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cyberpunk aesthetic

Cyberpunk: A subgenre of science fiction in a futuristic setting that tends to focus on "a combination of low life and high tech" featuring advanced technological and scientific achievements, such as artificial intelligence and cybernetics, juxtaposed with a degree of breakdown or radical change in the social order. Basics: Posts should include something both *cyber* and *punk*.
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d down, k up, everybody's a game theorist, titcoin, build wiki on Cardano, (e-)voting, competitive marketing analysis, Goguen product update, Alexa likes Charles, David hates all, Adam in and bros in arms with the scientific counterparts of the major cryptocurrency groups, the latest AMA for all!

Decreasing d parameter
Just signed the latest change management document, I was the last in the chain so I signed it today for changing the d parameter from 0.52 to 0.5. That means we are just about to cross the threshold here in a little bit for d to fall below 0.5 which means more than half of all the blocks will be made by the community and not the OBFT nodes. That's a major milestone and at this current rate of velocity it looks like d will decrement to zero around March so lots to do, lots to talk about. Product update, two days from now, we'll go ahead and talk about that but it crossed my desk today and I was really happy and excited about that and it seemed like yesterday that d was equal to one and people were complaining that we delayed it by an epoch and now we're almost at 50 percent. For those of you who want parameter-level changes, k-level changes, they are coming and there's an enormous internal conversation about it and we've written up a powerpoint presentation and a philosophy document about why things were designed the way that they're designed.
Increasing k parameter and upcoming security video and everybody's a game theorist
My chief scientist has put an enormous amount of time into this. Aggelos is very passionate about this particular topic and what I'm going to do is similar to the security video that I did where I did an hour and a half discussion about a best practice for security. I'm going to actually do a screencasted video where I talk about this philosophy document and I'm going to read the entire document with annotations with you guys and kind of talk through it. It might end up being quite a long video. It could be several hours long but I think it's really important to talk around the design philosophy of this. It's kind of funny, everybody, when they see a cryptographic paper or math paper, they tend to just say okay you guys figure that out. No one's an expert in cryptography or math and you don't really get strong opinions about it but game theory despite the fact that the topics as complex and in some cases more complex you tend to get a lot of opinions and everybody's a game theorist. So, there was enormous amount of thought that went into the design of the system, the parameters of system, everything from the reward functions to other things and it's very important that we explain that thought process in as detailed of a way as possible. At least the philosophy behind it then I feel that the community is in a really good position to start working on the change management. It is my position that I'd love to see k largely increased. I do think that the software needs some improvements to get there especially partial delegation delegation portfolios and some enhancements into the operation of staking especially.
E-voting
I'd love to see the existence of hybrid wallets where you have a cold part a hot part and we've had a lot of conversations about that and we will present some of the progress in that matter at the product updates. If not this October certainly in November. A lot of commercialization going along, a lot of things going on and flowing around and you know, commercial teams working hard. As I mentioned we have a lot of deals in the pipeline. The Wyoming event was half political, half sales. We were really looking into e-voting and we had very productive conversations along those lines. It is my goal that Cardano e-voting software is used in political primaries and my hope is for eventually to be used in municipal and state and eventually federal elections and then in national elections for countries like Ethiopia, Mongolia and other places. Now there is a long road, long, long road to get there and many little victories that have to begin but this event. Wyoming was kind of the opener into that conversation there were seven independent parties at the independent national convention and we had a chance to talk to the leadership of many of them. We will also engage in conversation with the libertarian party leadership as well and at the very least we could talk about e-voting and also blockchain-based voting for primaries that would be great start and we'll also look into the state of Wyoming for that as well. We'll you know, tell you guys about that in time. We've already gotten a lot of inquiries about e-voting software. We tend to get them along with the (Atala) Prism inquiries. It's actually quite easy to start conversations but there are a lot of security properties that are very important like end-to-end verifiability hybrid ballots where you have both a digital and a paper ballot delegation mechanics as well as privacy mechanics that are interesting on a case-by-case basis.
Goguen, voting, future fund3, competitive marketing analysis of Ouroboros vs. EOS, Tezos, Algorand, ETH2 and Polkadot, new creative director
We'll keep chipping away at that, a lot of Goguen stuff to talk about but I'm going to reserve all of that for two days from now for the product update. We're right in the middle, Goguen metadata was the very first part of it. We already have some commercialization platform as a result of metadata, more to come and then obviously lots of smart contract stuff to come. This update and the November update are going to be very Goguen focused and also a lot of alternatives as well. We're still on schedule for an HFC event in I think November or December. I can't remember but that's going to be carrying a lot of things related multisig token locking. There's some ledger rule changes so it has to be an HFC event and that opens up a lot of the windows for Goguen foundations as well as voting on chain so fund3 will benefit very heavily from that. We're right in the guts of Daedalus right now building the voting center, the identity center, QR-code work. All this stuff, it's a lot of stuff, you know, the cell phone app was released last week. Kind of an early beta, it'll go through a lot of rapid iterations every few weeks. We'll update it, google play is a great foundation to launch things on because it's so easy to push updates to people automatically so you can rapidly iterate and be very agile in that framework and you know we've already had 3500 people involved heavily in the innovation management platform ideascale and we've got numerous bids from everything. From John Buck and the sociocracy movement to others. A lot of people want to help us improve that and we're going to see steady and systematic growth there. We're still chipping away at product marketing. Liza (Horowitz) is doing a good job, meet with her two three-times a week and right now it's Ouroboros, Ouroboros, Ouroboros... We're doing competitive analysis of Ouroboros versus EOS, Tezos, Algorand, ETH2 and Polkadot. We think that's a good set. We think we have a really good way of explaining it. David (David Likes Crypto now at IOHK) has already made some great content. We're going to release that soon alongside some other content and we'll keep chipping away at that.
We also just hired a creative director for IO Global. His name's Adam, incredibly experienced creative director, he's worked for Mercedes-Benz and dozens of other companies. He does very good work and he's been doing this for well over 20 years and so the very first set of things he's going to do is work with commercial and marketing on product marketing. In addition to building great content where hope is make that content as pretty as possible and we have Rod heavily involved in that as well to talk about distribution channels and see if we can amplify the distribution message and really get a lot of stuff done. Last thing to mention, oh yeah, iOS for catalyst. We're working on that, we submitted it to the apple store, the iOS store, but it takes a little longer to get approval for that than it does with google play but that's been submitted and it's whenever apple approves it or not. Takes a little longer for cryptocurrency stuff.
Wiki shizzle and battle for crypto, make crypto articles on wiki great again, Alexa knows Charles, Everpedia meets Charles podcast, holy-grail land of Cardano, wiki on Cardano, titcoin
Wikipedia... kind of rattled the cage a little bit. Through an intermediary we got contact with Jimmy Wales. Larry Sanger, the other co-founder also reached out to me and the everpedia guys reached out to me. Here's where we stand, we have an article, it has solidified, it's currently labeled as unreliable and you should not believe the things that are said in it which is David Gerard's work if you look at the edits. We will work with the community and try to get that article to a fair and balanced representation of Cardano and especially after the product marketing comes through. We clearly explain the product I think the Cardano article can be massively strengthened. I've told Rod to work with some specialized people to try to get that done but we are going to work very hard at a systematic approval campaign for all of the scientific articles related to blockchain technology in the cryptocurrency space. They're just terrible, if you go to the proof of work article, the proof of stake or all these things, they're just terrible. They're not well written, they're out of date and they don't reflect an adequate sampling of the science. I did talk to my chief scientist Aggelos and what we're gonna do is reach out to the scientific counterparts that most of the major cryptocurrency groups that are doing research and see if they want to work with us at an industry-wide effort to systematically improve the scientific articles in our industry so that there are a fair and balanced representation of what the current state of the art are, the criticisms, the trade-offs as well as the reference space and of course obviously we'll do quite well in that respect because we've done the science. We're the inheritor of it but it's a shame because when people search proof of stake on google usually wikipedia results are highly biased. We care about wikipedia because google cares about wikipedia, amazon cares about wikipedia.
If you ask Alexa who is Charles Hoskinson, the reason why Alexa knows is because it's reading directly from the wikipedia page. If I didn't have a wikipedia page Alexa would know that so if somebody says Alexa what is Cardano it's going to read directly from the wikipedia page and you know and we can either just pretend that reality doesn't exist or we can accept it and we as a community working with partners in the broader cryptocurrency community can universally improve the quality of cryptocurrency pages. There's been a pattern of commercial censorship on wikipedia for cryptocurrencies in general since bitcoin itself. In fact I think the bitcoin article is actually taken down once back in, might have been, 2010 or 2009 but basically wikipedia has not been a friend of cryptocurrencies. That's why everpedia exists and actually their founders reached out to me and I talked to them over twitter through PMs and we agreed to actually do a podcast. I'm going to do a streamyard, stream with these guys and they'll come on talk all about everpedia and what they do and how they are and we'll kind of go through the challenges that they've encountered. How their platform works and so forth and obviously if they want to ever leave that terrible ecosystem EOS and come to the holy-grail land of Cardano we'd be there to help them out. At least they can tell the world how amazing their product is and also the challenges they're having to overcome. We've also been in great contact with Larry Sanger.
He's going to do an internal seminar at some point with with us and talk about some protocols he's been developing since he left wikipedia specifically to decentralize knowledge management and have a truly decentralized encyclopedia. I'm really looking forward to that and I hope that presentation gives us some inspiration as an ecosystem of things we can do. That's a great piece of infrastructure regardless and after we learn a lot more about it and we talk to a lot of people in ecosystem. If we can't get people to move on over, it would be really good to see through ideascale in the innovation management platform for people to utilize the dc fund to build their own variant of wikipedia on Cardano. In the coming months there will certainly be funding available. If you guys are so passionate about this particular problem that you want to go solve it then I'd be happy to play Elon Musk with the hyperloop and write a white paper on a protocol design and really give a good first start and then you guys can go and try to commercialize that technology as Cardano native assets and Plutus smart contracts in addition to other pieces of technology that have to be brought in to make it practical.
Right now we're just, let's talk to everybody phase, and we'll talk to the everpedia guys, we're going to talk to Larry and we're going to see whoever else is in this game and of course we have to accept the incumbency as it is. So, we're working with obviously the wikipedia side to improve the quality of not only our article but all of the articles and the scientific side of things so that there's a fair and accurate representation of information. One of the reasons why I'm so concerned about this is that I am very worried that Cardano projects will get commercially censored like we were commercially censored. So, yes we do have a page but it took five years to get there and we're a multi-billion dollar project with hundreds of thousands of people. If you guys are doing cutting-edge novel interesting stuff I don't want your experience to be the same as ours where you have to wait five years for your project to get a page even after government's adopted. That's absurd, no one should be censored ever. This is very well a fight for the entire ecosystem, the entire community, not just Cardano but all cryptocurrencies: bitcoin, ethereum and Cardano have all faced commercial censorship and article deletions during their tenure so I don't want you guys to go through that. I'm hoping we can prove that situation but you know you don't put all your eggs in one basket and frankly the time has come for wikipedia to be fully decentralized and liberated from a centralized organization and massively variable quality in the editor base. If legends of valor has a page but Cardano didn't have one until recently titcoin, a pornography coin from 2015, that's deprecated, no one uses it, has a page but Cardano couldn't get one there's something seriously wrong with the quality control mechanism and we need to improve that so it'll get done.
submitted by stake_pool to cardano [link] [comments]

How to create a donation address

So I was just browsing through a few open source projects and noticed that some accept crypto donations by specifically adding an address / qr code where you can send crypto to.

