You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. Some great introductions for new users are My first bitcoin, Bitcoin explained and ELI5 Bitcoin. Also, the following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here. On chain fees have risen recently due to network demand however instant micropayments are on the way via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet. You can even run a node on a Raspberry Pi :)
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, there are many software wallet options here. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor or Ledger is recommended. A more advanced option is to secure them yourself using paper wallets generated offline. Some popular mobile and desktop wallet options are listed below and most are cross platform.
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
1,000 per bitcoin
SI unit for milli i.e. millilitre (mL) or millimetre (mm)
1,000,000 per bitcoin
SI unit for micro i.e microlitre (μL) or micrometre (μm)
1,000,000 per bitcoin
Colloquial "slang" term for microbitcoin
100,000,000 per bitcoin
Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
https://codevalley.com/whitepaper.pdf This document treats Emergent coding from a philosophical perspective. It has a good introduction, description of the tech and is followed by two sections on justifications from the perspective of Fred Brooks No Silver Bullet criteria and an industrialization criteria.
Mark Fabbro's presentation from the Bitcoin Cash City Conference which outlines the motivation, basic mechanics, and usage of Bitcoin Cash in reproducing the industrial revolution in the software industry.
Building the Bitcoin Cash City presentation highlighting how the emergent coding group of companies fit into the adoption roadmap of North Queensland.
Forging Chain Metal by Paul Chandler CEO of Aptissio, one of startups in the emergent coding space and which secured a million in seed funding last year.
Bitcoin Cash App Exploration A series of Apps that are some of the first to be built by emergent coding and presented, and in the case of Cashbar, demonstrated at the conference.
How does Emergent Coding prevent developer capture? A developer's Agent does not know what project they are contributing to and is thus paid for the specific contribution. The developer is controlling the terms of the payment rather than the alternative, an employer with an employment agreement. Why does Emergent Coding use Bitcoin BCH?
Both emergent coding and Bitcoin BCH are decentralized: As emergent coding is a decentralized development environment consisting of Agents providing respective design services, each contract received by an agent requires a BCH payment. As Agents are hosted by their developer owners which may be residing in one of 150 countries, Bitcoin Cash - an electronic peer-to-peer electronic cash system - is ideal to include a developer regardless of geographic location.
Emergent coding will increase the value of the Bitcoin BCH blockchain: With EC, there are typically many contracts to build an application (Cashbar was designed with 10000 contracts or so). EC adoption will increase the value of the Bitcoin BCH blockchain in line with this influx of quality economic activity.
Emergent coding is being applied to BCH software first: One of the first market verticals being addressed with emergent coding is Bitcoin Cash infrastructure. We are already seeing quality applications created using emergent coding (such as the HULA, Cashbar, PH2, vending, ATMs etc). More apps and tools supporting Bitcoin cash will attract more merchants and business to BCH.
Emergent coding increases productivity: Emergent coding increases developer productivity and reduces duplication compared to other software development methods. Emergent coding can provide BCH devs with an advantage over other coins. A BCH dev productivity advantage will accelerate Bitcoin BCH becoming the first global currency.
Emergent coding produces higher quality binaries: Higher quality software leads to a more reliable network.
1. Who/what is Code Valley? Aptissio? BCH Tech Park? Mining and Server Complex? Code Valley Corp Pty Ltd is the company founded to commercialize emergent coding technology. Code Valley is incorporated in North Queensland, Australia. See https://codevalley.com Aptissio Australia Pty Ltd is a company founded in North Queensland and an early adopter of emergent coding. Aptissio is applying EC to Bitcoin BCH software. See https://www.aptissio.com Townsville Technology Precincts Pty Ltd (TTP) was founded to bring together partners to answer the tender for the Historic North Rail Yard Redevelopment in Townsville, North Queensland. The partners consist of P+I, Conrad Gargett, HF Consulting, and a self-managed superannuation fund(SMSF) with Code Valley Corp Pty Ltd expected to be signed as an anchor tenant. TTP answered a Townsville City Council (TCC) tender with a proposal for a AUD$53m project (stage 1) to turn the yards into a technology park and subsequently won the tender. The plan calls for the bulk of the money is to be raised in the Australian equity markets with the city contributing $28% for remediation of the site and just under 10% from the SMSF. Construction is scheduled to begin in mid 2020 and be competed two years later. Townsville Mining Pty Ltd was set up to develop a Server Complex in the Kennedy Energy Park in North Queensland. The site has undergone several studies as part of a due diligence process with encouraging results for its competitiveness in terms of real estate, power, cooling and data.
TM are presently in negotiations with the owners of the site and is presently operating under an NDA.
The business model calls for leasing "sectors" to mining companies that wish to mine allowing companies to control their own direction.
