to contemplate the concept of linear inflation rather than treating it as an unholy abomination, etc.
In general you guys have done a lot better of a job keeping down transaction fees compared to bitcoin, and as a whole are more inclined to plan for monero as an actual medium of exchange rather than a perpetually deflationary get rich scheme.
With that in mind, I have a few questions:
  1. In the event adoption of this cryptocurrency gets large enough that it ends up putting strain on the current dynamic block size status quo, what's the precise point at which you'll change how things operate in order to prevent a centralization crisis from an excessively large blockchain? What sort of exact security issues/etc prevents things like the lightning network from currently being options for this scenario?
  2. While to a large extent price stability comes from a sufficiently deepened pool of liquidity, as has been seen with recent trends in bitcoin's price, one thing I've got to wonder about is if things such as block rewards and transaction fees can be dynamically adjusted, akin to a more democratic central bank if you will, such that monetary tightening and loosening can be done?
A lack of commitment to permanent deflation would obviously hurt monero's market capitalization, but arguably that's not a particularly important metric compared to transaction volume.
https://finance.yahoo.comyahoo-finance/watchlists/crypto-top-volume-24h
Despite basically being a dubiously backed centralized "cryptocurrency", tether still sees a significant amount of transaction volume purely due to its utility as a unit of currency pegged to the US dollar. Now, while I'm sure precise information on monero's own true transaction volume is under-reported due to strong privacy protections in conjunction with low fees, tether does serve as a reminder for how much demand there is for stability.
Obviously its significantly more difficult to do contractionary monetary policy than inflationary, but would something like say, a decentralized dynamic peg work, where holdings of bitcoin/etc are bought and sold by a digital entity controlled by the miners work in order to stabilize monero? I'm just spitballing thoughts here though and I know there might be potential issues related to chain analysis. If you have any other good reasons why this is a bad idea please feel free to let me know. Thanks!
submitted by Roths____ to Monero [link] [comments]

Bitcoin Farming, Basic Arithmetic, and you

I have written this guide to dispel a common misconception I hear from this community - that putting more than one Graphics Card in your Bitcoin Farm is a great idea.
TLDR: The FIRST graphics card you put in your bitcoin farm generates a bitcoin every 20 hours. Every additional graphics card you put in your bitcoin farm generates a bitcoin every 333.33 hours. This information is misstated on the wiki and in many videos I've seen.
More Complicated Maths TLDR from u/Mekhazzio :
TLDR: The bitcoin farm has a base production rate that's much higher than the rate added by each additional graphics cards. So when investing, you shouldn't be looking at how fast the whole farm pays itself off, but how much time it takes your N>1 graphics cards to each pay for themselves, because otherwise you could have just been pocketing the pure profit from the base production rate the whole time.
At current therapist/flea-FiR values:
That is to say, adding a GPU to an already-running farm takes three weeks before you've stopped losing money on that GPU.

A pretty simple formula is utilized to determine Bitcoin Farming output. The payback period for your first graphics card is around 3 days. For each additional graphics card that you put in the payback period is over 20 days. The reason that this has confused so many people is that they credit the production from Graphics Card 1 to the payback period for the rest of the Graphics Cards.
Caveat 1: Escape from Tarkov is a video game and, at least for us players, not a business. Many video game players are completionists, and I will not begrudge anyone who wants to max out every single part of their hideout because it will feel like an achievement. This guide discusses the impact of bitcoin farming on your PMC's wallet. If you find utility in maxing out the bitcoin farm for the feeling of completion then you should do it and probably just close this guide and not worry about it.
Caveat 2: This guide will not address people who hatchet run or pistol run to put graphics cards in their secure container that will usually end up being non-FIR. There are too many variables (spawn rate, survival rate, replacement value of just doing normal Tarkov raids instead of hatchet runs) to do a decent analysis. If you end up with non-FIR graphics cards you should put them in your Bitcoin Farm.
Analysis:
The formula for bitcoin generation is as follows:
Let's simplify some unnecessary constants and make this look more like a normal mathematical function. All we have to do is multiply (1/49) * (0.15) to get this, which is equivalent and much easier to understand:
Now, let's get some ground rules for investment:
Caveat 3: Prices may change, blah blah blah, unless the IRL bitcoin market crashes the conclusions from this guide will still be accurate for the most part.
I will also note that I'm not going to include the cost for fuel needed for production. Because you can craft expeditionary fuel into mag boxes, as well as do other crafts on your workbench and med station while you have the power on, this cost is negligible. Furthermore, since my thesis is that putting more graphics cards in is not worth it, the fact is that I can prove this mathematically without even accounting for the entire cost category of fuel only strengthens my argument.
Using these assumed prices, let's take a look at some different cases.
Case 1:
Building a Bitcoin Generator and putting a single graphics card in.
To calculate cost, we add the cost of building the empty generator (300k) to the single graphics card (250k) to get 550k rouble investment.
Lets calculate revenue using our formula before:BTC Generated per Hour = 0.05 + 0.003 * (Graphics Cards - 1)BTC Generated per Hour = 0.05 + 0.003 * (1 Graphics Cards - 1)BTC Generated per Hour = 0.05 + 0.003 * (0)BTC Generated per Hour = 0.05
So we're generating 5% of a bitcoin every hour which means we'll get a bitcoin from our farm every 20 hours.
So, every 20 hours we are generating a product worth ~150k. Since we invested ~550k we need to sell:
550k investment / 150k roubles per bitcoin = 3.66 physical bitcoins in order to recoup our investment
Since we can't harvest bitcoins until they are full, we actually need to wait until we get 4 bitcoins at which point we'll be making a slight profit. Generating 4 bitcoins will take 4 bitcoins * 20 hours per bitcoin = 80 hours or a little more than 3 days.
Case 2:
Adding a second graphics card to our bitcoin farm.
Now, as discussed above I'm not worried about non-FIR graphics cards that you hatchet ran to find. If you have an FIR graphics card then you can sell it on the flea market for the 250k price that I'm using as an assumption above.
This concept is called opportunity cost and if you don't understand it I will troll you in the comments: Putting an FIR graphics card into your bitcoin farm is the same as purchasing one off of the flea market and putting it in your bitcoin farm because you had the opportunity to just sell your FIR graphics card for the same price that you can buy it.
With that out of the way, let's do some math on our 2 graphics card bitcoin farm:
BTC Generated per Hour = 0.05 + 0.003 * (Graphics Cards - 1)BTC Generated per Hour = 0.05 + 0.003 * (2 Graphics Cards - 1)BTC Generated per Hour = 0.05 + 0.003 * 1BTC Generated per Hour = 0.053
So, for the cost of 250k roubles we have increased our bitcoin per hour generation by 0.003.
The first graphics card that we added to our bitcoin farm generates us one bitcoin every 20 hours, as discussed above.
The second graphics card that we added to our bitcoin farm generates 0.003 bitcoins per hour. To calculate how many hours this takes to get 1 bitcoin we do the math of 1 / 0.003 = 333.33 hours. 333.33 hours / 24 hours per day is 13.88 or roughly 14 days.
In order to recoup our investment from the 250k roubles we used to get our second graphics card we divide 250k roubles invested by 150k roubles per bitcoin = 1.66 bitcoins. We generate one bitcoin every 14 days, so we can multiply 14 days * 1.66 bitcoins = 23 days.
This math will hold true for every additional graphics card because the function is linear.
Thus, the payback period for your 250k investment in adding a graphics card past the first one to your bitcoin farm is 23 days.
To reiterate: The FIRST graphics card you put in your bitcoin farm generates a bitcoin every 20 hours. Every additional graphics card you put in your bitcoin farm generates a bitcoin every 333.33 hours.
submitted by Death4Chairman20x70 to EscapefromTarkov [link] [comments]

