Ore Mine Free Passive Bitcoin Faucet

Pi Network [italian]

Pi Network [italian]
Pi Network è un progetto, ancora in fase iniziale (Fase I), nato a marzo 2019 da un'idea di alcuni dottorandi dell’Università di Stanford. L'idea dietro Pi Network è quella di permettere a qualsiasi persona con un cellulare di poter minare (ovvero “costruire”) questa cripto valuta. L'applicazione non usa batteria né dati del cellulare.
Per far ciò, basta scaricare gratuitamente l'app Pi Network dallo store, inserire solo alcune informazioni personali e, dopo aver obbligatoriamente inserito un codice di invito (il mio codice è uguale al mio username di Reddit, se volete usarlo), seguire dei semplici passaggi di introduzione ed infine cliccare sul pulsante con il fulmine ed iniziare a costruire la moneta.
Una volta registrati, ognuno avrà il suo codice da poter passare ad altre persone e per ogni nuovo utente che si iscrive tramite il vostro codice vedrete aumentare la vostra produzione di moneta. È importante ricordarsi di entrare nell'applicazione e cliccare il pulsante con il fulmine ogni 24h dall'ultima volta in cui lo si ha cliccato, altrimenti il processo di costruzione della moneta si interrompe e non si produrrà moneta fino a quando non avrete ri-cliccato quel pulsante.
Ad oggi, dopo solo 8 mesi, Pi Network ha più di 1 milione di utente attivi. Bitcoin, per fare un esempio, prima di arrivare ad 1 Milione di utenti ha impiegato 3 anni.

All'interno dell'app di Pi Network si possono avere diversi ruoli:
- Pioneer: al fine di evitare i bot e i fake account, bisogna aprire l'applicazione ogni 24h e ri-cliccare sul pulsante con il fulmine per ricominciare il mining, altrimenti questo viene interrotto, come vi spiegavo precedentemente;
- Contributor: si diventa contributor dopo aver effettuato con successo tre sessioni di mining, da cui ne consegue un aumento della velocità di costruzione della moneta e la possibilità di creare un proprio "security circle" con altre persone fidate che potrete aggiungere o dal vostro earning team (ovvero colori i quali si sono iscritti con il vostro codice) o dai contatti della vostra rubrica;
- Ambassador: si diventa ambassador invitando altre persone attraverso il proprio codice personale (che non è altro che il proprio username) aumentando anche qui la potenza di mining.
Al momento il Pi Coin non ha un valore sul mercato poiché non è stata ancora rilasciata ufficialmente come criptovaluta scambiabile. Per far ciò, bisognerà aspettare la l'ultima fase del progetto, ovvero la Fase III, dalla quale in poi non si potrà più accedere gratuitamente al mining della moneta, ma la si potrà solo acquistare o scambiare.
Ora è infatti l'occasione migliore per iniziare ad entrare nel vivo del progetto e, con un po' di pazienza, forse, ottenere dei risultati. Le basi ci sono tutte !

PI Network si sviluppa in tre fasi:
- La Prima fase comprende il design, lo sviluppo, la distribuzione e la verifica dell'applicazione.
Durante questa fase, l'applicazione emula il mining della moneta, ricompensando gli utenti con monete chiamate per l'appunto "Pi". Il mining, come vi spiegavo, dura 24 ore dopodiché dovrete nuovamente premere il pulsante con il fulmine nuovo per poter minare altre 24 ore, e così via.
- La Seconda fase è attualmente programmata entro il primo trimestre 2020 e riguarderà il "testnet" ossia, per semplicità, la dimostrazione delle potenziali capacità del progetto al fine di poter preparare il lancio della criptovaluta sul mercato.
La fase di testnet può essere intrapresa da ogni utente che vorrà parteciparvi utilizzando un PC e un software che sarà distribuito dagli sviluppatori. In questo modo si farà parte della rete di utenti che verificano le transazioni di scambio, ottenendo una ulteriore ricompensa per il lavoro svolto.
La Fase I e la Fase II saranno parallele, perciò anche durante la Fase II l'applicazione continuerà a ricompensarvi con il vostro mining e allo stesso tempo consentirà agli sviluppatori del Network di trovare errori e attuare tutte le modifiche necessarie per passare alla Fase III.
- La Terza fase sarà la fase finale dove la moneta avrà un valore che dipenderà dal mercato.
In questa ultima fase l'applicazione smetterà di ricompensare gli utenti, ma le monete che avete accumulato saranno scambiabili per qualsiasi altra moneta o vendute ad altri utenti usando i canali predisposti ad accettare la moneta.

Dal momento che il progetto è ancora in una fase iniziale, ovviamente non si sa se questo avrà più o meno successo, ma, non dovendo, ad oggi, investire soldi reali penso sia un buon "investimento" cliccare una volta al giorno un pulsante 😎

Allego inoltre il link del sito ufficiale di Pi Network dove potrete trovare altre informazioni più dettagliate: https://minepi.com/

https://preview.redd.it/tiemxr6ibl141.jpg?width=225&format=pjpg&auto=webp&s=d91f9da9a8211130fd970a9f2b80469efd836a5c
submitted by Fradepa7 to PiNetwork [link] [comments]

The next halving and why you should own a bitcoin or two.

I have been able to get some very successful people into bitcoin over the past year. Even during this bear market I have stayed extremely positive. My predictions that I have presented to people have been extremely accurate.
I grew up in a small town in West Virginia. When I was 12 years old my family moved to an even smaller town called Salem WV. Early 1990s. I was starving for communication and social interaction. One day a kid I went to school with invited me over to play his PS1, a game called Loaded had just came out. While we were playing I heard a young man yelling and smashing something. I asked what it was, he said it was his teenage brother. So I walked to his room and there sat a 16 year old with a broken keyboard, irate at his dos screen. I asked him why he was mad, he told me about this thing called the internet. You can talk to people online he said. He was designing a search engine he proclaimed. He showed me how to hook in a phone line so we could send data back and worth when I was home in the country from my computer. He gave me an AOL mod account he hacked and something called AOHell. I quickly found out I could make people online have a terrible experience, I could also trade porn files peer to peer.
I transferred back to a school in the city when I was 15. The gang I ran with rode skateboards. We went to one of my friends houses and in his room with 5 other guys I noticed a computer in the corner. I told them that I could hook a phone line to the back and get porn for free. No one believed me, so that's what I did. The kid was amazed that I could get magic naked girls to appear out of no where. He yelled for his mom to see. I wasn't allowed to come back after that.
I later figured out how to use my scanner at 16 years old and to change my newly issued drivers license age to 21. Soon many of my friends were able to buy beer. I got into trouble over that and then they put holograms on the new IDs.
I figured out how to set up a hacked copy of recording software. Set up a studio to record rap songs when I was 20 years old. It was very exciting.
This is a pattern with technology I have repeated over and over. It's fascinating to me. What can be accomplished with the internet. It is complete freedom.
I ran into bitcoin years ago. A buddy of mine in South Korea told me about it online. So I decided to research it and fell in love with the design. Before this in 2007 I had designed a business and posted it online. It was about taking digital properties off one platform and selling them to other people. In world of warcraft you could mine ore or gold and sell it to other players on Ebay. This was very intriguing to me. I feel very connected to bitcoin because of certain similarities and parallels.
I followed and tinkered with it a bit and fell in love. I never really thought about it as the best investment in the world until the last halving in 2016 and saw what happened in 2017. I remember bitcoin hitting $2000 and thinking it was scary. You couldn't go wrong then and everyone involved looked like a genius. I'd tell people it was going to hit $10,000. Then it did and a couple of my friends sold theirs. I always just spent mine. These crypto charts speak to me. I'm here because I believe I am the best at what I do. I knew the market would turn bear.
It's been very good to me on the small holdings I've been able to accumulate. I came to reddit 6 months ago when John Oliver roasted bitcoin. He said there were hundreds of thousands of people here that were like me. I'm very glad I came and today is my 6 month old birthday on reddit and I've meant some amazing people. Thought I would share in my favorite sub.
What I believe is next:
Bitcoin is a deflationary currency guaranteed to go up in value. This bear market could last a while, it could end this month. It could also stay at a 6000 dollar to 7000 for the next year. What I do know for a fact is that when it is 2021 bitcoin will be over 6 figures. I'd like to think we will be over 10,000 by 2019. The next halving is going to be mid 2020. The 12.5 bitcoin miner reward gets cut to 6.25. What I would recommend you do between now and the next halving is accumulate as much bitcoin as possible. You cannot go wrong at 6000 to 7000, in a 3 to 5 year hold it really won't matter. I am mining and buying as much as possible to this day. If you are sitting on 1 bitcoin come 2025, you'll be very wealthy and never have to work. Things will be very different then. Get your satoshis up and hodl tight. There is no better investment in the world.
Thank you reddit for having me, cheers.
N8
submitted by N8twon to Bitcoin [link] [comments]

Pi Network Italia: quello che c'è da sapere

Pi Network Italia: quello che c'è da sapere
Pi Network è un progetto, ancora in fase iniziale (Fase I), nato a marzo 2019 da un'idea di alcuni dottorandi dell’Università di Stanford. L'idea dietro Pi Network è quella di permettere a qualsiasi persona con un cellulare di poter minare (ovvero “costruire”) questa cripto valuta. L'applicazione non usa batteria né dati del cellulare.
Per far ciò, basta scaricare gratuitamente l'app Pi Network dallo store, inserire solo alcune informazioni personali e, dopo aver obbligatoriamente inserito un codice di invito ( Fradepa7 , ossia il mio codice), seguire dei semplici passaggi di introduzione ed infine cliccare sul pulsante con il fulmine ed iniziare a costruire la moneta.
Una volta registrati, ognuno avrà il suo codice da poter passare ad altre persone e per ogni nuovo utente che si iscrive tramite il vostro codice vedrete aumentare la vostra produzione di moneta. È importante ricordarsi di entrare nell'applicazione e cliccare il pulsante con il fulmine ogni 24h dall'ultima volta in cui lo si ha cliccato, altrimenti il processo di costruzione della moneta si interrompe e non si produrrà moneta fino a quando non avrete ri-cliccato quel pulsante.
Ad oggi, dopo solo 8 mesi, Pi Network ha più di 1 milione di utente attivi. Bitcoin, per fare un esempio, prima di arrivare ad 1 Milione di utenti ha impiegato 3 anni.