Since Emergent Coding uses the BCH rail, TM is seeking to contribute to BCH security with an element of domestic mining.
TM are working with American partners to lease one of the sectors to meet that domestic objective.
The site will also host Emergent Coding Agents and Code Valley and its development partners are expected to lease several of these sectors.
TM hopes to have the site operational within 2 years.
2. What programming language are the "software agents" written in. Agents are "built" using emergent coding. You select the features you want your Agent to have and send out the contracts. In a few minutes you are in possession of a binary ELF. You run up your ELF on your own machine and it will peer with the emergent coding and Bitcoin Cash networks. Congratulations, your Agent is now ready to accept its first contract. 3. Who controls these "agents" in a software project You control your own Agents. It is a decentralized development system. 4. What is the software license of these agents. Full EULA here, now. A license gives you the right to create your own Agents and participate in the decentralized development system. We will publish the EULA when we release the product. 5. What kind of software architecture do these agents have. Daemons Responding to API calls ? Background daemons that make remote connection to listening applications? Your Agent is a server that requires you to open a couple of ports so as to peer with both EC and BCH networks. If you run a BCH full node you will be familiar with this process. Your Agent will create a "job" for each contract it receives and is designed to operate thousands of jobs simultaneously in various stages of completion. It is your responsibility to manage your Agent and keep it open for business or risk losing market share to another developer capable of designing the same feature in a more reliable manner (or at better cost, less resource usage, faster design time etc.). For example, there is competition at every classification which is one reason emergent coding is on a fast path for improvement. It is worth reiterating here that Agents are only used in the software design process and do not perform any role in the returned project binary. 6. What is the communication protocol these agents use. The protocol is proprietary and is part of your license. 7. Are the agents patented? Who can use these agents? It is up to you if you want to patent your Agent the underlying innovation behind emergent coding is _feasible_ developer specialization. Emergent coding gives you the ability to contribute to a project without revealing your intellectual property thus creating prospects for repeat business; It renders software patents moot. Who uses your Agents? Your Agents earn you BCH with each design contribution made. It would be wise to have your Agent open for business at all times and encourage everyone to use your design service. 8. Do I need to cooperate with Code Valley company all of the time in order to deploy Emergent Coding on my software projects, or can I do it myself, using documentation? It is a decentralized system. There is no single point of failure. Code Valley intends to defend the emergent coding ecosystem from abuse and bad actors but that role is not on your critical path. 9. Let's say Electron Cash is an Emergent Coding project. I have found a critical bug in the binary. How do I report this bug, what does Jonald Fyookball need to do, assuming the buggy component is a "shared component" puled from EC "repositories"? If you built Electron Cash with emergent coding it will have been created by combining several high level wallet features designed into your project by their respective Agents. Obviously behind the scenes there are many more contracts that these Agents will let and so on. For example the Cashbar combines just 16 high level Point-of-Sale features but ultimately results in more than 10,000 contracts in toto. Should one of these 10,000 make a design error, Jonald only sees the high level Agents he contracted. He can easily pinpoint which of these contractors are in breach. Similarly this contractor can easily pinpoint which of its sub-contractors is in breach and so on. The offender that breached their contract wherever in the project they made their contribution, is easily identified. For example, when my truck has a warranty problem, I do not contact the supplier of the faulty big-end bearing, I simply take it back to Mazda who in turn will locate the fault. Finally "...assuming the buggy component is a 'shared component' puled from EC 'repositories'?" - There are no repositories or "shared component" in emergent coding. 10. What is your licensing/pricing model? Per project? Per developer? Per machine? Your Agent charges for each design contribution it makes (ie per contract). The exact fee is up to you. The resulting software produced by EC is unencumbered. Code Valley's pricing model consists of a seat license but while we are still determining the exact policy, we feel the "Valley" (where Agents advertise their wares) should charge a small fee to help prevent gaming the catalogue and a transaction fee to provide an income in proportion to operations. 11. What is the basic set of applications I need in order to deploy full Emergent Coding in my software project? What is the function of each application? Daemons, clients, APIs, Frontends, GUIs, Operating systems, Databases, NoSQLs? A lot of details, please. There's just one. You buy a license and are issued with our product called Pilot. You run Pilot (node) up on your machine and it will peer with the EC and BCH networks. You connect your browser to Pilot typically via localhost and you're in business. You can build software (including special kinds of software like Agents) by simply combining available features. Pilot allows you to specify the desired features and will manage the contracts and decentralized build process. It also gives you access to the "Valley" which is a decentralized advertising site that contains all the "business cards" of each Agent in the community, classified into categories for easy search. If we are to make a step change in software design, inventing yet another HLL will not cut it. As Fred Brooks puts it, an essential change is needed. 12. How can I trust a binary when I can not see the source? The Emergent Coding development model is very different to what you are use to. There are ways of arriving at a binary without Source code. The Agents in emergent coding design their feature into your project without writing code. We can see the features we select but can not demonstrate the source as the design process doesn't use a HLL. The trust model is also different. The bulk of the testing happens _before_ the project is designed not _after_. Emergent Coding produces a binary with very high integrity and arguably far more testing is done in emergent coding than in incumbent methods you are used to. In emergent coding, your reputation is built upon the performance of your Agent. If your Agent produces substandard features, you are simply creating an opportunity for a competitor to increase their market share at your expense. Here are some points worth noting regarding bad actor Agents:
An Agent is a specialist and in emergent coding is unaware of the project they are contributing to. If you are a bad actor, do you compromise every contract you receive? Some? None?
