Bitcoin Calculator History – yesouican.co

How To Buy Bitcoin

A user-friendly guide on how to buy Bitcoin
Figure out how much bitcoin you need. Go to http://www.coindesk.com/calculato and enter the amount you need in USD. ALWAYS buy $5 more than you need as Bitcoin rates can go up and down though out the day, and partial payments are refunded by our payment system.
Step 1) Create a wallet – Somewhere to put your coins: e.g.. Cash App, Paxful, Robinhood etc. there are so many out there.
The Easiest Wallet: Cash App or Paxful
How to Buy Bitcoin with Cash App
How to Send Bitcoin with Cash App
Step 2) If you created your wallet on your desktop, download the app to your smart phone.
Suggested Places to Buy Bitcoins:a) CashApp – Fast and easy
b) Paxful – Buy bitcoin with paypal, zelle, venmo, gift cards etc
c) Robinhood App
d) LibertyX – buy bitcoin on their app or at any 7-11, CVS, or Rite Aid (usa only)
e) Local Coin (Buy with Interac E-transfer for Canadians)
f) Localbitcoins.com
g) Coinmama – Fast
h) Search Google for a Bitcoin atm in your city (takes cash, gives you Bitcoins – Easiest & Fastest Method. You can now do this in 2 minutes with LibertyX at any 7-11, CVS or Riteaid)
Step 3) Purchase your bitcoins.
Remember, you don’t have to a full bitcoin, you may buy decimal amounts ie 0.05btc / 0.0675btc etc – according to what you need.
Please note all bitcoin ATM’s etc take a % for a transaction fee – always calculate that when purchasing your bitcoins as typically you’ll need to buy 3-5% more than your order purchase price.
Step 4) Proceed to www.idviking.com and place your order!!
Step 5) It is IMPORTANT to buy your bitcoins and send them to your own wallet first, before ordering from us. Sometimes it takes a few hours after you first order your bitcoins, before they arrive in your wallet. (with an ATM this is instant).
Voila! You’re Done!
* One thing to note for Canadians using bitcoin ATM’s, the company that runs Honey Badger or Badger Coin in Canada are known scammers, please do not use them as they have been regularly defrauding people out of money. A quick search of their reviews will also confirm this is. There are many other bitcoin ATM’s out there, do not use them.

How To Use A Bitcoin ATM
submitted by Antonio2000x to PhakeIDs [link] [comments]

Monero Community Workgroup is preparing for the large growth ahead

Diego (u/rehrar), Doug (u/needmoney90), and Justin (u/SamsungGalaxayPlayer) would like to share some exciting news regarding the Monero Community Workgroup (MCW). The Monero community is growing, and so is our support and group of volunteers. The TL;DR is that you can expect some cool things as we grow.

Some MCW History

The MCW initially began as the Monero Marketing Workgroup in March 2017. Diego was interested in helping grow the Monero community, so he contacted Justin and set up the MoneroMarketing subreddit. At the time, the idea of a Monero marketing initiative shocked many in the community, who greatly appreciated Monero's general distance from the marketing efforts by many ICOs and scams around that time.
The Monero Marketing Workgroup focused mostly on preparing educational materials and getting people involved to work on Monero-related initiatives. Shortly after the workgroup began, it transitioned into an area that needed more love: community organization and communication.
Up until this point, the Monero community was focused around the developer meetings and the Monero subreddit. While these are still highly relevant in the Monero ecosystem (for good reason), there wasn't a great way for people to stay updated with the latest news and to discuss non-development items. The Monero Community Crowdfunding System (at the time Forum Funding System) submissions weren't discussed in the same way that they are today, and there was no central Community Workgroup to help bring initiatives together. It was obvious that with a larger, more diverse Monero community, a dedicated set of resources would be necessary to connect all these projects together.
The Monero Marketing Workgroup became the Monero Community Workgroup during the first Community Workgroup meeting on 18 June 2017. These meetings have largely occurred every other Saturday ever since and serve as an essential community service to discuss CCS proposals, hear workgroup updates and news, and discuss new ideas. The Community Workgroup channel (#monero-community) is used for many other purposes, including other scheduled meetings on deemed-necessary items of interest and regular feedback, questions, and chat.
On 7 October 2017, the workgroup hosted its first Coffee Chat, a casual conversation covering the month's recent news and most important discussion topics. These Coffee Chats help humanize the Monero community, who until this point typically were only known by their pseudonyms. The MCW played a part in the Monero Konferenco, Critical Decentralization Cluster at the Chaos Communication Congress, and Monero Village at Defcon livestreams and derived content. It also hosts Breaking Monero, a series that features members from the Monero Research Lab who discuss Monero's limitations.
A year after the MCW became its new name, the newly-founded Monero Outreach Workgroup took over many of its initial ambitions in June 2018. Other related workgroups like Monero Ecosystem have their own communities and functions.

The Community Keeps Growing

The Monero communities are significantly larger than they were back in early-2017, and they keep on growing. In early-2017, there were no mobile wallets, the GUI was only 3 months old, there were far fewer exchanges, etc. Today, Monero has one of the largest, most respected, and most passionate communities. We have the third largest number of developers of any cryptocurrency project, we are the only project with our own DEF CON village, and we are one of the few names that everybody knows. Awesome work to everyone around, truly.
With larger communities comes more work. The community deserves reliable, appropriate resources to sustain this growth. In a decentralized community, this is difficult. Monero Core provides some essential services such as the CCS, getmonero.org, Mattermost, and GitLab. However, they have been unable to meet the growing needs of the community alone. Thus, the MCW has been happy to support other needs to the extent possible: we discuss CCS proposals during our meetings, host several servers, organize Coffee Chats and conference talks, and more, along with efforts of other workgroups. These have become such a significant undertaking, and that's a good thing. As Monero continues to set the gold standard for cryptocurrencies the expectations keep growing. It's awesome to be a part of something where so many people care.

Our Future

The MCW has grown too much for the three of us to organize all the resources we need, let alone the needs of everyone in the Monero communities and workgroups. Thus, we are furthering our commitment and offering substantially more services in the coming months. To get there, we need your support to fill volunteer leadership and support positions.
Expect the following dedicated services from us:
  1. Jitsi server with higher framerate and resolutions than Jitsi Meet, so that our Coffee Chats, conferences, and other events are better quality than before.
  2. NextCloud to safely and securely collaborate on blog posts, share files, and more.
  3. Sandstorm and Wekan kanban board (open source Trello copy) to keep track of, propose, and assign tasks and projects.
  4. Chatwoot to provide tailored support for Monero users with a volunteer support community (also a good learning exercise).
  5. Mastodon to communicate about Monero and other news, so we aren't dependent on Twitter's policies and security.
  6. Flarum forum for Monero news and discussions, so we aren't dependent on Reddit.
We need your help to make this happen! We will form "task forces" to focus on certain areas like marketing, system administration, meetings, moderation, and finance. If you have any of these skills, please join #monero-community and say hi, or shoot us an email ([email protected])!
Doug, Diego, and Justin feel that these changes will allow the Monero community to grow in new ways and continue collaborating. The community consists of many workgroups that focus on projects that they are interested in, and we want to support the efforts of these communities.
To allow these changes, Justin will form an LLC, with him and Doug being officially on the board, and Diego taking an advisory role.
Creating a legal entity serves two distinct purposes. First, it allows us to aggregate payments from many people into a single entity to pay the costs for hosting various community servers/services. This greatly reduces our own workload and out of pocket payment. Secondly, it allows us to aggregate multiple social media handles that are currently controlled by individuals under a single entity, to reduce the "Bus Factor."
Of course, the MCW will remain very much grounded in the ideals that made that made it great in the first place. And the entity will always support the Monero communities, never claim to fully represent everyone involved in Monero. It can only ever represent the efforts of those involved.
Current and future goals of the MCW include:
  1. Provide resources as necessary and reasonable, such as communication platforms
  2. Organize discussions to promote communication, such as Community Meetings and Coffee Chats
  3. Promote positive culture through events, such as with Coffee Chats, the Monero Konferenco, the Moneoversary, and the Monero DEF CON Village
  4. Support other Monero workgroups and Monero ecosystem projects
  5. Provide mechanisms to collect feedback on community, developer, and research proposals
  6. Discuss the Monero CCS ideas and otherwise support the Monero CCS
  7. Promote Monero and privacy education and marketing
  8. Serve as an available community mediatoarbitrator where reasonable
  9. Communicate the broad interests of the Monero community and provide a voice where and how appropriate
  10. Collaborate with other projects, companies, governments, and communities

Monero Community Support LLC

Q: Why does the MCW think that an LLC is needed?
A: For two primary reasons. First, payments. As mentioned, there is existing digital infrastructure, currently paid out of pocket by MCW leaders. Even if a CCS proposal was to be explored, it would make personal accounting and tax reporting very difficult as assets would technically be mixed with personal assets, throwing off capital gains calculations. Up until now this has been a sacrifice of time that we were content to make, but as we continue to ramp up our goals it is becoming increasingly cumbersome, and alternative methods are needed. An LLC would be able to hold these monetary assets as its own entity, and all funds could be kept separate from personal funds, leading to much easier accounting all around.
Secondly, an LLC would allow for digital infrastructure to come under the legal purview of several people, reducing the possibility for any particular person going rogue and decimating what has been built. There may be concern about bringing resources under a corporation, and that this is not in the spirit of Monero, but one thing to note is that all assets and services (noted above) are FOSS/CC. Meaning if at any time a community doesn't care for what the MCW accomplishes under this LLC, they can simply start their own infrastructure with low switching costs. Once again: EVERYTHING IS FOSS/CC.
Q: Why not a nonprofit, cooperative, or other type of organization?
A: While not out of the question, these take additional effort. We hope to grow into these organization types with the help of others. However certain registrations take a lot of time and effort, plus has quite significant restrictions on activities. The LLC will allow us the flexibility and convenience we need now, especially when we currently have no income anyway.

Looking Ahead

The MCW has a mountain range of opportunities ahead of it, as do all Monero communities and workgroups. We hope that our efforts are of use to you and others, and we hope that you join us in making something great :)
Justin, Diego, and Doug
submitted by SamsungGalaxyPlayer to Monero [link] [comments]

ETHE & GBTC (Grayscale) Frequently Asked Questions

It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions.
The goal is simply to have a thread we can link to anyone with questions on Grayscale and its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread. My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers.
Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect
Everything below will be in reference to ETHE but will apply to GBTC as well. If those two segregate in any way, I will note that accordingly.
What is Grayscale? 
Grayscale is the company that created the ETHE product. Their website is https://grayscale.co/
What is ETHE? 
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF? 
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed? 
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created? 
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor.
Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”)
Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product? 
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow? 
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there.
As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however.
Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH? 
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares? 
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure? 
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset.
Source: ETHE’s informational page on Grayscale’s website - Located Here
Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE? 
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC.
ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here
For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing? 
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC.
As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on.
Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain? 
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good.
Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon.
Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel? 
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.)
That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely.
IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]… 
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0? 
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015.
Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?” 
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance.
As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium? 
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:

Are there any other differences between ETHE and GBTC? 
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc? 
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing.
For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH? 
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund.
In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale? 
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know.
Per user Over-analyser (in comments below):
Coinshares (Formerly XBT provider) are the only similar product I know of. BTC, ETH, XRP and LTC as Exchange Traded Notes (ETN).
It looks like they are fully backed with the underlying crypto (no premium).
https://coinshares.com/etps/xbt-provideinvestor-resources/daily-hedging-position
Denominated in SEK and EUR. Certainly available in some UK pensions (SIPP).
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE? 
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.

submitted by Bob-Rossi to ethfinance [link] [comments]

An In-Depth Guide to: How do I Fix my Ledger Nano’s Stuck Ethereum Transaction?!?!?! (It’s Been Stuck for Weeks and NOTHING Traditional has Worked!!!!) As Well as: How Do I Choose My Nonce??? I’ve Tried MetaMask, MEW/MyEtherWallet, and Others, but Nothing is Working Correctly!!! I’m Dying by Stress!

So, if you were like me 1-2 months ago, you’ve probably already gone through 2,or 3, ...or 40 articles and guides that probably say something like:
“YeP, eVeRy EtHeReUm UsEr WiLl EvEnTuAlLy HaVe ThE LoW-gAs ExPeRiEnCe, YoU’rE nOt AlOnE! DoN’t FrEaK OuT tHoUgH; ThErE iS a WaY tO fIx It!”
Chances are, every time you read another useless article, you want to kill the nearest inanimate object, even though it was never alive in the first place. Nonetheless, you’re gonna kill it as much as it can be killed, holding nothing back; or, you’re just plotting to and slowly getting closer to executing the plan (and the object) every time you are insulted once again.
However, if you have the ability to download software (MyCryptoWallet) on a PC, it should be safe to relax now. I think you’ve finally found some good news, because I am 99.99...% sure this will work for the issue that so many people are having at this time, around the end of the month of May, year 2020.
More and more people are likely to be having this issue soon, since Ethereum's gas prices have been insanely high lately as well as having 300% price changes in a matter of minutes; Etherscan’s Gas tracker is nearly uselessly-inaccurate at this time. I've heard that there's a congestion attack; that was said a week ago, and it appears to be ongoing... (I can't think of any other suspect besides Justin Sun to blame it on... it must be incredibly expensive to overload the blockchain for this long... I may be wrong though...)
 
