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How EpiK Protocol “Saved the Miners” from Filecoin with the E2P Storage Model?

How EpiK Protocol “Saved the Miners” from Filecoin with the E2P Storage Model?

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On October 20, Eric Yao, Head of EpiK China, and Leo, Co-Founder & CTO of EpiK, visited Deep Chain Online Salon, and discussed “How EpiK saved the miners eliminated by Filecoin by launching E2P storage model”. ‘?” The following is a transcript of the sharing.
Sharing Session
Eric: Hello, everyone, I’m Eric, graduated from School of Information Science, Tsinghua University. My Master’s research was on data storage and big data computing, and I published a number of industry top conference papers.
Since 2013, I have invested in Bitcoin, Ethereum, Ripple, Dogcoin, EOS and other well-known blockchain projects, and have been settling in the chain circle as an early technology-based investor and industry observer with 2 years of blockchain experience. I am also a blockchain community initiator and technology evangelist
Leo: Hi, I’m Leo, I’m the CTO of EpiK. Before I got involved in founding EpiK, I spent 3 to 4 years working on blockchain, public chain, wallets, browsers, decentralized exchanges, task distribution platforms, smart contracts, etc., and I’ve made some great products. EpiK is an answer to the question we’ve been asking for years about how blockchain should be landed, and we hope that EpiK is fortunate enough to be an answer for you as well.
Q & A
Deep Chain Finance:
First of all, let me ask Eric, on October 15, Filecoin’s main website launched, which aroused everyone’s attention, but at the same time, the calls for fork within Filecoin never stopped. The EpiK protocol is one of them. What I want to know is, what kind of project is EpiK Protocol? For what reason did you choose to fork in the first place? What are the differences between the forked project and Filecoin itself?
Eric:
First of all, let me answer the first question, what kind of project is EpiK Protocol.
With the Fourth Industrial Revolution already upon us, comprehensive intelligence is one of the core goals of this stage, and the key to comprehensive intelligence is how to make machines understand what humans know and learn new knowledge based on what they already know. And the knowledge graph scale is a key step towards full intelligence.
In order to solve the many challenges of building large-scale knowledge graphs, the EpiK Protocol was born. EpiK Protocol is a decentralized, hyper-scale knowledge graph that organizes and incentivizes knowledge through decentralized storage technology, decentralized autonomous organizations, and generalized economic models. Members of the global community will expand the horizons of artificial intelligence into a smarter future by organizing all areas of human knowledge into a knowledge map that will be shared and continuously updated for the eternal knowledge vault of humanity
And then, for what reason was the fork chosen in the first place?
EpiK’s project founders are all senior blockchain industry practitioners and have been closely following the industry development and application scenarios, among which decentralized storage is a very fresh application scenario.
However, in the development process of Filecoin, the team found that due to some design mechanisms and historical reasons, the team found that Filecoin had some deviations from the original intention of the project at that time, such as the overly harsh penalty mechanism triggered by the threat to weaken security, and the emergence of the computing power competition leading to the emergence of computing power monopoly by large miners, thus monopolizing the packaging rights, which can be brushed with computing power by uploading useless data themselves.
The emergence of these problems will cause the data environment on Filecoin to get worse and worse, which will lead to the lack of real value of the data in the chain, high data redundancy, and the difficulty of commercializing the project to land.
After paying attention to the above problems, the project owner proposes to introduce multi-party roles and a decentralized collaboration platform DAO to ensure the high value of the data on the chain through a reasonable economic model and incentive mechanism, and store the high-value data: knowledge graph on the blockchain through decentralized storage, so that the lack of value of the data on the chain and the monopoly of large miners’ computing power can be solved to a large extent.
Finally, what differences exist between the forked project and Filecoin itself?
On the basis of the above-mentioned issues, EpiK’s design is very different from Filecoin, first of all, EpiK is more focused in terms of business model, and it faces a different market and track from the cloud storage market where Filecoin is located because decentralized storage has no advantage over professional centralized cloud storage in terms of storage cost and user experience.
EpiK focuses on building a decentralized knowledge graph, which reduces data redundancy and safeguards the value of data in the distributed storage chain while preventing the knowledge graph from being tampered with by a few people, thus making the commercialization of the entire project reasonable and feasible.
From the perspective of ecological construction, EpiK treats miners more friendly and solves the pain point of Filecoin to a large extent, firstly, it changes the storage collateral and commitment collateral of Filecoin to one-time collateral.
Miners participating in EpiK Protocol are only required to pledge 1000 EPK per miner, and only once before mining, not in each sector.
What is the concept of 1000 EPKs, you only need to participate in pre-mining for about 50 days to get this portion of the tokens used for pledging. The EPK pre-mining campaign is currently underway, and it runs from early September to December, with a daily release of 50,000 ERC-20 standard EPKs, and the pre-mining nodes whose applications are approved will divide these tokens according to the mining ratio of the day, and these tokens can be exchanged 1:1 directly after they are launched on the main network. This move will continue to expand the number of miners eligible to participate in EPK mining.
Secondly, EpiK has a more lenient penalty mechanism, which is different from Filecoin’s official consensus, storage and contract penalties, because the protocol can only be uploaded by field experts, which is the “Expert to Person” mode. Every miner needs to be backed up, which means that if one or more miners are offline in the network, it will not have much impact on the network, and the miner who fails to upload the proof of time and space in time due to being offline will only be forfeited by the authorities for the effective computing power of this sector, not forfeiting the pledged coins.
If the miner can re-submit the proof of time and space within 28 days, he will regain the power.
Unlike Filecoin’s 32GB sectors, EpiK’s encapsulated sectors are smaller, only 8M each, which will solve Filecoin’s sector space wastage problem to a great extent, and all miners have the opportunity to complete the fast encapsulation, which is very friendly to miners with small computing power.
The data and quality constraints will also ensure that the effective computing power gap between large and small miners will not be closed.
Finally, unlike Filecoin’s P2P data uploading model, EpiK changes the data uploading and maintenance to E2P uploading, that is, field experts upload and ensure the quality and value of the data on the chain, and at the same time introduce the game relationship between data storage roles and data generation roles through a rational economic model to ensure the stability of the whole system and the continuous high-quality output of the data on the chain.
Deep Chain Finance:
Eric, on the eve of Filecoin’s mainline launch, issues such as Filecoin’s pre-collateral have aroused a lot of controversy among the miners. In your opinion, what kind of impact will Filecoin bring to itself and the whole distributed storage ecosystem after it launches? Do you think that the current confusing FIL prices are reasonable and what should be the normal price of FIL?
Eric:
Filecoin mainnet has launched and many potential problems have been exposed, such as the aforementioned high pre-security problem, the storage resource waste and computing power monopoly caused by unreasonable sector encapsulation, and the harsh penalty mechanism, etc. These problems are quite serious, and will greatly affect the development of Filecoin ecology.
These problems are relatively serious, and will greatly affect the development of Filecoin ecology, here are two examples to illustrate. For example, the problem of big miners computing power monopoly, now after the big miners have monopolized computing power, there will be a very delicate state — — the miners save a file data with ordinary users. There is no way to verify this matter in the chain, whether what he saved is uploaded by himself or someone else. And after the big miners have monopolized computing power, there will be a very delicate state — — the miners will save a file data with ordinary users, there is no way to verify this matter in the chain, whether what he saved is uploaded by himself or someone else. Because I can fake another identity to upload data for myself, but that leads to the fact that for any miner I go to choose which data to save. I have only one goal, and that is to brush my computing power and how fast I can brush my computing power.
There is no difference between saving other people’s data and saving my own data in the matter of computing power. When I save someone else’s data, I don’t know that data. Somewhere in the world, the bandwidth quality between me and him may not be good enough.
The best option is to store my own local data, which makes sense, and that results in no one being able to store data on the chain at all. They only store their own data, because it’s the most economical for them, and the network has essentially no storage utility, no one is providing storage for the masses of retail users.
The harsh penalty mechanism will also severely deplete the miner’s profits, because DDOS attacks are actually a very common attack technique for the attacker, and for a big miner, he can get a very high profit in a short period of time if he attacks other customers, and this thing is a profitable thing for all big miners.
Now as far as the status quo is concerned, the vast majority of miners are actually not very well maintained, so they are not very well protected against these low-DDOS attacks. So the penalty regime is grim for them.
The contradiction between the unreasonable system and the demand will inevitably lead to the evolution of the system in a more reasonable direction, so there will be many forked projects that are more reasonable in terms of mechanism, thus attracting Filecoin miners and a diversion of storage power.
Since each project is in the field of decentralized storage track, the demand for miners is similar or even compatible with each other, so miners will tend to fork the projects with better economic benefits and business scenarios, so as to filter out the projects with real value on the ground.