Your client is relying on the quality of your contribution to maintain their own reputation. Long before any client will trust your contributions, they will have tested you to ensure the quality is at their required level. You have to be at the top of your game in your classification to even win business. This isn't some shmuck pulling your routine from a library.
Each contract to your agent is provisioned. Ie you advertise in advance what collaborations you require to complete your design. There is no opportunity for a "sign a Bitcoin transaction" Agent to be requesting "send an HTTP request" collaborations.
Your Agent never gets to modify code, it makes a design contribution rather than a code contribution. There is no opportunity to inject anything as the mechanism that causes the code to emerge is a higher order complexity of all Agent involvement.
There is near perfect accountability in emergent coding. You are being contracted and paid to do the design. Every project you compromise has an arrow pointed straight at you should it be detected even years later.
Security is a whole other ball game in emergent coding and current rules do not necessarily apply. 13. Every time someone rebuilds their application, do they have to pay over again for all "design contributions"? (Or is the ability to license components at fixed single price for at least a limited period or even perpetually, supported by the construction (agent) process?) You are paying for the design. Every time you build (or rebuild) an application, you pay the developers involved. They do not know they are "rebuilding". This sounds dire but its costs far less than you think and there are many advantages. Automation is very high with emergent coding so software design is completed for a fraction of the cost of incumbent design methods. You could perhaps rebuild many time before matching incumbent methods. Adding features is hard with incumbent methods "..very few late-stage additions are required before the code base transforms from the familiar to a veritable monster of missed schedules, blown budgets and flawed products" (Brooks Jr 1987) whereas with emergent coding adding a late stage feature requires a rebuild and hence seamless integration. With Emergent Coding, you can add an unlimited number of features without risking the codebase as there isn't one. The second part of your question incorrectly assumes software is created from licensed components rather than created by paying Agents to design features into your project without any licenses involved. 14. In this construction process, is the vendor of a particular "design contribution" able to charge differential rates per their own choosing? e.g. if I wanted to charge a super-low rate to someone from a 3rd world country versus charging slightly more when someone a global multinational corporation wants to license my feature? Yes. Developers set the price and policy of their Agent's service. The Valley (where your Agent is presently advertised) presently only supports a simple price policy. The second part of your question incorrectly assumes features are encumbered with licenses. A developer can provide their feature without revealing their intellectual property. A client has the right to reuse a developer's feature in another project but will find it uneconomical to do so. 15. Is "entirely free" a supported option during the contract negotiation for a feature? Yes. You set the price of your Agent. 16. "There is no single point of failure." Right now, it seems one needs to register, license the construction tech etc. Is that going to change to a model where your company is not necessarily in that loop? If not, don't you think that's a single point of failure? It is a decentralized development system. Once you have registered you become part of a peer-to-peer system. Code Valley has thought long and hard about its role and has chosen the reddit model. It will set some rules for your participation and will detect or remove bad actors. If, in your view, Code Valley becomes a bad actor, you have control over your Agent, private keys and IP, you can leave the system at any time. 17. What if I can't obtain a license because of some or other jurisdictional problem? Are you allowed to license the technology to anywhere in the world or just where your government allows it? We are planning to operate in all 150 countries. As ec is peer-to-peer, Code Valley does not need to register as a digital currency exchange or the like. Only those countries banning BCH will miss out (until such times as BCH becomes the first global electronic cash system). 18.
For example the Cashbar combines just 16 high level Point-of-Sale features but ultimately results in more than 10,000 contracts in toto.