Let’s begin
For myself, I was trying to send an ERC20 token when this dreadful issue attacked. Specifically, the token was either BSOV or GRT; I sent them 1 after the other and the first succeeded, and the second one took over a week.
(They’re both great tokens in my opinion and deserve much more attention than they’ve been getting. BSOV is nearing its 1 year anniversary as I write this, and GRT is still in its 90 day community-development progress test, so of course I'm gonna take this opportunity to "shill" them; they are great tokens with great communities).
I was able to finally fix it, after a week of mental agony (also the txn finally processed 1-2 hours before I found the solution, robbing me of the gratitude of fixing it myself... (╯‵□′)╯︵┻━┻ ...but now I guess I can hopefully save some of you the headaches that I endured... ) I’m providing the ability to do the same, in a step by step guide.
Why did I go through all of this trouble? I'd fault the fact that I have ADHD and autism, which in my case can multiply each other’s intensity and cause me to “hyper-focus” on things, much much more than most with the same qualities, intentionally or not. Adderall is supposed to give me a bit of control over it, but except for in a very-generalized way, it’s still 90% up to chance and my default-capabilities to allow me control over my attention with self-willpower. But also Karma and Moons pls... ʘ‿ʘ
 
  1. In MyCrypto, (I'm using the Windows 10 app, version 1.7.10) you will open to a screen that says "How would you like to access your wallet?". Choose Ledger, of course. (Unless your here for some non-ledger issue? Idk why you would be but ok.)
  2. On the next screen (having your nano already plugged in, unlocked, and opened into the Ethereum app) click "Connect to Ledger Wallet"
  3. A screen overlay should appear, titled: "Select an Address". Here is where it may get confusing for some users. Refer to "AAA" below to know how to find your account. (Geez, sorry lol that was a huge amount of info for a reddit reply; I might've over-elaborated a little bit too much. but hey it's valuable information nonetheless!)
  4. After escaping the "AAA" section, you'll have accessed your account with MyCrypto. Awesome! To find your ERC20 tokens, (slight evil-laughter is heard from an unidentifiable origin somewhere in the back of your mind) go to "AAB".
  5. (You may have decided to find the token(s) on your own, rather than daring to submit to my help again; if so, you may pity those who chose the other path... ~~( ̄▽ ̄)~~) Now, once you've added your token, you should revert your attention to the account's transfer fill-out form!
  6. I'll combine the steps you probably understood on your own, already. Put in the address that your stuck transaction is still trying to send currency to. If an ERC20 token is involved, use the drop-down menu to change "ETH" to the token in trouble. Input your amount into the box labeled... wait for it... "Amount". Click on "+Advanced".
  7. Refer to Etherscan.com for the data you will need. Find the page for your "transaction(txn) hash/address" from the transaction history on the wallet/Ethereum-manager you used to send from. If that is unavailable, put your public address that your txn was sent from into the search tool and go to its info page; you should be able to find the pending txn there. Look to open the "more details" option to find the transaction's "Nonce" number.
  8. Put the nonce in the "Nonce" box on MyCrypto; you will contest the pending txn with a new txn that offers larger gas fees, by using the same nonce. If (but most likely "When") the new transaction is processed first, for being more miner-beneficial, the nonce will then be completed, and the old transaction will be dropped because it requests an invalid, now-outdated nonce. Your account will soon be usable!
  9. Go to the Gas Tracker, and it may or may not provide an informative reading. Choose whatever amount you think is best, but choose wisely; if you're too stingy it may get stuck again, and you'd need to pay another txn's gas to attempt another txn-fix.
  10. At the time I write this, I'd recommend 50-100 gwei; to repeat myself, gas requirements are insane right now. To be safe, make the gas limit a little higher than MCW's automatic calculation, you may need to undo the check-mark for "Automatically Calculate Gas Limit".
  11. Press "Send Transaction"!!!
  12. You will need to validate the action through your nano. It will have you validate three different things if you are moving an ERC20 Token. It's a good idea to verify accuracy, as always.
 
Well, I hope this worked for you! If not, you can let me know in a reply and I'll try to figure it out with you. I like making these in-depth educational posts, so if you appreciate it please let me know; I'll probably make more posts like this in the future!
( Surely this is at least far better than Ledger's "Support" article where they basically just tell you "Yeah, we haven't bothered to make a way to manually select nonces. I guess we might try to make that available for Bitcoin accounts at some point in the future; who knows? lol"... that's not infuriating at all, right?)
 
AAA:
Before I tell you how to find your address, I will first make it clear, within the italicized text, exactly which address you are looking for, if you are not already sure:
You may also skip the text written in italics if your issue does not include an ERC20 token, if you wish.
Ledger Live can confuse some users with its interface. On LL, to manage an ERC20 token, you first must go to your Ethereum account and add the token. When you then click on the added token under "Tokens" below the graph chart for your account's ETH amount over time, the screen will then open a new screen, that looks just the same, except focused on the specific ERC20 token. To confuse users further, there is then an option to "Star account", which then add the ETH icon with the ERC20 token's first letter or symbol overlapping, onto the easy access sidebar, as if it was another account of similar independency to the ETH account it was added to.
This improperly displays the two "accounts" relation to each other.
Your ERC20 holdings (at least for any and all ERC20 that I know of) are "held" in the exact-same address as the Ethereum address it was added to, which also "holds" any Ether you've added to it. You send both Ether (ETH) and any ERC20 Tokens to and from only Ethereum addresses of equivalent capabilities, in both qualities and quantities. In all basic terms and uses, they are the same.
So, to know what the problematic account's address is, find the address of the Ethereum account it was added to in Ledger Live.
Now, to find your address on MyCrypto, the most reliable way to find it, that I am aware of, is this:
Open Ledger Live. Go to the screen of your Ethereum address (again, this is the one that you added your ERC20 token, if applicable. If you're not dealing with an ERC20 token, you may ignore everything I've put in Italics). Click on "Edit account"; this is the icon next to the star that may look like a hex-wrench tool. On the new screen-overlay, you will see "> ADVANCED LOGS". Click on the ">" and it will point down while revealing a drop-down with some data that you may or may not recognize/understand. Likely to be found indented and in the middle-ish area, you will see this line, or something hopefully similar:
"freshAddressPath": "44'/60'/X'/0/0",
The "X" will probably be the only thing that changes, and the actual data will have a number in its place; it will not be a letter. Let's now put that line to use in MyCrypto:
Take the 44'/60'/X'/0/0 , and make sure you DO NOT copy the quotation marks, or that comma at the end either.
You can do this before or after copying and/or pasting, but drop the second "/0" at the end; it was not necessary in my case, I expect that you won't need it either, and will probably just make MyCrypto see it as an invalid input.
Okay, now go back to the "Select an Address" screen-overlay in MyCrypto.
Next to "Addresses", click on the box on the right, and you should be shown a list of options to select from in a drop-down menu.
Scroll all the way down, and you should find the "Custom" option at the very bottom. Select it.
A new box will appear; probably directly to the right of the now-shortened box that now displays the "Custom" option that you just selected. This box will offer an interface for typed input. ...yep... once again, believe it or not, you should click it.
Type " m/ ", no spaces before or after.
Type in or paste the data we retrieved from ledger live.
The box should now hold this:
m/44'/60'/X'/0
Again, X should be a number. In fact, that number is probably equal to the number of Ethereum (not including any ERC20 wannabe) accounts that you've made on Ledger Live before making the one we're working on right now! (1st Eth. Acc. would have: X = 0, 2nd: X = 1, 3rd: X = 2, ...)
Make sure you've included every apostrophe ( ' ), and solidus ( / ); there is NO APOSTROPHE for the "m" at the start and the "/0" at the end!
If you press the enter key or click on the check-mark to the right of where you typed, the appropriate addresses will be generated, and the address you created through Ledger Live should be the first one on the list!
Select your address and press "Unlock", and you are now accessing your account through the MyCrypto app's interface!
 
AAB:
In order to access your ERC20 token, you will need to add them first.
You may have to scroll down, but on the right-side of your unlocked account screen, you'll see a box with "Token Balances" as its header.
Click "Scan for tokens". This may take a short bit of time, and when it's done it may or may not display your ERC20 token. If it worked, you can head on back to the main part.
If you got the result I did, it won't display your token, or, if our result was exactly the same, it won't display any at all. However, you should now have the "Add Custom Token" option available, so see where that takes you.
You should discover four boxes, specified in order (Address/ Decimals / Token_Symbol / Balance). You may only need to fill in the "Address" box, but if you need to fill others, you'll find those with the token's address; here's 2 ways to find it, if you don't already know.
Method I:
Since you've probably already been managing your token with Ledger Live, you can go to the LL screen of your "account" for that token; Right next to the account's icon, and directly above the name, you'll see:
Contract: 0x??????...????????
Yes, go on; click it. You'll find the token's page on Etherscan; this was just a shortcut to the same place that both of the two previously referenced methods lead to. Skip to method... III?
Method II:
Go to Etherscan.com, or a similar Ethereum-blockchain-monitoring website, if you have a different preference. Search for the name of your token, and you should be able to see it as a search result. Activate your search manually of by selecting search option. Continue on with Method III.
Method III (Iⅈ what makes you think there was a third method? I said 2!):
At this point, you should find the "contract address" somewhere on the screen. This is the identity of the creature that breathes life into the token, allowing it to exist within the world of Ethereum. Steal it, and tell MyCrypto that you've left some of "your" tokens in the address of your ledger's Ethereum account. MyCrypto will trust and believe you without any concern or doubt, just by putting "your" contract address in the box for "Address"; it's almost too easy!
Well whaddya know, this one isn't actually too long! Don't tell anyone who may have taken a little longer whilst finding out how to do it themselves, though. There's value in trying to do something on your own, at least at first, so I'll let them think they made the right choice (¬‿¬). But take this star for humbling yourself enough to seek further help when you need it, since that is a very important life skill as well!
(o゜▽゜)o☆
Now, back to the useful stuff at the top...
 
EDIT: A comment below made me realize that this info should be added too. Here is my reply to the comment saying I could just use MetaMask. I said in the title that this guide is for questions where MEW and MetaMask aren’t working, but I guess it’s easy to miss. I used my u/caddark account to respond:
(Using this account because u/caddarkcrypto doesn’t meet the karma/age standards to comment; the post had to be manually approved.)
I guess I didn’t make it entirely clear; sorry:
The target audience for this guide is anyone with a stuck Ethereum transaction that was initiated through Ledger Live AND are experiencing the same difficulties I had encountered while trying to fix this issue for myself.
This wasn’t any regular stuck Ethereum transaction. Apparently before, there was an issue that made a Ledger Nano nearly impossible to connect to MetaMask (which is also Brave Browser’s integrated “crypto wallet” for the desktop version) and/or MEW (also perhaps any other browser wallets made for chrome and/or brave) that I heard was supposed to be fixed in a recent update. It might’ve been mostly patched, idk, but during my experience, (in which I was using the latest version of Ledger Live that is available right now,) that issue still remained.
The really weird part was that it successfully connected to the browser wallets again after I fixed the stuck transaction. At first I thought that somehow the txn was what was bugging the connection. However, later, during no txn issues, I was again unable to connect.
Seeing the same connection error again later, I opened up the MCW app I downloaded the day before, and was going to just use that. While in the process of operating MCW, I suddenly had another idea to try for the browser wallet so I went back to that just to quickly test it.
The browser wallet worked perfectly...
I don’t know how, but I think that somehow, something in MCW’s software, makes the browser wallets work. They don’t work for me without having MCW opened in the background first.
EDIT 2: Markdown decided to stop working after I did the first edit... I might fix it tomorrow... how did that happen though??? What did I do?
EDIT 3: nvm, I'm just fixing it now; I won't get much sleep tonight I guess.
submitted by CaddarkCrypto to CryptoCurrency [link] [comments]