With a bit of googling, I noticed that it's bad practice to reuse addresses (e.g. https://en.bitcoin.it/wiki/Address_reuse) but there's also other sources saying it's fine to just create an address and use it as a donation address (https://en.bitcoin.it/wiki/Receiving_donations_with_bitcoin)

Can someone clarify? And if it's bad practice, how do people online generate these addresses?

Thanks in advance
submitted by purefoton to ledgerwallet [link] [comments]

IOTA URI scheme and metadata exchange format

The QR code in the Trinity wallet contains a string of 81 characters indicating an address. Only to people familiar to IOTA, this has a meaning and even then, no one will quickly recognize the exact length of 81 characters.
Other information in QR codes contains a URI, like a web URL, mailto, contact data in VCF, etc. Any QR code scanner will directly know what to do with that information. Even Bitcoin has a URI: https://en.bitcoin.it/wiki/BIP_0021
I think that IOTA could also benefit from having a proper URI scheme, like:
iota://pay/address/
?tag=,amount=
iota://pay/use..
iota://mam/
/read
iota://mam/
/post?message=
iota://listen/

Items in stores could then be provided with tags for automatic payment or reading of a URL with information about the authenticity.
Applications in the IOTA ecosystem can then work seamlessly together, the step to introducing IOTA can be transparent for most users and services can be built on top of IOTA more easily.
The next step would then of course be an exchange format, where distributed wallets can communicate with each other, contact data that can be exchanged over the Tangle, etc.
I think the first step to this would be a clean URI scheme, but I haven't found anything and seeing that the Trinity wallet does not even include this, I doubt that this idea was considered before. I also do not think that the community can define a good scheme, as only the IF knows what's in the pipeline and are at the forefront of standardization.
Is anyone aware of efforts in this direction or reasons why this does not seem to have been done yet?
submitted by stephanahpets to Iota [link] [comments]

How Blockchain.com harms the cryptocurrency community

How Blockchain.com harms the cryptocurrency community
This post has been written to draw Blockchain.com's attention to the issues of its product.
Blockchain.com (formerly Blockchain.info) was founded in 2011 and with no doubt has helped the Bitcoin community to create a block explorer and has proven itself as a valuable service. Millions of people from all over the world use their wallet. However, time goes on, Bitcoin develops, but one of the main cryptocurrency companies not only slows down the process of its development, but also discredits the usability of cryptocurrencies. Why is that? We have tried to explain that in this post.
https://preview.redd.it/i0yk7qraqkw41.jpg?width=1024&format=pjpg&auto=webp&s=963dc18551d2900bca456bfa3a6cfd3636c7c93c

1. Lack of Segwit Address Support

This is the most painful problem for our service. To receive cryptocurrency we use segwit addresses by default. If a customer contacts our support, we can of course change an address in an order to P2SH (the one that begins with number "3"), but it reduces the usability of the service. Why don't we use P2SH by default? It is less beneficial both for us and for our client, as the cost of the consolidation of the transaction is taken into account when calculating the exchange rate. With a high network load and with orders for a small amount, the commission becomes significant. To compare — segwit addresses (or Bech32 that starts with "bc1") are 15% more advantageous than P2SH.
Segwit (Segregated Witness) was activated in 2017. At the end of the same year the CEO of Blockchain.info announced its support starting from (most likely) 2018. We can understand certain fears at the beginning of the way, as the company's security system is for sure not that bad. However more than 2 years have passed since then and that is a lot for the crypto world.

2. Using Legacy (P2PKH) Addresses Only

As of now only a P2PKH address (that starts with number "1") is used in the Blockchain.com wallet to receive cryptocurrency. Why is that bad? It is unfavorable for the users of this wallet. They spend 29% more than those using P2SH addresses.

3. Confusion with PAX and USD Digital

Changing the names of the currencies from one to another only in a Blockchain.com wallet is a rather strange decision. The key problem is that nowhere in the wallet are there any clues that this is an ERC-20 PAX token on the Ethereum blockchain. New wallet users will most likely be confused by this.
We sometimes get questions: "do we have USD Digital to buy or to sell?" and our technical support is forced to explain that it is PAX.

4. Incompetence of mobile application developers

In fact, this post was inspired by this particular problem. We will not focus on performance or shortcomings, we will just tell you about the main issue.
It is worth starting with questions. What problem does a mobile application solve when a person needs to pay for something? What is the best way to fill in the recipient address and the payment amount on the smartphone? Answer: QR code.
Scanning the QR code in this application is done not just badly, but also in such a way that creates maximum number of problems for a user.
The fact is that in the Android application when scanning code with the bitcoin:
?amount=, the value of the amount to be inserted in the corresponding field may differ from the encoded value by 1-100 Satoshi! Our team simply does not understand how this was implemented.
Do not believe? Try it yourself. Amount to insert — 0.00143452 BTC
bitcoin:3LAxDr5CxwBJT4tCejV8rpAXETz7bUH3tG?amount=0.00143452
After receiving information on such a problem from our users, we began to monitor updates to this application. After 2 updates had come out, the problem was not fixed.
And what about iOS? When scanning a QR code with a sum in iOS , the sum value is simply not inserted into the field! No comments. Bravo!
Blockchain.com wallet has different currencies, not just Bitcoin. Let's try Ethereum. You want to scan QR codes for Ethereum payment with the relevant sum? There is no such possibility. The application will respond with an "Invalid address" to all such codes:
  • eth:
    ?amount=
  • ether:
    ?amount=
  • ethereum:
    ?amount=
For BitcoinCash, the task of identifying the amount in the line is also an impossible task. Line with wallet bitcoincash:qpk0689rt3xkzlw8ap4yy72amp2zpws6zujkcgavptconsidered true, but with the amount bitcoincash:qpk0689rt3xkzlw8ap4yy72amp2zpws6zujkcgavpt?amount=0.1 — "Invalid address"
But there are applications that understand all such formats, or at least one of them. The string parsing function is pretty trivial and should not be a problem for the developer.
This article has been written based on the experience of using the application of the members of our team (who have used it for many years) and our users.
We encourage Blockchain.com to fix at least 3 of the 4 problems that we covered in this article. We still hope that the company will work on the bugs and will earn back trust of its users.
In the meantime — use other applications! ;)
The post is published on our blog:https://fixedfloat.com/blog/guides/how-blockchain-com-harms
submitted by FixedFloat to Bitcoin [link] [comments]

Do most ATMs support bitcoin URIs?

Electrum QR codes for addresses are actually bitcoin URIs. Can most ATMs grok those?
submitted by d3vrandom to BitcoinBeginners [link] [comments]

Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)

Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)
A whirlwind tour of Defi, paying close attention to protocols that we’re leveraging at Genesis Block.
https://reddit.com/link/hrrt21/video/cvjh5rrh12b51/player
This is the third post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Last week we explored how building on legacy finance is a fool’s errand. The future of money belongs to those who build with crypto and blockchain at their core. We also started down the crypto rabbit hole, introducing Bitcoin, Ethereum, and DeFi (decentralized finance). That post is required reading if you hope to glean any value from the rest of this series.
97% of all activity on Ethereum in the last quarter has been DeFi-related. The total value sitting inside DeFi protocols is roughly $2B — double what it was a month ago. The explosive growth cannot be ignored. All signs suggest that Ethereum & DeFi are a Match Made in Heaven, and both on their way to finding strong product/market fit.
So in this post, we’re doing a whirlwind tour of DeFi. We look at specific examples and use-cases already in the wild and seeing strong growth. And we pay close attention to protocols that Genesis Block is integrating with. Alright, let’s dive in.

Stablecoins

Stablecoins are exactly what they sound like: cryptocurrencies that are stable. They are not meant to be volatile (like Bitcoin). These assets attempt to peg their price to some external reference (eg. USD or Gold). A non-volatile crypto asset can be incredibly useful for things like merchant payments, cross-border transfers, or storing wealth — becoming your own bank but without the stress of constant price volatility.
There are major governments and central banks that are experimenting with or soon launching their own stablecoins like China with their digital yuan and the US Federal Reserve with their digital dollar. There are also major corporations working in this area like JP Morgan with their JPM Coin, and of course Facebook with their Libra Project.
Stablecoin activity has grown 800% in the last year, with $290B of transaction volume (funds moving on-chain).
The most popular USD-pegged stablecoins include:
  1. Tether ($10B): It’s especially popular in Asia. It’s backed by USD in a bank account. But given their lack of transparency and past controversies, they generally aren’t trusted as much in the West.
  2. USDC ($1B): This is the most reputable USD-backed stablecoin, at least in the West. It was created by Coinbase & Circle, both well-regarded crypto companies. They’ve been very open and transparent with their audits and bank records.
  3. DAI ($189M): This is backed by other crypto assets — not USD in a bank account. This was arguably the first true DeFi protocol. The big benefit is that it’s more decentralized — it’s not controlled by any single organization. The downside is that the assets backing it can be volatile crypto assets (though it has mechanisms in place to mitigate that risk).
Other notable USD-backed stablecoins include PAX, TrueUSD, Binance USD, and Gemini Dollar.
tablecoins are playing an increasingly important role in the world of DeFi. In a way, they serve as common pipes & bridges between the various protocols.
https://preview.redd.it/v9ki2qro12b51.png?width=700&format=png&auto=webp&s=dbf591b122fc4b3d83b381389145b88e2505b51d

Lending & Borrowing

Three of the top five DeFi protocols relate to lending & borrowing. These popular lending protocols look very similar to traditional money markets. Users who want to earn interest/yield can deposit (lend) their funds into a pool of liquidity. Because it behaves similarly to traditional money markets, their funds are not locked, they can withdraw at any time. It’s highly liquid.
Borrowers can tap into this pool of liquidity and take out loans. Interest rates depend on the utilization rate of the pool — how much of the deposits in the pool have already been borrowed. Supply & demand. Thus, interest rates are variable and borrowers can pay their loans back at any time.
So, who decides how much a borrower can take? What’s the process like? Are there credit checks? How is credit-worthiness determined?
These protocols are decentralized, borderless, permissionless. The people participating in these markets are from all over the world. There is no simple way to verify identity or check credit history. So none of that happens.
Credit-worthiness is determined simply by how much crypto collateral the borrower puts into the protocol. For example, if a user wants to borrow $5k of USDC, then they’ll need to deposit $10k of BTC or ETH. The exact amount of collateral depends on the rules of the protocol — usually the more liquid the collateral asset, the more borrowing power the user can receive.
The most prominent lending protocols include Compound, Aave, Maker, and Atomic Loans. Recently, Compound has seen meteoric growth with the introduction of their COMP token — a token used to incentivize and reward participants of the protocol. There’s almost $1B in outstanding debt in the Compound protocol. Mainframe is also working on an exciting protocol in this area and the latest iteration of their white paper should be coming out soon.
There is very little economic risk to these protocols because all loans are overcollateralized.
I repeat, all loans are overcollateralized. If the value of the collateral depreciates significantly due to price volatility, there are sophisticated liquidation systems to ensure the loan always gets paid back.
https://preview.redd.it/rru5fykv12b51.png?width=700&format=png&auto=webp&s=620679dd84fca098a042051c7e7e1697be8dd259