It seems already a reasonably complex application, so well done in having that as a demo. Thank you. 19. I asked someone else a question about how it would be possible to verify whether an application (let's say one received a binary executable) has been built with your system of emergent consensus. Is this possible? Yes of course. If you used ec to build an application, you can sign it and claim anything you like. Your client knows it came from you because of your signature. The design contributions making up the application are not signed but surprisingly there is still perfect accountability (see below). 20. I know it is possible to identify for example all source files and other metadata (like build environment) that went into constructing a binary, by storing this data inside an executable. All metadata emergent coding is now stored offline. When your Agent completes a job, you have a log of the design agreements you made with your peers etc., as part of the log. If you are challenged at a later date for breaching a design contract, you can pull your logs to see what decisions you made, what sub-contracts were let etc. As every Agent has their own logs, the community as a whole has a completely trustless log of each project undertaken. 21. Is this being done with EC build products and would it allow the recipient to validate that what they've been provided has been built only using "design contributions" cryptographically signed by their providers and nothing else (i.e. no code that somehow crept in that isn't covered by the contracting process)? The emergent coding trust model is very effective and has been proven in other industries. Remember, your Agent creates a feature in my project by actually combining smaller features contracted from other Agents, thus your reputation is linked to that of your suppliers. If Bosch makes a faulty relay in my Ford, I blame Ford for a faulty car not Bosch when my headlights don't work. Similarly, you must choose and vet your sub-contractors to the level of quality that you yourself want to project. Once these relationships are set up, it becomes virtually impossible for a bad actor to participate in the system for long or even from the get go. 22. A look at code generated and a surprising answer to why is every intermediate variable spilled? Thanks to u/R_Sholes, this snippet from the actual code for: number = number * 10 + digitgenerated as a part of: sub read/integeboolean($, 0, 100) -> guess
; copy global to local temp variable 0x004032f2 movabs r15, global.current_digit 0x004032fc mov r15, qword [r15] 0x004032ff mov rax, qword [r15] 0x00403302 movabs rdi, local.digit 0x0040330c mov qword [rdi], rax ; copy global to local temp variable 0x0040330f movabs r15, global.guess 0x00403319 mov r15, qword [r15] 0x0040331c mov rax, qword [r15] 0x0040331f movabs rdi, local.num 0x00403329 mov qword [rdi], rax ; multiply local variable by constant, uses new temp variable for output 0x0040332c movabs r15, local.num 0x00403336 mov rax, qword [r15] 0x00403339 movabs rbx, 10 0x00403343 mul rbx 0x00403346 movabs rdi, local.num_times_10 0x00403350 mov qword [rdi], rax ; add local variables, uses yet another new temp variable for output 0x00403353 movabs r15, local.num_times_10 0x0040335d mov rax, qword [r15] 0x00403360 movabs r15, local.digit 0x0040336a mov rbx, qword [r15] 0x0040336d add rax, rbx 0x00403370 movabs rdi, local.num_times_10_plus_digit 0x0040337a mov qword [rdi], rax ; copy local temp variable back to global 0x0040337d movabs r15, local.num_times_10_plus_digit 0x00403387 mov rax, qword [r15] 0x0040338a movabs r15, global.guess 0x00403394 mov rdi, qword [r15] 0x00403397 mov qword [rdi], rax For comparison, an equivalent snippet in C compiled by clang without optimizations gives this output: imul rax, qword ptr [guess], 10 add rax, qword ptr [digit] mov qword ptr [guess], rax
Collaborations at the byte layer of Agents result in designs that spill every intermediate variable. Firstly, why this is so? Agents from this early version only support one catch-all variable design when collaborating. Similar to a compiler when all registers contain variables, the compiler must make a decision to spill a register temporarily to main memory. The compiler would still work if it spilled every variable to main memory but would produce code that would be, as above, hopelessly inefficient. However, by only supporting the catch-all portion of the protocol, the code valley designers were able to design, build and deploy these agents faster because an Agent needs fewer predicates in order to participate in these simpler collaborations. The protocol involved however, can have many "Policies" besides the catch-all default policy (Agents can collaborate over variables designed to be on the stack, or, as is common for intermediate variables, designed to use a CPU register, and so forth). This example highlights one of the very exciting aspects of emergent coding. If we now add a handful of additional predicates to a handful of these byte layer agents, henceforth ALL project binaries will be 10x smaller and 10x faster. Finally, there can be many Agents competing for market share at each of classification. If these "gumby" agents do not improve, you can create a "smarter" competitor (ie with more predicates) and win business away from them. Candy from a baby. Competition means the smartest agents bubble to the top of every classification and puts the entire emergent coding platform on a fast path for improvement. Contrast this with incumbent libraries which does not have a financial incentive to improve. Just wait until you get to see our production system. 23. How hard can an ADD Agent be? Typically an Agent's feature is created by combining smaller features from other Agents. The smallest features are so devoid of context and complexity they can be rendered by designing a handful of bytes in the project binary. Below is a description of one of these "byte" layer Agents to give you an idea how they work. An "Addition" Agent creates the feature of "adding two numbers" in your project (This is an actual Agent). That is, it contributes to the project design a feature such that when the project binary is delivered, there will be an addition instruction somewhere in it that was designed by the contract that was let to this Agent. If you were this Agent, for each contract you received, you would need to collaborate with peers in the project to resolve vital requirements before you can proceed to design your binary "instruction". Each paid contract your Agent receives will need to participate in at least 4 collaborations within the design project. These are:
Input A collaboration
Input B collaboration
Construction site collaboration
You can see from the collaborations involved how your Agent can determine the precise details needed to design its instruction. As part of the contract, the Addition Agent will be provisioned with contact details so it can join these collaborations. Your Agent must collaborate with other stakeholders in each collaboration to resolve that requirement. In this case, how a variable will be treated. The stakeholders use a protocol to arrive at an Agreement and share the terms of the agreement. For example, the stakeholders of collaboration “Input A” may agree to treat the variable as an signed 64bit integer, resolve to locate it at location 0x4fff2, or alternatively agree that the RBX register should be used, or agree to use one of the many other ways a variable can be represented. Once each collaboration has reached an agreement and the terms of that agreement distributed, your Agent can begin to design the binary instruction. The construction site collaboration is where you will exactly place your binary bytes. The construction site protocol is detailed in the whitepaper and is some of the magic that allows the decentralized development system to deliver the project binary. The protocol consists of 3 steps,
You request space in the project binary be reserved.