For the chaotic FIL price, because FIL is also a project that has gone through several years, carrying too many expectations, so it can only be said that the current situation has its own reasons for existence. As for the reasonable price of FIL there is no way to make a prediction because in the long run, it is necessary to consider the commercialization of the project to land and the value of the actual chain of data. In other words, we need to keep observing whether Filecoin will become a game of computing power or a real value carrier.
Deep Chain Finance:
Leo, we just mentioned that the pre-collateral issue of Filecoin caused the dissatisfaction of miners, and after Filecoin launches on the main website, the second round of space race test coins were directly turned into real coins, and the official selling of FIL hit the market phenomenon, so many miners said they were betrayed. What I want to know is, EpiK’s main motto is “save the miners eliminated by Filecoin”, how to deal with the various problems of Filecoin, and how will EpiK achieve “save”?
Leo:
Originally Filecoin’s tacit approval of the computing power makeup behavior was to declare that the official directly chose to abandon the small miners. And this test coin turned real coin also hurt the interests of the loyal big miners in one cut, we do not know why these low-level problems, we can only regret.
EpiK didn’t do it to fork Filecoin, but because EpiK to build a shared knowledge graph ecology, had to integrate decentralized storage in, so the most hardcore Filecoin’s PoRep and PoSt decentralized verification technology was chosen. In order to ensure the quality of knowledge graph data, EpiK only allows community-voted field experts to upload data, so EpiK naturally prevents miners from making up computing power, and there is no reason for the data that has no value to take up such an expensive decentralized storage resource.
With the inability to make up computing power, the difference between big miners and small miners is minimal when the amount of knowledge graph data is small.
We can’t say that we can save the big miners, but we are definitely the optimal choice for the small miners who are currently in the market to be eliminated by Filecoin.
Deep Chain Finance:
Let me ask Eric: According to EpiK protocol, EpiK adopts the E2P model, which allows only experts in the field who are voted to upload their data. This is very different from Filecoin’s P2P model, which allows individuals to upload data as they wish. In your opinion, what are the advantages of the E2P model? If only voted experts can upload data, does that mean that the EpiK protocol is not available to everyone?
Eric:
First, let me explain the advantages of the E2P model over the P2P model.
There are five roles in the DAO ecosystem: miner, coin holder, field expert, bounty hunter and gateway. These five roles allocate the EPKs generated every day when the main network is launched.
The miner owns 75% of the EPKs, the field expert owns 9% of the EPKs, and the voting user shares 1% of the EPKs.
The other 15% of the EPK will fluctuate based on the daily traffic to the network, and the 15% is partly a game between the miner and the field expert.
The first describes the relationship between the two roles.
The first group of field experts are selected by the Foundation, who cover different areas of knowledge (a wide range of knowledge here, including not only serious subjects, but also home, food, travel, etc.) This group of field experts can recommend the next group of field experts, and the recommended experts only need to get 100,000 EPK votes to become field experts.
The field expert’s role is to submit high-quality data to the miner, who is responsible for encapsulating this data into blocks.
Network activity is judged by the amount of EPKs pledged by the entire network for daily traffic (1 EPK = 10 MB/day), with a higher percentage indicating higher data demand, which requires the miner to increase bandwidth quality.
If the data demand decreases, this requires field experts to provide higher quality data. This is similar to a library with more visitors needing more seats, i.e., paying the miner to upgrade the bandwidth.
When there are fewer visitors, more money is needed to buy better quality books to attract visitors, i.e., money for bounty hunters and field experts to generate more quality knowledge graph data. The game between miners and field experts is the most important game in the ecosystem, unlike the game between the authorities and big miners in the Filecoin ecosystem.
The game relationship between data producers and data storers and a more rational economic model will inevitably lead to an E2P model that generates stored on-chain data of much higher quality than the P2P model, and the quality of bandwidth for data access will be better than the P2P model, resulting in greater business value and better landing scenarios.
I will then answer the question of whether this means that the EpiK protocol will not be universally accessible to all.
The E2P model only qualifies the quality of the data generated and stored, not the roles in the ecosystem; on the contrary, with the introduction of the DAO model, the variety of roles introduced in the EpiK ecosystem (which includes the roles of ordinary people) is not limited. (Bounty hunters who can be competent in their tasks) gives roles and possibilities for how everyone can participate in the system in a more logical way.
For example, a miner with computing power can provide storage, a person with a certain domain knowledge can apply to become an expert (this includes history, technology, travel, comics, food, etc.), and a person willing to mark and correct data can become a bounty hunter.
The presence of various efficient support tools from the project owner will lower the barriers to entry for various roles, thus allowing different people to do their part in the system and together contribute to the ongoing generation of a high-quality decentralized knowledge graph.
Deep Chain Finance:
Leo, some time ago, EpiK released a white paper and an economy whitepaper, explaining the EpiK concept from the perspective of technology and economy model respectively. What I would like to ask is, what are the shortcomings of the current distributed storage projects, and how will EpiK protocol be improved?
Leo:
Distributed storage can easily be misunderstood as those of Ali’s OceanDB, but in the field of blockchain, we should focus on decentralized storage first.
There is a big problem with the decentralized storage on the market now, which is “why not eat meat porridge”.
How to understand it? Decentralized storage is cheaper than centralized storage because of its technical principle, and if it is, the centralized storage is too rubbish for comparison.
What incentive does the average user have to spend more money on decentralized storage to store data?
Is it safer?
Existence miners can shut down at any time on decentralized storage by no means save a share of security in Ariadne and Amazon each.
More private?
There’s no difference between encrypted presence on decentralized storage and encrypted presence on Amazon.
Faster?
The 10,000 gigabytes of bandwidth in decentralized storage simply doesn’t compare to the fiber in a centralized server room. This is the root problem of the business model, no one is using it, no one is buying it, so what’s the big vision.
The goal of EpiK is to guide all community participants in the co-construction and sharing of field knowledge graph data, which is the best way for robots to understand human knowledge, and the more knowledge graph data there is, the more knowledge a robot has, the more intelligent it is exponentially, i.e., EpiK uses decentralized storage technology. The value of exponentially growing data is captured with linearly growing hardware costs, and that’s where the buy-in for EPK comes in.
Organized data is worth a lot more than organized hard drives, and there is a demand for EPK when robots have the need for intelligence.
Deep Chain Finance:
Let me ask Leo, how many forked projects does Filecoin have so far, roughly? Do you think there will be more or less waves of fork after the mainnet launches? Have the requirements of the miners at large changed when it comes to participation?
Leo:
We don’t have specific statistics, now that the main network launches, we feel that forking projects will increase, there are so many restricted miners in the market that they need to be organized efficiently.
However, we currently see that most forked projects are simply modifying the parameters of Filecoin’s economy model, which is undesirable, and this level of modification can’t change the status quo of miners making up computing power, and the change to the market is just to make some of the big miners feel more comfortable digging up, which won’t help to promote the decentralized storage ecology to land.
We need more reasonable landing scenarios so that idle mining resources can be turned into effective productivity, pitching a 100x coin instead of committing to one Fomo sentiment after another.
Deep Chain Finance:
How far along is the EpiK Protocol project, Eric? What other big moves are coming in the near future?
Eric:
The development of the EpiK Protocol is divided into 5 major phases.
(a) Phase I testing of the network “Obelisk”.
Phase II Main Network 1.0 “Rosetta”.
Phase III Main Network 2.0 “Hammurabi”.
(a) The Phase IV Enrichment Knowledge Mapping Toolkit.
The fifth stage is to enrich the knowledge graph application ecology.
Currently in the first phase of testing network “Obelisk”, anyone can sign up to participate in the test network pre-mining test to obtain ERC20 EPK tokens, after the mainnet exchange on a one-to-one basis.
We have recently launched ERC20 EPK on Uniswap, you can buy and sell it freely on Uniswap or download our EpiK mobile wallet.
In addition, we will soon launch the EpiK Bounty platform, and welcome all community members to do tasks together to build the EpiK community. At the same time, we are also pushing forward the centralized exchange for token listing.
Users’ Questions
User 1:
Some KOLs said, Filecoin consumed its value in the next few years, so it will plunge, what do you think?
Eric:
First of all, the judgment of the market is to correspond to the cycle, not optimistic about the FIL first judgment to do is not optimistic about the economic model of the project, or not optimistic about the distributed storage track.
First of all, we are very confident in the distributed storage track and will certainly face a process of growth and decline, so as to make a choice for a better project.
Since the existing group of miners and the computing power already produced is fixed, and since EpiK miners and FIL miners are compatible, anytime miners will also make a choice for more promising and economically viable projects.
Filecoin consumes the value of the next few years this time, so it will plunge.
Regarding the market issues, the plunge is not a prediction, in the industry or to keep learning iteration and value judgment. Because up and down market sentiment is one aspect, there will be more very important factors. For example, the big washout in March this year, so it can only be said that it will slow down the development of the FIL community. But prices are indeed unpredictable.
User2:
Actually, in the end, if there are no applications and no one really uploads data, the market value will drop, so what are the landing applications of EpiK?
Leo: The best and most direct application of EpiK’s knowledge graph is the question and answer system, which can be an intelligent legal advisor, an intelligent medical advisor, an intelligent chef, an intelligent tour guide, an intelligent game strategy, and so on.
submitted by EpiK-Protocol to u/EpiK-Protocol [link] [comments]