All'interno dell'app di Pi Network si possono avere diversi ruoli:
- Pioneer: al fine di evitare i bot e i fake account, bisogna aprire l'applicazione ogni 24h e ri-cliccare sul pulsante con il fulmine per ricominciare il mining, altrimenti questo viene interrotto, come vi spiegavo precedentemente;
- Contributor: si diventa contributor dopo aver effettuato con successo tre sessioni di mining, da cui ne consegue un aumento della velocità di costruzione della moneta e la possibilità di creare un proprio "security circle" con altre persone fidate che potrete aggiungere o dal vostro earning team (ovvero colori i quali si sono iscritti con il vostro codice) o dai contatti della vostra rubrica;
- Ambassador: si diventa ambassador invitando altre persone attraverso il proprio codice personale (che non è altro che il proprio username) aumentando anche qui la potenza di mining.
Al momento il Pi Coin non ha un valore sul mercato poiché non è stata ancora rilasciata ufficialmente come criptovaluta scambiabile. Per far ciò, bisognerà aspettare la l'ultima fase del progetto, ovvero la Fase III, dalla quale in poi non si potrà più accedere gratuitamente al mining della moneta, ma la si potrà solo acquistare o scambiare.
Ora è infatti l'occasione migliore per iniziare ad entrare nel vivo del progetto e, con un po' di pazienza, forse, ottenere dei risultati. Le basi ci sono tutte !

PI Network si sviluppa in tre fasi:
- La Prima fase comprende il design, lo sviluppo, la distribuzione e la verifica dell'applicazione.
Durante questa fase, l'applicazione emula il mining della moneta, ricompensando gli utenti con monete chiamate per l'appunto "Pi". Il mining, come vi spiegavo, dura 24 ore dopodiché dovrete nuovamente premere il pulsante con il fulmine nuovo per poter minare altre 24 ore, e così via.
- La Seconda fase è attualmente programmata entro il primo trimestre 2020 e riguarderà il "testnet" ossia, per semplicità, la dimostrazione delle potenziali capacità del progetto al fine di poter preparare il lancio della criptovaluta sul mercato.
La fase di testnet può essere intrapresa da ogni utente che vorrà parteciparvi utilizzando un PC e un software che sarà distribuito dagli sviluppatori. In questo modo si farà parte della rete di utenti che verificano le transazioni di scambio, ottenendo una ulteriore ricompensa per il lavoro svolto.
La Fase I e la Fase II saranno parallele, perciò anche durante la Fase II l'applicazione continuerà a ricompensarvi con il vostro mining e allo stesso tempo consentirà agli sviluppatori del Network di trovare errori e attuare tutte le modifiche necessarie per passare alla Fase III.
- La Terza fase sarà la fase finale dove la moneta avrà un valore che dipenderà dal mercato.
In questa ultima fase l'applicazione smetterà di ricompensare gli utenti, ma le monete che avete accumulato saranno scambiabili per qualsiasi altra moneta o vendute ad altri utenti usando i canali predisposti ad accettare la moneta.

Dal momento che il progetto è ancora in una fase iniziale, ovviamente non si sa se questo avrà più o meno successo, ma, non dovendo, ad oggi, investire soldi reali penso sia un buon "investimento" cliccare una volta al giorno un pulsante 😎
Fatemi sapere cosa ne pensate e, se vi va, utilizzate il mio codice. Grazie 😁

Allego inoltre il link del sito ufficiale di Pi Network dove potrete trovare altre informazioni più dettagliate: https://minepi.com/

https://preview.redd.it/7rmamukq5l141.jpg?width=225&format=pjpg&auto=webp&s=84024682456fc5a9e8f78bff9e388eedc0c039a9
submitted by Fradepa7 to Italia [link] [comments]

The Implications of Bitcoin (x-post from r/cryptocurrency)

This is starting to develop into a series of posts (here is the first one on both steemit and reddit), I've thrown this post on steemit, though the full text is available here. My next post is already half done and will deal with wallets, personal security, and the future therein. A table of contents is on the way that will help organize these.
I realize many here are familiar with a lot of this information, but I aim to present it in a way that's understandable to people that haven't yet spent the time to research for hours. I would appreciate any comments or criticism in order to refine the ideas. I'm not trying to shill anything in particular, though I reference bitcoin specifically for a lot of reasons I won't go into right here, most if not all of what I explain could be applied to other cryptos. I don't wish to encourage people to "invest" in this tech, I only wish that they begin to learn about it. I think this technology will change the world no matter what we do right now, I simply wish to explain in plain English how it might benefit our global society.

The Implications of Bitcoin - Deciphering the Enigma

Money is one of the oldest technologies; it's older than writing; we know this because the first writing we find is keeping track of transactions. Money has held many forms (rock, bone, metal, paper, cloth, plastic, etc.), each generation of token ideally being more portable and harder to forge. Portability, (ease of moving around the tokens) increases what you can do with it, while forgeability describes how secure it is against counterfeiters. Modern banking is essentially impossible to forge, and is vastly more portable than physical tokens because it exists solely on banking networks. For those with access to modern banks, money has never been more free to move around. Enter Bitcoin; it is no less forgeable than its predecessor,but it's portability is exponentially increased, and being decentralized it introduces a new feature, it's open to everyone.

What is Bitcoin?

At first glance bitcoin appears very similar to how we already transact in the developed world; it's "just" digital money. We have paypal, venmo, online banking, and credit cards that allow us to move our money around. However, to call bitcoin similar is making a huge mistake and vastly misunderstanding its concept, philosophy, and power. Modern banking services are exclusive to the developed world and only accessed with the permission of for-profit, private institutions, the gatekeepers of local and global money transfer. In the developing world there are billions of people without access to any bank, and many more have limited access to even basic services. Often there's little competition which stifles innovation and increases monopolistic practices. It's these citizens of our global society that stand to benefit most from this technology in an immediate sense.
Bitcoin is a decentralized, open, and immutable means of exchanging value. There are several layers to this concept alone; most significantly, that bitcoin is fundamentally different from anything we have ever contemplated. This makes it difficult to understand the implications or benefits of such a revolutionary technology. It's an epochal shift in how we can transact and store value.
This system can be accessed by everyone, anywhere, anytime. It is neutral, trans-national, and facilitates the freedom of money. Bitcoin itself requires no personal information or account creation through a business, nation, or organization. One simply generates keys and is free to transact with anyone. There isn't a central authority to dictate who can and can't use the network, no gatekeepers, no one to freeze payments or hold funds.

How is Bitcoin Secure?

I think people are well-justified to be skeptical of bitcoin's security, it's often touted as "unhackable" or "immutable". I try not to speak in absolutes; so I simply state that it's not worth trying to hack because its security lies in cryptography and game-theory.
If you guessed my private key you could spend coins associated with that address. Computers can guess many times in a a second, but even with every computer on the planet it would take much longer than the universe has existed to guess the private keys to a single bitcoin address. This is still true even with 1,000 earths worth of computing power. This is cryptographic security.
Game theory sounds daunting but it's easy to understand, it's "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." In bitcoin this manifests through "proof of work" which amounts to "miners" using computers to do lots of math problems, the results of which get embedded in the transaction record (the blockchain), and they receive rewards for their effort of mining a block. Miners are incentivized to contribute to the system.

So what if we try to cheat?

The amount of money and resources required to assemble enough computing power to even attempt to cheat the system (the "51% attack") would cost more than any benefits of doing so because the attack has no guarantee of working, and it would be obvious to anyone looking at the transaction record. In some cases the cheating transaction could be routed-around, essentially erased, negating all the work put in by the attacker who still had to pony up all the computing hardware and electricity. It's simply more profitable to take those computing resources and just mine bitcoins instead of attempting an attack. Game theory at its finest.
Many criticize the computing power and electricity "wasted" on bitcoin mining. Another perspective is that all this computational expenditure is quite intentional because it maintains the security of the system. It's analogous to mining gold; gold ore is just a pile of rocks that require significant extraction and refining to yield highly valuable and useful gold. Bitcoin's proof of work is so-called because the blockchain is evidence of massive computation, that computation equals security. The security is what makes bitcoin valuable. The proof of work is the proof that energy and computing power were expended in securing a history that can never be altered. Furthermore, renewable energy can increasingly provide electricity for miners mitigating environmental concerns. Not to mention the environmental impact of continuously replacing paper currencies in hundreds of countries, gold mining resources "wasted" on gold just to sit in vaults, or all of the concrete and steel poured into thousands of banks across the globe.

What can it do?

Right now citizens of Venezuela are losing purchasing power of their money by 25,000% per year. Their failing government continues printing more money robbing constituents of their savings. When this happened in Zimbabwe and people needed wheelbarrows full of money to buy a single loaf of bread the residents had little recourse. But some Venezuelan locals are turning to crypto-currencies to flee the currency crisis, escape the inflation, and protect their ability to acquire food and shelter. It's capital flight away from a national currency without having to even leave their neighborhood because their $20 cell phone can now act like a global bank.
Global remittances account for over 500 billion dollars a year. International money transfer services require physically being near the local office during business hours. A fair amount of coordination is required to find an institution with local access in both countries. Transfers can take days to clear, and fees vary wildly and make it difficult to transfer small amounts. Bitcoin can send a transaction at any time from your phone to anywhere on the globe in seconds with negligible fees without any intermediary. It's not hard to see why in some places this industry is being heavily disrupted.
Credit cards are a "pull" system, meaning you give out your card number and anyone can pull money from it, this model is the cause of credit and debit card fraud. If your card info is ever compromised you will need a replacement card and sometimes have to fight with institutions for weeks, months, or years to get your money back or have your credit restored. Bitcoin is a "push" system, only you can spend your money. No fees or extra charges can ever be added without you manually sending them. Automatic payments can be set up on your end, but never "their" end.
Bitcoin is programmable and flexible, allowing money to flow around the world as easily as cat videos and memes. It can mimic the way we do business currently when we desire, but, so much more is possible that will never be viable with our current systems. In fact, we haven't even figured out what yet is possible because innovation has just begun. Until now the only ones that could innovate in the financial space are those with the connections to permissioned worldwide banking network. Now, a 19 year-old has created a global computer whereby the programs can never be silenced and money itself can be programmed. Ultimately this enables anyone to write the next killer banking app without permission from anyone; it's a free market of money. And we are just getting started.
submitted by mrcoolbp to CryptoTechnology [link] [comments]

The Synthetic Newbe Doge buy guide, plus my 2 cents

Hi guys, this is my first post/comment/whatever on reddit, I hope it can be useful to everyone. I want to talk mainly about 2 topics:
Section 1) : To The Mooooon!
I'm a proud owner of 3.6K dogecoins, I mainly earned them in 2 ways
I'm a newbe in dogecoins or cryptocurrency in general, but I'm not a newbe on the net. I'm skilled in researches, payments and avoid scam/frauds, since I was a newbe I needed 2 things on my way to buy: affordable and safe.
What it comes is what I found.