Investments

Buying, selling, and trading crypto assets is certainly one form of investing (though not for the faint of heart). But there are now DeFi protocols to facilitate making and managing traditional-style investments.
Through DeFi, you can invest in Gold. You can invest in stocks like Amazon and Apple. You can short Tesla. You can access the S&P 500. This is done through crypto-based synthetics — which gives users exposure to assets without needing to hold or own the underlying asset. This is all possible with protocols like UMA, Synthetix, or Market protocol.
Maybe your style of investing is more passive. With PoolTogether , you can participate in a no-loss lottery.
Maybe you’re an advanced trader and want to trade options or futures. You can do that with DeFi protocols like Convexity, Futureswap, and dYdX. Maybe you live on the wild side and trade on margin or leverage, you can do that with protocols like Fulcrum, Nuo, and DDEX. Or maybe you’re a degenerate gambler and want to bet against Trump in the upcoming election, you can do that on Augur.
And there are plenty of DeFi protocols to help with crypto investing. You could use Set Protocol if you need automated trading strategies. You could use Melonport if you’re an asset manager. You could use Balancer to automatically rebalance your portfolio.
With as little as $1, people all over the world can have access to the same investment opportunities and tools that used to be reserved for only the wealthy, or those lucky enough to be born in the right country.
You can start to imagine how services like Etrade, TD Ameritrade, Schwab, and even Robinhood could be massively disrupted by a crypto-native company that builds with these types of protocols at their foundation.
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Insurance

As mentioned in our previous post, there are near-infinite applications one can build on Ethereum. As a result, sometimes the code doesn’t work as expected. Bugs get through, it breaks. We’re still early in our industry. The tools, frameworks, and best practices are all still being established. Things can go wrong.
Sometimes the application just gets in a weird or bad state where funds can’t be recovered — like with what happened with Parity where $280M got frozen (yes, I lost some money in that). Sometimes, there are hackers who discover a vulnerability in the code and maliciously steal funds — like how dForce lost $25M a few months ago, or how The DAO lost $50M a few years ago. And sometimes the system works as designed, but the economic model behind it is flawed, so a clever user takes advantage of the system— like what recently happened with Balancer where they lost $500k.
There are a lot of risks when interacting with smart contracts and decentralized applications — especially for ones that haven’t stood the test of time. This is why insurance is such an important development in DeFi.
Insurance will be an essential component in helping this technology reach the masses.
Two protocols that are leading the way on DeFi insurance are Nexus Mutual and Opyn. Though they are both still just getting started, many people are already using them. And we’re excited to start working with them at Genesis Block.
https://preview.redd.it/wf1xvq3z12b51.png?width=700&format=png&auto=webp&s=70db1e9587f57d0c470a4f9f4523c216929e1876

Exchanges & Liquidity

Decentralized Exchanges (DEX) were one of the first and most developed categories in DeFi. A DEX allows a user to easily exchange one crypto asset for another crypto asset — but without needing to sign up for an account, verify identity, etc. It’s all via decentralized protocols.
Within the first 5 months of 2020, the top 7 DEX already achieved the 2019 trading volume. That was $2.5B. DeFi is fueling a lot of this growth.
https://preview.redd.it/1dwvq4e022b51.png?width=700&format=png&auto=webp&s=97a3d756f60239cd147031eb95fc2a981db55943
There are many different flavors of DEX. Some of the early ones included 0x, IDEX, and EtherDelta — all of which had a traditional order book model where buyers are matched with sellers.
Another flavor is the pooled liquidity approach where the price is determined algorithmically based on how much liquidity there is and how much the user wants to buy. This is known as an AMM (Automated Market Maker) — Uniswap and Bancor were early leaders here. Though lately, Balancer has seen incredible growth due mostly to their strong incentives for participation — similar to Compound.
There are some DEXs that are more specialized — for example, Curve and mStable focus mostly only stablecoins. Because of the proliferation of these decentralized exchanges, there are now aggregators that combine and connect the liquidity of many sources. Those include Kyber, Totle, 1Inch, and Dex.ag.
These decentralized exchanges are becoming more and more connected to DeFi because they provide an opportunity for yield and earning interest.
Users can earn passive income by supplying liquidity to these markets. It usually comes in the form of sharing transaction fee revenue (Uniswap) or token rewards (Balancer).
https://preview.redd.it/wrug6lg222b51.png?width=700&format=png&auto=webp&s=9c47a3f2e01426ca87d84b92c1e914db39ff773f

Payments

As it relates to making payments, much of the world is still stuck on plastic cards. We’re grateful to partner with Visa and launch the Genesis Block debit card… but we still don’t believe that's the future of payments. We see that as an important bridge between the past (legacy finance) and the future (crypto).
Our first post in this series shared more on why legacy finance is broken. We talked about the countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). We talked about the slow settlement times.
The future of payments will be much better. Yes, it’ll be from a mobile phone and the user experience will be similar to ApplePay (NFC) or WePay (QR Code).
But more importantly, the underlying assets being moved/exchanged will all be crypto — digital, permissionless, and open source.
Someone making a payment at the grocery store check-out line will be able to open up Genesis Block, use contactless tech or scan a QR code, and instantly pay for their goods. All using crypto. Likely a stablecoin. Settlement will be instant. All the middlemen getting their pound of flesh will be disintermediated. The merchant can make more and the user can spend less. Blockchain FTW!
Now let’s talk about a few projects working in this area. The xDai Burner Wallet experience was incredible at the ETHDenver event a few years ago, but that speed came at the expense of full decentralization (can it be censored or shut down?). Of course, Facebook’s Libra wants to become the new standard for global payments, but many are afraid to give Facebook that much control (newsflash: it isn’t very decentralized).
Bitcoin is decentralized… but it’s slow and volatile. There are strong projects like Lightning Network (Zap example) that are still trying to make it happen. Projects like Connext and OmiseGo are trying to help bring payments to Ethereum. The Flexa project is leveraging the gift card rails, which is a nice hack to leverage existing pipes. And if ETH 2.0 is as fast as they say it will be, then the future of payments could just be a stablecoin like DAI (a token on Ethereum).
In a way, being able to spend crypto on daily expenses is the holy grail of use-cases. It’s still early. It hasn’t yet been solved. But once we achieve this, then we can ultimately and finally say goodbye to the legacy banking & finance world. Employees can be paid in crypto. Employees can spend in crypto. It changes everything.
Legacy finance is hanging on by a thread, and it’s this use-case that they are still clinging to. Once solved, DeFi domination will be complete.
https://preview.redd.it/svft1ce422b51.png?width=700&format=png&auto=webp&s=9a6afc9e9339a3fec29ee2ae743c07c3042ea4ce

Impact on Genesis Block

At Genesis Block, we’re excited to leverage these protocols and take this incredible technology to the world. Many of these protocols are already deeply integrated with our product. In fact, many are essential. The masses won’t know (or care about) what Tether, USDC, or DAI is. They think in dollars, euros, pounds and pesos. So while the user sees their local currency in the app, the underlying technology is all leveraging stablecoins. It’s all on “crypto rails.”
https://preview.redd.it/jajzttr622b51.png?width=700&format=png&auto=webp&s=fcf55cea1216a1d2fcc3bf327858b009965f9bf8
When users deposit assets into their Genesis Block account, they expect to earn interest. They expect that money to grow. We leverage many of these low-risk lending/exchange DeFi protocols. We lend into decentralized money markets like Compound — where all loans are overcollateralized. Or we supply liquidity to AMM exchanges like Balancer. This allows us to earn interest and generate yield for our depositors. We’re the experts so our users don’t need to be.
We haven’t yet integrated with any of the insurance or investment protocols — but we certainly plan on it. Our infrastructure is built with blockchain technology at the heart and our system is extensible — we’re ready to add assets and protocols when we feel they are ready, safe, secure, and stable. Many of these protocols are still in the experimental phase. It’s still early.
At Genesis Block we’re excited to continue to be at the frontlines of this incredible, innovative, technological revolution called DeFi.
---
None of these powerful DeFi protocols will be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to! We’ve discussed this before, these are low-level protocols that need killer applications, like Genesis Block.
So now that we’ve gone a little deeper down the rabbit hole and we’ve done this whirlwind tour of DeFi, the natural next question is: why?
Why does any of it matter?
Most of these financial services that DeFi offers already exist in the real world. So why does it need to be on a blockchain? Why does it need to be decentralized? What new value is unlocked? Next post, we answer these important questions.
To look at more projects in DeFi, check out DeFi Prime, DeFi Pulse, or Consensys.
------
Other Ways to Consume Today's Episode:
Follow our social channels:https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto:https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Apparently, Christmas is on Halloween this year! :) [Winner's Thread #35]

Where to start? I think my first post-realization post pretty much sums it up. I guess it's a tasteful combination of surprised shock - because I'm the unluckiest fool on Earth when it comes to these things, I've never so much as won a sticker in a tombola -, guilt - I used to participate pretty regularly in this sub, but the last couple months I kinda lost track of it. I almost didn't participate actually, as I think the last winner or two probably didn't get the usual couple $ from me (I'll make up for it!), and only really commented because I thought the rake thing was funny -, and elation - as this couldn't have come at a better time. Winning is the kind of thing that I daydream about, and I love the idea of the community participating in making others' lives easier. This sub and its concept is awesome, and I love being a part of it (even when I don't win)!
I don't usually like to talk much about myself online, but y'all deserve to know a bit about who you're helping out :-) So, I'm 33, I live in Belgium. I'm a biologist, I have a cat, 4 birds, and a husband. My username is actually partially based off the name of one of my pets, Kiwi, a little conure that I helped save when she was a baby birb. Love of my life (sorry, hubby!). Life has been overall good, I know I'm lucky compared to many people, despite things being a bit rough and complicated recently, having a hard time finding work and such. We're not rich, but we have a roof over our heads and food on the table, and we've even been able to splurge a bit for our wedding this summer (well, more the honeymoon than the wedding itself, tbh), thanks to our friends who helped out. I might not have much, but I try to be generous with what I do have, and to be a positive addition to the lives of people I cross.
So what am I going to do with all these sudden riches? Well there was a nice little luxury villa in the Bahamas I had my eye on... More seriously, a good part will probably go to helping pay some bills that just popped up, like my kitty's recent vet visit, and rent which has just gone up. Then according to what's left, I would love to be able to take my husband out to a nice restaurant or a concert he's been eyeing, because he's a good man and I can't gift him these things as often as I'd like. Then, if it's possible, I'd love to fly over to see my brother, who lives in another country, and get to see my nephew for his birthday. We'll see what's possible :-) either way, I'm so grateful to all of you!
I just want to end with a big shout-out: to the mods, who are really friendly and do a great job a running this sub, and and u/lilfruini in particular who so patiently helped work through timezone and technical issues; to the community as a whole, for making this kind of thing possible, and restoring faith in humanity's ability to share and care about others; and of course, last but not least, to all of you, whether you donate or just leave a friendly comment, for bringing a smile to my face today and whenever I'll be raking my leaves :-)
Cheers to all of you!!
PS: Haiku!
It seems I have won Amazing rakes incoming! Leaves on lawn no more.
Edit: I'm blown away by the generosity. Every single one of you are amazing people! I hope you have a fantastic day <3
Edit 2: [Updated again!] As per request, here are the winnings so far :-)
Total = $1876.18
Thank you so much everyone, you're amazing!! I'm trying to answer and thank all of you personally ❤ I'm sending out big hugs also to those who have donated without leaving comments below, thank you so much! And also, a special high-five to one of you who sent me a PayPal request for a 1$ payment :-D don't worry about it, happens to the best of us and I had a good laugh :-D Cheers everyone! ❤
Edit 3 & 4: Kitty tax! and some birdy pics
This part is written by the mods:

All of the amounts below should result in lilikiwi receiving about $1 USD.