6 Reasons Why Serum Won't Succeed

6 Reasons Why Serum Won't Succeed

The world of DeFi is exploding but is it all it’s made out to be?

DeFi (decentralised finance) is most certainly the buzz in the crypto world this minute. It’s bringing similar feelings which was the 2017/18 ICO phase, where a mammoth of new projects begun to explode onto the scene, each with their own promise of new innovation and use case.
Hindsight has shown us that most of those projects have ultimately failed, or worse, were outright scams that took advantage of not so wise investors looking to make a buck. Obviously, not all projects fit that description, with many teams still around today working on and delivering their individual visions. Crypto is, after all, still a big experiment of new technology.

Enter DeFi: Serum

DeFi has exploded into the limelight over the last few months, with some tokens appreciating hundreds of percent in price. It appears to be the catalyst that has driven a huge market shift in the crypto world, and for those who’ve been around a number of years, this is a welcome change.
In this piece, I’m going to examine a particular project called Serum.
Serum is the world’s first completely decentralized derivatives exchange with trustless cross-chain trading brought to you by Project Serum.
The Serum Project is aiming to create both a decentralised exchange and a cross-chain swapping mechanism. In this article, I’m going to focus solely on the cross-chain swapping aspect of Serum.
Although the Serum whitepaper is quite short and lacking in detail, it is useful to derive some understanding of how the cross-chain swapping protocol should work. Throughout this review, I will use it to describe how the imagined protocol works.

Overview

Let's assume Alice wants to trade some BTC for ETH and Bob wants to trade some ETH for BTC using Serum. These two users are matched and agree on a price using an on-chain order book on the Solana blockchain (whitepaper provides no practical details on how to do this).
Once these users are matched, Bob must send the ETH he wants to trade to an Ethereum smart contract, plus some amount of ETH ~200 USD worth (see section 4 below) to the smart contract as collateral. Alice will also need to send some collateral to the smart contract. Once this initial setup process is complete Alice then has to send her BTC to Bob’s BTC address and if Bob receives the BTC from Alice he can then release his ETH from the smart contract sending it to Alice’s ETH address. Upon completion of this both Alice and Bob are refunded their ETH collateral.
So what happens if something goes wrong? For example, say Alice never sends BTC to Bob, after some period of time Bob can initiate a dispute. When the dispute begins both Alice and Bob present a portion of the Bitcoin blockchain information to the smart contract (see section 3). The smart contract then decides whether or not Alice did send BTC to Bob. If she hasn’t then the smart contract returns Bob's ETH and collateral to Bob and also takes Alice’s ETH collateral and gives that to Bob. The same occurs in reverse if Alice sends BTC but Bob never approves the transfer of ETH from the smart contract.
This scheme seems pretty simple, there’s no oracles and no centralised parties, however, it has a number of disadvantages.

1. User-Provided Collateral Is Bad for User Experience

Each time a user conducts a swap they must reserve some percentage or fixed amount to cover the collateral for the swap. This collateral amount needs to be present to prevent griefing attacks where users initiate swaps with no intention of ever following through and sending funds to the alternate participant.
However, this creates a poor user experience as both Alice and Bob need to have at least the value of the dispute fee committed to the contract in collateral before they conduct a swap. This is totally foreign from the normal exchange experience in which you only require a single coin and a single transaction to begin trading. For example, if using Serum to trade Bitcoin you would need to hold Bitcoin and ~200$ of Ethereum and also interact with the Ethereum chain before any swap occurs. This adds unnecessary complexity and confusion, especially for newcomers to the crypto space.

2. ETH Must Always Be on One Side of the Swap

Although the Serum method of cross-chain swapping could occur on any blockchain with smart contracts, the Serum whitepaper makes it clear the Serum arbitration contract is going to be deployed on the Ethereum blockchain. This means one party must always be locking the full value of the trade in ETH using an Ethereum smart contract.
This makes it impossible, for example, to do a single step trade between Bitcoin and Monero since the swap would need to be from Bitcoin to ETH first and then from ETH to Monero. This is comparable to other proposed cross-chain swap systems like Thorchain and Blockswap, however since those networks use AMM’s (automated market makers)and decentralized vaults to take custody of funds, the user needs not to interact with the intermediary chain at all.
Instead in Serum, the user wanting to swap Bitcoin to Monero will need to do the following steps:
  1. Send Ethereum collateral to the Serum arbitration contract
  2. Send Bitcoin to the user they are swapping with.
  3. Receive Ethereum
  4. Send Ethereum back to Serum arbitration contract
  5. Receive Monero
  6. Send Ethereum out of Serum arbitration contract
  7. Receive back Ethereum collateral
It might be possible to remove or simplify step 4, depending on how the smart contract is built, however, this means a swap from BTC to Monero would require 2 Ethereum and 1 Bitcoin transaction in the best-case scenario. Compared with the experience of other cross-chain swapping mechanisms, which only require the user to send a single transaction to swap between two assets, this is very poor user experience.

3. Proving Transactions on Arbitrary Chains to a Smart Contract Is Not Trivial

Perhaps the most central part of the Serum cross-chain swapping mechanism is left completely unexplored in the Serum whitepaper with only a brief explanation given.
“[The] Smart Contract is programmed to parse whether a proposed BTC blockchain is valid; it can then check which of Alice and Bob send the longer valid blockchain, and settle in their favor”
This is not a trivial problem, and it is unclear how this actually works from the explanation given in the Serum whitepaper. What actually needs to be presented to the smart contract to prove a Bitcoin transaction? Typically when talking about SPV the smart contract would need the block headers of all previous blocks and a merkle inclusion proof. This is far too heavy to submit in a dispute. Instead, Serum could use NIPoPoW, however, these proofs only work on chains with fixed difficulty and are still probably prohibitively too large (~100KB) to be submitted as a proof to a contract. Other solutions like Flyclient are more versatile, but proof sizes are much larger and have failed to see much real-world adoption.
Without explaining how they actually plan to do this validation of Bitcoin transactions, users are left in the dark about how secure their solution actually is.

4. High Dispute Fees Force Large Collateral on Small Trades

Although disputes should almost never happen because of the incentives and punishments designed into the Serum protocol, the way they are designed has negative impacts on the use of the network.
Although the Serum whitepaper does not say how the dispute mechanism works, they do say that it will cost about ~100 USD in GAS to dispute a swap.
Note: keep in mind that the Serum paper was published in July 2020 when the gas price was about 50 Gwei, as Ethereum use has picked up over the past month we have seen average GAS prices as high as 250 Gwei, with the average price right now about 120 Gwei.
This means that at the height of GAS prices it could have cost a user ~500 USD to dispute a swap.
This means for the network to ensure losing cross-chain swaps aren’t made each user must deploy at least $200 in collateral on each side. It may be possible to lower this to collateral if we assume the attacker is not financially motivated, however, there is a lower bound in which ransom attacks become possible on low-value trades.
Further and perhaps more damagingly, this means in a trade of any size the user needs to have at least 300 USD in ETH laying around. 100 USD in ETH for the required collateral and 200 USD if they need to challenge the transaction.
This further adds to the poor user experience when using Serum for cross-chain swapping.