You are notified of the physical address of your requested space.
You delver the the binary bytes you designed to fill the reserved space.
Once the bytes are returned your Agent can remove the job from its work schedule. Job done, payment received, another happy customer with a shiny ADD instruction designed into their project binary. Note:
Observe how it is impossible for this ADD Agent to install a backdoor undetected by the client.
Observe how the Agent isn’t linking a module, or using a HLL to express the binary instruction.
Observe how with just a handful of predicates you have a working "Addition" Agent capable of designing the Addition Feature into a project with a wide range of collaboration agreements.
Observe how this Agent could conceivably not even design-in an ADD instruction if one of the design time collaboration agreements was a literal "1" (It would design in an increment instruction). There is even a case where this Agent may not deliver any binary to build its feature into your project!
24. How does EC arrive at a project binary without writing source code? Devs using EC combine features to create solutions. They don't write code. EC devs contract Agents which design the desired features into their project for a fee. Emergent coding uses a domain specific contracting language (called pilot) to describe the necessary contracts. Pilot is not a general purpose language. As agents create their features by similarly combining smaller features contracted from peer, your desired features may inadvertently result in thousands of contracts. As it is agents all the way down, there is no source code to create the project binary. Traditional: Software requirements -> write code -> compile -> project binary (ELF). Emergent coding: Select desired features -> contract agents -> project binary (ELF). Agents themselves are created the same way - specify the features you want your agent to have, contract the necessary agents for those features and viola - agent project binary (ELF). 25. How does the actual binary code that agents deliver to each other is written? An agent never touches code. With emergent coding, agents contribute features to a project, and leave the project binary to emerge as the higher-order complexity of their collective effort. Typically, agents “contribute” their feature by causing smaller features to be contributed by peers, who in turn, do likewise. By mapping features to smaller features delivered by these peers, agents ensure their feature is delivered to the project without themselves making a direct code contribution. Peer connections established by these mappings serve to both incrementally extend a temporary project “scaffold” and defer the need to render a feature as a code contribution. At the periphery of the scaffold, features are so simple they can be rendered as a binary fragment with these binary fragments using the information embodied by the scaffold to guide the concatenation back along the scaffold to emerge as the project binary - hence the term Emergent Coding. Note the scaffold forms a temporary tree-like structure which allows virtually all the project design contracts to be completed in parallel. The scaffold also automatically limits an agent's scope to precisely the resources and site for their feature. It is why it is virtually impossible for an agent to install a "back door" or other malicious code into the project binary.
What Futures Are, How They Relate To BTC and How To Make A Little Money - a brief treatise. Fuck Danny.
Wrote a brief ELI5 here that brought to my attention a lot of folks in my new BTC family don't understand the concept of a futures contract (and likely derivatives in general) or are just generally traditional-financial-instrument ignorant and so I'd like to do this new family a little service and write up a simple guide. You all can wikify it if you like and I might make a video because I have a very good explainy-voice and can do fun accents and maybe someone would like to animate it or something. The recent opening of the CBOE and CME futures markets - and the first of the big investment brokers allowing trading on their hugely popular platform (TDA I am so proud of you!) - is a huge deal. It's a giant step forward to legitimizing Bitcoin as a financial instrument / tradeable asset in the eyes of the general public. It's about as big as the Japanese government endorsing Bitcoin and installing ATMs in their train stations, which was the catalyst that set off the meteoric bull market we saw in the last few months. More futures exchanges will be opening soon, including an international exchange between Japan and the USA(!!!!), and so you can expect to see a LOT more trading activity. I would not be surprised to see actual Bitcoin-deliverable managed contracts within three years at the latest. I'm not psychic, I've been wrong before, but I generally keep my guesses conservative and so I've been lucky enough to be right more than wrong. It seems to me that worldwide, cross-border trading is not far away. The good news here is that this will cause international arbitrage opportunities caused by wide price gaps to vanish quite quickly. That is also the bad news. The other good news is that this will make Bitcoin quite a lot more stable. This is also the bad news. Ha... everything's perspective, after all. But the great news? We're getting to the point where we will soon be able to sit back on our fat American and European asses and buy chocolate directly from an African farmer, Coffee directly from a South American and sell our electronics to each other without middlemen or interference and give everyone a much, much fairer price. We can start to end the slavery of imbalanced capitalism... ah what a time to be alive. Alright folks, enough of a foreword. Fuck Danny, let's begin. This will be in two parts.