Methods of payment:


Tipbots

| Guide | Amount | Comment this to donate
:- | :- | :- | :-
Tippr | Guide | $1 | “tippr $1”
ChainTip | Guide | $1 | “chaintip”, then send $1 to the address

Cryptocurrency transfer

| Guide | Amount | Address (click for QR Code)
:- | :- | :- | :- | :-
Bitcoin Cash | Guide | 0.0023 BCH | bitcoincash:qqhycmf72aej5vrt79ttr2p6wsapf4cyuyv4t559dr
Handcash | Guide | $1 | $LILIWIKI2018 (for QR code, see Bitcoin Cash)
Bitcoin | Guide | 0.00016 BTC | 12GNZdCJCd5pummCSLfFs6D3TtAzNPQjQ3
Litecoin | Guide | 0.019 LTC | LKQrVGmJgMYPyxWT2vGNjSJXwKUgLojvQM
Ethereum | Guide | 0.0050 Ether | 0x55CDd28c2847b457Be8bc98C285fd945574BF9B7
Dogecoin | Guide | 225 Doge | DPn8m1Gfo1waFaaBuCHAe7UmrPMLcbA96i
Steem | Guide | 1.23 Steem | @millmakers

Cash transfer

| Guide | Amount | Address
:- | :- | :- | :-
PayPal | Guide | $1* | [email protected]

* - Transfer fee from U.S. to Europe varies depending on the amount, see this link
submitted by lilikiwi to millionairemakers [link] [comments]

First shot bullseye! Thanks to all! [Winner’s Thread #36]

Thanks to everyone! Honestly I just stumbled onto this and thought I'd put my name in the hat. This was completely out of left field and I am stunned. I recently exited my relationship of the past two years so this was a nice lift me up!
I am in my 30's and these funds will go towards building my emergency fund for when things hit the fan which seems more and more likely to come in the next year or two. I graduated in 2008 and started my career in the recession and learned the hard way on how important it is to have some rounds in the chamber. My car got totalled when I hit a deer on halloween night and I just picked up a cheapo lien car from the tow yard so I need some reserves to cover what breaks next haha.
I also want a portion of the funds to go back into my community. I will tally the votes and will make a donation in the amount of 25% of the funds received to the cause with the top choice. Public trails or homeless resources or the local humane society. Please vote on the following poll: (https://goo.gl/forms/Qi2fqwpwVCG2eGL83)
Edit 1 - Current Standings Paypal - $1200 USD Cash App - $69 Cryptos - ~$125
Edit 2 - Charity Donation Status A $300 check has been sent to the Betty Kwan Chinn Homeless Foundation as the majority vote was to support homeless resources. This charity operates a halfway house, mobile food truck, a day center and other homeless support services for my community. This donation is dedicated towards the replacement of a meals on wheels truck that served over 150 homeless and 20 elderly individuals per day as the charity's catering vehicle was totaled a few days ago. A local business is matching the donation. Thanks to everyone for voting on a cause and contributing! I will be making a final donation at the end of this month to the local food bank.
Edit 3 - Charity Donation Status Paypal - ~$1380 USD Cash App - $75 Cryptos - ~$125 25% of the funds is approximately $400.
$300 already donated to the cause above. A local group is raising $500K to build a trail around a redwood grove and has secured matching donations. I donated an additional $125 to this cause.
This part is written by the mods (except the ethereum link I added per request):
All of the amounts below should result in rayout receiving about $1 USD.

Methods of payment:

Tipbots (may not be running)
Service and Guide Amount Comment this to donate
Tippr $1 tippr $1”
ChainTip $1 chaintip”, then send $1 to the address
Cryptocurrency transfer
Service and Guide Amount Address (click for QR Code)
Bitcoin Cash 0.0042 BCH Unavailable
Bitcoin 0.00021 BTC 3L9QYZq6n4Zs7UDtcsyUmL8oPtHSFXi5Mz
Litecoin 0.029 LTC MCXR4qXNRBRAcUVia2taW4pJpKqrCnQQgY
Dogecoin 446 Doge DS1DEhX7z3TbdHwoo6Dgf2reNcAiyB54bj
Ethereum 0.0074 Ether [0x091B8848Df48d790Ad9a385d7F5A980b74D61790]
Steem 2.38 Steem @millmakers
Cash transfer
Service and Guide Amount Address
PayPal $1 https://paypal.me/rayoutx or [email protected]
Square Cash $1 $rayoutx
submitted by rayout to millionairemakers [link] [comments]

Well hot dang!!!

So I got home from work and opened Reddit to see the little red button telling me I had notifications. Having just posted a dumb picture in weddingplanning, I assumed it was fellow brides commenting on it, but was blown away when it was people congratulating me for being the 32nd winner. It literally could not have come at a better time.
I am getting married two weeks today! Our final payments are due next week and things were looking tight.
A little bit about me: I am a 28 year-old female, and my fiance is 30. We have two cats and a dog, and just moved into our first home this past February. It is a big year of change and a big year of expenses, so I am beyond grateful for winning!
This money will go towards our wedding, to be able to splurge on things that were out of our budget, and go towards our honeymoon.
Thank you guys so so much!
EDIT 1: Guys thank you so much! I know my paypal was international and being an asshole with its fees, but I still have $315.00 CAD in there now thanks to the generosity of this sub, which goes a long way when it comes to my vendor payments!
EDIT 2: I just figured out my bitcoin donations and it brings me to about $802!! Thank you so much!!
***
***
This part is written by the mods:
All of the amounts below should result in Elatedonion receiving about $1 USD.
#**Methods of payment:**
**Tipbots**
| Guide | Amount | Comment this to donate
:- | :- | :- | :-
**Tippr** | [Guide](https://old.reddit.com/tippwiki/index) | $1 | “+tippr $1”
**ChainTip** | [Guide](https://www.chaintip.org/) | $1 | “+chaintip”, then send $1 to the address
**BCHTips** | [Guide](https://old.reddit.com/bchtips/comments/7xwnqq/bch_tips_is_the_easiest_and_most_secure_bitcoin/) | $1 | use the Chrome browser extension
**Cryptocurrency transfer**
| Guide | Amount | Address | QR Code
:- | :- | :- | :- | :-
**Bitcoin Cash** | [Guide](https://bitcoincashers.org/intro/get-started/) | 0.0012 BCH | bitcoincash:qzwalmvz0xaakv3s907zqjkrsr6skswxmc68aqpf0z | https://i.imgur.com/UMoOawE.png
**Bitcoin** | [Guide](https://bitcoin.org/en/getting-started) | 0.00013 BTC | 1FPmLtiqpAN4Ci7nimkyToWk3L4sygvxco | https://i.imgur.com/FXcj8HY.png
**Litecoin** | [Guide](https://litecoin.com/#guide) | 0.012 LTC | LgYwSH9WQaoNMrQPyQo8qCQ52EosebHfRs | https://i.imgur.com/OAnLwnR.png
**Dogecoin** | [Guide](http://dogecoin.so/send-dogecoin/) | 285 Doge | DKyyJCyy5PB5KQQVSZHzM1n4z379ix3ufn | https://i.imgur.com/pRRuoIh.png
**Cash transfer**
| Guide | Amount | Address
:- | :- | :- | :-
**PayPal** | [Guide](https://www.paypal.com/webapps/mpp/account-setup) | $1.40 | [paypal.me/emmamcisaac](https://paypal.me/emmamcisaac)
submitted by Elatedonion to millionairemakers [link] [comments]

It's finally here! Tautulli v2 [beta] (formerly PlexPy v2)

It's finally here! Tautulli v2 [beta] (formerly PlexPy v2).

The long awaited for PlexPy v2 is finally here with a new name Tautulli! Also check us out on the new Plex Labs!
I'm looking for some brave people to help me test some new feature before I fully release them. It's a very big update so I want to make sure everything is working.
Warning: This may mess up your PlexPy install and/or your database. You have been warned. Only join the beta if you are serious about testing and reporting bugs, otherwise I strongly recommend you wait until the final release.

Changelog

v2.0.0-beta (2017-12-18)

v2.0.1-beta (2017-12-19)

v2.0.2-beta (2017-12-24)

v2.0.3-beta (2017-12-25)

v2.0.4-beta (2017-12-29)

v2.0.5-beta (2017-12-31)

v2.0.6-beta (2017-12-31)

v2.0.7-beta (2018-01-01)

v2.0.8-beta (2018-01-03)

v2.0.9-beta (2018-01-03)

v2.0.10-beta (2018-01-04)

v2.0.11-beta (2018-01-05)

v2.0.12-beta (2018-01-07)

v2.0.13-beta (2018-01-13)

v2.0.14-beta (2018-01-20)

v2.0.15-beta (2018-01-27)

v2.0.16-beta (2018-01-30)

v2.0.17-beta (2018-02-03)

v2.0.18-beta (2018-02-12)

v2.0.19-beta (2018-02-16)

v2.0.20-beta (2018-02-24)

v2.0.21-beta (2018-03-04)

v2.0.22-beta (2018-03-09)

"I'm interested! Where do I sign up?"