5. Swaps Are Not Set and Forget

Instead of being able to send a transaction and receive funds on the blockchain you are swapping to, the process is highly interactive. In the case where I am swapping ETH for Bitcoin, the following occurs:
If the Bitcoin transaction is never received then I need to wait for a timeout to occur before I can participate in the dispute process.
And on the Bitcoin side (assuming the seller is ready), the following must take place:
If the Seller never accepts the Bitcoin I sent to him then I need to wait on line for the dispute process.
This presents a strange user experience where the seller or seller’s wallet must be left online during this whole process and be ready to sign a new transaction if they need to dispute transactions or unlock funds from a smart contract.
This is different from the typical exchange or swapping scenario in which, once your funds are sent you can be assured you will receive the amount you expected in your swap back to you, without any of your wallets needing to remain online.

6. The Serum Token Seems to Lack a Use Case

The cross-chain swapping protocol Serum describes in its whitepaper could easily be forked and launched on the Ethereum blockchain without having any need for the Serum token. It seems that the Serum token will be used in some capacity when placing orders on the Solana based blockchain, however, the order book could just as easily be placed off with traditional rate-limiting schemes.
There is some brief mention of future governance abilities for token holders, however, as a common theme in their whitepaper, details are scarce:
Serum is anticipated to include a limited governance model based on the SRM token. While most of the Serum ecosystem will be immutable, some parameters without large security risks (e.g. future fees) may be modified via a governance vote of SRM tokens.

Conclusion

Until satisfactory answers are given to these questions I would be looking at other projects who are attempting to build platforms for cross-chain swaps. As previously mentioned, Thorchain & Blockswap show some promise in design, whilst there are some others competing in this space too, such as Incognito and RenVM. However, this area is still extremely immature so plenty of testing and time is required before we can call any of these projects a success.
If you’ve got any feedback or thoughts about Serum, cross-chain swapping or DeFi in general, please don’t be shy in leaving a comment.
submitted by Loooong_Loooong_Man to CryptoCurrency [link] [comments]

The Bitcoin Conspiracy (an enthusiast's perspective)

I keep coming across comments, especially in this sub, from people claiming that Bitcoin was created by the CIA or some government agency as part of the plan for the NWO and cashless society. I want to share my experience and try to clear up the confusion surrounding this topic.
I first got involved with Bitcoin in late 2016 when I heard about it and got some while at a libertarian festival. Back then it was still very popular among the agorist community and was being promoted as THE silver bullet that was going to disrupt the global fiat banking system.
Putting preconceptions aside, a new user might ask, "what's so special about Bitcoin? We already have digital currencies."
Well, you only need to read the first page of the whitepaper to discover what the original intent of Bitcoin was. It most definitely was not intended to be a tool for central banks to subjugate the world to a centralized global currency. Quite the opposite in fact. Read the full whitepaper here.
When I first learned about Bitcoin, it forced me to learn about economics, then the Federal Reserve, then one by one the dominoes fell and down the conspiracy rabbit hole I went. In 2017 (actually it started a few years earlier, but I wasn't paying attention back then) there was a very heated debate in the Bitcoin community regarding scaling.
I'll try to break it down simply:
In the very early days, when Bitcoin was just a project being worked on by a few very technical people, no one knew about it. All it took was a handful of people running the software on their laptops to mine new coins. Since there was not much computing power on the network, it meant there could easily be a spam attack where a malicious user could join the network and generate many gigabytes of spam transactions that would overload and crash the network. To prevent this, Satoshi implemented a limit of 1MB per block, to protect the network until there was enough computing power to be able to handle larger blocks.
This measure worked, and Bitcoin grew exponentially.
Satoshi vanished in 2010, after WikiLeaks attracted unwanted attention to the project by accepting Bitcoin donations. He left clear instructions for his successors that the 1MB block size limit was meant to be increased once the network could support high levels of user traffic. At the time, there still was not much use, so it wasn't until around 2014 that blocks started hitting the 1MB cap and all of a sudden users had to compete (by paying higher transaction fees) in order to get their transaction mined into the next block.
Up until then, sending a Bitcoin transaction would cost $0.0001 (hundredth of a penny) or less, no matter if you were sending $0.10 or $1,000,000. Now, since block space was limited, fees started to rise, as miners would only include the transactions with the highest fees. Over the next couple years, transaction fees went up dramatically, at times reaching as high as $100 to send a single transaction.
The solution was obvious - raise the block size limit.
But this led to a heated debate, and this is where the conspiracy became obvious to those who were paying attention. Since Bitcoin was decentralized and open source, anyone could contribute, but certain people controlled the commit access to the github repo, and it became apparent that those individuals had been compromised, as any and all mention of increasing the block size was met with fierce resistance.
There was a misinformation campaign to discredit anyone arguing for larger blocks. The argument was that larger blocks would mean users could not run the software on their low-power personal devices and laptops; that by increasing the block size it would lead to mining centralization. Well, if you read the whitepaper linked above, you'll see that Satoshi predicted this. He knew mining would eventually be left to "specialized server farms" while normal users could use what he termed Simplified Payment Verification (SPV) wallets.
But this point was consistently shot down in the community, and especially on /bitcoin. There was a MASSIVE censorship campaign in the bitcoin subreddit that continues to this day where anyone who questions the official narrative or even asks a basic technical question is immediately banned. /bitcoin today is nothing but a cesspit of price memes and misinformation. Go to /btc for the uncensored discussions (but beware of trolls).
In 2017 the debate was finally settled, sort of. Now known as "Bitcoin Core" (the name of the official Bitcoin software), the developers implemented a change known as SegWit (Segregated Witness) which fundamentally altered the way the software validates transactions. It was implemented as a "soft fork" rather than a "hard fork".
I'll explain the difference.
In a fork, the network comes to a consensus on new rules that all participants must follow. In a hard fork, the changes are non-backwards compatible, so all users must update their software or else be left behind on a dead network. Hard forks happen all the time in software development, but in the case of SegWit, the developers refused to make any non-backwards compatible changes for fear it might alienate users. Again, another unfounded fear. "We can't ever upgrade the technical capabilities of the network (such as the block size) because some people might not go along with it."
All kinds of mental gymnastics were performed to justify their refusal to increase the block size, and there was nothing anyone could do about it except fork as an independent project. The 1MB block limit is now essentially set in stone for BTC. So in August 2017, Bitcoin Cash (BCH) hard forked by increasing the block size limit to 8MB, along with some other changes.
Fast forward to December 2017 and Bitcoin was at its all time high of nearly $20,000. But fees were also astronomical and because of the 1MB block size limit, a huge backlog formed, and some people had to wait days or even weeks for their transaction to confirm. If anyone was trying to cash out into fiat and didn't want to pay a $100 transaction fee, by the time their transaction got confirmed the price had already crashed.
This event was largely responsible for the bear market of 2018. Everything that happened was predicted by those who knew what was going on.
A company called Blockstream had essentially wrestled control of Bitcoin from the original developers and shut them out or gained control over them, and started working on turning Bitcoin into a settlement layer for their product called Lightning Network.
LN is a complicated topic that I don't want to get into, but essentially it's a framework that recreates all the same problems inherent in the banking system that Bitcoin was meant to solve. Blockstream's goal is to profit from creating, and then "solving" those problems by charging users fees for all kinds of custodial services.
In my personal opinion, it's obvious that the original Bitcoin project has been hijacked and repurposed into a tool for the central banks. The propaganda is being pushed in some conspiracy circles that Bitcoin was created BY the central banks in order to discourage people from researching the true history. What is now commonly called "Bitcoin" is not the original project, but a Trojan horse.
The project that most closely follows the original design is Bitcoin Cash, and that is where almost all organic development is happening, and personally I feel that it's picking up steam lately as more people wake up to what's happening in the economy right now. Unfortunately most people are still unaware of how fundamentally broken BTC is now and so as new users run toward cryptocurrency to escape the dollar collapse, most will fall straight into the trap and be stuck with BTC that they won't be able to use without paying exorbitant fees and/or submitting to the very same tracking system they are trying to get away from.
This is a very deep rabbit hole but I think I've written enough for now. I hope this info helps people make sense of what's going on with Bitcoin. I know it's confusing enough even without so much deception taking place so hopefully this helps.
Read the Bitcoin FAQ over on /btc.
submitted by PM_ME_YOUR_ALTCOINS to conspiracy [link] [comments]