I got tired of using a spreadsheet for calculating DCA, so i made an android app

I'm a hodler, and i made this for my own personal use, but half way through i realized it could be useful to others that do DCA, and with just a little more work i could make it store worthy, so i went ahead and did it. It's free, with no limits on time or the number of things it can store, but i did add some extra features for purchase so i could maybe make a few bucks from it. More about that in a minute.
Here's a play store link: DC Averagizer Sorry no iphone or windows version right now.
It's not that i hate using excel or anything, it's just that my DCA buys have become less exciting and more of a standard procedure when i see a dip. I don't spend all day looking at charts anymore, and i don't need to over complicate things. I just wanted the quick convenience of a dedicated app.
I did look for other apps in the store, are there are a bunch, but none of the ones i tried were very suited to crypto. They were cluttered with other investing features, and only showed 2 decimal places, among other issues. So i figured the only way to get exactly what i want is to make it myself.
So this app does one thing and one thing only, it calculates my DCA and stores the info for all my crypto buys and sells. And it always shows all values to the eighth decimal place. I made two sections. One for doing quick calculations with just the price and quantity. And another "portfolio" section that stores all the relevant info, like coin name, ticker, currency, buy/sell dates, and a note section in case i want to enter what exchange it's on or what wallet it's stored in.
I know most of the free world loves dark themes, so i made the default theme be dark. But i'm no artist, so if you think it looks god awful, i added other theme options as a "pro unlock". I made bitcoin and ethereum themes using some of their official colors, and i also made a theme customizer so you can make it look however you want. And the pro unlock also includes backup and restore, because i don't want to loose all the data if i get a new phone or have to reset my phone.
As far as security, there really isn't much to worry about, because it's not meant to store passwords, private keys, credit card numbers, or anything else like that. But just to be perfectly clear, DON'T STORE YOUR PRIVATE KEYS IN THE NOTES. Always be safe and smart with your keys, passwords, etc. There's no reason to store that stuff in an app like this, it's just a calculator.
And while i've got your attention, i just want to say that you should never store private keys or seed words digitally, and never take a picture of them. Especially if you use a ledgetrezor. The point of a hardware wallet is that the keys are never exposed to your computer and it's viruses, the keys only exist on the internal circuitry of the device and on paper as a backup. Typing those words into a computephone defeats the whole purpose of using a hardware wallet in the first place. (i'm very security conscious, so feel free to chat me up about that if you want. i won't consider it thread hijacking or anything)
Okay back to the app. If you use the backup feature, then obviously it will need storage permission, but you can revoke that permission right after you save your backup and it will not affect the app in any other way. And it will only ask for that permission if you actually try to use backup/restore.
Again, i started this project for my own personal use, and it does everything i need it to do, but if any of you decide to check it out and find an important feature missing, just let me know and i'll consider updating it. And of course if you find any bugs, i'll try to fix them asap.
submitted by blevok to Bitcoin [link] [comments]

I got tired of using a spreadsheet for calculating DCA, so i made an android app

I'm a hodler, and i made this for my own personal use, but half way through i realized it could be useful to others that do DCA, and with just a little more work i could make it store worthy, so i went ahead and did it. It's free, with no limits on time or the number of things it can store, but i did add some extra features for purchase so i could maybe make a few bucks from it. More about that in a minute.
Here's a play store link: DC Averagizer Sorry no iphone or windows version right now.
It's not that i hate using excel or anything, it's just that my DCA buys have become less exciting and more of a standard procedure when i see a dip. I don't spend all day looking at charts anymore, and i don't need to over complicate things. I just wanted the quick convenience of a dedicated app.
I did look for other apps in the store, are there are a bunch, but none of the ones i tried were very suited to crypto. They were cluttered with other investing features, and only showed 2 decimal places, among other issues. So i figured the only way to get exactly what i want is to make it myself.
So this app does one thing and one thing only, it calculates my DCA and stores the info for all my crypto buys and sells. And it always shows all values to the eighth decimal place. I made two sections. One for doing quick calculations with just the price and quantity. And another "portfolio" section that stores all the relevant info, like coin name, ticker, currency, buy/sell dates, and a note section in case i want to enter what exchange it's on or what wallet it's stored in.
I know most of the free world loves dark themes, so i made the default theme be dark. But i'm no artist, so if you think it looks god awful, i added other theme options as a "pro unlock". I made bitcoin and ethereum themes using some of their official colors, and i also made a theme customizer so you can make it look however you want. And the pro unlock also includes backup and restore, because i don't want to loose all the data if i get a new phone or have to reset my phone.
As far as security, there really isn't much to worry about, because it's not meant to store passwords, private keys, credit card numbers, or anything else like that. But just to be perfectly clear, DON'T STORE YOUR PRIVATE KEYS IN THE NOTES. Always be safe and smart with your keys, passwords, etc. There's no reason to store that stuff in an app like this, it's just a calculator.
And while i've got your attention, i just want to say that you should never store private keys or seed words digitally, and never take a picture of them. Especially if you use a ledgetrezor. The point of a hardware wallet is that the keys are never exposed to your computer and it's viruses, the keys only exist on the internal circuitry of the device and on paper as a backup. Typing those words into a computephone defeats the whole purpose of using a hardware wallet in the first place. (i'm very security conscious, so feel free to chat me up about that if you want. i won't consider it thread hijacking or anything)
Okay back to the app. If you use the backup feature, then obviously it will need storage permission, but you can revoke that permission right after you save your backup and it will not affect the app in any other way. And it will only ask for that permission if you actually try to use backup/restore.
Again, i started this project for my own personal use, and it does everything i need it to do, but if any of you decide to check it out and find an important feature missing, just let me know and i'll consider updating it. And of course if you find any bugs, i'll try to fix them asap.
submitted by blevok to CryptoCurrency [link] [comments]

Inverse VS Vanilla Products Explained

What is Plain Vanilla?
Did you say Plain Vanilla Yogurt? In financial terms, the answer would be a NO. However, as it comes from the name, plain vanilla is the most basic version of a financial instrument, usually options, bonds, futures and swaps. It is the opposite of an exotic instrument, which alters the components of a traditional financial instrument, resulting in a more complex security.
In the context of perpetual contracts, plain vanilla contract is a linear derivative product in which the payoff is a linear function. For example, the price-movement in the underlying asset of the perpetual contract translates directly into a specific dollar value per contract. Thus, in the case of plain vanilla BTC/USDT contracts trading BTC as the underlying asset, the margin and profit & loss will be settled in USDT.
What is an Inverse Contract?
Inverse is one of an exotic financial instrument that is opposite to plain vanilla. The key difference is that all the profit and loss are settled with the underlying asset or base currency. Therefore in the case of BTC/USDT contracts are settled in BTC and the number of contracts that can be placed depends on the current bitcoin price. Inverse contracts are used to ease the trading process because it does not require entry of decimal places (eg 0.00000123 BTC), and it is possible to purchase one contract and trade at as low as 1 USDT. This allows traders to intuitively understand the market price without having to calculate the index unlike traditional futures contracts.
Below is the calculation of P&L of both Vanilla and Inverse contracts.
Plain Vanilla
(Exit Price - Entry Price) x Contract Quantity = (0.00006-0.00005) x 10,000 = 0.10 BTC
Inverse
(1/Entry Price - 1/Exit Price) x Contract Quantity =(1/5,000 - 1/6,000) x 10,000 = 0.33 BTC
submitted by MyCoinStory to Bybit [link] [comments]

I got tired of using a spreadsheet for calculating DCA, so i made an android app

I'm a hodler, and i made this for my own personal use, but half way through i realized it could be useful to others that do DCA, and with just a little more work i could make it store worthy, so i went ahead and did it. It's free, with no limits on time or the number of things it can store, but i did add some extra features for purchase so i could maybe make a few bucks from it. More about that in a minute.
Here's a play store link: DC Averagizer Sorry no iphone or windows version right now.
It's not that i hate using excel or anything, it's just that my DCA buys have become less exciting and more of a standard procedure when i see a dip. I don't spend all day looking at charts anymore, and i don't need to over complicate things. I just wanted the quick convenience of a dedicated app.
I did look for other apps in the store, are there are a bunch, but none of the ones i tried were very suited to crypto. They were cluttered with other investing features, and only showed 2 decimal places, among other issues. So i figured the only way to get exactly what i want is to make it myself.
So this app does one thing and one thing only, it calculates my DCA and stores the info for all my crypto buys and sells. And it always shows all values to the eighth decimal place. I made two sections. One for doing quick calculations with just the price and quantity. And another "portfolio" section that stores all the relevant info, like coin name, ticker, currency, buy/sell dates, and a note section in case i want to enter what exchange it's on or what wallet it's stored in.
I know most of the free world loves dark themes, so i made the default theme be dark. But i'm no artist, so if you think it looks god awful, i added other theme options as a "pro unlock". I made bitcoin and ethereum themes using some of their official colors, and i also made a theme customizer so you can make it look however you want. And the pro unlock also includes backup and restore, because i don't want to loose all the data if i get a new phone or have to reset my phone.
As far as security, there really isn't much to worry about, because it's not meant to store passwords, private keys, credit card numbers, or anything else like that. But just to be perfectly clear, DON'T STORE YOUR PRIVATE KEYS IN THE NOTES. Always be safe and smart with your keys, passwords, etc. There's no reason to store that stuff in an app like this, it's just a calculator.
And while i've got your attention, i just want to say that you should never store private keys or seed words digitally, and never take a picture of them. Especially if you use a ledgetrezor. The point of a hardware wallet is that the keys are never exposed to your computer and it's viruses, the keys only exist on the internal circuitry of the device and on paper as a backup. Typing those words into a computephone defeats the whole purpose of using a hardware wallet in the first place. (i'm very security conscious, so feel free to chat me up about that if you want. i won't consider it thread hijacking or anything)
Okay back to the app. If you use the backup feature, then obviously it will need storage permission, but you can revoke that permission right after you save your backup and it will not affect the app in any other way. And it will only ask for that permission if you actually try to use backup/restore.
Again, i started this project for my own personal use, and it does everything i need it to do, but if any of you decide to check it out and find an important feature missing, just let me know and i'll consider updating it. And of course if you find any bugs, i'll try to fix them asap.
submitted by blevok to ethtrader [link] [comments]