=========== START OF TUTORIAL ================

Section 1a) : Buy Them
IMPORTANT: You CANNOT use Paypal, just SEPA or credit/debit card, even prepaid ones (which I suggest, safety first!)
Coinbase is the most safe "crypto-bank" I've been able to find. To join their board, you need to subscribe a new account, set your phone number, send a document so they can verify your ID, save a payment method.
Step 1/3:
IMPORTANT: keep in mind that you will pay a small fixed fee on your transfer, in my case if I buy an amount:
Step 2/3: Now that you own your bitcoin/ethereum/litecoin, you have to exchange them, but before this you need a wallet! I found a nice and safe site:
Just subscribe here, follow ALL the instruction the site asks, and in a couple of minutes you'll have a safe, fast with no fees doge wallet. Remember to backup all your wallet in a safe place!
Step 3/3:
Since it's almost impossible to directly buy dogecoin, you need a way to buy something else (bitcoin, ethereum or litecoin in this tutorial), and then exchange in to dogecoins. For this pourpose, I used changer.
All you have to do is subscribe an account, it is a legit site, you have to (obviously) pay some fees when converting a coin to another, but they're not that high. Safeness means fee, remember!
IMPORTANT: remember that every coin transaction pays a fee, so keep in mind that from the amount of coins you are going to trasnfer from your coinbase account, you have to substract the automatically applied fees (what you can send FROM coinbase will ALWAYS be a bit less than your balance!) . To check how much you can transfer, just go into coinbase, the 3th menu option on the top (the wallet icon), select the coin you bought (in my case Litecoin) and click on send, click on the amount you want to send (there are 2 fields, first euusd and second the amount of coin) and then click maximum amount. Copy that number.
Now, go back to changer:
Now you have to wait 10-20 min in order to transfer the coinbase amount to changer, then from changer to your dogecoin wallet, that's it!
IMPORTANT: there's always a loading bar over the amount to transfer field in changer, when it is full it will update the change rate from one coin to another, it depends on the market change rate.
That's it, congratulations, you safely bought dogecoins! Welcome new shiber!
Section 1b) : Faucet
There are many faucet or things that promise you free coins, 2 considerations:
Anyway during my researches, I found a "group" of inter-related faucets that really pay, I received about 300 doge from them. The idea behind this kind of faucets I'm about to talk is: the more often you'll check the page (not less than 5 minutes), the more you'll learn (anyway we're talking of cents even assuming you'll never sleep and stop living, just be on the site to claim every 5 minutes). Anyway, this set of faucets will continue generating coins even if your browser is absolutely closed, so they're worth a try.
That's it new shiber, you got some free dogecoins!
Actually, I spent 40 eur on dogecoin, buying in different times, hope we'll go on the moon soon :)

=========== END OF TUTORIAL ================

Section 2): My 2 cents
I think that what is happening to cryptomarket in these days is related to many factors.
In my opinion, there's no reason to get scared, in 10 days cryptomarket lost an average of 30% value, why shouldn't it gain back again? In february I expect dogecoin to skyrocket, as well as other cryptocurrencies, this is a sea that cannot be stopped anymore, so shibers let's hold, and don't forget that
1 Doge = 1 Doge.
Hope all this poem will be useful to someone, keep rocking guys :)
Thank you for your existence reddit, I learned a lot thanks to you!
submitted by Skull_47 to dogecoin [link] [comments]

All We Know About Cryptbontix (DIG) + Other Tokens

All We Know About Cryptbontix (DIG) + Other Tokens
“If you want to go to the future, you have to go to the past. The future of money is gold.”
Arbitrade has acquired Cryptobontix, and although they both have different but complementary business models, they have formed a symbiotic relationship benefiting both parties to bring you this multidimensional asset class.
Cryptobontix is the company responsible for creating a family of tokens backed by precious metals such as Gold, Silver, Platinum and Palladium.
Currently, you will not be able to find a lot of information on their website, because:
“The website is awaiting legal approval from our council and council of our newly developed partners before we can release details of our operations and partnerships.” ~ Cryptobontix
The Cryptobontix Inc. development team has created four cryptocurrencies based on the Etherium smart contract technology (ERC20 Token), which are backed by valuable hard-backed assets. These include:
  • Dignity (DIG) – backed by ingot of gold bullion
  • Namaste (NAM) – backed by ingot of silver bullion
  • Orectic (ORE) – backed by ingot of palladium bullion
  • Honor (HNR) – backed by ingot of platinum bullion

Key Features Of The Asset-Backed Tokens:

  • Robust security & privacy protection, making it difficult for hackers, corporations and governments to unfairly seize assets.
  • Faster & cheaper transactions than traditional electronic systems.
  • Elimination of boundaries and fees associated with international transaction, some bank charges are as high as 10-15% – Baffles the mind to think what big industries and companies must spend on these fees!

How this changes the digital asset landscape and the future

To give you a better understanding of how powerful this family of tokens really is for the future economy, let’s take a closer look at another traditional store of value, money.
Money has four functions; It is a:
  • Store of value
  • Medium of exchange
  • Unit of account
  • Standard of deferred payment
One of the many problems with our traditional monetary system is the declining value of our fiat currencies, they are dropping immensely due to the impact of inflation on the economy over time.
For instance, the Great British Pound has lost 90\% of its value since 1973 and the price of a pint of milk has increased by 767\% in 40 years.
What is commendable and unique about the Cryptobontix Inc. cryptocurrency tokens is that they provide a dependable means of exchange beyond the direct control of national banks, such as the U.S. Federal Reserve, European Central Bank, Bank of Canada, Monetary Authority of Singapore, etc.
This is particularly attractive for those concerned about future long-term inflation as a result of:
  1. Loose monetary policy such as quantitative easing (often central banks’ “printing money” by purchasing government bonds).
  2. Near zero inter­bank lending rates.
  3. Banks going into liquidation such as the recent crash of Deutschebank or India’s war on cash.In 2016 Indias Finance Minister says “honest people” have no need worry. They removed the two large denominations of the rupee (500 and 1000 rupee) from use, stating it will no longer be legal tender. Citizens were given only four hours notice of this change, thus removing 86\% of cash in circulation by value. And in a country where 95\% of all transactions happen in cash and this is where more than 40\% of the population of the country has no bank account. The immediate effect was expected to be a loss of 2-4\% of the GDP of the country, and the ripple effect has been devastating.
By combining bullion, the oldest store of value, with the newest, cryptocurrencies, we believe Arbitrade & Cryptobontix have created both a new hybrid asset class and investment vehicle that has the potential to become a global leader in this sector.
We are witnessing the start of a new era in bullion backed digital assets. Trust-less is the key & decentralisation is the strength
“Arbitrade is acquiring $8.7 Billion worth of the four bullions (gold, silver, platinum, and palladium) that will back the company’s four major tokens.” - Arbitrade Management 25/05/18

History: UNY To DIG Swap

The history of events leading up to the rebranding of T.J.L. Holdings to Cryptobontix Inc. has been outlined below:
  • T.J.L. Holdings launched unity Ingot (UNY) on May 8th 2017. Tokens value proceeded on a gradual decline.
  • T.J.L Holdings, then rebranded to Cryptobontix Inc.
  • A 1:1 token swap from Unity Ingot (UNY) into Dignity (DIG) was initiated by Cryptobontix Inc. and took place from the 8th February through to 20th February 2018 on the Livecoin exchange.
  • During the take-over, a small number of members from T.J.L Holdings remained with the development team in the capacity of consultants until the transfer was completed and the company is successfully operating as Cryptobontix Inc.
  • Cryptobontix Inc. has a renewed vision of the original idea behind the Unity Ingot project and is now leading a family of tokens into its next stages of expansion.

Dignity (DIG)

Backing the Dignity token to Gold will give the token a floor value that matches the true value of the gold. It should be noted that assets usually trade at multiples of their intrinsic value.
Key facts about the Dignity (DIG) token:
  • The first token of it’s kind to be backed by both:
  1. Mining hardware – 10,000+ high performace mining rigs
  2. Gold bullion -$3 Billion in Gold Bullion ($1 worth of Gold Bullion for every token issued.)
  • Tender: GOLD
  • Quantity: 0.02445 grams per token
  • ‘Floor’ Value: $1.00 USD (awaiting audit confirmation)
  • Original UNY supply: 10,000,000,000
  • UNY Burned: 7,000,000,000
  • Token swap UNY > DIG
  • DIG Total Supply: 3,000,000,000
  • Currently listed on Coinmarketcap, ticker DIG and currently on the Livecoin exchange, with further popular exchanges listing the token throughout the summer of 2018.
https://preview.redd.it/qf7ztyr764911.png?width=207&format=png&auto=webp&s=2729bbc87357b9b4079ffa8e59c75dc0a5f76683
https://preview.redd.it/etewsb7664911.png?width=491&format=png&auto=webp&s=054d1f9bee31c029dfabd5d02fffcc1a9148ee76
What makes DIG so unique in the crypto-space, is that once it is developed, its continued growth is tied to both the value of gold and the performance of cryptocurrency (mining & buyback), which means the only way it could completely fail is if the entire cryptocurrency market fails.
Global trends and adoption rates indicate this is a highly unlikely event when one considers the value, energy and passion that has transpired and got us to this point.

Namaste (NAM)

This token represents the very first truly silver backed cryptocurrency and sets another industry standard for the new era of hard backed tokens.
Key facts about the Namaste (NAM) token:
  • Backed by $2 Billion in Gold Bullion to be traded for Silver Bullion upon each payment. ($2 worth of Silver Bullion for every token issued.)
  • Tender: SILVER
  • Quantity: 3.6559 grams per token
  • Value: $2.00 USD (on release)
  • NAM Supply: 1,000,000,000
  • Planned Release: To Be Confirmed, Testing underway
  • Number of mining rigs dedicated to this token: 10,000
https://preview.redd.it/2d3beqma64911.png?width=230&format=png&auto=webp&s=fe9ae7e27fe582c9dbe1c7a1f4f30785890881fd

Orectic (ORE)

This token represents the very first, truly palladium backed cryptocurrency and sets yet another industry standard.
Key facts about the Orectic (ORE) token:
  • Backed by $1 Billion in Gold Bullion to be traded for Platinum Bullion upon each payment. ($3 worth of Platinum Bullion for every token issued.)
  • Tender: PALLADIUM
  • Quantity: 0.101 grams per token
  • Value: $3 USD (on release)
  • ORE Supply: 500,000,000
  • Planned Release: To Be Confirmed, Testing underway
  • Number of mining rigs dedicated to this token: 10,000
https://preview.redd.it/tz6407hc64911.png?width=207&format=png&auto=webp&s=a0389248a042de61c9c7a6ebc064f775df1fa28c

Honor (HNR)