How to Explain Bitcoin: 3 Tips to Have Better Bitcoin Conversations

BTC Friends,
Let’s be honest, Bitcoin is confusing. Not to you (you are on this / after all), but to the people who have no idea what it is. Trying to explain Bitcoin is even harder. I’m sure we’ve all had those long, complicated, drawn-out conversations which leave people more confused than when it started.
To aid its adoption WE HAVE TO GET BETTER AT EXPLAINING WHAT BITCOIN IS.
Here are a few tips that should, hopefully, help you manage a simple and easy to understand discussion about Bitcoin.
Before we get to that, a few things to remember:
Bitcoin is a fundamental change from what most people believe. An explanation about Bitcoin shouldn’t be about “being right” or “winning the argument.” Instead, it should be about helping someone explore a new idea and begin to understand that there are actually different alternatives to the only “money” they’ve ever known.
Bitcoin is complicated. It’s important to remember that this is as much of an emotion transformation for someone as it is a logical one. A CONFUSED MIND ALWAYS SAYS NO. If you leave a person confused or frustrated about what Bitcoin is, they are more likely to build up a resistance to it and become close-minded because “it’s just too complicated.”
Adoption is a marathon, not a sprint. Don’t feel the need to word vomit all of your intense 1337 cypto-knowledge in a single conversation. Slow and steady. Like a good story-teller, keep them wanting more.
Now, some tips to consider:
1. Start with ‘WHAT is Bitcoin?,’ not ‘WHY is Bitcoin?’
A fundamental mistake that people make is to try to justify WHY something exists before even explaining WHAT something is. Your explanations need to act as a building blocks of knowledge which means you have to have a very clear, very easily understood, fundamental premise:
Bitcoin is…:
Digital coins that exist on the internet that you can spend and save just like the paper money in your wallet.
An alternative form of money than what you are given by your local government.
That's it. That's Bitcoin. While I’m sure we can, and probably will, argue about what that base, fundamental definition is, it’s important to start with WHAT, not WHY.
While hyperinflation, store of value, scarcity, the Federal Reserve, and how the printing of fiat devalues currency are all important, it does not answer the question of WHAT is Bitcoin. If you start with WHY, you are skipping a major building block in the mind of the listener and are on your way to creating confusion. And remember, a confused mind always says no!
Here is an example. (Now, don’t go full-internet on me. I’m not degrading this person or this video THANK YOU PERSON FOR MAKING THIS VIDEO. This video is awesome! I only bring it up because it is a recent video that got some attention. It also demonstrates this point.)
When asked to explain Bitcoin, here is the opening line:
“The FED…is out of control with printing money…”
This is a ‘WHY is Bitcoin’ response. Already, the listener is probably thinking, ‘what the heck does the FED have to do with anything? I just wanted to know what Bitcoin was…’ and you may just lose your listener right there.
Furthermore, this video never actually says “Bitcoin IS…” While there is an implied comparison to gold, there is never a fundamental definition of WHAT Bitcoin is.
Start with a clear, concise definition of WHAT Bitcoin is before moving on to WHY Bitcoin is.
2. Let Them Lead / Gauge Their Interest / Know When To Stop
When explaining any topic to someone who doesn’t understand it, there is a very strong temptation to TELL everything you know. This is human nature. We are proud of what we know. We want to display knowledge and proficiency. We must, however, understand that it is counter-productive to the learning process. Imagine that certain math teacher going over that certain math problem. They explain it. They are enthusiastic about it. They write it on the chalkboard. Yet your eyes glaze over. It’s too much too fast. You are just waiting until the end when they finally tell you the answer. All logic and reasoning and understanding is gone. This is similar.
Instead of telling them everything you know, LET THEM ASK! Allowing your listener to ASK demonstrates two things: an understanding of the last thing you said and, more importantly, interest! Ultimately, that’s what we want and need; their interest.
Believe me, just like that little kid asking, ‘why, why, why…?’ They will give you every opportunity to share a little bit more, and a little bit more.
For example:
Bitcoiner – “Bitcoin are digital coins that exist on the internet that you can spend and save just like the paper money in your wallet.”
(STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!)
Noob – “Oh…ok…well…why do we need that? What's wrong with the money I have now?”
Bitcoiner – “Well, there is a risk that, over time, the money that you keep in your wallet or bank account will actually be worth less and be able to buy less stuff.”
(STOP TALKING AND LEAVE SPACE FOR THEM TO ASK!!!)
Noob – “Wait, what do you mean?”
And we are now on our way to a discussion about these messy and intense concepts of inflation vs deflation, printing of fiat currency, fractional reserve lending, etc. And through it all, LET THEM LEAD.
Now this is the tough part. If their eyes glaze over, YOU HAVE TO STOP! When the questions stop, YOU HAVE TO STOP! The last thing you want to do is ramble on once they’ve stopped listening. Instead, ASK them a question:
I’m sorry, did you not understand something I said?”
“Did I answer your question?”
“Is this interesting to you?”
By doing this, you will give them an opportunity to ASK you another question: “…back up…what did you mean when you said ‘store of value’?”
Or maybe even make a comment: “…wow…this stuff is pretty complicated…”
In either case, this actually helps keep the conversation going. Just back up, explain it again, keeping in mind your base concepts and definitions, and see if you can talk them past where they got stuck.
Maybe they shut you down entirely: “you know what, this is crazy, it can’t be true, let’s change the subject…” To which the ONLY correct response is, “Ok!” (we’ll get to this later).
Keep in mind that letting your listener lead will allow you to carry the conversation much further than you trying to push it along on your own.
3. Know Your Role / A Little at a Time / Don’t Overcorrect
So, what’s the end goal? Is it to have them whip out their phone, download an exchange, and make their first Bitcoin purchase right then and there?! No, of course not.
The role of these conversations is to LEAVE THEM WANTING MORE. Your goal should be to spark interest and curiosity. If after talking with you they end up on The Google or The YouTube looking for more information, then you’ve done your part!
Movies and TV condition us to want the big payoff at the end: the parade, the teary embrace, the triumphant symphony. That is not real life. Really, the best ending to a Bitcoin conversation might just be your listener making an audible, but clearly deeply contemplative, “…huh…”. You’ve done your job. You’ve got them noodling something they have never noodled before.
Even once you understand Bitcoin, there is still an entirely different conversation about what the technology is, how it works, and how people interact with it. And let’s be honest, it’s complex and confusing. Exchanges, blockchain, forks, difficulty adjustments, miners, cold storage… More complicated ideas. More jargon. Make sure you throttle yourself back and explain just A LITTLE AT A TIME. It’s ok to have one conversation about the fundamentals of Bitcoin and then an entirely different conversation about blockchain technology or how people acquire BTC or the difference between storing Bitcoin on an exchange versus a cold wallet. Don’t fall into the trap of thinking you have to tackle all of this at once.
While all this is happening, BE CAREFUL NOT TO OVERCORRECT. People know what they know, right? And what people know is always correct, right?? Be sensitive. If your listener makes a comment that isn’t true or is off track, don’t scold them or forcefully correct them. If your listener feels attacked or threatened, conflict will arise, and once that happens, their minds will be completely shut off. No one listens during an argument. Don’t attack. Explain.
For example:
Noob – “Well, the USD is backed by gold, so that will prevent it from ever devaluing!”
Bitcoiner – “You know, it’s pretty interesting, a lot of people think the same thing. The truth is that while the USD was backed by gold for a long period of time, it isn’t anymore. You see, back in 1971…”
Keep it simple, factual, and non-confrontational.
Going back to our example from before, even if your listener shuts you down entirely, THAT’S OK! They have now experienced a Bitcoin conversation that will percolate around in their brain. And perhaps next time they hear the word Bitcoin, whether on the news or on the internet, they’ll think back to your conversation and what you shared with them. Hopefully you didn’t over-press and their memory of your conversation isn't a negative one which leaves them feeling negative about Bitcoin: “Bitcoin is stupid and people who believe in Bitcoin are arrogant and rude.”
Finally, ENCOURAGE THEM TO DO THEIR OWN RESEARCH. The journey doesn’t start and end with you. You are simply a stepping stone along their path. Know that you are playing a part in their story; you are not the main character.
Adoption of Bitcoin will occur over a long period of time. The conversations we have with our friends and family will create the buzz, attention, and understanding that is needed, but please be mindful that you are doing it in a helpful and productive way that leaves people wanting to know more.
Oh, and step 4: Stack Sats and HODL!
submitted by Reinmaker to Bitcoin [link] [comments]