Infinite Hope

Infinite.
What is with these people and their love for the word "Infinite"? (See also, "unlimited", "limitless", "boundless" and "eternal"). They can't seem to get enough of describing aspects of this practice, and the members themselves, as "infinite". But people aren't infinite. We're finite, and mortal, and very limited in our capacities.
What gives, freaky cult?
So then I spent literally three minutes on the math part of YouTube, and learned something about the concept of "infinity". Did you know that it comes in at least two varieties: "countable" and "uncountable"?
From what I remember, the difference is: "Countable infinity" is a never-ending list of actual numbers, also known as "natural" numbers, such that you could theoretically count your way to any one of them. Whereas "Uncountable infinity" is infinity in the other direction: to the infinitely divisible. Between any two defined numbers there are infinite others: you can always add to the decimal place, at any place. That's infinity too, but in a way that can't be counted... because you could never figure out what the numbers are in the first place.
One concept of infinity stretches out into the distance, while the other one infinitely subdivides into something smaller. Both infinite... but not in the same way.
I think the version of infinity being used by the propagandists over at Sniffing Glue-dism magazine would have to be the second kind, right? The kind that subdivides into infinity? Human capacity could never be "infinite" in the countable sense, in terms of days or dollars or output, but that second type, that uncountable type... a religion could wax wooingly about that one all day, and it would never mean a thing.
You could go around saying that space itself is infinite, or that each moment of consciousness is infinitely subdivisible, and you wouldn't be wrong, but you wouldn't be provably right, either. You could say that there are three thousand "realms" contained within each moment of consciousness, and what would it matter? Is there a practical difference between that many and 2,999? Is this information of any use to a physicist? Does it even sound smart? No, to all three. It sounds like a throwback to more primitive times, like how the ancient Chinese used the number "ten thousand" as their standard way of saying "a countless many".
Remember, infinity isn't a number... It's more like the space within which all the numbers can exist. It's a term for what lies outside the realm of understanding, and in math it's what you get when the calculations break down. It means "error", "paradox", "does not compute".
But our concern here is not to grapple with the concept of Infinity per sé. No. Once again this story is about a funny group of propagandists with a looong track record of using language as a weapon, as a tool for confusion. Not only do they have no interest in explaining how they're using a term, but they have no interest in you having a concept of it yourself Your confusion, muddleheadedness, the glossy look you get when your brain runs low on glucose... that's their currency. They want you in the mushiest of middles.
A word like "infinite" is key to their deceptive ways because it sounds deep, it indicates paradox, and it also has a range of different meanings, which makes it easy to fling around like a pile of monkey shit, without having to commit to any particular train of thought. It checks all the boxes.
Oh, look! The recent cover of the World Tribune: "One Youth, Infinite Hope. 6,000 in 2020".
Six thousand new members, eh? What a depressing little goal. (What happened, did no one survive the war of 50k?) And how very finite. Funny how, if one person is so infinitely valuable, they still require 6,000 of them for work in the salt mines.
"One person awakening to their Buddhahood can change the world— introducing the SGI-USA’s new, hope-filled focus."
So they're basically recruiting the Messiah?
"This is a call to action from the youth of America."
Written by three people who look a little too old to be playing high school students.
(And I'm not saying that these three are stuck in the world of delusion or anything, but the one in the middle is literally named Maya. Draw your own conclusion.)
"It is a cry from the depths of our beings to call forth and raise a new generation of peacemakers who have both the philosophy and means to transform our country from the inside out."
They've invested in Bitcoin?
"This year, 2020, marks the 60th anniversary of SGI President Ikeda’s first visit to America, his launching point for the worldwide spread of Nichiren Buddhism."
Oh, is that what that smell is?
"In 1990, he cited the book The Cycles of American History by Dr. Arthur M. Schlesinger, who discusses the theory that America returns to its founding ideals every 30 years."
BAH GAWD, everyone! They're about to drop some knowledge on us!!
"This was evident in the 1930s and 1960s, with President Roosevelt’s New Deal and the American Civil Rights Movement. Furthermore, the 1990s marked a monumental shift in the SGI-USA’s history, in which we returned to the foundations of faith, the Gohonzon, Nichiren Daishonin’s writings and President Ikeda as our eternal mentor of kosen-rufu."
WHOOOOA!!! What a lesson!! Every thirty years... shit happens! It happened back in 1990. It happened back in 1960. And yes, 1930 was a thing too! 2020 is DESTINED to be another year of shit happening! I can feel it in my bones!!
In fact, without 2020 happening, there couldn't even be a 2021! This year is the most important year that is currently happening! It may be finite in length, but it's completely infinite in terms of how important it is!! Just like YOOOOU, gentle reader! You may be finite in every way that matters, but you at least have an uncountable amount of hope. What does this mean? We don't know, because this religion has all the emotional complexity of a soda commercial.
"Now, 30 years later, the youth of America are resolved to create another tangible shift. How so? By welcoming 6,000 young people to the SGI-USA this year."
Infinity plus six thousand?
"These future leaders of justice and peace will be the antidote to our country’s turmoil—from gun violence and climate catastrophe to anxiety, suicide and the opioid crisis."
Theeese warriors of the tangible arts... they will be unleashed upon the population, not unlike bioweapons in the war for human revolution, to set about the work of completely eliminating guns, drugs, suicide, and the climate itself. Be afraid! Be very very happy! Most of all, be infinite...
"We may sometimes feel powerless as a single individual to effect change in the world."
But please, don't let reality stand in your way...
"Our Buddhist practice, however, teaches us that “one is the mother of ten thousand”
See? Ten thousand.
"Everything starts from one inspired person, determined to make a difference."
True, but then would it also be fair to say that the vast majority of plans end in the mind of that same person? See, I'm more of a glass-infinitely-empty kind of Icchantika.
"When all the members of the SGI-USA stand up with the resolve to help one youth rise up with this same mission and awareness, we will undoubtedly create a tidal wave of hope throughout our country and the world."
Woo-hoo! Being religious hoo-has will surely change the world!! Nobody's tried that one yet!
And can we talk about phrasing? When it's not a war we're emulating, it has to be a devastating natural disaster such a tidal wave? You'd think the Japanese people would have had enough of both by now! Chill the fuck out already.
"The one youth we introduce will not only gain infinite hope in their own lives but will also be the source of infinite hope for their families, communities and society."
An indeterminate amount of hope, yes...
"We have a responsibility for the sake of humanity to stand up in this significant year. Let’s not be bystanders of history. Let’s be active participants by giving infinite hope to one young person."
Well, gee, that sounds all sorts of wrong... Do we all have to share the same person?
"This year, we are resolved to break through our own limitations, saturate our communities with the seeds of the Mystic Law..."
Ewwwww...
"...and nourish them through heartfelt dialogues and friendships, with one youth after another."
Ugh!!!
"What greater way is there for us to express our appreciation to our mentor in this 60th year of worldwide kosen-rufu?! Will you join us?"
I don't know. This all sounds a little too messy for my liking. I also can't decide if you guys are hippies or fascists, or just plain old energy vampires, and it sort of freaks me out.
Could I have infinite time to mull it over?
Thanks! Text you...uh...never.
submitted by ToweringIsle13 to sgiwhistleblowers [link] [comments]

Why eToro really sucked...for me

This is a summary of my experience with eToro. For my use case and experience eToro really sucked. It may not be the case for many people who use it and for whom it worked well but I was extremely dissapointed and thought i would share my experiences with other people. They are advertising everywhere and I am plagued by eToro youtube videos every 10 minutes or so, which is very annoying (googles advertising of things you already used or own).
So I decided to try eToro a few months ago. I needed to buy bitcoin fast while it was at a low price and had no fiat stored on my exchange accounts, didnt want to wait 1-2 days for a transfer. I opted for eToro for a few reasons:
- European company - Accepts credit cards (with caveats as I found out later) - Low / Transparent fees as advertised in some cases no-fees (not for crypto as i found out)
Sounds great so far, I signed up, verified and bought my bitcoin. Its when I started to use the platform and getting to know it, that I found all the things that were wrong with it. Of course it is all in the terms and conditions and endless useless articles on their help pages that often lead nowhere which of course everyone reads before joining ..... yeah right.
In my defence I am not new here and have a number of exchange accounts I have been doing small trades over the years but am largely a hodler. I was expecting to have somewhat of a similar experience as other exchanges...this turned out to be far from reality.
Challenge 1: WTF is a CFD
It is bullshit for a clear definition. It is basically paper trades. You do not own any of the assets you have on the platform as it is a Contract For Difference which basically means you are trading the asset only “virtual” and eToro promise to repay the worth of your contract. Bought for 6k now it is 7k means they owe you 7k (Not in bitcoin). They do allow you to move SOME assets to a non-tradeable wallet (will cover it as a separate challenge). So OK, a pain in the ass but I will go with it, Bitcoin is supported for withdrawal.
Challenge 2: Buy bitcoin with credit card (responsibly, i have cash just needed to secure the buy) and withdraw it
Bought bitcoin, around 2k worth, left it on the account as there was good volatility at the time. Did a few trades and made a couple of hundred euros worth of bitcoin on top of what I originally bought..success. Now I am ready to withdraw it to move to my hardware wallet as I was not intending to use eToro for too long. I was not able to withdraw..why?
If you are on the Bronze level (less than 5k on the account) and you have deposited via Credit Card you CANNOT withdraw! Silver level (5k+) you can only withdraw after the funds have been there for 180 days if i recall correctly, also varies by country. Wait what?! They happily took the credit card payment without giving me a warning and effectively holding my bitcoin hostage?! After cursing and ranting for a few hours I contacted support who have provided me with a workaround. In order to withdraw your bitcoin you must deposit the same amount in FIAT via Bank Transfer (in which case all activities are supported), you can then withdraw the bitcoin to eToro wallet and then withdraw the remaining amount in FIAT. This solution worked but took multiple days.
Challenge 3: Move Bitcoin to Hardware wallet
So this is probably the biggest catch I have found with this platform comparing to others. eToro doesnt have a wallet, instead it is some kind of a subsidiary called eToroX which is a different app and website but THANKFULLY you can log in with eToro credentials. In order to withdraw you must first move your funds from eToro to eToro Wallet which has a fee of 0.00050000 Bitcoin...OK...but theres a catch. On the eToro platform each time you make a purchase it is an individual open trade which cannot be merged. So you if you bought your coins in multiple trades, say 3 times, you will have to pay this fee for each trade that is open...complete bullshit...and requires MANUAL validation, which means a person from eToro has to approve this transfer, I had to wait for several days.
Ok now thats over I want to move it to my ledger form the eToro wallet app. App shows how much I have and what the fee is 0.000138. I have to manually calculate the amount minus the fee and enter it. It worked! No it didnt, there is some kind of a bug in the app which is getting it wrong and not allowing me to send it though. Waiting for a reply from support right now to figure out WTF. Likely some kind of a decimal point difference which probably means i will leave some dust on the platform.
Other things that I didnt like:
- Buy/Sell price: there is a clear difference in the buy and sell price. The moment you buy the asset it is no longer worth that amount because the sell price is significantly lower. I guess this is how they collect fees...not very transparent - No volume data: Why? A person from eToro acknowledging shortcomings tells me they dont have volume indicators because there is not enough real volume on the exchange and it would not be helpful. (because it is not a full blown exchange many may be used to) - The moment you deposit money or go a level up you get assigned an account manager, these vary per level. You get an email from them introducing themselves randomly, I initially thought it was a scam and ignored the emails. They called me, i had an honest conversation with them, this platform sucked for me. - Once you transfer to eToro wallet you cant transfer back to eToro trading platform - Coins supported by eToro wallet Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, and XLM....all else is CFD only but they say they are going to add more - Copy Portfolio is a great way to lose money and have somebody else to blame for poor choices, if this is what you like, sure i guess
Not everything is bad of course, if you are happy with CFD's and want a single place to trade all these assets like selected crypto and stocks it is a good place to do that, apps are kind of OK. But it definitely was not for me and I would not recommend it to anyone who is a crypto USER
submitted by arturski to CryptoCurrencies [link] [comments]

BitcoinSoV: Theoretical Mathematical Analysis

BitcoinSoV: Theoretical Mathematical Analysis
The following graph and spreadsheet were created and calculated by the community's own @Rouse (Solid work man). The information provided is not meant to act as a literal interpretation of what the future of BSoV looks like, but rather what it would look like with a certain level of success.

This graph shows what 100 years of BSoV transactions and deflation would look like Vs. Bitcoin's disinflation.
This graph shows what 100 years of BSoV transactions and deflation would look like Vs. Bitcoin's disinflation.
This graph is a predictive visual which paints a picture of how the supply may look like as BitcoinSoV is mined, and then burned after distribution through on-chain trading and sent transactions. 1% of every BSoV transaction is burned. With 39 halving eras and a 21,000,000 supply at launch, BSoV may become a scarce token with its rarity increasing with every trade. This may in turn increase the tokens demand.

Spread sheet showing a successful example of what BSoV distribution, halving eras, and burn count calculated over a 100 year period may look like.
Spread sheet showing a successful example of what BSoV distribution, halving eras, and burn count calculated over a 100 year period may look like.
It's important to note that the data presented in this graph is only one iteration of what BSoV's success or lack thereof may present. In order to show the community and those interested in the coin what the future could look like, we wanted to simply show how the math could work.
What is interesting with this prediction is how the percentage burned decreases nearly linearly as time moves on. With each halving era, less and less tokens are being distributed which in turn may increase its demand.
In addition, demand may increase due to the 1% burn as shown in column 4. The cumulative amount burned will continue to climb, but at a much slower rate than the starting time period. This could provide an incentive to hold the token, which in turn may allow the token to live up to its claim as a store of value. For, what is really a store of value? Simply put, in our opinion it is "when people have a peace of mind when investing". When prices rise steadily over decades like real-estate, gold and Bitcoin, it happens because people trust an asset's success in the future.
This is the future outlook of BSoV, a valuable asset which automatically loses 1% of the transaction when you send it. Will these tokenomics provide the right environment for a store-of-value? Only time will tell.By the end of the halving eras, the predicted low supply further reveals how the coin will sustain itself due to its 8 decimals, along with people willing to hold due to its burn. If there are only 350,000 BSoV left after year 100, then with 8 decimals it means there are still 35,000,000,000,000 units of Mundos left. 1 BSoV is 100,000,000 Mundos, just like Bitcoin has Satoshis.
With mining power at a high level, and not a whole lot of BSoV being created or distributed, buying it is one of the easiest ways to benefit from its long term appeal. This is not an attempt to coerce anyone to purchase our token, since we do not provide financial advice. Also, you do not need to buy this token, as nearly anyone is able to mine it to gain the token reward.
Please keep in mind the above graph and spreadsheet are projections which display a future if the project is able to stay on track and grow as it has. Over 18 weeks have gone by since the contracts launch, and we have witnessed our token holders, community members, and social media following grow at a steady, organic, and sustainable rate.
BitcoinSoV has firmly placed itself as a serious player in the game and shows no signs of slowing down. While a new tokens price volatility, lower liquidity, and price discovery are to be expected, historical analysis of securities and even cryptocurrencies alike show that these are signs of a healthy market, and with over 640 holders as of this writing, it is safe to say the market is heading in the right direction. We are going to be publishing more information and other statistical analysis as time progresses. Thanks to Rouse for taking the time to do this again!
Happy Mining/Trading!
(If any readers would like to add input or correct any information we may have missed, please post in the comments below and we will make sure it is corrected)
submitted by Chrisc9234 to BitcoinSoV [link] [comments]

Is it just me, or does accepting and spending Bitcoin/Crypto make your accounting/bookkeeping damn near impossible, at least in the US?