This token represents the very first truly platinum backed cryptocurrency and sets yet another industry standard.
Key facts about the Honor (HNR) token:
  • Backed by $500 million in Gold Bullion to be traded for Palladium Bullion upon each payment. ($4 worth of Palladium Bullion for every token issued.)Tender: PLATINUM
  • Quantity: 0.125 grams per token
  • Value: $4 USD (on release)
  • HNR Supply: 500,000,000
  • Planned Release: To Be Confirmed, Testing underway
  • Number of mining rigs dedicated to this token: 10,000
https://preview.redd.it/pgg4n0yd64911.png?width=206&format=png&auto=webp&s=f0e64dbd25e05d24918fd6c60a95630711b03ff7

Gold Bullion

Arbitrade Ltd. has made a definitive deal with Sion Trading FZE Dubai to acquire $10,000,000,000 in gold bullion. The bullion will be held at Brinks’ vault at the Dubai Gold Exchange. The company will have the bullion audited by a major accounting firm that operates in both Bermuda, Dubai and the United States before the end of September 2018 or as the accounting firm’s schedule permits. The audit is not an important factor and is only being done to satisfy U.S. Regulators.
Source: Arbitrade news update

How To Get Hold Of Your Physical Assets

According to the existing white paper:
  • After two years, you will be able to swap your token 1 to 1 for a special utility coupon that grants you your amount of bullion.
  • These will be redeemable during specific periods each year.
  • In November of every year, 1/15th of the token float will become available for you to trade your tokens with, until the expiration date of the coupons.
  • You will then be able to redeem the physical bullion held against the token by using the coupon.
  • At any point throughout the year, you can place a bullion order at the Cryptobontix website and fill out and send an order form to the prescribed address.
  • The shipping department will then process the transaction when the November redemption window opens and will ship the physical bullion to the token holders.

Mining Facility

Cryptobontix Inc. and Arbitrade have partnered with:
  1. Coin Miner LLC – to provide mining hardware
  2. Cryptotopic Inc. – to build and operate the mining facilities
View video footage of one of the facilities.

Coin Miner LLC

  • Arbitrade Ltd. and Cryptotopic Industries have been working with Coin Miner LLC and the build team to create a 100,000 square foot industrial mining facility in Ontario, Canada. A facility that was previously used for metal manufacturing.
  • Has over five years experience in industrial sized mining infrastructure & development
  • Over the next 12 months, they aim to provide the facilitities with 65,000 mining units, ranging from high-performance ASIC and GPU mining units such as proprietary G Series mining units with Nvidia & AMD chips achieving 275MH at 1,200 watts each.
Hayden Gill, Arbitrade’s leading advisor & mining consultant, says:
“The D9 miners alone will be generating a minimum of 305 Decred (DCR) per day which is currently trading at $99.90 on CoinMarketCap.com ***(June 2018)***
Arbitrade and Cryptobontix have also reported purchasing additional units from Bitmain, Canada Computers & Halong.
The mining units will commence operations for:
  1. Arbitrade’s decentralized exchange (DEX)
  2. Cryptobontix’s bullion and cryptocurrency mining backed tokens
Once installed and operational, the facility will mine the most profitable cryptocurrencies such as Bitcoin, Etherium, Dash & Monero.
The daily cryptocurrency mining profits are to be used to:
  • 50\% – purchase physical bullion
  • 20\% – buy additional high standard mining rigs
  • 15\% – support buy back tokens and trade exchange marketplaces
  • 15\% – operational cost and upkeep of mining facility
https://preview.redd.it/f6oadqzf64911.png?width=600&format=png&auto=webp&s=683ac55d711e736a959dd03df896ef2b6365a828

Cryptotopic Inc.

Arbitrade reported it has commenced a 15-year lease agreement with Cryptotopic Inc., an Ontario company that will work with Coin Miner LLC, on behalf of Arbitrade, to build Canada’s largest mining facility in a 100,000 square foot industrial warehouselocated in Watford, Ontario, Canada, which will house the 65,000 mining units.
This lease agreement marks the first of four facilities Arbitrade plans to open over the next 36 months with Cryptotopic Inc. and Coin Miner LLC.

Coin Miner LLC

Hayden owns Coin Miner LLC and has been overseeing the mining developments in Watford and Atlanta. Watford has 5MW of current power that can facilitate 4,000 mining rigs to start. Arbitrade, along with Coin Miner LLC, has been successfully negotiating with Hydro One and its partners to bring in up to an additional 150MW of power so that the Watford facility will be among the largest cryptocurrency mining facilities in the world.
Currently, the property boasts a massive size of 100,000 square feet, but there are an additional 16 acres available that can accommodate an enormous expansion up to 1,000,000 square feet of mining space. The company, on behalf of Hayden, has been in negotiations to develop the company’s own ASIC mining rigs and GPU miners.
The Atlanta facility has already been toured by top stock and crypto analyst Ronnie Moas. Photographs and videos are available on his Instagram account. You can also check the Timeline.
If Arbitrade execute properly, this will make them one of the largest cryptocurrency mining operations globally.
submitted by BlockchainBullion to DignityCoin [link] [comments]

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals

This is the best tl;dr I could make, original reduced by 57%. (I'm a bot)
The amount of energy required to "Mine" one dollar's worth of bitcoin is more than twice that required to mine the same value of copper, gold or platinum, according to a new paper, suggesting that the virtual work that underpins bitcoin, ethereum and similar projects is more similar to real mining than anyone intended.
One dollar's worth of bitcoin takes about 17 megajoules of energy to mine, according to researchers from the Oak Ridge Institute in Cincinnati, Ohio, compared with four, five and seven megajoules for copper, gold and platinum.
All the cryptocurrencies examined come off well compared with aluminium, which takes an astonishing 122MJ to mine one dollar's worth of ore.
The new paper is the first to look at the mining efforts from the point of view of energy cost per dollar benefit.
"The comparison is made to quantify and contextualise the decentralised energy demand that the mining of these cryptocurrencies requires," the authors write, "And to encourage debate on whether these energy demands are both sustainable and appropriate given the product that results from relatively similar energy consumption."
To account for the wild fluctuations in cryptocurrency price, and therefore effort expended by miners, the researchers used a median of all the values between 1 January 2016 and 30 June 2018, and attempted to account for the geographic dispersal of bitcoin miners.
Summary Source | FAQ | Feedback | Top keywords: Mine#1 energy#2 cryptocurrency#3 bitcoin#4 dollar#5
Post found in /science, /worldnews, /AutoNewspaper, /fbitcoin and /GUARDIANauto.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

The Implications of Bitcoin (x-post)

This is starting to develop into a series of posts (here is the first one on both steemit and reddit), I've thrown this post on steemit, though the full text is available here. My next post is already half done and will deal with wallets, personal security, and the future therein. A table of contents is on the way that will help organize these.
I realize many here are familiar with a lot of this information, but I aim to present it in a way that's understandable to people that haven't yet spent the time to research for hours. I would appreciate any comments or criticism in order to refine the ideas. I'm not trying to shill anything in particular, though I reference bitcoin specifically for a lot of reasons I won't go into right here, most if not all of what I explain could be applied to other cryptos. I don't wish to encourage people to "invest" in this tech, I only wish that they begin to learn about it. I think this technology will change the world no matter what we do right now, I simply wish to explain in plain English how it might benefit our global society.

The Implications of Bitcoin - Deciphering the Enigma

Money is one of the oldest technologies; it's older than writing; we know this because the first writing we find is keeping track of transactions. Money has held many forms (rock, bone, metal, paper, cloth, plastic, etc.), each generation of token ideally being more portable and harder to forge. Portability, (ease of moving around the tokens) increases what you can do with it, while forgeability describes how secure it is against counterfeiters. Modern banking is essentially impossible to forge, and is vastly more portable than physical tokens because it exists solely on banking networks. For those with access to modern banks, money has never been more free to move around. Enter Bitcoin; it is no less forgeable than its predecessor,but it's portability is exponentially increased, and being decentralized it introduces a new feature, it's open to everyone.

What is Bitcoin?

At first glance bitcoin appears very similar to how we already transact in the developed world; it's "just" digital money. We have paypal, venmo, online banking, and credit cards that allow us to move our money around. However, to call bitcoin similar is making a huge mistake and vastly misunderstanding its concept, philosophy, and power. Modern banking services are exclusive to the developed world and only accessed with the permission of for-profit, private institutions, the gatekeepers of local and global money transfer. In the developing world there are billions of people without access to any bank, and many more have limited access to even basic services. Often there's little competition which stifles innovation and increases monopolistic practices. It's these citizens of our global society that stand to benefit most from this technology in an immediate sense.
Bitcoin is a decentralized, open, and immutable means of exchanging value. There are several layers to this concept alone; most significantly, that bitcoin is fundamentally different from anything we have ever contemplated. This makes it difficult to understand the implications or benefits of such a revolutionary technology. It's an epochal shift in how we can transact and store value.
This system can be accessed by everyone, anywhere, anytime. It is neutral, trans-national, and facilitates the freedom of money. Bitcoin itself requires no personal information or account creation through a business, nation, or organization. One simply generates keys and is free to transact with anyone. There isn't a central authority to dictate who can and can't use the network, no gatekeepers, no one to freeze payments or hold funds.

How is Bitcoin Secure?

I think people are well-justified to be skeptical of bitcoin's security, it's often touted as "unhackable" or "immutable". I try not to speak in absolutes; so I simply state that it's not worth trying to hack because its security lies in cryptography and game-theory.
If you guessed my private key you could spend coins associated with that address. Computers can guess many times in a a second, but even with every computer on the planet it would take much longer than the universe has existed to guess the private keys to a single bitcoin address. This is still true even with 1,000 earths worth of computing power. This is cryptographic security.
Game theory sounds daunting but it's easy to understand, it's "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." In bitcoin this manifests through "proof of work" which amounts to "miners" using computers to do lots of math problems, the results of which get embedded in the transaction record (the blockchain), and they receive rewards for their effort of mining a block. Miners are incentivized to contribute to the system.

So what if we try to cheat?

The amount of money and resources required to assemble enough computing power to even attempt to cheat the system (the "51% attack") would cost more than any benefits of doing so because the attack has no guarantee of working, and it would be obvious to anyone looking at the transaction record. In some cases the cheating transaction could be routed-around, essentially erased, negating all the work put in by the attacker who still had to pony up all the computing hardware and electricity. It's simply more profitable to take those computing resources and just mine bitcoins instead of attempting an attack. Game theory at its finest.
Many criticize the computing power and electricity "wasted" on bitcoin mining. Another perspective is that all this computational expenditure is quite intentional because it maintains the security of the system. It's analogous to mining gold; gold ore is just a pile of rocks that require significant extraction and refining to yield highly valuable and useful gold. Bitcoin's proof of work is so-called because the blockchain is evidence of massive computation, that computation equals security. The security is what makes bitcoin valuable. The proof of work is the proof that energy and computing power were expended in securing a history that can never be altered. Furthermore, renewable energy can increasingly provide electricity for miners mitigating environmental concerns. Not to mention the environmental impact of continuously replacing paper currencies in hundreds of countries, gold mining resources "wasted" on gold just to sit in vaults, or all of the concrete and steel poured into thousands of banks across the globe.