Benefits of Blockchain Technology in the Banking Industry

Benefits of Blockchain Technology in the Banking Industry
Link to original article: https://block.co/benefits-of-blockchain-technology-in-the-banking-industry/
The rapidly growing interest around blockchain is creating an increased amount of use cases across multiple industries, and a high demand for adoption by many governments. Banking, financial services, and insurance (BFSI) industry is predicted to be drastically transformed by this disruptive technology. According to Allied Market Research 2019, the blockchain value in the BFSI market reached $277.1 million in 2018 and is projected to reach $22.46 billion by 2026. Blockchain technology has the potential to solve the pain points of the current banking systems and operations including security, transparency, trust, privacy, programmability, and performance.
What is Blockchain?
Blockchain is the technology behind the Bitcoin cryptocurrency, that was proposed by Satoshi Nakamoto in 2008, as a response to the failing financial system during the crisis. It is often associated and confused with Bitcoin, but the scope of the technology is much wider. It is also important to differentiate between the Distributed Ledger Technology (DLT) and blockchain, as the terms often used interchangeably. All blockchains are DLT, but not all DLTs are blockchains. DLT is simply a decentralized database managed on a peer-to-peer basis.
“Blockchain is a type of DLT, a subcategory of a more broad definition, much like how the word ‘car’ falls under the umbrella term ‘vehicles’ and ‘Satoshi Nakamoto’ falls under ‘geniuses’.”
In essence, blockchain is a continuous sequential chain of records (‘blocks’) that are chronologically linked together with the aid of cryptography, to ensure immutability. These records are immutable, as any change to the information recorded in a particular block is stored in a new block. Moreover, the use of modern encryption algorithms enables the security of all the records from copying or editing by other users of the system. Blockchain can be programmed to record not only financial transactions as cryptocurrency but almost anything of value (Deloitte Insights, 2019).

https://preview.redd.it/k76j8u5401751.png?width=940&format=png&auto=webp&s=e7f6573a230c816a112ae4bf561f3501c353ad32
How Blockchain Can Improve Banking Industry?
The modern banking system is not perfect and commercial banks have not changed a lot to their servicing structure since the 1970s (Haycock & Richmond, 2015). Running a bank still requires large numbers of the workforce, reliance on quite outdated systems, bloated structures with high probabilities of human error, and manual work. There are several aspects, which could be improved by the application of blockchain technology in banking operations:
1) Security Enhancement
In the UK the overall value of the financial fraud losses (e.g. payment cards, remote banking, cheques) equaled £844.8 million in 2018. The situation is even worse in the US — $170 billion average yearly losses in the financial sector. According to KPMG’s Global Banking Fraud Survey 2019 the total volume, number, and value of the fraudulent activities are drastically increasing every year.
The nature of banking operations dictates the need for centralized systems, which proved to be vulnerable and subject to cyber and hack attacks. Now, the blockchain is immutable as it operates on the principles of decentralization and transparency, and all the network participants get an identical copy of the distributed ledger of transactions. Thus, if applied in banking, blockchain can increase the validity and security of the financial transactions, eliminate the need for third-party authentication, and solve the issue of a single point of failure and hacks.
Moreover, since each transaction on the blockchain has its unique fingerprint (hash) it can be easily traced and verified. Such functionality makes blockchain a great tool to combat money laundering and reduce fraudulent or illegal transactions (Guo & Liang, 2016).
2) Improving Financial Transactions Efficiency
As we mentioned previously, the utilization of obsolete mechanisms and operational systems slows down the performance of banking institutions and provides ground for human error, delays, and system failures. All these inefficiencies could be solved by applying blockchain technology. Take for example the time-consuming bilateral exchange. The process of data reconciliation needed for it could be simplified, as on the blockchain, it is inherently part of a transaction (IBM, 2016).
Blockchain and its decentralized nature eliminate intermediaries in banking operations, which significantly cuts transaction costs and boosts efficiency (Cocco et al., 2017). Blockchain does not require intermediaries, enables cross-border transfers and micro-payments, while drastically decreasing operational costs. Such transactions in the traditional banking environment are expensive (from 1% of the amount), and constitute a huge expense on a global scale. In cryptocurrency networks, transfers may range from a few minutes down to milliseconds, and the transaction fees are decided by the market forces, meaning users have the option to set their transaction fees (Deloitte, 2017).
3) Workflow Simplification
Blockchain can simplify the current complex workflow in banking institutions. As any operation can be traced, the ability to automate processes significantly reduces costs and the need for manual work. Moreover, it is impossible to make retroactive changes on the blockchain. This guarantees data immutability and excludes the human factor, thus the probability of error, data tampering, or even leakage. Using blockchain in banking operations will digitize and automate tons of manual work, greatly boost the productivity of the financial institutions and eliminate the probability of mistakes, delays, and errors.
4) Enhanced KYC & AML
Some financial institutions find it difficult to deal with problems related to policies such as Anti-Money Laundering (AML) and Know Your Customer (KYC). Numerous organizations are not able to solve these problems, due to the rapidly escalating costs. The adoption of the blockchain technology will enable the creation of a system where all clients’ information may be stored safely, making the independent verification an easy process or even automated securely. In this way, both AML and KYC processes will become simpler and easier, as all involved organizations will share the same system and the information will be updated in real-time, perhaps through the use of Digital Identities. In addition to this, blockchain technology will assist the organizations to minimize their administrative costs and reduce the workload.

https://preview.redd.it/200e0ap701751.png?width=600&format=png&auto=webp&s=6caaf26c53786c1341b7905ca33dd340f8929059
5) Smart Contracts
Smart contracts are an innovative development of blockchain technology which enables for time and resources saving, as they do not require a third-party interaction. Traditional contracts do not differ a lot from smart contracts, however, their key benefit is that obligations are automatically enforced and cannot be avoided by anyone.
When smart contracts are integrated with blockchain technology, we enjoy benefits such as security, automation, immutability, and transparency. The integration of smart contracts in the financial sector will provide opportunities for transparent auditing and real-time remittances. Traditional contracts are paper-based and require financial institutions to invest money in paperwork and maintain records. These records can be easily manipulated as they are on paper. Smart contracts offer bank tools for bookkeeping based on blockchain. Smart contracts have already been applied to the financial industry to gain greater automation.
6) Decentralized Finance
Another application of blockchain is Decentralized Finance, also known as DeFi. This application is at an early stage but its disruptiveness enables millions of people across the world to have access to financial services. DeFi refers to decentralized applications, financial smart contracts, digital assets as well as protocols popular as DApps, which are built on public blockchains such as Ethereum and Bitcoin. The aim of DeFi is the creation of a decentralized financial system that will not depend on the traditional banking system.
Decentralized Finance offers numerous benefits to the users as it eliminates middlemen, enables everyone who does not has access to financial services to enter the global economy as it is a permission-less technology, and enables innovation with the combination of DeFi products. Besides, the use of decentralized finance increases the symmetry of information and democratizes financial services in this sense. The evolution of DeFi over the years means that most people around the world are only limited by their imagination when considering how to gain benefits from the financial ecosystem. However, there are still many complexities that need addressing to further expand the full extent of the possibilities of DeFi.
For more info, contact Block.co directly or email at [email protected].
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submitted by BlockDotCo to u/BlockDotCo [link] [comments]

MW "WYCO WEDNESDAY" Inventory Update! 10 NEW Cubensis Varieties Added, 2 New Exotics, and Many Long-Time Favorites Restocked Including PE6 and PEU! Over 30 Varieties available and Still Offering FIVE 12ml Syringes for $30 with FREE SHIPPING! Happy Sporantine My Friends!! Mush Love <3