Assuming you already have PlexPy installed using git, all you need to do is follow these steps:
  1. Backup your database! Go to the PlexPy Settings > General tab > Backup Database. You will need to restore this if something messes up. I'm not helping you if you mess up your database and you didn't create a backup.
  2. Shut down PlexPy by going to Settings > Shutdown.
  3. Using your shell/command line, run the following from the PlexPy folder:
    git fetch git checkout beta 
  4. Start Tautulli as normal.
  5. Post below if you find any bugs (include logs). Please don't post on GitHub issues or the Plex forum thread with bugs/issues from the beta test. If you do, I will laugh at you and delete your post.
    • Please read the issues guidelines before report any problems, and refer to the FAQ for common issues.
    • New features can be submitted on FeatHub (use the search to see if it has already been requested). Please read the feature request guidelines before requesting new features.
    • Join the Discord Server chat for faster help and general chit chat. (Note: the Gitter chat is no longer being used.)
If you want to revert back to the version of PlexPy before beta testing:
Warning: You will not be able to use your v2 database with v1!
  1. Shut down Tautulli by going to Settings > Shutdown.
  2. Restore your backed up plexpy.db file (it can be found in the backup folder).
  3. Using your shell/command line, run the following from the PlexPy folder:
    git checkout master 
  4. Start PlexPy as normal.
Buy me a coffee if you want to support the project! - PayPal | Bitcoin: 3FdfJAyNWU15Sf11U9FTgPHuP1hPz32eEN

Answers to your questions:

  • Why did you call it Tautulli?
    • Because it sounds cool and means "to watch or monitor" in Inuktitut.
  • I don't like the new name!
    • That's too bad. Also, that is not a question.
  • When will v2 be out of beta?
    • When I feel like there are no more major bugs with it. SoonTM.
  • Is there an iOS app?
    • No, there isn't. It costs money to be an iOS developer.
submitted by SwiftPanda16 to PleX [link] [comments]

⚡ Lightning Network Megathread ⚡

Last updated 2018-01-29
This post is a collaboration with the Bitcoin community to create a one-stop source for Lightning Network information.
There are still questions in the FAQ that are unanswered, if you know the answer and can provide a source please do so!

⚡What is the Lightning Network? ⚡

Explanations:

Image Explanations:

Specifications / White Papers

Videos

Lightning Network Experts on Reddit

  • starkbot - (Elizabeth Stark - Lightning Labs)
  • roasbeef - (Olaoluwa Osuntokun - Lightning Labs)
  • stile65 - (Alex Akselrod - Lightning Labs)
  • cfromknecht - (Conner Fromknecht - Lightning Labs)
  • RustyReddit - (Rusty Russell - Blockstream)
  • cdecker - (Christian Decker - Blockstream)
  • Dryja - (Tadge Dryja - Digital Currency Initiative)
  • josephpoon - (Joseph Poon)
  • fdrn - (Fabrice Drouin - ACINQ )
  • pmpadiou - (Pierre-Marie Padiou - ACINQ)

Lightning Network Experts on Twitter

  • @starkness - (Elizabeth Stark - Lightning Labs)
  • @roasbeef - (Olaoluwa Osuntokun - Lightning Labs)
  • @stile65 - (Alex Akselrod - Lightning Labs)
  • @bitconner - (Conner Fromknecht - Lightning Labs)
  • @johanth - (Johan Halseth - Lightning Labs)
  • @bvu - (Bryan Vu - Lightning Labs)
  • @rusty_twit - (Rusty Russell - Blockstream)
  • @snyke - (Christian Decker - Blockstream)
  • @JackMallers - (Jack Mallers - Zap)
  • @tdryja - (Tadge Dryja - Digital Currency Initiative)
  • @jcp - (Joseph Poon)
  • @alexbosworth - (Alex Bosworth - yalls.org)

Medium Posts

Learning Resources

Books

Desktop Interfaces

Web Interfaces

Tutorials and resources

Lightning on Testnet

Lightning Wallets

Place a testnet transaction

Altcoin Trading using Lightning

  • ZigZag - Disclaimer You must trust ZigZag to send to Target Address

Lightning on Mainnet

Warning - Testing should be done on Testnet

Atomic Swaps

Developer Documentation and Resources

Lightning implementations

  • LND - Lightning Network Daemon (Golang)
  • eclair - A Scala implementation of the Lightning Network (Scala)
  • c-lightning - A Lightning Network implementation in C
  • lit - Lightning Network node software (Golang)
  • lightning-onion - Onion Routed Micropayments for the Lightning Network (Golang)
  • lightning-integration - Lightning Integration Testing Framework
  • ptarmigan - C++ BOLT-Compliant Lightning Network Implementation [Incomplete]

Libraries

Lightning Network Visualizers/Explorers

Testnet

Mainnet

Payment Processors

  • BTCPay - Next stable version will include Lightning Network

Community

Slack

IRC

Slack Channel

Discord Channel

Miscellaneous

⚡ Lightning FAQs ⚡

If you can answer please PM me and include source if possible. Feel free to help keep these answers up to date and as brief but correct as possible
Is Lightning Bitcoin?
Yes. You pick a peer and after some setup, create a bitcoin transaction to fund the lightning channel; it’ll then take another transaction to close it and release your funds. You and your peer always hold a bitcoin transaction to get your funds whenever you want: just broadcast to the blockchain like normal. In other words, you and your peer create a shared account, and then use Lightning to securely negotiate who gets how much from that shared account, without waiting for the bitcoin blockchain.
Is the Lightning Network open source?
Yes, Lightning is open source. Anyone can review the code (in the same way as the bitcoin code)
Who owns and controls the Lightning Network?
Similar to the bitcoin network, no one will ever own or control the Lightning Network. The code is open source and free for anyone to download and review. Anyone can run a node and be part of the network.
I’ve heard that Lightning transactions are happening “off-chain”…Does that mean that my bitcoin will be removed from the blockchain?
No, your bitcoin will never leave the blockchain. Instead your bitcoin will be held in a multi-signature address as long as your channel stays open. When the channel is closed; the final transaction will be added to the blockchain. “Off-chain” is not a perfect term, but it is used due to the fact that the transfer of ownership is no longer reflected on the blockchain until the channel is closed.
Do I need a constant connection to run a lightning node?
Not necessarily,
Example: A and B have a channel. 1 BTC each. A sends B 0.5 BTC. B sends back 0.25 BTC. Balance should be A = 0.75, B = 1.25. If A gets disconnected, B can publish the first Tx where the balance was A = 0.5 and B = 1.5. If the node B does in fact attempt to cheat by publishing an old state (such as the A=0.5 and B=1.5 state), this cheat can then be detected on-chain and used to steal the cheaters funds, i.e., A can see the closing transaction, notice it's an old one and grab all funds in the channel (A=2, B=0). The time that A has in order to react to the cheating counterparty is given by the CheckLockTimeVerify (CLTV) in the cheating transaction, which is adjustable. So if A foresees that it'll be able to check in about once every 24 hours it'll require that the CLTV is at least that large, if it's once a week then that's fine too. You definitely do not need to be online and watching the chain 24/7, just make sure to check in once in a while before the CLTV expires. Alternatively you can outsource the watch duties, in order to keep the CLTV timeouts low. This can be achieved both with trusted third parties or untrusted ones (watchtowers). In the case of a unilateral close, e.g., you just go offline and never come back, the other endpoint will have to wait for that timeout to expire to get its funds back. So peers might not accept channels with extremely high CLTV timeouts. -- Source
What Are Lightning’s Advantages?
Tiny payments are possible: since fees are proportional to the payment amount, you can pay a fraction of a cent; accounting is even done in thousandths of a satoshi. Payments are settled instantly: the money is sent in the time it takes to cross the network to your destination and back, typically a fraction of a second.
Does Lightning require Segregated Witness?
Yes, but not in theory. You could make a poorer lightning network without it, which has higher risks when establishing channels (you might have to wait a month if things go wrong!), has limited channel lifetime, longer minimum payment expiry times on each hop, is less efficient and has less robust outsourcing. The entire spec as written today assumes segregated witness, as it solves all these problems.
Can I Send Funds From Lightning to a Normal Bitcoin Address?
No, for now. For the first version of the protocol, if you wanted to send a normal bitcoin transaction using your channel, you have to close it, send the funds, then reopen the channel (3 transactions). In future versions, you and your peer would agree to spend out of your lightning channel funds just like a normal bitcoin payment, allowing you to use your lightning wallet like a normal bitcoin wallet.
Can I Make Money Running a Lightning Node?
Not really. Anyone can set up a node, and so it’s a race to the bottom on fees. In practice, we may see the network use a nominal fee and not change very much, which only provides an incremental incentive to route on a node you’re going to use yourself, and not enough to run one merely for fees. Having clients use criteria other than fees (e.g. randomness, diversity) in route selection will also help this.
What is the release date for Lightning on Mainnet?
Lightning is already being tested on the Mainnet Twitter Link but as for a specific date, Jameson Lopp says it best
Would there be any KYC/AML issues with certain nodes?
Nope, because there is no custody ever involved. It's just like forwarding packets. -- Source
What is the delay time for the recipient of a transaction receiving confirmation?
Furthermore, the Lightning Network scales not with the transaction throughput of the underlying blockchain, but with modern data processing and latency limits - payments can be made nearly as quickly as packets can be sent. -- Source
How does the lightning network prevent centralization?
Bitcoin Stack Exchange Answer
What are Channel Factories and how do they work?
Bitcoin Stack Exchange Answer
How does the Lightning network work in simple terms?
Bitcoin Stack Exchange Answer
How are paths found in Lightning Network?
Bitcoin Stack Exchange Answer
How would the lightning network work between exchanges?
Each exchange will get to decide and need to implement the software into their system, but some ideas have been outlined here: Google Doc - Lightning Exchanges
Note that by virtue of the usual benefits of cost-less, instantaneous transactions, lightning will make arbitrage between exchanges much more efficient and thus lead to consistent pricing across exchange that adopt it. -- Source
How do lightning nodes find other lightning nodes?
Stack Exchange Answer
Does every user need to store the state of the complete Lightning Network?
According to Rusty's calculations we should be able to store 1 million nodes in about 100 MB, so that should work even for mobile phones. Beyond that we have some proposals ready to lighten the load on endpoints, but we'll cross that bridge when we get there. -- Source
Would I need to download the complete state every time I open the App and make a payment?
No you'd remember the information from the last time you started the app and only sync the differences. This is not yet implemented, but it shouldn't be too hard to get a preliminary protocol working if that turns out to be a problem. -- Source
What needs to happen for the Lightning Network to be deployed and what can I do as a user to help?
Lightning is based on participants in the network running lightning node software that enables them to interact with other nodes. This does not require being a full bitcoin node, but you will have to run "lnd", "eclair", or one of the other node softwares listed above.
All lightning wallets have node software integrated into them, because that is necessary to create payment channels and conduct payments on the network, but you can also intentionally run lnd or similar for public benefit - e.g. you can hold open payment channels or channels with higher volume, than you need for your own transactions. You would be compensated in modest fees by those who transact across your node with multi-hop payments. -- Source
Is there anyway for someone who isn't a developer to meaningfully contribute?
Sure, you can help write up educational material. You can learn and read more about the tech at http://dev.lightning.community/resources. You can test the various desktop and mobile apps out there (Lightning Desktop, Zap, Eclair apps). -- Source
Do I need to be a miner to be a Lightning Network node?
No -- Source
Do I need to run a full Bitcoin node to run a lightning node?
lit doesn't depend on having your own full node -- it automatically connects to full nodes on the network. -- Source
LND uses a light client mode, so it doesn't require a full node. The name of the light client it uses is called neutrino
How does the lightning network stop "Cheating" (Someone broadcasting an old transaction)?
Upon opening a channel, the two endpoints first agree on a reserve value, below which the channel balance may not drop. This is to make sure that both endpoints always have some skin in the game as rustyreddit puts it :-)
For a cheat to become worth it, the opponent has to be absolutely sure that you cannot retaliate against him during the timeout. So he has to make sure you never ever get network connectivity during that time. Having someone else also watching for channel closures and notifying you, or releasing a canned retaliation, makes this even harder for the attacker. This is because if he misjudged you being truly offline you can retaliate by grabbing all of its funds. Spotty connections, DDoS, and similar will not provide the attacker the necessary guarantees to make cheating worthwhile. Any form of uncertainty about your online status acts as a deterrent to the other endpoint. -- Source
How many times would someone need to open and close their lightning channels?
You typically want to have more than one channel open at any given time for redundancy's sake. And we imagine open and close will probably be automated for the most part. In fact we already have a feature in LND called autopilot that can automatically open channels for a user.
Frequency will depend whether the funds are needed on-chain or more useful on LN. -- Source
Will the lightning network reduce BTC Liquidity due to "locking-up" funds in channels?
Stack Exchange Answer
Can the Lightning Network work on any other cryptocurrency? How?
Stack Exchange Answer
When setting up a Lightning Network Node are fees set for the entire node, or each channel when opened?
You don't really set up a "node" in the sense that anyone with more than one channel can automatically be a node and route payments. Fees on LN can be set by the node, and can change dynamically on the network. -- Source
Can Lightning routing fees be changed dynamically, without closing channels?
Yes but it has to be implemented in the Lightning software being used. -- Source
How can you make sure that there will be routes with large enough balances to handle transactions?
You won't have to do anything. With autopilot enabled, it'll automatically open and close channels based on the availability of the network. -- Source
How does the Lightning Network stop flooding nodes (DDoS) with micro transactions? Is this even an issue?
Stack Exchange Answer