What can it do?

Right now citizens of Venezuela are losing purchasing power of their money by 25,000% per year. Their failing government continues printing more money robbing constituents of their savings. When this happened in Zimbabwe and people needed wheelbarrows full of money to buy a single loaf of bread the residents had little recourse. But some Venezuelan locals are turning to crypto-currencies to flee the currency crisis, escape the inflation, and protect their ability to acquire food and shelter. It's capital flight away from a national currency without having to even leave their neighborhood because their $20 cell phone can now act like a global bank.
Global remittances account for over 500 billion dollars a year. International money transfer services require physically being near the local office during business hours. A fair amount of coordination is required to find an institution with local access in both countries. Transfers can take days to clear, and fees vary wildly and make it difficult to transfer small amounts. Bitcoin can send a transaction at any time from your phone to anywhere on the globe in seconds with negligible fees without any intermediary. It's not hard to see why in some places this industry is being heavily disrupted.
Credit cards are a "pull" system, meaning you give out your card number and anyone can pull money from it, this model is the cause of credit and debit card fraud. If your card info is ever compromised you will need a replacement card and sometimes have to fight with institutions for weeks, months, or years to get your money back or have your credit restored. Bitcoin is a "push" system, only you can spend your money. No fees or extra charges can ever be added without you manually sending them. Automatic payments can be set up on your end, but never "their" end.
Bitcoin is programmable and flexible, allowing money to flow around the world as easily as cat videos and memes. It can mimic the way we do business currently when we desire, but, so much more is possible that will never be viable with our current systems. In fact, we haven't even figured out what yet is possible because innovation has just begun. Until now the only ones that could innovate in the financial space are those with the connections to permissioned worldwide banking network. Now, a 19 year-old has created a global computer whereby the programs can never be silenced and money itself can be programmed. Ultimately this enables anyone to write the next killer banking app without permission from anyone; it's a free market of money. And we are just getting started.
submitted by mrcoolbp to btc [link] [comments]

The Implications of Bitcoin

This is starting to develop into a series of posts (here is the first one on both steemit and reddit), I've thrown this post on steemit, though the full text is available here. My next post is already half done and will deal with wallets, personal security, and the future therein. A table of contents is on the way that will help organize these.
I realize many here are familiar with a lot of this information, but I aim to present it in a way that's understandable to people that haven't yet spent the time to research for hours. I would appreciate any comments or criticism in order to refine the ideas. I'm not trying to shill anything in particular, though I reference bitcoin specifically for a lot of reasons I won't go into right here, most if not all of what I explain could be applied to other cryptos. I don't wish to encourage people to "invest" in this tech, I only wish that they begin to learn about it. I think this technology will change the world no matter what we do right now, I simply wish to explain in plain English how it might benefit our global society.

The Implications of Bitcoin - Deciphering the Enigma

Money is one of the oldest technologies; it's older than writing; we know this because the first writing we find is keeping track of transactions. Money has held many forms (rock, bone, metal, paper, cloth, plastic, etc.), each generation of token ideally being more portable and harder to forge. Portability, (ease of moving around the tokens) increases what you can do with it, while forgeability describes how secure it is against counterfeiters. Modern banking is essentially impossible to forge, and is vastly more portable than physical tokens because it exists solely on banking networks. For those with access to modern banks, money has never been more free to move around. Enter Bitcoin; it is no less forgeable than its predecessor,but it's portability is exponentially increased, and being decentralized it introduces a new feature, it's open to everyone.

What is Bitcoin?

At first glance bitcoin appears very similar to how we already transact in the developed world; it's "just" digital money. We have paypal, venmo, online banking, and credit cards that allow us to move our money around. However, to call bitcoin similar is making a huge mistake and vastly misunderstanding its concept, philosophy, and power. Modern banking services are exclusive to the developed world and only accessed with the permission of for-profit, private institutions, the gatekeepers of local and global money transfer. In the developing world there are billions of people without access to any bank, and many more have limited access to even basic services. Often there's little competition which stifles innovation and increases monopolistic practices. It's these citizens of our global society that stand to benefit most from this technology in an immediate sense.
Bitcoin is a decentralized, open, and immutable means of exchanging value. There are several layers to this concept alone; most significantly, that bitcoin is fundamentally different from anything we have ever contemplated. This makes it difficult to understand the implications or benefits of such a revolutionary technology. It's an epochal shift in how we can transact and store value.
This system can be accessed by everyone, anywhere, anytime. It is neutral, trans-national, and facilitates the freedom of money. Bitcoin itself requires no personal information or account creation through a business, nation, or organization. One simply generates keys and is free to transact with anyone. There isn't a central authority to dictate who can and can't use the network, no gatekeepers, no one to freeze payments or hold funds.

How is Bitcoin Secure?

I think people are well-justified to be skeptical of bitcoin's security, it's often touted as "unhackable" or "immutable". I try not to speak in absolutes; so I simply state that it's not worth trying to hack because its security lies in cryptography and game-theory.
If you guessed my private key you could spend coins associated with that address. Computers can guess many times in a a second, but even with every computer on the planet it would take much longer than the universe has existed to guess the private keys to a single bitcoin address. This is still true even with 1,000 earths worth of computing power. This is cryptographic security.
Game theory sounds daunting but it's easy to understand, it's "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers." In bitcoin this manifests through "proof of work" which amounts to "miners" using computers to do lots of math problems, the results of which get embedded in the transaction record (the blockchain), and they receive rewards for their effort of mining a block. Miners are incentivized to contribute to the system.

So what if we try to cheat?

The amount of money and resources required to assemble enough computing power to even attempt to cheat the system (the "51% attack") would cost more than any benefits of doing so because the attack has no guarantee of working, and it would be obvious to anyone looking at the transaction record. In some cases the cheating transaction could be routed-around, essentially erased, negating all the work put in by the attacker who still had to pony up all the computing hardware and electricity. It's simply more profitable to take those computing resources and just mine bitcoins instead of attempting an attack. Game theory at its finest.
Many criticize the computing power and electricity "wasted" on bitcoin mining. Another perspective is that all this computational expenditure is quite intentional because it maintains the security of the system. It's analogous to mining gold; gold ore is just a pile of rocks that require significant extraction and refining to yield highly valuable and useful gold. Bitcoin's proof of work is so-called because the blockchain is evidence of massive computation, that computation equals security. The security is what makes bitcoin valuable. The proof of work is the proof that energy and computing power were expended in securing a history that can never be altered. Furthermore, renewable energy can increasingly provide electricity for miners mitigating environmental concerns. Not to mention the environmental impact of continuously replacing paper currencies in hundreds of countries, gold mining resources "wasted" on gold just to sit in vaults, or all of the concrete and steel poured into thousands of banks across the globe.

What can it do?

Right now citizens of Venezuela are losing purchasing power of their money by 25,000% per year. Their failing government continues printing more money robbing constituents of their savings. When this happened in Zimbabwe and people needed wheelbarrows full of money to buy a single loaf of bread the residents had little recourse. But some Venezuelan locals are turning to crypto-currencies to flee the currency crisis, escape the inflation, and protect their ability to acquire food and shelter. It's capital flight away from a national currency without having to even leave their neighborhood because their $20 cell phone can now act like a global bank.
Global remittances account for over 500 billion dollars a year. International money transfer services require physically being near the local office during business hours. A fair amount of coordination is required to find an institution with local access in both countries. Transfers can take days to clear, and fees vary wildly and make it difficult to transfer small amounts. Bitcoin can send a transaction at any time from your phone to anywhere on the globe in seconds with negligible fees without any intermediary. It's not hard to see why in some places this industry is being heavily disrupted.
Credit cards are a "pull" system, meaning you give out your card number and anyone can pull money from it, this model is the cause of credit and debit card fraud. If your card info is ever compromised you will need a replacement card and sometimes have to fight with institutions for weeks, months, or years to get your money back or have your credit restored. Bitcoin is a "push" system, only you can spend your money. No fees or extra charges can ever be added without you manually sending them. Automatic payments can be set up on your end, but never "their" end.
Bitcoin is programmable and flexible, allowing money to flow around the world as easily as cat videos and memes. It can mimic the way we do business currently when we desire, but, so much more is possible that will never be viable with our current systems. In fact, we haven't even figured out what yet is possible because innovation has just begun. Until now the only ones that could innovate in the financial space are those with the connections to permissioned worldwide banking network. Now, a 19 year-old has created a global computer whereby the programs can never be silenced and money itself can be programmed. Ultimately this enables anyone to write the next killer banking app without permission from anyone; it's a free market of money. And we are just getting started.
submitted by mrcoolbp to CryptoCurrency [link] [comments]

What is Mining?