I've been banging my head against this for weeks. I run a small crypto consulting business specializing in mining. I'm not even talking about the near impossible task of calculating your tax liability unless you use just one exchange - just good old fashioned bookkeeping is pretty much impossible if you have any inclination towards accepting raw crypto in your business..
The only accounting software that even supports BTC as a currency directly to begin with is Quickbooks Online - and they round everything to two decimal places. Which essentially rounds every transaction to the nearest $100, and transactions below $50 round down to $0 - so it refuses to accept/import them. Which makes that functionality completely useless.
So of course I can manually enter the dollar value of the bitcoin when I receive it - which is multiple times a day in small amounts due to mining. And then when if you want to directly spend it....just forget about it. Its not worth it. You'll never be able to keep your books straight ever again, because you have to value the amount spent in USD, not BTC.
Literally the only viable option if I want to keep my books straight is to not accept crypto through anything but a payment processor that will immediately convert it to fiat. And that's not what anyone here wants, right?
Seriously I can't overemphasize how much of a barrier to adoption this is to business. Its not just about paying the right amount of tax - it makes it impossible to understand the financial state and health of your business when half of your income and assets can't be included in accounting software.
And at the end of the day this is nothing more than a computer science problem - its just an impossible burden for a human being. Anyone who writes a plugin to effectively integrate Bitcoin into QBO is my hero forever.
Ok, rant over....but seriously you guys, this is like a ridiculously huge problem for adoption. You can do everything in the world to convince people to spend it, but it doesnt matter if business reality effectively forces businesses not to accept it. If you wondered why 10 years later so few businesses still accept it directly, if at all....this is why.
submitted by Darius510 to Bitcoin [link] [comments]

Cosmos Hub ATOM Token and the commonly misunderstood staking token - Yield does not equal Profit

Cosmos Hub ATOM Token and the commonly misunderstood staking token - Yield does not equal Profit
This is part three where we look at the ATOM token and general misconceptions around staking tokens. Part one can be found here and part Two can be found here

The ATOM token

I often see a lot of confusion around what the ATOM token is used for, so let me clarify:
  • The ATOM token is NOT used for all staking / transactions across the entire Cosmos Ecosystem. It is specific to only the Cosmos Hub. The Cosmos hub is one of many hubs / zones within the Cosmos Ecosystem. There are other hubs live today such as IRIS (which has its own token IRIS) and Sentinel due to launch later this month (which has its own token SENT). Each Zone will also have its own token to incentivise validators to secure their zone.
  • Transactions fees paid for the Cosmos Hub Do Not have to be paid using ATOM, a wide selection of different tokens will be able to be used to pay transaction fees such as BTC, ETH etc. The incentive for staking is that you will receive a proportion of these fees in the various currencies depending on the number of ATOMs staked.
  • It is NOT a currency, nor your normal token that you invest in and just HODL on your ledger. It is a staking token used to secure the Cosmos Hub. ATOM is hyper inflationary (which rewards those that stake the token to provide security to the Cosmos Hub and punishes those that don’t stake via decrease in value per ATOM via inflation.
  • The Top 100 Validators which stake the most atoms are selected for validating / creating new transactions
ATOMs are like ASICs, just as ASICs are a piece of capital you need in order to mine POW chains like Bitcoin, ATOMs are a piece of capital that you need in order to stake on the cosmos hub and earn transaction fees going through that hub. If a lot of ASICs are already in use it is very difficult to attack the network and similarly if a lot of ATOMs are staked, then it is very difficult for someone to buy a large portion of the ATOMs to attack the network. You can read the document explaining the token by the team here as well as the video below (time stamped from 44:30) as well as here

https://www.youtube.com/watch?v=hREydu6Llac&t=2670s

Staking Tokens

Staking tokens are very commonly misunderstood by people, they assume its a passive income where they can earn 10–20% for doing nothing but staking their tokens. Rewards are created by minting new tokens via Inflation, this depreciates the asset of each token by increasing total supply of the tokens. To counter the negative effect of inflation, you can stake your tokens to earn a reward which is greater than the inflation increases. If there was 20% inflation and 100% of the tokens were staked, then there would be no rewards. It’s would just be like projects increased their total supply when doing coin swaps such as VEN going to VET where they increased the total supply of the tokens and everyone received the same proportion. Those that do not stake are punished as they are not receiving the % increase in new supply and so their proportion is diluted.
There are many examples of some version of the following: “Earn a 15% yield per annum when you stake on x network!” This is at best misleading and at worst potentially fraudulent depending on the jurisdiction where these claims are being made. It causes token holders to evaluate and hold PoS tokens on a basis that isn’t applicable or relevant. Even worse, using these words incorrectly can lead regulators to draw unnecessary negative conclusions about how to tax and regulate these networks/tokens: “If you are calling it yield then it should be taxed as income…” Staking rewards — and the possibility of slashing — are a set of incentives that encourage token holders and validators to secure a PoS blockchain. In return, they maintain or grow their relative share of token holdings in the network. Staking creates the “skin in the game” necessary for good behavior such as running nodes in the network and discouraging bad behaviors like failing to remain online or double signing. Staking rewards do NOT exist to provide an income stream to token holders. Think instead, “by staking I can increase my network participation (ownership if you like) by 0.3% over the following year” or “if I do not stake, my relative participation/ownership in the network will be diluted by 1.5% over the next 12 months”. The economic rationale for staking a PoS token is not to receive “yield” (it doesn’t exist) but because you believe that by doing so you will be growing your relative interest in the network and also contributing to significant token appreciation.
The above is taken from a great article which can be found here which explains the commonly misunderstood Staking Token and related terms such as Yield and Inflation.

Basic Example of how this works

To see how it works let’s look at a basic example. For simplicity assume there are only 2 Validators, “Validator 1" and “Validator 2" and there is a current total supply of 1000 tokens. 300 tokens are being staked with each Validator, with the validator for each staking 150 tokens and the delegators also staking 150 tokens. 60% of the total supply is staked whilst 40% is not staked.

https://preview.redd.it/en0kuks1deb31.png?width=1100&format=png&auto=webp&s=b8a16460fa277be3f1a7d8000af672573b884f51

Again, to keep it simple rather than do the rewards per block i am just going to use the yearly figures. So, if total supply is 1000 and inflation is set at 20% then there will be 200 tokens to be minted over a year to be used for rewards and added to the total supply. So total supply now becomes 1200 and the 200 tokens are distributed according to the diagram below (and using the commission / staking values in the diagram above)

https://preview.redd.it/5iwj4bo3deb31.png?width=2640&format=png&auto=webp&s=9519f8d171e78b2a255644a07e3887b8ee15ab9c
So now that the 200 tokens have been minted the total supply has now increased to 1200 and we can compare how the proportions of supply have changed.
The users that didn’t stake — initially had 40% of the supply, they have been penalized for not staking and now only own 33.33% of the supply. (Note they haven’t had any tokens removed from them it’s because additional tokens have been minted and they haven’t received a proportion of them by not staking.) — a decrease of 6.66%
Delegator using validator charging 20% commission — Initially had 15% of the supply and now has 15.84% of the supply — an increase of 0.84%
Validator charging 20% commission — Initially had 15% of the supply now has 17.5% of the supply — an increase of 2.5%
Validator charging 10% commission — Initially had 15% of the supply now has 17.08% of the supply — an increase of 2.08%
Delegator using validator charging 10% commission — Initially had 15% of the supply and now has 16.26% of the supply — an increase of 1.25%

https://preview.redd.it/2s0yutj5deb31.png?width=1100&format=png&auto=webp&s=481e4073b3ea25d9f2919693b94c7863ed44f652
You can see how the users that don’t stake get penalized by not receiving rewards with the increase of additional supply. The proportion of supply that they lose gets transferred to those that stake.

21 Day unbonding period

To protect against a validator attacking the network and then immediately withdrawing his stake, the Cosmos Hub is enforcing a 21-day unbonding period. During this period, staked Atoms do not receive rewards anymore, but slashing is still possible. This means your Atoms are illiquid for 21-days after you decide to stop staking. You will not be able to trade them on an exchange etc until the 21 days have passed. There are however exchanges now looking at offering services where you keep your ATOM on their exchange, and they stake them for you. This has advantages of being able to day trade etc whilst still earning rewards to counter inflation. The downsides are that they normally charge high commission (30%), plus security wise its not great to have everyone leaving their tokens on an exchange as has been proven time and time again. The other potential issue is that it gives the exchanges a lot of voting power over the network if everyone uses them which creates centralisation and may be more inclined to vote on for governance that benefits them. EOS has this issue.
Whale Exchange, Newdex, Hufu, Bigone, and several other exchanges and wallets, have been elected as the top 10 BPs. In the meanwhile, the original supernodes, EOS Newyork, EOS42, EOS Authority, and EOS Canada, all have dropped out the top 21 rankings. Huobi Pool continues to see its dominance. At present, two of the top 5 ranked super nodes belong to one entity: EOSLaomao and Bigone exchanges both belong to the individual Laomao and team. The interests of the two are closely tied, and the strong essentially becomes stronger. And now we are seeing a phenomenon where an overarching number of top BPs are coming from mainland China, and in other words, we are seeing EOS even more centralized than before. Most of the top supernodes currently as of publishing date are either based in China or ran by a Chinese team Brian, the head of the EOS Amsterdam community, also believes that the exchange is considered to be the “leader in the ecosystem”. He is more worried, however, that the supernodes are almost occupied by mainland China nodes, leading to network security vulnerability, centralization and long-term negative PR. This would subsequently bring down the price of the token.
https://globalcoinresearch.com/2019/07/11/the-rising-trend-of-exchanges-participating-as-eos-bps-eos-becoming-even-more-centralized/?source=post_page---------------------------

Slashing

Staking is not without its risks and it’s important to choose a secure and trusted validator or risk having your tokens that are staked slashed. On the 29th June the first validator had all tokens that were staked with them slashed by 5% due to a misconfiguration which caused them to double sign a block. Whilst in this case, the slashing was neither the consequence of an attack on the network nor the result of a compromised validator key, it demonstrates that slashing is real and that validators should carefully design their infrastructure to mitigate the risk of losing their own and their delegators’ funds.

https://preview.redd.it/m0iqeqpddeb31.png?width=542&format=png&auto=webp&s=aaa36fc6a95a4f9f366e8cc7e980343117cb8cca

How to choose which Validator to delegate to?

The first metric I look at when evaluating validators is how much self-bond they have. If they have 30% or higher self-bond, this gives me confidence that they don’t want to get slashed as much as I (delegator) don’t want to get slashed. When a validator has low self-bond (1% or less), it makes me less likely to bond to them because they are playing with other peoples’ money, and there’s less incentive for them to bolster their setups. Many of the top validators are highly visible by making their contributions to the ecosystem known. A lot of them have built useful tools that add to the richness of the Cosmos ecosystem, and thus you recognize their brand through their contribution. For example, you would know about a validator because you’ve used their block explorer. All this of course isn’t telling of the hardness of their setups. This part is hard to verify yourself without going into their data centers and auditing their servers yourself. For now, doing your research on what they’ve got set up as described by their website/content is the best option to understanding what kind of setup they’ve built.
https://medium.com/@huobiwallet/cosmos-ama-on-huobi-wallet-d6b75f6ed492
Tendermint uses Proof of Stake where all validators are known before hand. The current maximum amount of Validators is 100. Validators run a full node for the Cosmos hub and provide its security, as well as being able to vote on Governance about future decisions for the Hub. The 100 Validators which stake the most ATOMs are selected. Currently the minimum amount of ATOM staked to be in the top 100 is 39,047 ATOMs.
The amount of ATOMs staked by a Validator is a combination of ATOM’s that the validator personally holds as well as Delegators, those that rather than run a validator, delegate their stake to another validator and receive a % of their rewards depending on the amount they delegate. There is normally a commision fee that the validator takes as a fee as a % of the rewards received for delegating to them which can normally ranges from 0% to 30% (can see in the picture below). This pays for the equipment, wages etc needed to run a secure validator.
https://preview.redd.it/w7fudoigdeb31.png?width=770&format=png&auto=webp&s=49835b8cb0972090187765a69366a143baadf342
Tendermint requires 2/3 of votes for consensus to be reached. Currently 2/3 of the vote are controlled by the Top 16 Validators (so effectively if these all agree to vote on a proposal then that would be sufficient without the input of the other 84).
If a validator / group of validators control more than 1/3 of the vote then whilst they can’t force any changes through, they can prevent any further proposals from being accepted that they don’t agree with regardless of what other validators vote. So the idea is to have the voting power distributed widely throughout the top 100 for more decentralisation.