edit: USE COUPON CODES WHEN ORDERING AT www.millywyco.com PLEASE!! This is a discount for your benefit...take advantage of it!
WOOOOW!!!! This past week was absolutely INSANE. I made a post last Wednesday with a few new varieties and restocked the shelves for what I usually have in stock. By the time I woke up on Thursday, almost everything in the shop was SOLD OUT! It was a lot of work on my end, but I couldn't be happier to see so many of you getting started (or continuing) with this fantastic hobby. I can't stop smiling at the amount of support I've received this past week, and a special THANK YOU to everyone who helped me network to get some masks and essential supplies to those in need due to COVID-19. While this virus is truly a tragedy worldwide, lets take something positive from this time. Spend some quality time with your family (if they live with you of course), get creative, call your mom, and get started in this hobby! It's all about your mindset...lets all stay positive and uplifted during this challenging time. If anyone needs someone to talk to, please reach out. I'm here for ALL of you and love you dearly.
The varieties listed on this post are the varieties I have available at 5PM CST on Wednesday, April 8. I will not be updating this post through the week, but inventory on the site will always be up to date.
I've been working non-stop to restock and be able to share with the masses, and thanks to my dear friend Dr. Rot, I've had approximately a shit ton of help with the website. Instead of learning as I go and spending hours trying to change a layout, add a page and whatnot, I was able to spend that precious time this week in the lab to be sure everyone gets a chance at the varieties they love. He has helped me out tremendously, and will continue to make improvements to the site. ALL FEEDBACK IS GREATLY APPRECIATED! If there's something you'd like to see on the site, or any ways to improve, I'm all ears. Please send me a message on Reddit, chat on the website, or email :)
While selling out in less than 24 hours is a great feeling with all the love and support from the community, it's not ideal. I have a new system in place to *try* and keep up with inventory. Until further notice, I'll be making a post every Wednesday at 5PM CST, and updating inventory on the site. When a variety runs out, I'll do my best to make sure it is restocked for the following week's "WYCO WEDNESDAY" post.
I greatly appreciate everyone's patience and understanding this past week with orders. I've been able to fine tune some of my processes to be sure all orders go out on time, and most importantly, accurate. I felt TERRIBLE this past week when a few orders were not 100% accurate due to an inventory error on the site. Some of you received substitutions with your order, along with a note explaining what was missing, what was included instead, and a promise that I'll have the missing varieties in the mail to you this week. This issue has been corrected, and anyone who didn't have a 100% accurate order will be shipping out tomorrow AM with the rest of my shipments, with a little something extra for the wait. I wanted to get the majority of your shipment out when you ordered so you could get started, and the rest will follow shortly after in a separate box. Thanks for not hating me :)
UPDATES: I've added a few new regular cubensis varieties to the site! By popular demand, F+, Texas Orange Cap, Texas Yellow Cap, Mazatapec, S. American, Costa Rican, NorMak, and Mexican have been added, while I also restocked some varieties that were previously posted but sold out. I'm also very excited to announce the addition of 2 NEW EXOTICS, offered for $15 each alone, or $10 if adding to a 5/$30 cubensis pack! Pan Cam Sandoz and Ovoideocystidiata are the recent exotic additions, while I restocked Cyans, Azures, Aztecorum, Allenii, Mexicana Tampanensis, Subaeruninosa, and PENIS ENVY UNCUT!!!!!!
PLEASE USE COUPON CODES ON www.millywyco.com FOR DISCOUNTS!! For a while, some of the coupon codes were not working, and I didn't have the time available to devote to fixing the issue. All should be working now. Please see below:
2PACK - $20 for two cubensis syringes
5PACK - Classic and most popular $30 dealio for 5 cubensis varieties
NEEDMORE - 5 cubensis varieties for $30 plus 1 exotic add-on for $10...total $40
NEEDMORE2 - 5 cubensis varieties for $30 plus 2 exotic add-ons for $20...total $50
NEEDMORE3 - 5 cubensis varieties for $30 plus 3 exotic add-ons for $30...total $60
...and so on. Currently, this is setup for up to 5 exotic add-ons. If you have an order that does not meet these codes, such as adding on more than 5 exotics, getting 7 cubensis varieties, etc. please send me a message and I will build you a coupon code to match your order in a timely manner.
WEBSITE ADDITIONS - Calendar added! This is still a work in progress, but here you'll find any contests, promotions, giveaways, and upcoming varieties to look out for! When a variety runs out, I'll post on the calendar which day and time you'll be able to see them restocked. We've also added a fun countdown ticker till the next restock so you can get excited about some of the varieties coming up as I run out.
Forum added! To encourage community involvement, we've added a forum section to answer some common questions and help out in the best way we can. PLEASE NOTE the same rules apply on the website as do here on Reddit. That means no discussion of anything cultivation related! Keep it clean :)
News and Updates page added! More content will be coming soon on these pages, and I'm suuuuper excited to be able to FINALLY implement some ideas I've had for a long time that I think you'll really like as well :)
SHIPPING UPDATE - ALL ORDERS PLACED BY MIDNIGHT will ship out first thing in the AM. My mail is picked up at 10AM every day, so I need to have these ready the night before. I really didn't have a problem running to the post office once a day as my excuse to get out of the house for "essential business", but me being a diabetic has much of my family and friends worried that this virus won't think twice about taking me out. In an effort to reduce stress and anxiety (which surely weakens immune system), I will be shipping from home for the duration of quarantine. Thank you for understanding.
Much of the satisfaction I get throughout my day comes from YOU GUYS (and gals), from the positive encouragement, connections made and regular pleasant conversation. Keep sharing the recent positivity in your life, the cat facts, and warmth that's spread through this community. Be persistent, never give up and never stop learning!! I LOVE YOU ALL DEARLY <3
Please check out the updated list of inventory below. I'll make a post when I am able to get my hands on some other requested varieties, and as always, I accept trades! Feel free to send me a message if you have a request for something I do not have in stock. My wish list is your wish list! I'm sure we band together and find it if we try.
Shipping in US only at the moment, not available to ID, GA, or CA (yes, really)
Spore syringes are for microscopy use only
Any reference to cultivation will exclude you from placing an order and we may never speak again. I want to talk to you. Don't do it!
There are no exceptions to these rules. You have been warned.
PAYMENT METHODS ACCEPTED: Major Credit/Debit cards, Zelle, Cash App, Venmo, Google Pay, Apple Pay, Bitcoin and Amazon gift cards
PayPal is NOT available to me at this time.
Also, I am the fee master! I get charged fees left and right that I don't pass on to you from shipping and third party payments. If you'd like to throw me a tip, however much it may be, I'd love you forever and it really does make a difference! These types of people have allowed me to share with some who are less fortunate. On the other hand, if times are tough for you right now, let's talk about it!
ALL PRICES INCLUDE USPS SHIPPING WITH TRACKING!! I COVER ALL STANDARD SHIPPING COSTS.
Please add an additional $5 to any order if you prefer 2-3 day tracked Priority Mail shipping. (90% of my Priority Mail shipments are 2 day. Occasionally, rural areas are 3 day)
1 syringe for $15
2 syringes for $20
5 syringes for $30
Golden Teacher (LIMITED TO 2 PER ORDER!)
A classic variety for any mycologist. Pretty standard, easy to work with and almost everyone starts here. Can't go wrong with GT! They go fassst. Currently limited to 2 per order with mix-n-match due to extreme popularity.
Albino A+ (AA+)
While "true" albino's are just a mutation, this variety gets it's name from the leucistic trait of having less pigment than other varieties, appearing completely white when mature. One of the all time most popular varieties I've had the pleasure of offering!
Amazonian
Originating from the Amazon rain forest, this variety is known to produce large,dense fruits in the wild, and certainly an interesting study under the scope :)
B+
Pronounced "Be Positive"!...Or at least that's what I like to say. The "+" is for the size! Looks a lot like Golden Teacher, only bigger. A favorite among beginning and advances mycologists alike and other than GT, probably the most popular variety.
Blue Meanie
This is the cubensis variety, not to be confused with Pan Cyan, the original Blue Meanie. One of my most popular varieties when it's in stock!
Costa Rican
Ecuadorian
F+
Fiji
Lizard King
Mazatapec
McKennaii
Origin unknown, but holds a special place in my heart, due to being named after the late Terrence McKenna <3
Mexican
NorMak
PES Amazon
With genetics from Pacific Exotica Spora (PES), this variety has a few stories to go along with it. Really interesting study if you care to look them up, but it was originally thought to be a cubensis/azurescens hybrid, accounting for the "A" in PESA. After much controversy, most identify this variety as Amazon or Amazonian.
PES Hawaiian
One of the wider caps in the species, PES (Pacific Exotica Spora) Hawaiian are uniquely pleasant to look at under the scope. One of the quickest movers on the slide, and easily one of my favorites to study!
Rusty Whyte
Another leucistic variety, these always look super cool! Red spores and white cap? Hells yeah.
S. American
Texas Orange Cap
Texas Yellow Cap
Z-Strain
Much like Golden Teacher, but this variety seems to have some great positive characteristics that sets it aside. Very fast and aggressive under the scope, this one will not disappoint!
THE FOLLOWING EXOTICS ARE NOT PART OF THE 5/$30 MIX-n-MATCH DEALIO, but can be added to the 5/$30 pack for $10 as an add-on, or $15 each by themselves. These are NOT cubensis, and NOT recommended for beginners. USE COUPON CODE "NEEDMORE" on www.millywyco.com to add ONE EXOTIC on to a 5 pack. Want 2 Exotics? Use code NEEDMORE2 or NEEDMORE3 for 3, etc. Currently this is setup to add a maximum of 5 exotics....if you need more, please message me and I'll create a unique coupon code to enter for your order :)
****Penis Envy #6 (PE6)***\*
This actually IS a cubensis variety, but added to exotics list due to rarity and popularity. NOT part of the pick 5.
****Penis Envy Uncut (PEU)***\*
This actually IS a cubensis variety, but added to exotics list due to rarity and popularity. NOT part of the pick 5.
****Ps. Azurescens***\*
****Ps. Aztecorum***\*
****Ps. Allenii***\*
****Ps. Mexicana Tampanensis***\*
****Ps. Ovoideocystidiata***\*
****Panaeolus Cambodginiensis-SANDOZ***\*
****Panaeolus Cyanescens***\*