If you are new to cryptocurrency or are interested in learning more about the technology behind the increasingly popular field, then this article is for you. Some of the terminology and concepts in the cryptocurrency world are very foreign to most people, and as a wise person once said, “you don’t really understand something if you can’t explain it to your grandmother.” So let us try to make sense of mining crypto currencies in the simplest terms, along with how a service like MinerGate can facilitate your goals from a simple hobby to larger investment-oriented results.
First, ask yourself why the world needs banks. Civilization needs a place where money can be stored safely, where transactions can be recorded by an honest and independent 3rd party, and a place where money can be invested or borrowed in loans or other credit. That has worked out pretty well for bankers, hasn’t it? Today, banks own professional sports arenas all over the world and control huge sectors of global finance from construction to the arts. There is a lot of profit in banking, and very little of that goes to you and me, the little guys. But imagine if we no longer needed banks. Imagine if all those grand profits no longer went to the 1% of top earners in the world, but instead was shared more evenly across the 99%. That’s the idea behind cryptocurrency: basically, we don’t need powerful banks holding all the money anymore now that blockchain technology is here.
Let us next work with some foreign sounding terms. Imagine that the “Blockchain” is basically an excel spreadsheet file on your computer with some data in it. Except that it isn’t just on your computer, it is on a million computers across the globe, and it isn’t just “some” data, it’s all the financial transactions on record for that particular currency—and encrypted so no trusted 3rd party is needed. If a hacker wanted to hack your computer and change the data in your file to reflect all of the money in your checking account going into their account, that would be pretty easy. But when that file is on a million computers, the hacker would have to hack a million computers all at once to do the same thing—and that it nearly impossible. It is certainly more impossible that it would be to hack a bank’s computer system!
So you have this account data that is shared across all these computers, but so what? Well, that is where “mining” comes into play. Mining is just a funny word used to describe participation in the financial record-keeping with a high-powered computer. When I decide to mine a particular currency, what I am actually doing is connecting my super-fast (often super-expensive) computer to the cryptocurrency network and allowing that network to use my computing power to run the transactions. There is a lot of technical jargon that happens here, and we will keep it simple. Computational challenges arise from the heavy burden of encrypting all the financial record-keeping. All you need to know is that “mining” is nothing more than applying your personal computing power to solving those computational challenges. Mining rewards are a financial incentive to users who provide the fastest, most powerful computers. The faster and more accurate the computer you provide, the greater your reward in crypto currency coins. MinerGate is a great way to do this, where users can join a mining “pool” that combines computational resources among a group of users who share the rewards together. Many currencies are reasonably profitable today when mined in a good pool like Minergate with even a modest computer CPU and GPU (examples include the Intel i5 or the AMD RX series). Why not download MinerGate and put that computer to work for you no matter how modest the return? You never know how much those coins will be worth in ten years, do you?
Remember when we said those super-fast computers are often super-expensive? Well, that is where cloud-mining services like MinerGate’s program come into play. The mining analogy really does fit well in this case. Imagine you are a prospector in California back in the 1800s during the Gold Rush days. You go out into the mountains with your mule and pick axe and find a spot. You start digging and get lucky. There’s a vein of gold right there. So you go back into the nearest town with your mule loaded down with ore, ready to cash in, buy more supplies, and head back out to dig up some more. What’s going to happen next? You think you’ll be going back out alone, or will about 200 other prospectors follow you out? How will you protect your claim when the minute you ride back into town those other prospectors are going to “claim jump” all over your ore so when you get back, it is all gone? The answer back then was mining contracts where claims were protected by businesses who had experienced miners, security, lawyers, smelters, and payroll so they could share into claims and provide valuable services while sharing profits.
That is much like what has happened in cryptocurrency with computing power. When people discovered that they could make money by participating in the mining system, a virtual arms race of computational power ensued to the point that now the machines go far beyond a desktop computer. MinerGate takes the pressure off users by procuring the expensive equipment and then leasing it under contract. This allows for excellent returns on investment over time without huge up-front costs that truly competitive mining hardware would require for coins like Bitcoin. MinerGate is also one of the most trusted names in cloud mining, as they make no wild claims of get-rich-quick or insane returns on investments. Instead, MinerGate’s cloud mining is an excellent way to profit from the rising market trend over time of cryptocurrencies like Bitcoin and Monero – plus Ethereum soon!
No matter what your goals, experience level, or familiarity with cryptocurrency, MinerGate is a solution you can be comfortable with from start to finish. Whether you want to mine with your own hardware and MinerGate’s software, or if you want to start out with your own mining contract, MinerGate is a trusted partner that will help you achieve your goals by providing the services you need.
Try out mining on your PC or mobile your self now
submitted by zwtor to Etoro [link] [comments]

Blockchain summit report: Day 1 - "Enterprise cloud"