Calculating the values for Cosmos

Current Total Supply:

There is no fixed total supply of ATOMs and the total supply will increase each year by between 7% and 20% due to inflation.
https://stargate.cosmos.network/staking/pool
{ "not_bonded_tokens": "71341288426570", "bonded_tokens": "170079253911157" }
Bonded Tokens + Not Bonded Tokens = Total Supply.
The values in the API include 6 decimal places so you need to divide the number by 1,000,000. So to work out the total supply it would be:
(71341288426570 + 170079253911157) / 1,000,000 = 241,420,542.337727‬ ATOM
You then have a minimum of 7% and a maximum of 20% inflation per year on top of that depending on how much has been staked.

Circulating Supply:

The only tokens that are under a vesting period are for All in Bits Inc (AiB, the company doing business as “Tendermint”). They have a total of 23,619,895.81 ATOMs vested which are split into two sets, each subject to a different form of vesting.
The first set consists of 1,777,707 ATOMs allocated to 44 addresses owned by AiB founders, contractors, and employees, current and past. These atoms are non-transferable for 12 months, but can be used for staking and governance. These will become unlocked on the 13th March 2020.
The remaining set of AiBs atoms are held in an AiB multisig and vest continuously starting 2 months after genesis. This is a total of 21,842,188.81 ATOMs.
Each month 992,826.76 of these are released on the 13th (Starting May 13th 2019 and finishing on March 13th 2021.
So Circulating Supply = Total Supply — (Amount Vested by AIB)
Circulating Supply = 241,039,982.546951 — (1,777,707– (21,842,188.81 — (3 x 992,826.76)) (represents 3 months which have been released so far)
Circulating Supply = 220,398,567.016951 ATOMs
Current Market Cap: $872,778,325.39

How to work out Profit from Staking

The Annual reward yield is currently 10.19 % which can be seen from sites such as here
This is the bit where people get confused with staking. They see 10.19 % reward and think easy money, passive income etc. What you need to understand is that these rewards are from new ATOMs being minted and added to the supply via inflation. And so with a higher supply the value of each ATOM is worth less.

Calculate effective reward rate in ATOMs

((100% — Commission Rate%) * Yield Rate) — Inflation
So if you delegate with a validator which charges 20% commission
It would be (0.8 * 10.19) — 7.66 = 0.492% a year in ATOMs

Calculate effective profit in FIAT terms

ATOMs hasn’t been trading for a full year but if we take the first value in CMC which is $6.44 and is currently $3.95 which is a decrease of 38.66% per ATOM. The yearly reward yield is 10.19% so in profit terms its 10.19–38.66 = -28.47%
Profit in USD Terms = 10.19–38.66 = a loss of 28.47% in USD

Calculate effective profit in BTC terms

At the start of trading each ATOM was worth 0.00164490 satoshis, as of the time of this writing they are now 0.00037155 satoshis which is a decrease of 77.41%
Profit in BTC terms = Reward Rate + Change in Price per ATOM in BTC over year
Profit in BTC Terms = 10.19–77.41 = a loss of 67.22 % in BTC
Note that these calculations do not include transaction costs for traffic going through the Hub. Once IBC is released (minimum viable product version is supposed to be at the end of this year, so i would estimate mid next year for full feature version to be released), adoption of the ecosystem will increase and zones will be transferring between each other over hubs then additional revenue is earned via transaction fees of other tokens.
This site you can see the correct value for Total Supply, % Bonded and Inflation Rate https://www.mintscan.io/
Be warned there are some other sites such as https://stakingrewards.com/asset/atom which show incorrect values (for example they say the staking ratio is currently 88.06% which is incorrect and skews the figures for rewards. Mintscan is accurate and the API site that i listed before is direct from the Cosmos Official website so is correct.
https://medium.com/@CryptoSeq/cosmos-atom-token-and-the-commonly-misunderstood-staking-tokens-part-three-958c295c5b78
submitted by xSeq22x to CryptoCurrency [link] [comments]

Over the last 6 weeks I've written a functioning Crypto trading bot in VB.NET and here are some of the important tips & things I've learned and some VB.NET code for you to use.

I started on December 18th when I was playing about with Google Sheets and pulling prices from exchanges using the CRYPTOFINANCE() plugin... it was slow, clunky and the data was wildly old - I knew I could do something better in VB.NET but at this point had absolutely no idea where to start, no idea about trading, no idea how exchanges or API's worked and no idea just how bad I was at programming. I've asked a lot of dumb questions, I've lost a bunch of money making mistakes & learning as I go... Fast forward to today however and I have a fully functioning, cross-exchange trading bot. Sweet!
1) Truncate your numbers, don't round.**
Hindsight makes this seem so obvious to me now, but when you're working with Bitcoin balances to 8 decimal places, exchange rates to 5 decimal places and sums that can increase your decimal places exponentially, it helps to be precise. Even an extra 0.00000001 in the wrong place can cause an exchange to reject your request. Honestly if I'd have realised this sooner I'd be about 2 weeks ahead right now and nowhere near as bald.
The below functions in will truncate any decimal number with no rounding:
Public Function Trunc8(numbertoTuncate As Decimal) As Decimal Return Math.Truncate(numbertoTuncate * 100000000) / 100000000 End Function Public Function Trunc5(numbertoTuncate As Decimal) As Decimal Return Math.Truncate(numbertoTuncate * 100000) / 100000 End Function 
** Absolutely do round when exchange such as Bitstamp does it's fee calculations in spot USD price. Below is the logic I use to do this:
Dim amount_btc As Decimal = BTCtoSpend / ASK ' Full amount in BTC Dim fee_btc As Decimal = amount_btc * 0.0025 ' Get 0.25% of the BTC amount Dim fee_USD As Decimal = fee_btc * BitstampBTCUSD ' Convert to USD Dim round_USD As Decimal = Math.Round(fee_USD, 2, MidpointRounding.AwayFromZero) ' Round up Dim round_BTC As Decimal = round_USD / BitstampBTCUSD ' Convert back to BTC Dim amount = amount_btc - round_BTC ' minus the fee 
2) Websockets are your friend.
It's really easy to query Bitstamp or GDAX's API for the prices(Last/Bid/Ask). The query might take a 3rd of a second to get there, a 3rd of a second to get back - by the time your software has interpreted it it may have been nearly a full second. The prices you end up being sent back can some times be stale/out of date. Couple this with the API rate limits (Once a second on Bitstamp if you end up polling it continuously) and you can soon end up with stale information. The websockets allow the exchanges to push information to you, in real-time, as it happens. Seriously, they're fucking rad and you can query that data til the cows come home. Millisecond timers FTW!
Bitstamp uses Pusher, GDAX is a plain old web socket. It took me an age to figure it out, and honestly I've done it rather arse-about-tit, but here's the code I ended up using:
Bitstamp:(You'll need PusherClient from Nuget)
Imports PusherClient Imports Newtonsoft.Json.Linq Public WithEvents pusherClient As New Pusher("de504dc5763aeef9ff52") Public WithEvents BitstampLTCBTCOrderbook As Channel Public WithEvents BitstampLTCBTCTrades As Channel Public WithEvents BitstampBTCUSDTrades As Channel Public WithEvents BitstampEURUSDTrades As Channel pusherClient.Connect() Public Sub pusher_Connected() Handles pusherClient.Connected BitstampLTCBTCTrades = pusherClient.Subscribe("live_trades_ltcbtc") End Sub Public Sub BitstampLTCBTCTrades_Subscribed(Sender As Object) Handles BitstampLTCBTCTrades.Subscribed BitstampLTCBTCTrades.Bind("trade", AddressOf BitstampLTCBTCTrade) End Sub Public Sub BitstampLTCBTCTrade(data) Dim jss = JObject.Parse(data.ToString) BitstampPrice = CDec(jss("price_str").ToString) BitstampLastAmount = CDec(jss("amount_str").ToString) End Sub 
That's basically it - the different channels are all documented in the API and you can format the JSON til your little crypto heart's content.
GDAX:(You'll need Websocket4NET from Nuget) P.S. I know my sending raw JSON is a fucking abomination.
Imports WebSocket4Net Imports Newtonsoft.Json.Linq Public WithEvents websocketGDAX As WebSocket websocketGDAX = New WebSocket("wss://ws-feed.gdax.com") websocketGDAX.Open() Public Sub gdax_Connect() Handles websocketGDAX.Opened Dim Data As String = "{ ""type"": ""subscribe"", ""product_ids"":[""BTC-EUR""], ""channels"": [""heartbeat"", { ""name"": ""ticker"", ""product_ids"": [""LTC-BTC""] }]}" websocketGDAX.Send(Data) End Sub Public Sub gdax_Data(sender As Object, args As WebSocket4Net.MessageReceivedEventArgs) Handles websocketGDAX.MessageReceived Dim jss = JObject.Parse(args.Message) Try If jss("type").ToString = "ticker" Then Select Case jss("product_id") Case "LTC-BTC" GDAXPrice = CDec(jss("price")) GDAXBid = CDec(jss("best_bid")) GDAXAsk = CDec(jss("best_ask")) GDAXLastSize = CDec(jss("last_size")) Case "EUR-USD" GDAXEURUSD = CDec(jss("price")) Case "BTC-USD" End Select End If Catch ex As Exception Exit Sub End Try End Sub 
Again, that's kind of it. Some proper error handling wouldn't go amiss, but I'm lazy and I use GOTO's all over the shop anyway so I'm basically a terrible human being.
3) Hashing. Fucking Hashing.
Ok so basically when sending authenticated/private API calls you need to hash bits of the message in order to prove authenticity. This was a bitch to try and cobble together the right code. Here, have it. It's yours:
Imports System.Security.Cryptography Imports System.Text Module Hashing Public Function HMACSHA256_Encrypt(ByVal message As String, secret As String) As String Try Dim secretkey As String = secret Dim sha As New System.Security.Cryptography.HMACSHA256(System.Text.ASCIIEncoding.ASCII.GetBytes(secretkey)) Dim Hash() As Byte = sha.ComputeHash(System.Text.ASCIIEncoding.ASCII.GetBytes(message)) Dim sb As New StringBuilder(Hash.Length * 2) For Each B As Byte In Hash sb.Append(Hex(B).PadLeft(2, "0")) Next Return sb.ToString.ToUpper Catch ex As Exception Debug.Print(Date.Now & " SHA256_Encrypt error " & ex.Message) Return Nothing End Try End Function Public Function HashString(ByVal str As String, ByVal secret As Byte()) As String Dim bytes As Byte() = Encoding.UTF8.GetBytes(str) Using hmac = New HMACSHA256(secret) Dim hash As Byte() = hmac.ComputeHash(bytes) Return Convert.ToBase64String(hash) End Using End Function End Module 
Top one for Bitstamp, Bottom one for GDAX. They differ slightly in the way they do things and the output they provide, hence there being two. Don't ask me what they do, couldn't tell you. Not a clue.
4) Verbose logging. Verbose logging. Verbose logging.
So you've made your bot, hit the button and....nothing. Now these things don't happen instantly; Even if you place an order at Ask or Bid, it might be minutes, even hours until it gets filled. Maybe your bot keeps erroring out and you don't know why. Write yourself a little logging function that you can copy and paste into your functions & subs that outputs the data you're sending and the data you're receiving along with a timestamp so you can debug if stuff isn't working. Again, I'm lazy and shit and this took me way longer to realise than it should have.
5) Don't be afraid to ask questions.
One of the biggest things that totally blew my mind was just how closed up some people are; on Reddit, forums, discord rooms... you name it. There's this weird stigma about people who trade & write bots that if they share their knowlege they'll somehow be doing themselves out of returns. Don't be afraid to ask questions. Ask enough, and eventually someone will come along and help. For every 10 people who chastised me for asking for coding help, trading help or whatever, 1 person would help out - it's worth enduring the rough for that... also, fuck those 10 people.
6) God damn Nonce generation.
A nonce is basically a unique, yet increasing number. Again, this was all massive trial and error. Bitstamp nonces and GDAX nonces work slightly differently and are interpreted slightly differently. Here's the code I use:
Module Nonces Public Function GenerateStampNonce() As String Static lastnonce As String Dim newNonce As String = Replace(Math.Round((DateTime.UtcNow - New DateTime(1970, 1, 1, 0, 0, 0)).TotalMilliseconds / 1000, 1).ToString("#0.0"), ".", "") Do While lastnonce = newNonce Threading.Thread.Sleep(10) newNonce = Replace(Math.Round((DateTime.UtcNow - New DateTime(1970, 1, 1, 0, 0, 0)).TotalMilliseconds / 1000, 1).ToString("#0.0"), ".", "") Loop lastnonce = newNonce Return newNonce End Function Public Function GenerateGDAXNonce() As Decimal Static lastnonce As Decimal Dim newNonce As Decimal = (DateTime.UtcNow - New DateTime(1970, 1, 1, 0, 0, 0)).TotalMilliseconds / 1000 Do While lastnonce = newNonce Threading.Thread.Sleep(10) newNonce = (DateTime.UtcNow - New DateTime(1970, 1, 1, 0, 0, 0)).TotalMilliseconds / 1000 Loop lastnonce = newNonce Return newNonce End Function End Module 
It's dirty...I know (I like it that way) - however it just simply works. I'm sure there's a more elegant way of generating these but honestly I ran out of patience on this because it's so simple when you look at it once it works.
7) Don't bog yourself down with a GUI.
Seems kind of daft, but running a bot as a console app forced me not only to be more verbose, but also helped really train my though process in terms of what all the timers in the background are doing. Not to mention, if you're anything like me you'll probably end up bogging it right down with all kinds of unnecessary GUI crap... in fact my first bot that was a total failure had more code to make the GUI whistle and pop than it did quality trading code.
You need so little input for a trading bot besides a config file full of preferences that your only real commands for any kind of interaction are quite simply:
 Console.WriteLine() Console.ReadKey() 
7.5) Limit orders on GDAX - FREE! As in... no fees!
Some people act like this is some kind of trade secret (haha, puns) but if you put a limit order on GDAX you almost always pay absolutely no fees. If you want to GUARANTEE you pay no fees, have your order set to post_only=true. This forces the order onto the books, which means you MUST place it AT Bid/Ask (depending on direction) or above/below, it'll get rejected if you try and eat into the other side of the spread.
8) Async/Multithread your requests to the API's.
I haven't done this, so I have no code to share. But if you suddenly lose connection or there's a blip or whatever, there's often no way of specifying a timeout and it could potentially freeze/crash your application.
-----------------------------------------
I guess that's all I can think of. It might seem like simple, trivial stuff but when it comes to writing something in a language like VB.NET there's very little resources out there at all... I went through some pretty mind-bending trial and error that while fun and now rewarding, was very frustrating at the time.
All in all, writing a program that can interact with an exchange is a wholly steep learning experience and I've learned more in terms of my general programming ability and my knowlege and understanding of trading & exchanges in general than I had in months or even years before doing this.
Feel free to ask any questions, I'll try to answer them as best I can.
submitted by DotNetBarry to BitcoinMarkets [link] [comments]