What Are Futures (and how they relate to bitcoin)
How To Make A Little Money
What Are Futures? The simplest way to put it is that a futures contract is an agreement to buy a thing (a commodity) at a specific price on a specific date. The date comes, you pay that price, you get that thing. For example you promise to buy Gold at $1000 an ounce on January 18 (one month from this posting) and someone else promises to sell you gold at $1000 an ounce on that same day. Come 1/18 the price of gold is $900 you're paying a $100 premium on it and the seller made an easy $100. Same day comes but the price is $1,100 and your positions are switched. It is you who gets $100 extra gold instead of paying $100 for the same amount. Reread that last few sentences until you get it. OK, so a futures contract can be written between any two people or entities like any contract, right? Right. Right, right? Right! OK. Do not go to a bar and sign a contract written on a napkin because it is fucking binding. It may not hold up in court without witnesses but technically it is a legal contract. So you've probably heard of futures exchanges. What are those? Simply put, it's a big marketplace. But there's more to it than that. A futures exchange is regulated by the laws of the financial departments of the country it operates in. The contracts they agree to buy and sell are standardized within that exchange and, in the case of internationally traded commodities like gold, chocolate, coffee, sugar, cotton and a million other things these contracts are standardized across exchanges as well. Each commodity has its own conventions. One may be settled every three months with the prices being announced every month, another may settle every six months. They may represent 1 ton or 100 tons and they all have their own personalities. Some are frenetic, some placid. Some change with the weather - like agricultural - and some change with news - like steel. So, exchanges. Exchanges create a big market where everyone knows they can go to buy and sell futures. This creates traffic and trade volume. The exchange facilitates the trading of contracts between parties but they don't only match buyers and sellers up - they are buyers and sellers, on mass. You see, they offer these standardized contracts that you 'sign' by agreement (clicking or phoning it in). If 1000 people are buying contract X every day and 900 are selling contract X every day then the exchange can be pretty darn sure if it buys contract X now that the price will be rising and it will be able to offload them to the eager buyers. And since it is the exchange, it gets those sexy first dibs. Exchanges do their business for a lot of reasons but the most straightforward one is commissions. Every trade creates money for them and they take no risk on it as long as they can offset a buy with a sell and vice versa. They may hold a buy or sell on contract X for a millisecond and meanwhile only change the price every hour. This is great money. On the other side of the coin since they have all the information on all the data of buying and selling they are in a prime position to do some high volume trading and make money. Do not make the mistake of thinking the exchange is necessarily your friend. They want the trading to continue and so of course they want people to make money but this is one game where the casino can sit at the table. And they do have that edge. They can get rid of any position at any time, so they have no fear in buying or selling. OK, so how does a futures contract relate to BTC? BTC contracts are settled in cash, not in goods. That means the competing parties on a contract only exchange money relating to the price difference of the bitcoin not the bitcoin itself. This bears repeating: If you buy a JAN18 contract for bitcoin at $19,000 and JAN18 comes and Bitcoin costs $20,000 you will receive $1000 cash (in your account) not 1 BTC and $1000. Make sure you get that. Make sure you understand that. SERIOUSLY. It's super important for the 'how to make money' bit coming up shortly. So in the past (and present day, which is seeming more and more like the past as time marches on implacably towards the heat death of the universe and woe betide mortal man for we know not what we doooo) futures contracts were a way for a producer and a consumer to agree on a price later. Baker has his formula down so he makes money on his buns if wheat flour costs $1 a bag. Miller agrees to sell it for that $1 a bag for 1 bakers full of flour (say 1 ton or whatever). Miller goes to farmer and agrees to buy 1 tons of flour's worth of wheat for 90 cents a flour bags worth. Harvest comes, farmer delivers to miller, makes flour, baker buys flour, everyone wins. Everybody makes money. Farmer says he needs another 10 cents per bag next year, miller passes that on to baker at the next negotiation and the price adjusts. And so on the steady march of inflation and industry. Now think about gold. Say the primary reason to buy the gold contract was to immediately sell the gold for money, not hold it to make watches or gangster teeth. In fact it would be a pain in the ass to have to take possession of a ton of gold. OK, just pass the money back and forth instead. Such is the case with bitcoin. So now you understand that if you go to an exchange to buy or sell a futures contract