previous days
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Event details
Today was day 1 of the 2 day "International Blockchain summit" presentations. On every seat was a little bag that had 3 books about the Blockchain! Unfortunately they were all in Chinese.
http://imgur.com/jmkRYVj http://imgur.com/g66KeRD
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Presentations summary
Whereas DEVCON2 was all about development, and leveraging the network effects of leveraging other projects in the ecosystem, the presentations today were VERY high level talks.
There was a massive stark difference between "the old guard" in the Fintech space, and the disruptors that are shaking things up.
Take a look at the BOC (Bank of China) and ChinaLedger presentations. They talk about how Distributed computing is dangerous. ChinaLedger go on to say that they need the power to be able to go in and halt transactions, modify smart contracts on the fly, liquidate accounts when they need. While also saying that they will make sure they will do everything to help privacy and use encryption… which only the Government can unlock ("Golden keys"?). It was the most centralised "Blockchain" I have ever heard of.
On the flip side I was inspired by the forward thinking of the Consensys presentation, and their long term vision for where to drive the Ethereum platform. They are helping to create open tools and platforms that will be leveragable by a multitude of projects (as demonstrated with Ujo and BHP project "Rai stones").
http://imgur.com/AXHw1Df
After the Consensys presentation, my 2nd favourite presentation was by Wanxiang labs "10 years to build a city", talking about how they plan on taking some land and creating from scratch a smart city powered by the blockchain and electric vehicles. While the other old guard are squabbling about how it is going to impact their "business as usual" profits, there were the new projects out there envisioning and disrupting.
The BHP presentation was also pretty cool, a great implemenation of using Blockchain to improve a business process.
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Presentations
New Finance: Technical & Legal rules - BoC He is from bank of China. Entire presentation was him being scared and trying to justify why current Blockchain tech is an unregulated wasteland, and why there needs to be regulation from banks and government.
For Fintech they think Blockchain will not be successful without proper regulations Blockchain finance - it is distributed. Storing all of the transactions will take a lot of storage space. What to do once the transaction rates exceed what can be processed. Thinks that public distributed transactions will not be more than a toy like with Bitcoin. For real FinTech they need something different for a high frequency. Thinks that decentralisation should not be the core feature of Blockchains (due to transaction limit). Thinks it should be decentralised, not distributed.
Should be done with private consortiums. Needs legal rules and technical rules. They think that self rulemaking currencies (Bitcoin) can not be regulated. So need to stop them, to prevent bad things like money laundering. This is showing the loopholes brought about by Bitcoin. So when using digital currencies, they need certifications and tracking.
"We need more regulations and rules to facilitate the healthy development of this space. Only with support of regulations can new technology take off".
Me: I totally disagree… (if not already apparent)
Blockchain futures & realities - CSDC
China Securities Depository and clearinghouse
He was much more open minded and forward looking. Is a pep talk for "things are going to change", how are we going to use these new things. He said that he recorded it into English that should be able to be downloaded, would be worth watching if you are into this space.
Summary: Genie is out of the bottle, we need to embrace this and think how we are going to put the requirements of securities ("real name transactions") in a decentralised way. And the registration and tracking of assets to real names.
People have ideals because they are not happy with reality. Due to this dissatisfaction, people are passionate about trying to make that dream a reality. Need to play by the rules, or the market will be chaos. So now we have facilities law, regulations, etc. This forms the framework of China economic. This is very different from Blockchain. This is at odds to the distributed systems. Seems like we are dissatisfied with this, so trying to reconcile these differences.
All securities transactions need to follow "real name" transactions, but want to do this in a decentralised manner. Market cap is 54 trillion (of something in China). GDP is over 70 million
They are researching Blockchain, but not just in the lab. Need to find potential applications and use cases for it. If we want to implement Blockchain technologies, we need to see what the hurdles will be, so we can get closer to the ideal. As BoC speaker said, the number of transactions per seconds is HUGE. Daily may reach 10s of millions at its peak. How are we going to handle this with a theoretical framework. Need to start from the reality of China. And the reality is it is a giant country with a huge population, which depends on the capital market. If you just implement within a lab it is okay. But if it is going to be put into the industry, then we need to work with the government. We can't just get rid of the government, it is impossible (REVOLUTION!!). So need to focus on key senarios to tackle, as you can't just apply Blockchain everywhere simultaneously. Or all your efforts will fruitless. How to complement it initially, not replace it.
Ten years efforts to build a city (Wanxiang Labs)
Me: I reallly liked this presentation. I've been keeping notes for months around building this type of innovative city in Australia. I plan on rewatching this one again later.
Going to build a city in 10 years. An energy gathering city in HangZhou 10KM2. Their US company is starting to build new energy vehicle. 900m RMB? 90k people. Deploy the city into the cloud. Intelligent life, traffic & services. Everything will be connected. IoT, Internet, smart living, smart transport. Once this is successful, they plan on launching it across the world. Will publish their learnings. Launching incubators and accelerators. Their own cloud Blockchain as a Service. Many scenarios in this smart city that could utilise Blockchain. Distribution for Solar power. ID & Vehicle registration. Intelligent community services. Can promote a sharing economy throughout the community. Partnering with Microsoft, IBM, Consensys, Ethereum foundation, WeBank, AliCloud
Vitalik Buterin keynote
Talking of the progress China has made in Blockchain innovation in such a short period of time. He visited China 3 years ago and visited a number of Bitcoin companies and was impressed on the scale of what China had, much more than what was happening in USA. But all the focus was just on cryptocurrencies, not Blockchain technologies, Just mining. 2nd time, he saw some kind of experimentation happening with interesting things (like coloured coins?) 3rd time saw more interest in Blockchains. 4th? time, he did a hackathon with Wanxiang labs (event sponsor), and there were ~30 projects. The growth since then has been rapidly growing. The scale of projects we couldn't have imagined 3 years ago. Was just theoretical, now a lot of ideas are almost reality. e.g. Self-sovereign identity, instant settlement.
Hyperledger
https://www.hyperledger.org/ Goals. Build an opensource dev focused community of communities to build a hyperledger based solution. Create a family of "etnerprise grade" open source blockchain framework, platform & libraries.
Because it is an enterprise opensource project, they need to track contributions, patent details, etc. Is part of the Linux Foundation, which has 16 years of providing governance stucture support for major open source projects. 80 project partners. IBM, Intel, Accenture, JP Morgan, Airbus, ANZ bank, Cisco, etc. 20 of the 80 project partners, are based in China. Apache license v2.
A world or many chains. There will not be only one blockchain. There will be many public chians and millions of private chains. Each may use different consensus mechanisms.
Major projects are: Fabric: Developed by IBM. PBFT, moving to Raft and other pluggable consensus mechanisms. Written in Go. Sawtooth Lake: Proof of Elapsed Time. Runs on secure enclaves. Written in Python. Hyperledger explorer: GUI for navigating Fabric & swatooth lake. Fabric-py SDK. (Java proposed later).
Future: Smart contract engines. Portable identities. Will never see a "HyperCoin". It is about making Hyperledger a standard, and a governance group.
IBM keynote - IBM Blockchain & Hyperledger
Today if you want to do something in your business on Blockchain it is difficult. Hard to scale, issues with privacy. No Enterprise support. Need tools to write tests for smart contracts. Need good solution patterns. Difficult to scale up, especially around transaction rates.
Built Fabric to support "serious business" Permissioned blockchains can't scale. Every node shouldn't execute every transaction. The 2 peers that are interacting are the only ones that should execute. IBM has implemented this internally to resolve invoice disputes with their suppliers.
IBM
All the slides were in Chinese. Difficult to follow unfortuantely. The (original) Silk Road was important for trade. Blockchain may be just as important for trade in the future People are debating the need of distributed systems being an important thing of Blockchains, is it really necessiary? Blockchain should instead be focused on unblocking instead. IBM will provide an IBM certified docker container. IBM Blockchain. http://www-31.ibm.com/ibm/cn/blockchain/index.html Has a concept of a "shadow chain"?
Blockchain Platform @ Microsoft
At Devcon1 Microsoft announced Blockchain as a Service. Rolled out DevTest Labs to allow you to spin up public, private, permissioned, and consotrium blockchians quickly. Provisoin with 1 click. Mix & match from best available blockchain tech.
Bletchley: Open infrastructure, Enterprise capabilities. Microsoft is not building their own Blockchain.
Blockchain has some missing parts (identity, privacy, key management lifecycle, tools). Asked our partners what are the missing parts. A database in itself isn't an application.
(re)Announcing: Bletchley v1. 2 parts. Distributed infrastructure layer (Blockapps, R3, bitpay, parity, Eris). There isn't going to be 1 Blockchain to rule them all, so allow you to leverage any of them. Lots of customers were taking a long time trying to spin up private consortiums, and trying to secure them correctly. Used to take 3 weeks, now down to 8 questions and 5 minutes. Spins up a private Ethereum consortium. 4-100s of nodes.
Distributed middleware "fabric" layer. Tools that can work across many blockchain technologies. Cryptlets are a way of doing offchain processing. Receive market data based on an event (market price daily closing, CRM event). Need to have trusted execution of the logic, to attest that it was not tampered with. Secure IP protected algorithms. Scale an algorithm for max performance by running it off blockchain in a secure & attested way in the cloud. Oracles may be malicious, or they may be intercepted during transmission. Cryptlets run on a secure host with a secure communication channel in a trust envelope. Marketplace for publishing the cryptlets into a market for others to consume. Azure cloud is twice the size of Amazon & Google COMBINED.
Bletchley Cryptlet Fabric. Supports Ethereum, will support more Blockchains. It is middleware that will support many. Secure execution on demand. Standard way of publishing and accessing external resources.
BaaS roadmap. DevTest labs, will continue to onboard more. Bletchley v1. Kinakuta to help improve security. Bletchley SDK
Longer range implications of Ethereum & other decentralising technologies (Consensys) LOVED this presentation.
Simplest view: Next gen database. Blockchain based, maximal replication, Prevents rogue actors Force for universal disintermediation, will distrupt every industry. Previously it was mostly just Bitcoin. Future projects were "BitCoin 2.0", instead of "Blockchain 2.0". So Ethereum project built the most powerful and capable Blockchain platform, both public (permisionless) and private (permissioned) Deeply secure, non-repudiable shared source of truth. Dapp is a set of smart contracts. And a user interface to interact with it. Was important to get an initial version of Ethereum out into the hands of devs, to start thinking how to start building decentralised applications. Ethereum has a vision for scalability, which includes sharding and state channels. Privacy, state channels is one option. Zcash/zk-Snarks is another way.
Currently building out an ecosystem of decentralised applications. Building core components: Identity/persona (uPort, metamask). Wallet (uPort wallet). Registries (Regis, ENS). Token Factory. Do private enterprise Blockchains make sense? Yes, large entities can have a complex internal mix of business units, having a shared source of truth can help. If enterprises have their own private consortium Blockchains, will be a harder target to infiltrate and modify databases. Business processes emboided as state transition graphs.
If you plan on building your own tools or technology on top of Blockchain tech (public or private), build it on Ethereum so it can be reused in many different places by other entities running their private chains Developed "Balance" for real time compliance, accounting auditing and monitoring. Real time dashboard for companies & regulators. Organisations using certified software wil not be able to break or bend any financial accounting rules.
The Blockchain will last for years or decades giving a persistent database. Gives a chance to do persistent portable identity. uPort self-sovereign identity.
Blockapps Announcement
Is Ethereum for Enterprise. Partnered with Microsoft to announce Blockchain as a Service (BaaS). Over 1k projects have used it, over 300 customers. Being released in Azure China datacentre (mooncake), and other Chinese clouds : Alibaba cloud, tencent cloud, Wancloud. Initial China projects: Minsheng insurance, Wanxiang smart city, Qianhai smart city, Shanghai smart city. China is going to be the country leading the world in Blockchain projects.
The Rise of Blockchain Consortia: Uniting the Banking World
One of the largest banks in Spain. Banks are just a ledger (a very large ledger). Each bank has its own ledger. They don't trust each others. Which is why you need clearing houses and things like this. What if there was a shared ledger trusted by all banks. "It's not about the coin, its about the ledger.
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New development of ChinaLedger: Forging a powerful tool for Chinese capital market in the FinTech era
Was literally the most centralised blockchain I have ever heard of. Please excuse me as I rant inline.
ChinaLedger is a consortium. 11 founders established it. Chinese financial institutions and Wanxiang labs. "we created our own Blockchain and tools". Will come up with their own custom software and implementation. Will create a whitepaper and create reference architecture. Partners will use the network to do transactions. Need facilities to be able to freeze or take over acounts, and get access to all data. A need to be able to halt or freeze a transaction or smart contract. A need to be able to halt or freeze a transaction or smart contract. and the facility to liquidate an account or smart conract or manually change the state of a smart contract We need to be able to stop the trading of certain stocks. Let regulators control things. Will be fully in control of the gas. Wants to support 100k/s and 1 ms latency.
Then ironically says tries to say they are going to put privacy into this. "Everything will be encrypted and private. Except that CCP & regulators who will have ability to read everything". I'm SURE that won't be abused…
http://imgur.com/Qt4qh3O You keep using that word... Blockchain, distributed ledger, privacy, encryption
Re-imagining Global Payments (For business)
Banks make a LOT of money from bank wires. So they have no incentive to come up with anything better. The person sending the money needs to give 26 pieces of information. Don't know when you'll get the money, what the rate will be. About $20 to send, $20 to receive, plus lose a few percentage through the conversion.
Their solution (for business payments). Register for an account, can use online. No fees. Transparent FX rate. Can track the payment. Uses Bitcoin in the middle. Before international calls used to call many $s per minute. Now with VoIP (Skype) you can do it for cents. Same thing will happen to international money transfers.
Enabling Global P2P Cash Transfers with Abra (For consumer)
https://www.goabra.com/ http://www.coindesk.com/abra-remittance-app-us-launch/
Nowadays you can send an IM to anyone else in the world instantly for free. Why can't you do the same thing with money? Can do it locally in some domestic markets, like paytm (india, WeChat pay (China), mpesa (Africa). But not for cross border transactions. iOS & Android. Real digital cash wallet. Send & receive globally. No FX risk. Add cash via bank or in person. As private as paper cash. Abra tellers earn $$ (as a percentage fee). The wallet is stored locally on the phone. So you "physically" control it. (need to back up your private key). Use an Abra teller (someone else using the app) to exchange buy/sell cash for digital cash. Anyone can be a teller. Tellers charge a fee. Teller & user rate each other. When 2 people send money each other via Abra, happens instantly, . No FX volatility.
Awaking the Sleeping Giant: The Natural Resource Industry and the Blockchain
Note: Hispresentation was in English, but I thought it was extremely considerate that he had his slides translated into Chinese as well. Every slide had simultaneous English & Chinese descriptions so that the attendees using the live translation headsets could follow along easier. If I ever present in another country again, I'll try and plan ahead like he did. Was very thoughtful.
Why is BHP interested in the Blockchain? They are the largest mining company in the world (natural resources mining, not Bitcoin mining. Hehe) They are a global distributed organisation. So a distributed Blockchain
Project Rai Stones. Sample tracking of geological samples. They are highly valuable resources. Some of the wells cost $100M, and you only get 1 chance to take the sample. They currently only track the samples manually through emails & spreadsheets. They are working with Consensys & Blockapps. Runs on Ethereum & IPFS, on top of Microsoft Azure. 1 node at BHP, 1 at their collaborator, 1 at their regulator. 3 roles in the business flow, BHP out in the field, the analysis team, and BHP corp. They create/register a smart contract on the network for each sample. When the person collects the sample, they go to the dashboard, click the checkboxes to say they acquired, that updates the smart contract. They ship it off, so they put in the details of which analysis office it is being sent to, updates state from collected to shipped. Analysis team can log in, see what samples are in transit to them to be analysed. They receive it, give it a unique Id based on their internal process. They get trusted tracking of samples, and real time updates.
What if they could automatically operate machines, they could help avoid bad combinations of machines operating at the same time. Like a crane operating on an oil rig, when a helicopter is coming in. Disable a piece of machinery if it is past its allowed usage before routine preventative maintenance. Disabled until it is tested, and certified as okay on the Blockchain. Stop unqualified people from using a tool or vehicle.
Ore gets mined and put onto shipping freighters. Need to track Provenance, custodians, entire supply chain.
Need to give regulatory data to the regulators in each country the operate in. All the mines in the industry need to submit this public data to gov, it all gets aggregated, and disseminated. But it costs HEAPS to do this. What if they built a consortium chain. They can all publish the public data, ready to be analysed instantly by peers. Could make the entire industry more effienct and transparent by making the consortium not just for the 1 country, but a public one. Give a global transparent view of the entire industry. Would help drop costs of compliance.
They started on Ethereum Mainnet & Testnet. Now they are seeing the emergence of many private chains. They will see the bridging between chains. Seen that Ethereum plans on sharding (many chains). Forsees that there will be a global mesh of these Public & Private chains all supporting each other.
Cotricity – “a prosumer to business”- virtual energy market on the Ethereum blockchain (Consensys)
https://co-tricity.com Energy meets Blockchain Joint venture between Consensys & an energy company in Germany. Energy sector is changing rapidly. Prosumer is someone with generative capacity (eg. Solar panels & battery storage). Normal smart meter collects usage about production & consumption. Tracked on Ethereum. Matches up Prosumers to local community things like Schools. The local environmental and economic benefits of keeping it in the local community.
Mechanism design, "reverse game theory". Goal is to effectiveise the energy market and reduce costs. Means creating incentives such that the optimal strategy for every participant results in the realisation of this goal. e.g. Help to smooth out the peak in the morning, give a small reward for not using energy in the morning
submitted by DavidBurela to ethereum [link] [comments]

Why is China dominant in Bitcoin mining? We look at the massive hydropower boom in China over the last 10 years and how Bitcoin mining could be the inadvertent beneficiary of over investment in hydropower, linked to aluminum production, in remote regions in China