Unanswered Questions

How do on-chain fees work when opening and closing channels? Who pays the fee?
How does the Lightning Network work for mobile users?
What are the best practices for securing a lightning node?
What is a lightning "hub"?
How does lightning handle cross chain (Atomic) swaps?

Special Thanks and Notes

  • Many links found from awesome-lightning-network github
  • Everyone who submitted a question or concern!
  • I'm continuing to format for an easier Mobile experience!
submitted by codedaway to Bitcoin [link] [comments]

Thank you so much MillionaireMakers! Couldn't have happened at a better time!

This couldn't have happened at a better time, and I am in complete shock that I won!
I'm currently driving a 13 year old car that is on it's very last legs, so any winnings will be going towards a new (used) car and/or paying off some old debt. I was laid off a few years back and got into some financial trouble that I've not quite dug out of, as my new job wasn't quite as good financially. This will go a long way to helping with that as well.
I'm really at a loss for words, but thank you so much, I'm literally in tears as I write this. My hands are shaking. I've never won anything like this before.
For me, it's a life-changing moment. Honestly and truly.
This part is written by the mods:
All of the amounts below should result in sonician receiving about $1 USD
Methods of payment:
Tipbots
Guide Amount Comment this to donate
Changetip Guide $1 "Congrats here is $1! changetip"
Dogetip Guide 4000 Doge "+dogetipbot 4000 doge"
Litetip Guide $1 "+litetip $1"
Cryptocurrency transfer
Guide Amount Address QR Code
Bitcoin Guide 0.0025 BTC 3Q9Rpo27jwQ2XtNG5zVcCgqPckQpJJgZEZ http://i.imgur.com/EcFYrMg.png
Dogecoin Guide 4000 Doge AEDtzF8M32NxucGPDXNVbMKYGzorberYwo http://i.imgur.com/8GHSaNX.png
Litecoin Guide 0.3 LTC 39vZbtXP1zXGyrmGeAVqfxducrWEYboCHu http://i.imgur.com/36z3bNa.png
Cash transfer
Guide Amount Address
PayPal Guide $1.40 [email protected]
EDIT: Just passed $200 in the first hour! You are ALL amazing and generous people! Thank you!
EDIT #2: I've removed the Google Wallet option as I guess because I'm in Canada, it can't really be used. Sorry about that. :(
EDIT #3: I have tried to take a moment to thank each and every one of you, but I now have to go to bed, as I have work in the morning.
I seriously can't thank everyone enough. I will update again in the morning.... assume I can sleep tonight! You are ALL the BEST! Thanks!
EDIT #4: Good morning! Thank you everyone for such kindness! Had some broken sleep last night, but my excitement levels are still through the roof!
A quick, back of the napkin math, shows that we've totalled $1151 USD as of now, in just 9 hours!
EDIT #5 (2/22/16 - 12pm EST): Just a quick note to say that, while busy at work today, I just wanted to re-iterate my thanks to everyone. Closing in on $1500 USD. I am running out of things to say, other than I can never appreciate it enough, and even that amount of money will really change things for me going forward!
EDIT #6 (2/22/16 - 5pm EST): $1895.65 USD (nearly $2600 Canadian Loonies!) in ~21 hours!
Just home from work, but am going get something to eat, and begin getting caught up on my thank yous! Every one of you deserves one, so that is my goal!
EDIT #7 (2/23/2016 - 6am EST): Just a shade under $2000, at $1960 USD. I apologize for not responding to more of you yesterday, I literally passed out from exhaustion between work, and then the overflow of emotions from all of you. I will get to the rest of you today when I get home from work. Thank you again!
EDIT #8 (2/23/16 - 20:30 EST): Well, you passed $2000, and the total now sits at $2017.86 USD.
So I'm a two-thousandaire! And while it's not a million (nor would I ever dream of that), I would like to again thank everyone for their overwhelming generosity.
My thanks alone can never be enough, but I hope it will do for now. I don't even know what to do for everyone, other than promise that this money will NOT go to waste.
I LOVE you all!
EDIT #9: Does anyone know why I keep seeing a large number of "POCKET ERROR" on ChangeTip? Is it something I'm doing wrong, or is there a problem with my account?
Maybe ChangeTip can answer this one for me?
EDIT: The History shows about 35 "POCKET ERROR" on transactions..
EDIT #10: The latest total is now $2092.70! Thank you very much! I've ensured to thank each and every one of you individually up to this point. Car is going into the shop to get checked out on Saturday to determine if it's worth repairing, or should I look for something else. At least now, I have that option, thanks to all of you!
EDIT #11: Final (but depressing) Update I was hoping to come to you all with some very exciting news, that would be seen as an amazing contribution by this community and all of you. Unfortunately, that's not the case.
About two weeks ago, I took the money that I had won, and went on the hunt for a car. I found one, and bought it after checking it out, and making sure that everything was operational. It was a 2004 Ford Focus wagon. The body was in really great shape, and the engine was solid. I took it to get an oil change, and have the mechanics give it a once over, and they said everything looked good.
So I registered the car in my name, had a new fan belt put on, and was good t go, so I thought.
This past week, on Wednesday, I was running errands at lunch, and the engine started to choke and vibrate quite badly. Engine light came on, and it nearly stalled out at intersections. I immediately took it to the auto shop, and had them check it out. I thought at first that maybe there was a bad spark plug, or something. Turned out to be much worse. Looks like the head gasket on the engine ruptured, and one of the cylinders has lost all pressure. Early estimates are over $1000 to fix, which I can't afford, nor do I want to, as I think I was scammed by the seller.
So I come to you with great sadness and embarrassment. What was to be dubbed "The MillionaireMakers Reddit car", has turned into a nightmare. So I'm out the money, out the car, and back to square one. All used car purchases are "as is" and there is nothing like a lemon law where I live. So I don't even have any recourse with the seller.
This isn't a plea for help or a request for anything. I just wanted to share with you, the outcome of draw #16. I'm very sorry to everyone. I tried to make things better from your generosity. Turns out, I can't even do that right.
submitted by sonician to millionairemakers [link] [comments]

I am the winner of Millionaire Makers Drawing #22, AMA!

This is absolutely crazy.. Thank you all so much.
I am so incredibly grateful to all you lovelies for this. Late last night my phone started exploding so I got up and checked reddit and when I realized what happened I felt like my heart was going to pop out of my chest. It's an incredible feeling and I hope the community continues to support this project so more people can experience this.
A little about me: My name is Nick, I'm 19, and I live in Pennsylvania. I want to go to school for graphic design but haven't yet because I wanted to be sure graphic design is what I want to do, and because I didn't want to be in debt. So a large portion of this money will most decidedly be used to help me attend college. The rest of the money will no doubt be spent on only the finest of pizza pies.
Again thank you all so much for this, please continue to participate in this contest and continue to donate to make some very lucky person's life better.
I will try to answer as many questions as possible if there are any!
Edit: Hey everyone! Thank you so much for all the donations, I'm trying respond to everyone and answer all the questions. But to most of you I just want to say thank you for your donation, you're awesome.
I just broke $500 a few minutes ago which is crazy. I'll try to keep this updated incrementally. Thank you again!
Update: Hi again! Just broke $750 from what I can tell. Again thank you all so much for your donations, much love. Papa Bless.
Edit 2: Thanky thanky for the gold stranger :)
Update 2: And there it is! If I counted everything correctly I just broke $1000!! Thank you all so much, this is incredible!
Update 3: Good morning, and wow. I think the donations have exceeded $1750 at this point and I couldn't be more grateful. I know I've said it a thousand times, but thank you all so much, this is absolutely tops.
Update 4: $2000. You all are absolutely amazing, and to all of those who donated more than a dollar, you are incredibly generous and you have my most sincere of thanks. I love you all.
This part is written by the mods:
All of the amounts below should result in nickfoose receiving about $1 USD
Methods of payment:
Tipbots
Guide Amount Comment this to donate
Changetip Guide $1 "Congrats here is $1! changetip"
Dogetip Guide 5000 Doge "+dogetipbot 5000 doge"
Litetip Guide $1 "+litetip $1"
Cryptocurrency transfer
Guide Amount Address QR Code
Bitcoin Guide 0.0018 BTC 36GBvkRkA4SbsSiCLped6hXww6KPBLPr94 http://imgur.com/a/omgI4
Dogecoin Guide 5000 Doge 9thrNHkKH6iWPugDe66BDics8xn2qx4VHm http://imgur.com/a/Efcvw
Litecoin Guide 0.28 LTC 3HhQDoTXoNjSuEN21gtLyJGRXwG9aL3ix9 http://imgur.com/a/qCvpm
Cash transfer
Guide Amount Address
PayPal Guide $1.40 [email protected]
Google Wallet Guide $1 [email protected]
submitted by nickfoose to millionairemakers [link] [comments]

There are no words for how happy you've made me! You beautiful, beautiful people... THANK YOU!