what you're buying or selling: A standardized contract for the price of bitcoin at a future date (say 1, 2 or 3 months from now). Now understand the data you're presented with will be the current price, trade volume (or at least you should be, haven't looked) and the changes from one minute (or few minutes) to the next. You understand you're buying from or selling to the exchange itself and they will find a counterpart for your buy/sell or hold the opposite position themselves because they think they'll make money off it. You also understand that you do not deliver or receive bitcoin but only the difference between the price of the coin and the settlement price of the contract on the settlement date. Last thing to understand is that you don't have to keep the contract. That's the part that makes it 'trading.' The contract ends in 1 month. Cool. So you buy it when the price for JAN18 is $20,000 and then Bitcoin itself rises in the interval and the price of JAN18 futures goes up as well, you can sell that. You can sell it right the fuck away. Or hold it. Depends what you think will happen later. What's this mean for bitcoin? Well, as you can probably put together from the previous paragraph what futures (and other derivatives) are great for is measuring market sentiment. Remember the exchanges need people to buy and sell. If they are able to sell a lot of contracts they get a lot of commissions. If not, not. And the more trading the less risk they have on their own positions because they can liquidate at any time. Think of it like if you have a ton of cocaine. Cocaine is expensive as heck, sure, but you notice the price goes down in gross or bulk right? Because it's fucking hard to move cocaine, isn't it? Nobody really wants to have a ton of cocaine. They want to SELL a ton of cocaine. Of course with cocaine the price will probably always be high and getting higher. With something like Bitcoin that might not be the case. I am bullish on Bitcoin for the long term, but still - it's a risk. So the exchanges price their futures to move. They find that sweet spot where an equal(ish) number of people will buy and sell. So the future price of a contract, you can assume, is where most of the market believes the price will be at the time of expiration. How else does it relate to bitcoin? Ah, you will soon see because here is part 2 - how to make a little money. Part 2 - How To Make A Little Money Now, this part of the lesson isn't really aptly named because, truly, you could get insanely rich with at least one of these strategies if you're highly liquid. Let's do a short thought experiment. First, have a sip of coffee or water or tea or your beverage of choice and clear your mind a little. I want you to imagine you are standing in front of an green grocer selling spices. You are looking at whole dried black pepper, called the king of spices because it is, as a commodity, the most widely traded and stored and sold spice in the world. It never spoils if stored properly and it's beloved around the world. You can buy this pepper for $100 a barrel. You believe this pepper is great and the price may rise so you buy 10 barrels on the spot - heck you can always cook with it, if you can't sell it - and give the happy grocer $1000 and go on your way expecting delivery at your gourmet spice shop tomorrow morning. On the way to the cafe to meet your sexy belly dancer date you spy an importer exporter with a sign in his window: Buying black pepper (whole) $150 a barrel on January 18. That's just 1 month away. You can make $50 a barrel on the pepper you already bought and all you have to do is hold it in the back of your shop for 29 days. Hot damn! You march right into the office, sign a contract to deliver 10 barrels and leave $500 richer. You're walking with a big smile on your face just ready to brag to your belly dancer about the new nipple tassles you'll be buying her when you stop short. The grocer... You can go back there right now and repeat the process. As long as that grocer has pepper and this exporter is hungry for it you're the middle-man king of Calcutta! Hell there are farms everywhere, you can get rich this month! So it is with Bitcoin. You can buy bitcoin right now. And you can sell it right now for more than you bought it for. And just like with cocaine, black pepper or dragon piss you're limiting your profit but guaranteeing it. Your black pepper, in the barrel and sold by the 1 oz bag is worth much, much more money than the 50% profit the exporter offers. The cocaine? Holy shit. Dragon piss I don't know, I prefer unicorn. But if you think about it - what's the stop you, other than your liquidity, from infinitely churning the contract? The high price on the JAN17 contract during yesterday's trading was $20050. All through yesterday you could have bought bitcoin itself on coinbase for between $18,000 and $19,000 meaning you could have hypothetically bought 1 bitcoin and turned around and sold the JAN17 contract and made $2,000 ~ $1,000. And the amount of times you could have done that would be limited solely by the amount of money you have to do it with. And, yeah, the rules of the CBOE which has a limit on the number of contracts you can have, how much margin you need, etc. However, you should be able to post your BTC to them to show you have no issues with