This is the best tl;dr I could make, original reduced by 88%. (I'm a bot)
Abstract: This piece explores why China appears to be in a dominant position in the Bitcoin mining industry.
We look at the massive hydropower boom in China over the last 10 years and how Bitcoin mining could be the inadvertent beneficiary of over investment in hydropower, linked to aluminum production, in remote regions in China.
China accounts for c68% of the world's iron ore imports1 China producers c54% of the world's aluminium2 China consumes c50% of the world's coal3 22 of the 60 nuclear plants under construction globally are in China and China has accounted for c183% of the world nuclear power consumption growth, in the last 10 years4 China consumes c30% of the world's hydropower and China accounts for 76% of the world's hydropower consumption growth, in the last 10 years3.
Therefore China is already the dominant driver in the global energy industry and perhaps it is no surprise that China is dominant in Bitcoin mining, another industry heavily related to energy generation.
Typical Reasons Cited for Chinese Dominance Faster setup time in China - One of the largest and most discussed advantages for China, is the local infrastructure and expertise, enabling mining farms to be quickly set up as soon as the mining chips are available.
Corruption/partnerships in the electricity generation industry - Another alleged advantage is corruption in the power industry in China, with some Bitcoin miners perhaps able to incentivize power plant owners, to allow them to place mining equipment inside or near to the power facilities.
Summary Source | FAQ | Feedback | Top keywords: China#1 hydropower#2 aluminium#3 Bitcoin#4 mines#5
Post found in /Bitcoin, /btc and /BitcoinAll.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

SCAM PAGE BITCOIN 2015

If You Feeling Gorgeous You Can Donate.: 3DVWAbkfT73kizo4F8bb25WwWrPxoPqVsv ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== ==== hello
this thread is to notify all sites in this board. i play these hyip games very often, and i have a good understanding on how it work, who is scam, who is not. I have play hyip for over 2 years, i know which one will last long, and as a result my investment usually result in profit. i will post status of hyip, if i have invested, and my rating out of 10 based on risk and lifetime. this will be the 'one stop' thread for newbie, as i was once just like you! this can be a healthy resource for this board. note: i am not a paid monitor, i do this so that people in this community are safe. i will not take payment for site listed here. i may place referral link, but not more than once every 5 sites. i rarely place referral link unless site is good.
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site types: Game: Site that state that it is ponzi/they are running a game Cloud: Cloud Mining site that state all investment go toward 'cloud mining' (90% of the time, not the case) HYIP: Sites that promise high ROI, can last long, but can close at any time! Faucet: Faucet games that let you pay for upgrades in return for higher faucet rates. These are known to be scams and yield very low ROI, be careful!
statuses: New: site is less than one week old Paying: site is over one week old and still paying users On hold: site is experiencing issues, do not invest but not yet scam Saturated: site is still recorded as paying, but the game is to old to pay new investors. Scam: site is no longer paying do not invest.
My rating are based on: - Expected lifetime - If owner has owned site before (noticeable with site script and design) - Plan offered (high roi, higher risk) - Domain/Hosting type (free, drop points) - Script (if duplicate of other site, or just html site, lower point) all site start with 5 rating points for fairness. rating reason is all under the monitor table.
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Monitor:
Type | Site Name | URL | Date Started | Accepted Currency | Investment Plan(s) | Affiliate Commission | Thread | Status | Rating Faucet | Ore-Mine | http://ore-mine.org | 28/08/2014 | BTC | 8 Levels | 6% | Thread | Paying | 7.5/10 Game | Crypto Pyramid | https://cryptopyramid.com | 16/03/2015 | BTC/DOGE | Pyramid | 49% | Thread | Paying | 6.5/10 HYIP | RobitBot | https://robitbot.com | 24/08/2015 | BTC, PM | 14% profit in 7 days | 2% | Thread | Paying | 6.5/10 Game | Iz-Nop | https://iz-nop.com | 02/08/2015 | BTC | 130% when bank can pay | N/A | Thread | Paying | 6/10 Game | CryptoFate | https://cryptofate.com | 07/10/2015 | BTC | 150% instant/30days | N/A | Thread | Paying | 6/10 HYIP | Wallet+ | https://wallet-plus.com | 19/09/2015 | BTC, PM, OK, PAYEER | 1.11%-5.55% daily | 3 level (5%, 1%, .5%) | Thread | Paying | 5.5/10 HYIP | Delta Investments | BitcoinTalk Based | 08/30/2015 | BTC | Variable (usually 2%-15%) | N/A | Thread | Paying | 5.5/10 Faucet | CoinBooster | http://coinbooster.io | 06/10/2015 | BTC | 5 levels | 50% | Thread | Paying | 5.5/10 HYIP | One1 Touch | https://one1-touch.com | 01/10/2015 | BTC, PM, PAYEER | 4%-4.45% daily | 3 level (5%, 3%, 1%) | Thread | Paying | 4.5/10 HYIP | Invest Coin | https://invest-coin.com | 09/10/2015 | BTC, PM, PAYEER | 1.03% - 2.3% Daily | 2 level (8%, 3%) | Thread | New | 4/10 HYIP | CryptoBoost | https://cryptoboost.xyz | 08/10/2015 | BTC | 30% in 30 hours | 10% | Thread | Paying | 3.5/10 HYIP | DoubleBot | https://doublebot.com | 20/03/2015 | BTC | 2x in variable time | 12% | Thread | Saturated | 3.5/10 Cloud | Sea-Mining | https://sea-mining.com/ | 13/10/2015 | BTC | 1GH/s 0.001BTC | N/A | Thread | New | 2/10
Scam sites: [Thread] SCAM: X-Value.org - Long term ponzi has now collapsed...site is offline. [Thread] SCAM: True2x.com - repeated posting, copying other thread text, not paying, not custom script. the list do not end. Do not invest here. [Thread] SCAM: x2-bitcoin.co.nf - html site (no auto script). invest at your own risk, this is considered scam (0 rating) [Thread] SCAM: Bitcoin.winspiral.net - junked with ads, 100 day plan, not an advised investment (0 rating, considered scam) [Thread] SCAM: Cointwice.in - faked payouts on payout page...typical scam script [Thread] SCAM: Coinbase Investments - posing as coinbase...no website, all deposits sent to luckybit. Scam. [Thread] SCAM: Unique-income.com - cheapest goldcoder script and free design, reported scam and not paying. [Thread] SCAM: Wiscapital.biz - reported no longer paying. [Thread] SCAM: PrimeDime.net - man was gambling with people money, and eventually he lose. Scam. [Thread] SCAM: VIPdoubler.com - multicryptos scammer, now listed in scam dictionary. [Thread] SCAM: LongTermPaying.com - recently collapsed scam. Ran with 4BTC. [Thread] SCAM: Btc-Pyramid.com - recently collapsed scam. Site is now offline. [Thread] SCAM: DigitalBit PRO - Using blockchain API, faking payouts, not recommended invest.
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my advise: - Iz-Nop fair ponzi game, do not invest to late into round, always be aware of when new round start. - Invest-coin goldcoder script and fairly new, be careful, invest small if you decide to - One1-Touch also goldcoder script and paying, promising, but keep investment at steady pace. - Doublebot saturated, not wise to invest - Robitbot is getting very big, now is the cut off for investment before the scam period is going to begin. I recommend not to invest now, it is to late! - CoinBooster seem trustworthy, but be careful as most faucet based site go scam quick. There may be hope with trustworthy hero, but never be to sure. - CryptoBoost is paying, though using noncustom script. Invest in short plans if you invest, and small amounts to make sure losses aren't to large if it goes sour. - CryptoFate is new, but eventually will become saturated or collapse. It is not sustainable even though it is a game. It is safe to invest, until 20 day mark (break even for first day loser for 5% per day). - WalletPlus is quite large in fiat investment, offering semi-stable roi. This is an ok investment, but not my most recommended. Safer than most site on the list. - Ore-Mine been online for quite a long time, and has paid considerable amount. This could be proven to be online for a long time, or sign of soon collapse. Be careful, but could be stable investment. - Delta Investments owned by an altcoin owner and quite trustworthy member. Could be trusted, as also gives stable ROI. No website with automatic processing lets the rating down. - Sea-Mining is a new cloud mining site, seem inactive admin...Be careful with this site after BTC-pyramid cloud collapse. - Crypto Pyramid legit pyramid site...6 month old, a bit late to enter the game, but investments still constant daily.
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Rating reason/warning section: - Robitbot suspected previous owner of EnlargerOK (minus 2 rating points) - Robitbot paying for 48 days, legitimate so far, though could come to a close soon (+3 rating points) - Robitbot admin still online (gain 0.5 rating points) - CoinBooster admin hero account with +10 trust (could be purchased, though +2 rating points for this) - CoinBooster purchased script, not custom (minus 1.5 points) - CryptoBoost purchased cheap, non custom script, usually used for scams. (minus 1 point) - CryptoBoost non-unique design, used many time (minus 0.5 points) - Doublebot online for months (still paying), though ponzi is saturated (no point change) - Doublebot has no design (just color text) and very basic script (minus 1.5 points) - Doublebot admin still online and answering support (+1 point) - Doublebot claim that all roi is made from "magic" (while justifying trading?) how still paying, do not know. (minus 2 rating point) - CryptoFate admitted game + provably fair alogrithm (+1 point) - CryptoFate is a ponzi that will eventually collapse, there is no plan for this time (-1 point) - CryptoFate uses custom script and design (+1 point) - WalletPlus proven paying, 3 weeks+ old (+0.5 point rating) - WalletPlus unique design, non custom script (minus 0.5 points) - WalletPlus paying, no customer issues (+1 point) - WalletPlus no admin support on bitcointalk (minus 0.5 points) - Ore-Mine online for over a year (+1.5 points) - Ore-Mine paid over 1000BTC and no scam reports (+2 points) - Ore-Mine very basic script and design, minimal UI (minus 1 point) - DeltaInvestments trustworthy admin (+1 points) - DeltaInvestments over one month old, no scam reports (+1 points) - DeltaInvestments no website, purely bitcointalk operated (minus 0.5 points) - One1 Touch unique design and paying over a week (plus 1 point) - One1 Touch goldcoders script and also has not completed one round (minus 1 point) - One1 Touch admin not active on bitcointalk (minus 0.5 points) - Invest Coin unique design and stable plans (plus 1 point) - Invest Coin online for less than one week (minus 1.5 points) - Invest Coin admin not active on bitcointalk (minus 0.5 points) - Iz-nop successfully paid two rounds no issue (plus 1 point) - Iz-nop using non-custom, publicly available script (minus 1 point) - Iz-nop admin active on bitcointalk, no scam reports (plus 1 point) - Sea-Mining admin inactive on bitcointalk (minus 1 point) - Sea-Mining offering lower than normal cloud rate (minus 2 points) - Sea-Mining less than one week old (minus 1 point) - Sea-Mining unique design and script (+1 point) - Crypto Pyramid admin active and responds to support (+1 point) - Crypto Pyramid online for over 6 month, proven legit (+1 point) - Crypto Pyramid no consumer complaints (+0.5 points)
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