NPIP004: Static Block Reward

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

Overview

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

Deflationary supply

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

Inequality

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

Why is it over 10% gain?

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

How does this compare to other coins?

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

Isn't low inflation like we have now better?

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

Conclusion

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

Additional suggested changes

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

Alternative approaches

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

Conclusion

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

PortBitX.COM White Paper

White Paper


We are a free society united by the basic idea of ​​freedom and justice, separated from geographical, religious, ethnic and gender prejudices, we reaffirm this document, and we promise to protect freedom and benefit people always and everywhere.

PortBitX Project

The PORTBITX project team creates a service whose main idea is to provide a mobile and convenient system where users and cryptocurrency owners can receive a wide range of services.

1 The essence of the project

The project team asks you to support the creation of a high-tech, simple, convenient and honest ecosystem for people who need to protect their rights and freedoms and use the right to be anonymous and financially independent.
The mission of the project is to create a service for storing and exchanging cryptocurrency assets, and also to become a tool allowing to conduct trading operations regardless of geographic location or language skills.
Advantages of the project:

2 State of affairs

Owing to ignorance or low awareness of people about the nature of cryptocurrency assets, cryptoindustry is mythologized in modern society. This applies to both ordinary people and officials in authority.
As a rule, in the minds of people there is more confidence in traditional financial instruments than in technology during their development, for example blockchain (the inability to change the information block / blockchain chain).History knows many examples when the governments of different countries, guided by the interests of their citizens, inadvertently led to the decline of advanced civil initiatives. This time is a period of complex formation of crypto-economics and state relations, which is still in the making.
The project that we present to your attention has no borders between countries and peoples. And we, a group of enthusiasts, would very much like to cooperate with large government organizations. But, to our deep regret, the states currently at the stage of formation of their cryptocurrency policies make mistakes that negatively affect the crypto community.
The market of cryptocurrency assets, which has a ten-year history of development, is very sensitive to various statements by officials. However, unqualified criticism cannot withstand the global trend. And no one can stop the future.
With all the desire, time does not stand still, technologies themselves continue to evolve, new technologies, new projects, new views that can be upgraded in the distant future, as well as processes of government and regulation themselves, to introduce innovative elements into them. We do not expect the distant future, and many tools are available now. And we have something to offer you.
This is especially relevant against the backdrop of the upcoming global financial crisis, with the inevitable decline in trust in state financial institutions; cryptocurrency have high chances of becoming more popular in the absence of other technological alternatives.
As we noted earlier, there is a lack of awareness among people about Blockchain technology and cryptocurrencies. These technologies are extremely undervalued, since there is much more benefit in them than one can imagine.
In the cryptocurrency assets industry itself, there are fraudsters at this time who are trying to steal or fraudulently get your money.
At the same time, there are many honest crypto projects that can not be realized due to stereotypes of perception of them as fraudulent. Objectively, they could be judged by their work and projects that have been successfully implemented. In principle, it is necessary to be cautious in terms of investing in any projects, even if they are guaranteed by reputable people or companies. No reputable person or company can match the level of guarantee and security of your assets, as in the Bitcoin blockchain.In any case, the decision to invest is yours, not imposed by restrictions, and the responsibility lies with you.
According to Road Map, we intend to fulfill all the terms of the agreement with our participants.
We do not promise you a high yield of our tokens, we put all our experience into the overall welfare of the project and each user. There will be no delisting on the service until the community votes for the opposite.
Our risk is collective. We urge you to make an adequate and balanced choice, instead of imposing any other opinion on you. We are not supporters of aggressive marketing.
There are many cryptocurrency assets and it’s difficult for a regular user to store and exchange them, as well as use them in everyday life.

3 Disadvantages:

These are problems that affect users and cryptocurrency in general.

4 Solution

The PORTBITX project guarantees compliance with all of its obligations and user rights.
We integrate community communications into our PORTBITX service.
Users are offered the following functions:

5 Competitors

Direct market competitors are all decentralized and centralized services related to the purchase or sale of cryptoactive assets, as well as services that provide storage services on a cold or hot crypto wallet.
More than 16 thousand services and more than 2 thousand types of cryptocurrency assets.
We have the opportunity to offer our clients a reliable and open service for the storage and exchange of cryptocurrency assets.
The main competitors are such large cryptocurrency exchanges like Binance, Bitfinix, Bitrix, etc. These multibillion-dollar projects that can affect the entire market and regulate pricing also have millions of crypto communities.
This position is deserved by their work. There are, of course, disadvantages associated with the opacity of their activities, unlike us, but in general they play an important role in the cryptoindustry. Their trading volumes are impressive and inspiring, their mistakes lead to sharp price fluctuations in the crypto market.
There are still crypto exchange. In comparison with the leaders, they are significantly inferior in the volume and number of users. These exchanges include the bulk of all crypto exchanges on the market.
There are also exchange services on the market that allow you to exchange fiat money for cryptocurrency assets. Most often the commission is quite expensive. For example, they can range from 1% to 20%. Such a high commission can be explained by the fact that the locations where buyers and sellers are located have government restrictions or are prohibited.
In addition to all of the above, there are closed groups in social networks or instant messengers. There, people discuss and agree on the price and method of payment. Commissions are often not high from 0% to 5%, but one should not hope that such operations can be safe, since personal meetings are always accompanied by a risk to life or health.
Exchange transactions in the onion network may have no guarantees at all that the transaction will be successful. In deep web, everything works on credibility / reputation, and the higher the seller’s rating, the higher the likelihood of a successful outcome of the transaction. In the same place, you can sell tagged or stolen cryptocurrency assets. For this, there are special mixing sites to hide the criminal trail. These types of exchange operations are the most unreliable.
For this reason, one of the safest types of exchange operations is large centralized cryptocurrency exchanges. Such centralized services, sometimes using their position, impose their own rules, which leads to a loss of users’ material values.
PORTBITX is designed to empower cryptographic protection for maximum convenience and simplicity, as well as to protect the funds and personal data of users.
PORTBITX connects all cryptocurrency assets into one transport hub and creates highly efficient curvilinear isolation of the currency to make cryptocurrency as safe and close to people as possible.

6 Segment

A registered user of the PORTBITX portal can be any person supporting the general idea of ​​a free society. Our users are anonymous and financially independent, with the right to vote and the right to receive common incomes obtained by the operation of the portal and the activity of the crypto community PORTBITX.
For whom we create a service:
It can be ordinary housewives, entrepreneurs, unemployed, self-employed, freelancers, people who invest in the future, wealthy investors, etc.
One of the advantages of the service is anonymity, which gives anyone the right to save and earn around the world online, without fear that tomorrow they will be forced to pay some strange fees or licenses.
Service users are interested in the distribution and real use of cryptocurrency.
Self-regulating community PORTBITX, respecting the rights of all project participants.
Service users are:
For trust in the trade service there will be a seller rating for all types of goods and services presented. There will be a book of reviews about each seller, where each buyer has the right to leave a review about the product or service. This scheme is actively used in Darknet. The basic principle: the more positive reviews, the more trust. Each seller values ​​his authority and thus provides the best possible product or service. The expression “customer is always right,” works because no one wants to lose their customers.Currently, according to blockchain.com, there are used 34 million people who hold their funds in Bitcoin. The remaining number of users is difficult to calculate, but according to our modest calculations, there are at least 2 times more other users in any other currency.
This suggests that there is still a great demand on the market for services of safe storage and exchange of cryptocurrency assets.

7 Bounty

Bounty is a reward of users for PR-activity: subscriptions on forums, maintenance of topics in local language versions, translation of documents into a local language, publications in social networks, blogs and so on.
The terms of the bounty are published in the user profile of the section Terms and conditions of the bounty campaign.
To participate in the bounty campaign, bounty hunter, you need to register on the site PORTBITX.
You agree to the terms and conditions of the Bounty campaign if you register and do Bounty Hunt.
Tasks and their description are listed in the special section “Bounty Hunt”.
Each task is individual and has its own characteristics, so bounty hunters are invited to carefully study the conditions of each task.
Rewards are described in each task separately. The results of remuneration depend on the correct execution of the task.The remuneration is charged to the user’s personal account in the personal account.
There is also a payment history for completed tasks.
After the last fundraising stage, all information will be deleted in favor of the anonymity of users. We will also delete information about site visits and personal information that was required to specify to receive a reward. In the case of a request by third parties for data, we did not have information that could harm bounty hunters.
The bounty budget is 14,325,893 PORTBITX.
The distribution of tokens in stages is as follows:
Stage 1 – 6,325,000 PORTBITX;
Stage 2 – 4 000 000 PORTBITX;
Stage 3 – 4 000 893 PORTBITX.
Distribution of PORTBITX tokens:
If the ICO is not successful, the invested funds will be returned to investors, and the reward for bounty hunters will be canceled.
For this reason, we regulate and monitor the social activity of the bounty hunters so that the conduct of all ICO stages is successful.
For bounty campaigns, an application to the technical department is provided in order to correct them immediately in case of errors, as well as to assist the bounty hunters in carrying out their tasks.
We are building a healthy community, so we ask that the personal opinion and evaluation of the project PORTBITX of each participant be objective and adequate.
Each participant in the campaign bounty is our representative, and for us it is important to have a clear understanding of the face of responsibility and benefit that the community carries out.