Edit: I am so grateful to everyone who is using other methods of payment to carry on the spirit of this subreddit while I try to sort everything out with Paypal. I want to say thank you to everyone who has been dedicated to donating to the cause, even setting up bitcoin and changetip accounts to do so. You guys are seriously amazing, and I'm blessed to even be a part of this. It's been a busy weekend, but I've updated the totals for you guys and am working on unfreezing everything with Paypal. This probably means I'll be consolidating my accounts together, so it might take a minute. Again, thank you so much for everything.
Paypal has demanded that I remove the link from this post as it violates the Acceptable Use Policy. This is clearly due to a misunderstanding of how /millionairemakers works, so I'll be contacting them tomorrow to see if I can re-add the button back up.
I've submitted everything to verify GWallet and Paypal. Now comes the waiting game. This means that the totals below are substantially lower than what has actually been donated. YOUR DONATIONS ARE GOING THROUGH, MY BANK IS NOT WORKING AT THE SPEED OF REDDIT! Again, I'm totally breathless at all of this, THANK YOU!!
I'm trying to reply to as many people as I can, thank you thank you THANK YOU all so much for everything, this is so amazing!
Holy bananagrams you guys, you've made my entire year! I'm still in shock from all of this. Thank you all so much for donating and to being a part of this amazing subreddit! I'm trying as hard as I can to reply to all of you.
I had lost my job a couple of months ago and was drowning in the quagmire of job searches. I started getting really depressed about a week ago, as I had just about run out of the savings I had to get a new job. The other day I posted in /millionairemakers hoping for something but not really expecting anything. I've lurked on reddit for a little while and don't really have the courage to post anything, just the odd comment here and there. After a job interview today, I went on a hike with a friend of mine and afterwards saw that my phone exploded with replies about winning this and I'm on cloud 9 right now with excitement!
As for what I'll do with this money, most of it will go to taking down my student debt and living expenses...all except for one dollar, which of course goes to the future winner. If this is significant enough, you can bet that I'll be in places like /Random_Acts_Of_Pizza , /millionairemakers , etc. trying to impart the same elation that I have now.
This is an amazing community and I'm so blessed to be a small part of it. I'm shaking with happiness and I hope to contribute the same feeling to the next person.
Huge thanks to the mods for helping out with the logistics and verification. Another huge thanks to all the redditors of this beautiful subreddit, you have changed my life in a way that I will remember forever and can only hope to pay forward.
prophecynine posted links to my address to see how much Bitcoin, Dogecoin and Litecoin y'all have donated.
17:00 EST: GOOGLE WALLET IS VERIFIED AND WORKING. I have just got off the phone with Google wallet and everything is verified. I have a bunch of transactions to claim, so I'll be back in a bit with the updated numbers. Thanks for being so patient!
THE PAYPAL ACCOUNT WAS VERIFIED BUT APPARENTLY IT AUTO-DENIED PAYMENTS.
  • Changetip: 1,864.76
  • Paypal: $870 Still frozen, working on it
  • BTC: 3.49455462 = $1064.89
  • GWallet: $1056.05
  • Dogecoin: 944,420.14707387 = $159.88
  • Dogetip: 743969.22631525 = $125.61
  • Litecoin: 20.41007954 = $39.27
  • Litetip: $10.53
First update: $1401.32
21:58 EST: $2335.00
04:17 EST: $2460.31 Still waiting on GWallet and Paypal. You guys are incredible.
01/22 20:00 EST: $3743.80
01/24 03:23 EST: $4400.96
01/26 10:55 EST: $5190.99
This part is written by the mods:
All of the amounts below should result in smallrye receiving about $1 USD
Methods of payment:
Tipbots
Guide Amount Comment this to donate
Changetip Guide $1 "Congrats here is $1! changetip"
Dogetip Guide 7000 Doge "+dogetipbot 7000 doge"
Litetip Guide $1 "+litetip $1"
Cryptocurrency transfer
Guide Amount Address QR Code
Bitcoin Guide 0.005 BTC 3MWibkwK2G4XJoJJrCHNVJ2SD1UVnTBrxq Imgur
Dogecoin Guide 7000 Doge DJXxzksHMZKQ74DjBuQDBPx5gqbhXaKbk6 Imgur
Litecoin Guide 0.76 LTC LSMbR5mXBfLFP3gRvUSHhnwA7wy2J8KZwE Imgur
Cash transfer
Guide Amount Address
PayPal Guide $1.40 [email protected] or this link removed as per Paypal's Acceptable Use Policy, I will be contesting this, but for now let's play it safe...
Google Wallet Guide $1 [email protected]
submitted by Smallrye to millionairemakers [link] [comments]

IM SO SORRY YOU ALL COULDN'T FIND ME! I BLAME THE NEW OFFICIAL REDDIT APP :-P

I literally don't believe it. I don't play the lottery nor do i gamble, maybe its the irish in me playing some ironic joke, but im not generally lucky. SHOUT OUT TO U/LITTLE_FOXES!! SHE FOUND ME ON FACEBOOK, AND MESSAGED ME, AND WHEN I DIDNT SEE THAT SHE COMMENTED ON MY POST AND MESSAGED ME AGAIN WHEN I FINALLY ADDED HER!! THE TRUE MVP. Ive been so caught up making accounts and trying to remember new passwords i dont even think i thanked her yet. I just found out as i was driving to my buddies house to hang out, and ive been on my computer the whole time in disbelief as i try to get my formatting correct. I said in my original post that i was going to take my family to ireland, but in all honesty itll go to christmas presents. Maybe this is the year i get my mom SOMETHING THAT SHE ACTUALLY USES MOM. Ill revisit this tomorrow but i really should get off my computer now cuz ive been the worst house guest ever for the last 2 hours. Thank you all so very much, and IM SO SORRY IT TOOK SO LONG TO FIND ME! Anyway, my parents still dont believe me or understand whats going on, which is fun, but this is an amazing community and you definitely have a lifelong member here.
Thank you all again Shea
This part is written by the mods:
All of the amounts below should result in seamusmichael receiving about $1 USD
Methods of payment:
Tipbots
Guide Amount Comment this to donate
Changetip Guide $1 "Congrats here is $1! changetip"
Dogetip Guide 5000 Doge "+dogetipbot 5000 doge"
Litetip Guide $1 "+litetip $1"
Cryptocurrency transfer
Guide Amount Address QR Code
Bitcoin Guide 0.0015 BTC 38ikdNRquujCPDeLmyyCYxRxtZnDcbsS62 http://imgur.com/a/c78nv
Dogecoin Guide 5000 Doge A5edQu96XPsVntYXR6vdmnGo5V8p2zezLH http://imgur.com/a/oUmBs
Litecoin Guide 0.26 LTC 34sfDrnCusMR2QpTnJoGYG6s9uso29L7qH http://imgur.com/a/OvjMV
Cash transfer
Guide Amount Address
PayPal Guide $1.40 [email protected]
Google Wallet Guide $1 [email protected]
Paypal.Me
EDIT#3: My mom has told me to put a watermark on the photos that I take, probably 85 thousand times now. Im thinking that for Christmas I'll get a print of one of those framed and matted, and surprise her with a watermark. Thanks for allowing me to make that happen you bunch of generous guys and girls from all over the world. The total is around $1500! This was thanks, in part, to changetip shutting down, because a lot of you just gave me whatever you had left in your accounts! The biggest surprise is how spread out everyone is, and how many different currencies were represented, this sub is worldwide. I can't thank you all enough, and I'm glad to do an ama if you all wanna chat :)
Much love, Shea.
submitted by SeamusMichael to millionairemakers [link] [comments]

MM you are amazing and helping a complete stranger get back on their feet again today!

Holy crap, this is something that happens to other people, not to me... I am physically shaking. I went to bed pretty depressed last night but seeing the entry thread I thought "why not" and offhandedly wrote "unlikely". Then I woke up to this! It's amazing how much of a perfect timing this is, the whole office where I was working just got shut down and everyone working there lost their jobs. I'm trying to start something of my own as I have some good and viable ideas (I think/hope) but finding time to bootstrap it isn't easy when trying to make ends meet. If things do go well and I can get back on my feet I may also be in a position to finally propose to the love of my life.
I know I'm not going to be a millionaire from this and don't want to get carried away, but really this is perhaps the best time this could have happened to me in my life so far, where any amount can go a really long way. You may not make me a millionaire today but you are giving me the means to make it there myself, or give all I can to try. I will make sure to use it as wisely as possible and pay it forward when I'm in a better position myself. I'll update when I can if there is any interest. Again...THANK YOU to everyone in this amazing community!
Edit 1: We are over $100 in an hour - thanks to everyone who is a part of this :)
Edit 2: 3 and a bit hours in and we are at $425! Special thanks to u/xtrsports for an awesome $50 donation. If anyone is interested in an outline of my plans for the immediate future I made a comment here. Thanks to all you wonderful people. Sincerity is difficult to convey over the internet and easy to fake, but this is so appreciated, will be put to good use and will be paid forward.
Edit 3: It'd be great if you could upvote the thread, especially to counter some who are downvoting it
Edit 4: 5 and a bit hours and we are approaching $600. I have to get some rest but will update when I can in a few hours time. Thanks to everybody again. Just about $999,9400 to go. We've totally got this :)
Edit 5: bad time for my internet to stop working properly. Will update as soon as I can.
Edit 6: 13 hours in and just under the $1000 mark. That means we are only three zeros off making our first millionaire!! ;)
Edit 7: $1000 mark broken. The US is asleep. To the literally dozens of non-US redditors: don't let them outdo you guys ;)
Edit 8: 20 hours down and we are at $1300!
Edit 9: ~$1960 raised. Here is an update post
This part is written by the mods:
All of the amounts below should result in sannyn receiving about $1 USD
Methods of payment:
Tipbots
Guide Amount Comment this to donate
Changetip Guide $1 "Congrats here is $1! changetip"
Dogetip Guide 5000 Doge "+dogetipbot 5000 doge"
Litetip Guide $1 "+litetip $1"
Cryptocurrency transfer
Guide Amount Address QR Code
Bitcoin Guide 0.0025 BTC 39iqjgcYGwruy8tRN763cY1CbhN6Bcbyag http://imgur.com/YIyEEt0
Dogecoin Guide 5000 Doge 9tB4wpaigyaqCxa7zF3BAJTbJSNi1z3Ze6 http://imgur.com/tw8ynnz
Litecoin Guide 0.32 LTC 3BV7JBtTEzeQ1ksbiehScvEGy7y4duWNGQ http://imgur.com/NfgJQk7
Cash transfer
Guide Amount Address
PayPal Guide $1.40 [email protected]
submitted by Sannyn to millionairemakers [link] [comments]

Bitcoin as the Ultimate Haven from Hyperinflation: A Country By Country Analysis Of Worldwide Fiat Currency Inflation