Bitcoin Price EXPLOSION! Halving Run Happening NOW - $10,000 Next? Explained BITCOIN TO $50,000 - THE FEDERAL RESERVE GUARANTEES IT!!! Price Prediction - Crypto News 2020 Why Bitcoin is a BUY right NOW! October 9 2019 💰Bitcoin Live Price Analysis Crypto Trading ... URGENT: BITCOIN HALVING PUMP FAKE OUT?! LIVE Crypto Analysis TA & BTC Cryptocurrency Price News

Bitcoin Price Today. Bitcoin price is now trading from $10,550 (-0.18 %) – Bitcoin Price Today: BTC are you prepared for a second lockdown?. The crypto business has consistently moved quicker than conventional account. During this cycle, notwithstanding, the movement of progress has been remarkable. Staying aware of the apparent multitude of new activities and patterns is a day by day ... Check Bitcoin price now. 1 BTC to USD calculator and the Bitcoin Price Prediction Analysis - TA and FA by experts. Day Night ... 2014 where 850,000 Bitcoins were stolen), then Bitcoin's price will begin to decrease as the bad news and lack of security for the individual is once again highlighted in the news and media. Bitcoin’s price has a lot of factors that will move it up and down. It ... Another important Bitcoin security and safety tip that any Bitcoin user should remember is to keep private keys offline. As you know, Bitcoin wallets would make use of public keys for sending and receiving Bitcoins. The public keys are also used for other functions such as checking your Bitcoin account balances. It is also the public keys that you will use to authorize payments from your ... Bitcoin price (BTC) Add to Watchlist $ 13,070.01 +0.56% . 1h. 24h. 1w. 1m. 1y. all. $0.0000 January 1 12:00 AM. 10:56 AM 3:06 PM 7:17 PM 11:27 PM 3:38 AM 7:48 AM. Market cap $ 242.4B. Volume (24 hours) $ 23.6B. Circulating supply 18.5 M BTC. About Bitcoin. The world’s first cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain ... As such, you’ll commonly find him on Twitter making new price predictions based on the Bitcoin boom’s momentum. For now, he’s pegging his short-term bitcoin price target at $15,000. That’s a reasonable figure, to be sure, especially with BTC’s parabolic price performance in Q3 and Q4 2017.

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Bitcoin Price EXPLOSION! Halving Run Happening NOW - $10,000 Next? Explained

Is the Bitcoin (BTC) price potentially in a fake out pump before the halving, in my opinion?! Let's discuss this live today and some cryptocurrency trading technical analysis (TA) + speculative ... BITCOIN to $10K or $3K?! PREPARE NOW! 💥WOW!😱 LIVE Crypto Analysis TA & BTC Cryptocurrency Price News - Duration: 27:59. Crypto Kirby Trading 20,375 views Bitcoin Price Analysis & Crypto News! 👍 THUMBS UP & SUBSCRIBE NOW + 🔔! *** VIP Private Trade Alerts 📈 https://bossofbitcoin.com *** Chart Like A Boss ... Bitcoin will go to at least $50,000, the actions of the Federal Reserve basically guarantee it, the Bitwise price prediction. Crypto News 2020 👑 PRIMEXBT ... Bitcoin's price is going crazy, is the halving run happening now? Is $10,000 coming soon? Prediction explained ‍ CRYPTOCURRENCY EXPLAINED BEGINNER COURSE https://cryptocurrency-explained.myka ...

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