8 Market

On the market there are many companies involved in the exchange and storage of cryptocurrency assets.
The number of such services is more than 16,000 and this is not the limit, but it is precisely in the face of fierce competition that truly unique and competitive projects are born.
This market situation motivates us to create a truly useful and necessary service in order to make the range of our service available to a wide range of people.
Recently, according to Google Trends, interest in cryptocurrency has fallen significantly. Now interest has rolled back to the area of ​​2016-17.
Cryptocurrency industry continues to function and develop. Now on the blockchain, you can create your own e-government, your own elections and currency, everything is limited only by the imagination of all industry participants.
The ecosystem is actively developing for the use of cryptocurrency in trading operations. Governments and regulators in different countries are seeking greater transparency in the cryptocurrency industry.
Some, such as the Japanese government, license and regulate crypto exchange and services. In Japan, cryptocurrency has long been accepted as a means of payment in many outlets. In states with despotic regimes and an unstable economy, one of the few tools for the preservation and enhancement of assets is Bitcoin, for this reason in these countries the rate can differ greatly from the average market rate.
The financial crisis and the instability of markets around the world continues to cause fear among people. In some countries want to ban circulation of dollars. Gold cannot be bought in the usual way and owners may experience some difficulties in working with it. Gold has long ceased to be a means of payment.
The priority for us is the safe storage of cryptocurrency assets, maximum user convenience and integration, the popularization of the cryptoindustry in everyday life.
In order for cryptocurrency assets to be used and an integral part of human activity, we want to form a stable market. At the moment, the capitalization of the entire market for a number of years fluctuates in the range of $ 100– $ 300 billion. The range of exchange operations ranges from $ 13-16 billion per day. The number of cryptocurrency assets represented on the markets is more than 2000 types.
The dominance of the main cryptocurrency Bitcoin is in the range of 49-52% of the entire market.
The tendency to reduce the main quotes scares potential investors, but this is not a reason for surrendering positions to a multi-million dollar audience of crypto enthusiasts. The reason why people continue to create new projects and new systems for exchange and transactional systems is the benefits they bring to humanity. In the market, as well as around the world, there are many unscrupulous developers who need to fight.
We are engaged in creating and securing the credibility of the cryptoindustry so that the user can choose a reliable service or network, and not imposed by anyone. This is one of the fundamental aspects of a free community. The right of choice for the user, “the client is always right” is an integral part of the philosophy of the PORTBITX project. By the level of their responsibility, transparency, advanced thought, innovation, in the future, the work of PORTBITX will judge all cryptomir. The better we, PORTBITX work for the good of society, the more trust we have and the more users use the PORTBITX service.
PORTBITX is part of a new culture, part of an ecosystem where the core value is reputation based on trust. This is a project where reputation is more important than money, and utility and service to people is more important than ostentatious hospitality and external gloss, and the safety of the assets of our project participants is more important than our profit indicators.
Capitalization is growing steadily from year to year.
At the beginning of 2017, the capacity of the crypto market was around $ 19 billion. Now capitalization has grown to $ 200 billion. The growth is colossal, but the market is still young and there will be many more challenges on the way to which all market participants will have to respond. And our participants will be the most prepared.
The number of new blockchains and new projects is growing, and the number of participants in the crypto market is also growing. As a result, the attitude of people to the cryptoindustry is changing for the better, just like the cryptoindustry itself.
In 2017, the known cryptocurrency assets were less than 800 species, but now their number has grown. Now on the market represented more than 2,000 species.
Not all assets are honest, there are those whose purpose is to obtain short-term profits, which badly affects the reputation and trust in the cryptoindustry. But, if we recall the story of the beginning of our amazing world, then the price for one Bitcoin was $ 0.00000003. Since then, the situation in the cryptoindustry has changed dramatically.In the future, the cryptoindustry market is waiting for great popularity and that is why reliable and honest services for the storage and exchange of cryptocurrency assets like our project will be needed.
Sharp volatility is such because the market is relatively young and has not reached even a tenth of its potential and capitalization. Therefore, the time in which we live is just a starting point. The world has already passed the Rubicon and there is a long and interesting road ahead.
The potential market we can serve in the future is more than one billion users. Now this market is slightly less than 50 million users.
Experts expect that in the future cryptocurrencies will replace the official fiat money.

9 Product

PORTBITX is a digital portal for storing, exchanging and trading cryptocurrency assets, as well as a platform for selling goods and services for cryptocurrency.
The service is managed by the community by voting. Voting topics are offered through a special application in the voting section.
Service has three main areas.
Secure storage of cryptocurrency.
Secure storage of over 1500 different cryptoactive assets. Safety is ensured by safe cold the repository.
The service itself is not directly connected to the repository to prevent the penetration of potentially dangerous programs. The security of user data in the service itself is protected by a local block chain. The entire database and operations are recorded on the principle of a distributed registry. Hacking one server should do this with hundreds of others located in different places. Mining in this block chain is not performed because all the costs of maintaining such security are borne by the service itself.
The PORTBITX development team is fully responsible for the security of cryptocurrency assets and for the operation of the service. One of the most vulnerable links in the safety chain is the human factor (concerns not only users, but also developers). For this reason, it is necessary to double-check scenarios, conduct stress testing and carefully select personnel.
Exchange
This is a portal for exchanging all available cryptocurrency assets for any other. The number of assets available on the portal will be recorded in the blockchain for a reliable display of the volume, the number of wallets, users and information on all the operations performed since the launch of the main network will also be indicated in the blockchain.
Any cryptocurrency asset can be exchanged for any other if it is in demand. The market decides for itself how and in what to trade. All exchange orders will be visible in online charts. Potentially, we will add more than 2,500,000 pairs to the portal, but not immediately, but in parts and as each cryptocurrency asset is checked. Also the choice for coins or tokens will always be behind the PORTBITX community. After each vote, all results will be published in the section “Voting” and on the official website of the service.
The portal has a convenient interface and an open registry, i.e. users will be able to monitor and control the network with developers. Also, with certain voting results, there may be additions to the network.In the future, we want to release the service in free navigation and stop controlling the network. If we succeed, we will open source code and create jobs for miners.
Marketplace
Marketplace is valid for the sale of services and products for cryptocurrency. High-quality and convenient service. All transactions on the Marketplace are recorded in the main register of the local blockchain. A wide range of products available advertising products and services, two types of payment (with a guarantee and with a reputation) to choose from.
The following portal functionality:
Voting / referendum
An important component of the PORTBITX portal is voting / referendum.
A variety of topics and surveys can be submitted to a vote, directly related to the PORTBITX community and the portal itself. For example, changes in tariff rates, adding new tokens, adding new services and additions to the service.
The right to vote is the right to decide the fate of the community, the right to find the best solution to the problems, the right to be free, honest and fair.
One voice is 5000 PORTBITX. (this limit can be lowered if the community decides on a general vote).
Since tokens can be sold on third-party services, they cannot automatically take part in voting. Also, all available tokens on the portal should be frozen for a period of voting that lasts no more than 24 hours, starting at 00:00 Central European Time.
Tokens are frozen through the user’s personal account in the voting section.Persons who do not have enough tokens for voting, but having the right to profit PORTBITX have the opportunity to see the voting results, as well as to make their proposals for the next vote.
Persons who do not have enough tokens for the right to vote and the right to profit will have the opportunity to group together for collective voting.
Results and coverage of all voting results will be immediately published after the end on the portal’s main page.
A vote is considered legitimate if a quorum gains 65% of the total number of votes. The decision on the outcome of the vote can be made if the number of those who agreed to 100% of those who participated in the vote is 60%. Voting can be repeated if uncrowded by a majority. In this case, the proposal will be revised. The deadline for a deferred vote may pass unplanned within two weeks after the end of the first vote. If, in the second ballot, the majority of votes will also not reach the bulk of 60%, then this issue will be postponed or canceled and will not be considered within the next 6 months.
The right to vote is not just an opportunity to influence the portal, it is the will of the community that developers must obey.
The right to profit
The right to profit is obtained by freezing tokens through the user’s personal account for a period of at least one month. The number of tokens needed to make a profit of at least 1000 PORTBITX.
The calculation of the distribution of profits are as follows.
All profits from all services provided by the service for a certain period of time in the tokens in which the activity was performed are distributed in relation to all community members who have frozen the tokens directly on the service portal. The profit is distributed in the same currencies in which it was received on the service.
In the event that the frozen asset of the PORTBITX tokens is defrosted ahead of time, then the profit it receives during this period will be distributed among the other participants whose tokens remain frozen.
Participation in the project is proved by deed and rewarded, in all fairness.
All profits, namely the estimated profits of users during and at the end of the period can be tracked and seen in the registry on the main page accessible to all interested parties.
PORTBITX developers do not hide revenues and honestly share them with the community.
Each user has the opportunity to check the registry and find their own account.Maximum openness and transparency is the key to trust and success of the service.

10 Road Map

11 Economy and Demand

All information on the movement of funds and their spending will be published on the official website of the company in a special reporting form.
All actions performed by PORTBITX will be covered in the news section of the company’s website.The voting results and the timing of their holding, as well as the topics discussed for voting will be in the user’s personal account in the “voting” section.To date, only about 80 million people have a cryptocurrency, store it or use it in payments.
Now there’s practically no way to find a person who hasn’t heard about bitcoin or blockchain at least once. The cause of mistrust is people who undermine the true face and good intentions of the founding pioneers of the cryptoindustry.
The market is too small and hypervolatil, but this trend will continue only for some time, until the total market capitalization reaches 1 trillion. USD This milestone will further open the way to even more people who want to be part of the crypto world. A larger number of participants will make this market more stable and less prone to hypervolatility.Unfortunately, there are many scammers and individuals who undermine the basis of the industry, and its usefulness. Therefore, the PORTBITX development team creates a service safe for the safety of users’ funds.
According to statistics provided by Blockchain.com from March 2018 to February 2019, the number of new users who registered new cryptocurrency wallets increased from 23 million to 33 million. Based on the data obtained, it can be concluded that there is a need for reliable storage of their cryptocurrency assets.
The year 2019 is a preparatory platform for an even larger number of users, so we decided to create a portal for the ecosystem of the cryptocurrency industry.

12 Project Team

One of the important factors in the decision making for an investor is the transparency and fame of the team that works on the project. An investor can check team members, evaluate and decide on investments. The knowledge and experience of the team is a kind of guarantee that the project will be implemented, but as is often the case in real life, this may be far from reality.
In the cryptoindustry, nothing can be 100% sure. Any ICO defaults to scam.
If you have doubts about our decency, we suggest investing a small amount.
By collecting the minimum amount, we will demonstrate in practice that we are credible, because our goal is to benefit the community.
Founders of PORTBITX
Co-founder and Technical Director Steve Man
Co-founder and CEO of CharleySJ
Director of Marketing and Public Relations MAD Phoenix
Director of Methodology and Legal Support at PenA

13 Investments

The minimum capitalization of the project at the first stage is 1,450 ETH.
The minimum total capitalization of the project will be 56,000 ETH.
The maximum capitalization of the project can reach more than 160,450 ETH.
Tokens will be issued in the amount of 143,258,928.57142.
Share will be up to 8 decimal places. ICO is calculated in three stages.
We create a product that meets modern requirements and market challenges. Additional issue is not provided. After the last stage of the ICO, all assets not sold will be destroyed.
We initially limit the emission of tokens in order to avoid a large amount of excess asset. Being part of the PORTBITX community means having the privilege of voting and profit of the service. And that means – to understand the idea and share the philosophy of the cryptoindustry and with full responsibility to approach the decisions that will affect the community.
The opportunity to receive a bonus will be among the participants of the Bounty campaign and among ICO investors, but by decision of the crypto community.
Return of investment will be carried out in several ways.
By obtaining distributed service profit
Due to the possibility of selling a token at the market price, which can be ten times higher than the initial cost.
The token will be based on the ERC20.
The predicted price of a token at the end of an ICO can be about $ 3.7.
The projected service revenue for the first year may be more than $ 500 million.
Pricing can be changed if there is an ETH price manipulation before release.
The news about the name and the release of tokens will be announced in the official news, so you should not give in to manipulation.

14 ICO Features

Jurisdiction: Blockchain
The number of tokens is 143 million.
On ICO 80.225 million
On a bounty campaign of 14.3 million
The developers and founders of 34.382 million, and the maintenance of the service 14.3 million.
Distribution will be carried out automatically.
The following fundraising is provided:
Stage 1 – 1,450 ETH
Stage 2 – 10,000 ETH
Stage 3 – 149,000 ETH
Pricing and limits
1st stage ICO
1 PBX = 0.002 ETH
1 ETH / 0.002 = 500 PBX
5 ETH / 0.0015 = 3 333.33333333 PBX
10 ETH / 0.001 = 10,000 PBX
Rules of the first stage:
The minimum amount to raise funds 1,450
Price is limited to pricing policy.
Bounty company 6 million
Refund in case of not reaching the minimum amount to raise funds
2nd stage ICO
1 PBX / 0.003 ETH
1 ETH / 0.003 = 333.33333333 PBX
5 ETH / 0.0025 = 2,000 PBX
10 ETH / 0.002 = 5,000 PBX
3rd stage ICO
1 PBX / 0.004 ETH
0.5 ETH / 0.004 = 125 PBX
1 ETH / 0.0035 = 285.71428571 PBX
5 ETH / 0.003 = 1 666.66666666 PBX
10 ETH / 0.0025 = 4,000 PBX

15 Legal aspects

Placement of the company – Blockchain. This is due to the fact that we approach the project with full responsibility and are aware of the consequences of our actions, as well as due to pressure from some states and their unfriendly policy to the cryptoindustry.
Also, the service will not be present fiatnye currency, as their existence is not combined with the philosophy of our company. We will temporarily not specify the location of the company, as well as disclose the names of developers for the safety of their rights to life, health and freedom.
Since we consider ourselves a free community, some data for the sake of security for the sake of this freedom will be hidden from outsiders.
We guarantee a refund in case of unsuccessful first stage at 100% minus the miners commission.
This is important because the tools incorporated in the first stage are necessary for creating the kernel and the subsequent imposition of software modules.
We considered options for direct investment in the project from private investors, but since these investors could influence our strategy and policies, and since they could take some of the functions from the community, we decided to invest in our project as a community by Ico.
The risk of investing in our project, of course, is great, but we want to build a really useful service for the industry as a whole and for each user of the service separately. Therefore, we enable the community to judge us by our work.
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