Bitcoin as the Ultimate Haven from Hyperinflation: A Country By Country Analysis Of Worldwide Fiat Currency Inflation
https://cryptoiq.co/bitcoin-as-the-ultimate-haven-from-hyperinflation-a-country-by-country-analysis-of-worldwide-fiat-currency-inflation/
Bitcoin was created during the Great Recession that started in 2008, when the governments of the world printed trillions of dollars to bail out banks and corporations. Satoshi Nakamoto intended Bitcoin to be a decentralized form of money that could not be printed by governments at will. In the the Genesis Block Satoshi included the message “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.”
Fiat currencies continue to be the dominant form of global currency, but it seems logical that, if fiat currencies were to hyperinflate and collapse, Bitcoin would become the dominant global currency.
This is because Bitcoin can be sent instantly anywhere in the world and is cryptographically secure. It is easy enough to integrate Bitcoin into any e-commerce store or physical store, and the customers of the future will be able to send Bitcoin from their smartphones via QR codes. Therefore, if fiat currency becomes obsolete, Bitcoin could seamlessly take its place and keep the global economy running.
There has been plenty of hype that fiat currencies are collapsing, but this article will explore the current state of major fiat currencies in the world to ascertain the true situation. This is important information since the rate of fiat currency inflation by country is an important factor that will determine Bitcoin adoption rates and ultimately Bitcoin’s price.
United States’ Inflation Rate
The United States is perhaps the best place to start an analysis of global fiat inflation, since the USD is the world’s dominant fiat currency and perhaps the most stable long term. That being said, there is 2-3 percent annual inflation in the United States.
If we split the difference at a 2.5 percent annual inflation rate, it means $100,000 stored in a bank will lose a whopping $22,400 of value over the course of 10 years, corresponding to 22.4 percent inflation per 10 years. Therefore, even in the United States, saving money long term seems impractical, and this essentially forces people to risk their savings by investing in the hopes that the money earned from investing will outpace inflation.
It appears inflation will only worsen in the United States since the national debt is approaching $22 trillion, with a budget deficit of $1 trillion per year and growing. This situation will likely lead to increased money printing, which would increase the inflation rate. Therefore, saving money in USD long term does not make financial sense. Bitcoin is an alternative way to store money long term, although Bitcoin has yet to mature and can be extremely volatile from year to year.
Euro (EUR) Inflation Rate Is 37.5 percent Relative To USD During The Last 10 Years
One of the primary global currencies besides the USD is the Euro (EUR). For the rest of this global analysis, fiat currencies will be compared to the USD exchange rate to determine inflation, but it must be kept in mind that the USD itself is inflating at the rate of 2 to 3 percent per year.
When the EUR launched in 1999, the exchange rate was one USD per 0.85 EUR. By 2002 the EUR weakened to 1.16 EUR per USD. The EUR then entered a period of vigorous strengthening, and the exchange rate fell to 0.64 EUR per USD by 2008. The Great Recession caused the EUR to begin weakening versus the USD long term, and currently each USD is worth 0.88 EUR. This represents 37.5 percent inflation relative to the USD in roughly 10 years.
Back to the storing money in a bank analogy, $100,000 of EUR stored over the past 10 years would have lost the EUR inflation rate + the USD inflation rate. With this sort of inflation rate it seems dangerous to store money in EUR long term.
It gets worse. The EUR is one of the top global fiat currencies, and there are many currencies doing worse than the EUR.
United Kingdom’s Pound Has 65 Percent Inflation Relative to USD in 11 Years
The United Kingdom (UK) is one of nine European Union (EU) countries that does not use the EUR, and eventually, the UK will leave the EU via the Brexit. However, the native Great Britain Pound (GBP) has done far worse than the Euro, with the exchange rate going from 0.48 GBP per USD in 2007 to 0.79 GBP per USD currently. This is 65 percent inflation relative to the USD during the past 11 years.
Canada’s Inflation Rate Is 45.2 Percent Relative to USD During the Last 7 Years
The United States’ neighbor to the north is similar to the United States in many respects. It is a fully developed and industrialized first world country. However the native fiat currency, the Canadian Dollar (CAD), has been experiencing severe inflation since the Great Recession. In 2011 1 USD was worth 0.95 CAD, and now the exchange rate is 1.36 CAD per USD. This represents 43.2 percent inflation relative to the USD since 2011, and of course, the USD has an underlying inflation rate as well of 16.2 percent during the last 7 years.
Even in the first world country of Canada, it is becoming impossible to save cash for retirement or even for short-term goals like buying a house, forcing people to invest in the risky stock market.
Mexico’s Inflation Rate Is 97.6 Percent Relative to the USD During Past 10 Years
Since the 2008 financial crisis, the exchange rate of the Mexican Peso (MXN) has gone from 10.12 MXN per USD to 20 MXN per USD. This represents 97.6 percent inflation relative to the USD, and USD inflation means the true Mexican inflation rate is well over 100 percent per 10 years. This sort of inflation rate ensures that people have to work their entire lives and can never retire, and overall, this sort of inflation can cause the entire economy of Mexico to struggle. Bitcoin seems like an obvious alternative to holding MXN long term.
It is quite shocking that a country bordering the United States has such high inflation, yet the mainstream media never mentions it.
Russia Has 194 Percent Inflation Relative to USD Since the 2008 Great Recession
Russia is a global superpower, with a gross domestic product (GDP) of $1.58 trillion versus the United States’ $19.39 trillion GDP. Despite being a superpower, the native currency of Russia, the Russian Ruble (RUB), has gone from 23.48 RUB per USD in 2008 to 69.08 RUB per USD currently. This yields a 194 percent 10 year inflation rate relative to the USD. Clearly, the Great Recession that started in 2008 is a common point when fiat inflation accelerated in many countries around the world.
Japan’s Inflation Rate Is 46 Percent Relative to USD Over the Past 7 Years
Japan is a first-world country and has one of the most important stock markets in the world. The GDP of Japan is ranked number three in the world at nearly $5 trillion. However, its inflation rate is far higher than the United States, at least since 2011. In 2011, the exchange rate was 76 JPY per USD, but it has now risen to 111 JPY per USD, a 46 percent inflation rate relative to the USD over the past 7 years. This is actually almost exactly the same as Canada’s inflation rate.
China’s Inflation Is Only 14.4 Percent Relative to USD Since 2013, but China Tightly Controls the CNY
China is the second ranking economy in the world with a $12 trillion GDP. Its position as the number one trading partner of the United States gives it power to manipulate the exchange rate of its native currency the Chinese Yuan (CNY). The CNY actually strengthened greatly versus the USD until 2013, when China relaxed its control over the CNY exchange rate to make it more competitive in the global import and export markets. Chinese control over the CNY and therefore, control over the profitability of Chinese imports, is a primary reason for the “trade war” between China and the United States.
Since allowing the CNY to lose value relative to the USD, the exchange rate has gone from 6.04 CNY per USD in 2013 to 6.91 CNY per USD currently, a 14.4 percent inflation relative to the USD in 5 years. China is an outlier and has one of the lowest inflation rates relative to the USD.
Switzerland Has One Of The Lowest Inflation Rates At Less Than 5 percent Relative To The USD In 7 Years
Switzerland has remained independent of the European Union and does not use the EUR. Instead, it uses the Swiss Franc (CHF). The CHF actually strengthened greatly relative to the USD during the Great Recession, but the trend reversed in 2011. There was a rapid devaluation of the CHF relative to the USD from 0.76 CHF per USD to 0.94 CHF per USD during 2011. In The 7 years since then, the CHF has roughly five percent inflation relative to the USD and sits at 0.99 CHF per USD currently.
That being said, it cannot be forgotten that the USD itself is experiencing 2.5 percent inflation per year, so even countries that have low inflation rates relative to the USD have a significant inflation rate overall.
India Has Seen 79 Percent Inflation Relative to USD Since the Great Recession Began
India has the sixth highest GDP in the world at $2.6 trillion, and the second highest population at 1.34 billion. Since the Great Recession began, the Indian Rupee (INR) has gone from 39.18 per USD to 70.14 INR per USD, a 79 percent inflation relative to the USD in 11 years. Unfortunately, India is slowly making Bitcoin more illegal and could fully outlaw it, so citizens may have to break the law in the future in the event that inflation accelerates and Bitcoin becomes a preferred way to store money.
Indonesia Has 76 Percent Inflation Relative to the USD in Seven Years
Indonesia has a population of 265 million, not far behind the United States, but its GDP is 20 times less than the United States at $1 trillion. Part of the reason Indonesia’s economy is weaker may be that the native fiat currency, the Indonesian Rupiah (IDR) has gone from 8,250 per USD in 2011 to 14,550 IDR per USD currently. This is 76 percent inflation relative to the USD in 7 years, around the same rate as India. However, Indonesia has banned Bitcoin as of 2018, which would make it difficult for citizens to use Bitcoin in the event inflation spirals out of control.
Brazil Has 152 percent Inflation Relative To USD In Past Seven Years, Despite Being the Strongest Economy In South America
Brazil has the most powerful economy in South America with a $2 trillion GDP. However, South America as a whole is experiencing out of control hyperinflation, and Brazil seems to be feeling the effects. The Brazilian Real (BRL) has gone from 1.55 per USD in 2011 to 3.91 BRL per USD currently. This is 152 percent inflation relative to the USD in 7 years. There does not appear to be any inflation safe haven in South America, and this could make South America a Bitcoin adoption hotspot.
Venezuela Has Ridiculous Inflation Around One million percent Per Year; Bolivar Collapsing
The end game of fiat currency inflation, if left unchecked, is currency collapse. A classic example of currency collapse is the situation in Venezuela, where the Cafe Con Leche Index suggests 400,000 percent inflation per year, although if a shorter term average is used it is 1 million percent per year or more. It would be shocking if the native fiat currency of Venezuela, the Sovereign Bolivar (VES), is still usable one year from now. Bitcoin is legal in Venezuela, and there is plenty of news which indicates people are abandoning the VES for Bitcoin.
South Korea Has Zero Inflation Relative to the USD
South Korea is considered a powerful economy relative to most of the world, with a GDP of $1.5 trillion despite the country’s small size. The South Korean Won (SKW) has essentially zero inflation relative to the USD long term aside from an exchange rate shock during the 2008 Great Recession. That being said, inflation is still a reality in South Korea since the USD has average inflation of 2.5 percent per year.
Australia Has 53 Percent Inflation Relative to the USD in Seven Years
Australia essentially has a continent to itself, but it is not isolated from the global fiat inflation crisis. The AUD actually strengthened massively versus the USD from 2001 to 2011. However, the trend reversed, and the exchange rate has gone from 0.93 AUD per USD in 2011 to 1.42 AUD per USD currently. This is 53 percent inflation relative to the USD in seven years.
Israel Has Zero Inflation Relative To USD Long Term
Israel is in the Middle East but does not have strong connections to the economy of the rest of the Middle East and, apparently, a different monetary policy than most of the rest of the world. Israel is only comparable to the United States, South Korea, and perhaps Switzerland when it comes to fiat currency since the Israeli New Shekel (ILS) has practically zero inflation relative to the USD long term although there are shorter term oscillations. Like the other countries listed with zero USD relative inflation, inflation still exists because the USD itself is inflating.
In total, there are 180 fiat currencies in the world, and here, we’re covering just 16 of them. We could keep going, but the trend is already clear. Even in major countries with powerful economies, inflation has become a serious issue, with some major countries experiencing 50-200 percent inflation relative to the USD over the past decade, and those numbers don’t even take in the 2.5 percent per year USD inflation underlying them.
It is possible that worldwide fiat inflation will accelerate due to the growing global debt crisis. That’s especially true if an economic recession occurs since that would force a rapid increase in money printing.
So we’re in a global situation that needs to be actively monitored. Even if the status quo is maintained long term, most of the world’s population cannot realistically save money for the future because it’s going to lose value over time. This is a major shift from our parents’ generation when saving money was the smart thing to do.
The good news is Bitcoin is waiting on the sidelines. It’s ready to become the global currency if fiat currency collapses worldwide. Even if fiat does not totally collapse, perhaps once Bitcoin matures and becomes more stable, it will be a good option for saving money long term since its value is independent of fiat inflation.
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How to Buy & Send (Sweep) Bitcoin with a Paper QR Code ...

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