margin. After all - you own the coin itself. Your risk is limited. The price shoots up to $100,000 on JAN17 you can cry that you sold the contract on your beautiful coins but pay the difference all you have to do is sell those coins and use your 20 $100 bills to dry your tears. Conversely if the price of BTC should fall to 0 in that same time then some poor shmo owes you $20,050 and you still have the BTC to hold on to at night to keep you warm as it again rises in price. Get it? OK, so that's one way to make a little guaranteed money. The price of the future is higher than the asset, buy the asset sell the future. Guess what you do if the price of the future is lower than the price of the asset? So now let's say that the market is bearish on bitcoin and the JAN17 futures price is $15,000 and the current price of BTC is $17,000. Let's say you sell 1 BTC and buy the JAN17 contract. Well you've just spent $15,000 and made $17,000 for a profit of $2,000 and... now... you... wait. JAN17 comes and the market was right. Fuck Danny. The price of Bitcoin on JAN17 is lower than $15,000. Sheeeeit. Fucking Danny. Good news though, you have $2,000 to comfort you. Since you promised to buy the Bitcoin for $15,000 and the price is over $13,000 your $2000 is enough to cover your loss and leave you a bit of profit to boot. Nice. Naturally, if the price fell below $13,000 you'd have to eat the difference. Perhaps you're starting to see how you can adjust your position with futures and assets to account for any market condition that may arise to secure yourself a profit no matter what may transpire. Sure enough, this is true. The only thing limiting you is your liquidity - aka how much filthy dirty evil money you have - and of course that's why the rich can't lose unless they gamble out of their depth. And it's also what makes it so hard for regular folks to do the sort of things I'm describing. Until an exchange comes along with micro-contracts or regular folks get together to create bitcoin funds together that's just the way the cookie crumbles. Don't forget - you can hold the contracts or liquidate them along the way. Of course, if the price is moving in the direction favorable to your position you make money closing the position... and won't want to. And if it's moving the opposite way you lose money closing the position... and will want to. Such is the irrational nature of the speculator. Next time: "Net Short vs. Net Long, You Should Know This Shit Already."
GAME OF NYANCAT, Episode 4... Thousands of Nyancoins to win this weekend, for free! Choose your kingdom, choose your job, and claim your share of the treasure: Let's make this the biggest game yet! (28 points, 274 comments)
I want to extend a huge thanks to Phecalfeliac who has successfully given us our very own tip bot! (nyantip) Please post in this topic so we can all tip you our thanks (with your own bot). (23 points, 80 comments)
We are going to 500 subscribers this weekend: I guarantee it. Nyancoin has exploded, and I just want you to look at how far you've come in just 7 days. (23 points, 34 comments)
Prepare to play... GAME OF NYANCAT. The Kingdom that wins will split a 1000 Nyancoin bounty, and all players are eligible for random tips. (22 points, 63 comments)
GAME OF NYANCAT, Episode 2 (1/27/14)... Play NOW for free and win free Nyancoins! Every player will get tipped coins, and the Kingdom that wins will split up to a 1,000 NYAN treasure! Let the quest begin! (21 points, 73 comments)
GAME OF NYANCAT, Episode 3 (1/28/14)... Play NOW for free and win free Nyancoins! Every player will get tipped coins, and the Kingdom that wins will split up to a 1,000 NYAN treasure! Let the quest begin! (20 points, 60 comments)
A generous Nekonaut just donated almost 1 BTC to Cryptsy Votes,that made us be the 7th place there.Our community must do something to help our little nyancoin added on Cryptsy,we deserve that!!If 1/5 of Nekonauts(nearly 200) donate 0.01BTC each to Cryptsy will let us achieve this goal! (18 points, 22 comments)
GAME OF NYANCAT, Episode 4... Thousands of Nyancoins to win this weekend, for free! Choose your kingdom, choose your job, and claim your share of the treasure: Let's make this the biggest game yet! by americanpegasus (28 points, 274 comments)
Nyancoin V 1.2 Out Now! Kimoto Gravity Well Implemented! MANDATORY UPDATE by nyancoin (28 points, 28 comments)
This week featured some high tensions, the first Sunday Session, and the way overused CivDisease. Nothing dramatic happened for me. I dug for the Hexagon, logged trees, and made a building. Oh, but editing the broadcast took a while since many periods had to be cut off the recording. Also, building even small structures can eat up your stone reserves, so make sure you have a lot of that good stuff before you begin (also, schematics are awesome).
Dovah, Sarin, Siksta, and Havok245 for recording the first broadcast of Sunday Sessions. We are not sure what to do this week, but we hope to improve your experience. Clone for admitting his mistake. UnknownOreo for Fellowship factory access. Taargus for a trade with logs and emeralds. DryPixel, DeceitfulFig, and OzzyVargas for helping dig out the expansion of the Hexagon. Whistleblower for raising attention about hockey issues (Grundeswald being rejected entry).
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