All syringes are 12cc/mL and come capped with a sterile tip cap, and also include an 18ga blunt tip needle and alcohol pads. Syringes are made in a lab grade environment and the utmost care and attention is the highest priority to be sure they are sterile. Anything exposed to an open air environment is subject to contamination, but I take every precaution possible to minimize this risk. I cannot "guarantee" they are 100% sterile, but I can guarantee that if you have an issue, I will make it right. I really do love to help, and if something happens, I'd like to know about it so I can fix the issue instead of you getting frustrated or giving up!
To ensure equal quantity of spores in each syringe, and for adequate suspension of the spores in the solution, I use a magnetic stir plate. Very often, this does such a good job of breaking up clumps of spores that it will appear to be sparse. THIS IS NOT AN ISSUE! There are still a TON of spores in each syringe, even if you can't see them individually (though most of my syringes appear to have a very good amount of visible spores...even with my horrible eyesight!). You can compare and contrast to see the blackish/purple tint to ensure every syringe is packed with spores. If a spore clump forms during transportation, simply give it a good flick with your finger and vigorously shake to break it up or free it from clinging to the wall of the syringe before examining.
Syringes ship in individual bags clearly labeled as to specific variety and born on date, bubble wrapped and shipped through USPS tracked shipping (discreet) within 24 hours of payment. I send tracking info soon after payment and give updates along the (super quick) way.
Please PM me with order details, including state shipping to, payment method, and the selected syringes for your order. Any messages referring to spores being used for anything other than microscopy use will be ignored. Don't do it.
THANK YOU ALL so much again for your continued support!! I appreciate it more than you know! MUSH LOVE
P.S. In no way am I trying to be an imposter. I AM NOT WILLY MYCO. I chose this u/ a while back as sort of a play on words and tribute to a legend most of us recognize, long before I became a spore vendor. I don't want anyone to think I am trying to pass off as him, though I do strive for his level of excellence and dedication to the craft! I appreciate all of the kind words, though, from people saying they learned from "my" videos. I wish I could pass on those notes to RR himself.
Cheers and MUSH LOVE!
MW
submitted by millywyco to sporetraders [link] [comments]

MW Long Overdue "Back At It" Exciting Updates! Classic 5/$30 Dealio Still Stands Strong with some New Varieties! Orders Placed Now Through Friday ship Saturday, Resume Same Day Shipping on Monday MUSH LOVE <3

Well hellooooo again! I made a post a couple weeks ago somewhat explaining my situation, needing to take a few days off and focus on implementing some better systems to stay organized and be more efficient. Here we are, 2 WEEKS later, and I'm still working on those improvements. My timetable was wayyy off, and I apologize for being away so long, but this will benefit everyone when it's all said and done :) I've been taking orders here and there still while I was working on the back end, but knew if I made a post, I would need to devote a lot more time to fulfilling orders and would slow the process down. I soooo appreciate all of the kind words, patience, insane encouragement and understanding from every single one of you. That gave me the peace of mind to be able to focus and not feel like I was letting anyone down. You all mean so much to me...you have no idea.
One of the projects I'm working on is a subreddit, where I would be able to have an FAQ, Shipping Info, Available Varieties, What's Coming Up, Requested Varieties, Special Contests and Giveaways, Loyalty Programs, and hopefully an AMA sometime soon :) I only made this so I can make more frequent posts (some personal), and be able to share in a community without feeling like I'm blowing up an entire community of people, or adding pages upon pages to this already lengthy post when I would mainly be talking to people who have already ordered from me. In short, you can check out Millywyco for pretty much all the info you can think of (in time....I'm working on it)!
The varieties below are what I have available right now, but some new and exciting things are soon to come! Same pricing structure and everything as before, but while I finish up some of these projects the right way, all orders placed today (1/22) through Friday (1/24) will ship on Saturday, Jan. 25. Priority Mail shipments will arrive on Monday or Tuesday at the latest. On Monday, Jan. 27, shipping will return to normal, shipping same day for orders placed until 3PM EST, and next day after 3PM. Also, I'm not sure, but I may take Thursday the 30th off for my birthday...not sure yet :) Love you all!
Much of the satisfaction I get throughout my day comes from YOU GUYS (and gals), from the positive encouragement, connections made and regular pleasant conversation. Keep sharing the recent positivity in your life, the cat facts, and warmth that's spread through this community. Be persistent, never give up and never stop learning!! I LOVE YOU ALL DEARLY <3
Please check out the updated list of inventory below. I'll make a post when I am able to get my hands on some other requested varieties, and as always, I accept trades! Feel free to send me a message if you have a request for something I do not have in stock. My wish list is your wish list! I'm sure we band together and find it if we try.
Shipping in US only at the moment, not available to ID, GA, or CA (yes, really)
Spore syringes are for microscopy use only
Any reference to cultivation will exclude you from placing an order and we may never speak again. I want to talk to you. Don't do it!
There are no exceptions to these rules. You have been warned.
PAYMENT METHODS ACCEPTED: Cash App, Venmo, Google Pay, Apple Pay, Bitcoin and Amazon gift cards
PayPal is NOT available to me at this time.
Also, I am the fee master! I get charged fees left and right that I don't pass on to you from shipping and third party payments. If you'd like to throw me a tip, however much it may be, I'd love you forever and it really does make a difference! These types of people have allowed me to share with some who are less fortunate. On the other hand, if times are tough for you right now, let's talk about it!
If you are a returning customer who has left a review, mention the secret password "BESTFRIENDSFORLIFE" for a discount!
ALL PRICES INCLUDE USPS SHIPPING WITH TRACKING!! I COVER ALL STANDARD SHIPPING COSTS.
Please add an additional $5 to any order if you prefer 2-day Tracked Priority Mail shipping. (90% of my Priority Mail shipments are 2 day. Occasionally, rural areas are 3 day)
1 syringe for $15
2 syringes for $20
5 syringes for $30
Golden Teacher (LIMITED TO 2 PER ORDER!)
A classic variety for any mycologist. Pretty standard, easy to work with and almost everyone starts here. Can't go wrong with GT! They go faaaasssst. Currently limited to 2 per order with mix-n-match due to extreme popularity.
Albino A+ (AA+)
While "true" albino's are just a mutation, this variety gets it's name from the leucistic trait of having less pigment than other varieties, appearing completely white when mature. One of the all time most popular varieties I've had the pleasure of offering!
Amazon
Originating from the Amazon rain forest, this variety is known to produce large,dense fruits in the wild, and certainly an interesting study under the scope :)
B+
Pronounced "Be Positive"!...Or at least that's what I like to say. The "+" is for the size! Looks a lot like Golden Teacher, only bigger. A favorite among beginning and advances mycologists alike and other than GT, probably the most popular variety.
Blue Meanie
This is the cubensis variety, not to be confused with Pan Cyan, the original Blue Meanie. One of my most popular varieties when it's in stock!
Ecuadorian
Discovered 1000 meters high in the mountains of Ecuador, this is a picture perfect specimen
Great White Monster
Similar to albino A+, one of my favorites!
Jedi Mind Fuck
Still haven't been able to find much info on the origin, but I have heard some interesting things about this variety.
Mazatapec
Originating from Mazatapec, Mexico, these are some of the largest fruits I've seen in nature and surely won't disappoint.
McKennaii
Origin unknown, but holds a special place in my heart, due to being named after the late Terrence McKenna <3
PES Amazon
With genetics from Pacific Exotica Spora (PES), this variety has a few stories to go along with it. Really interesting study if you care to look them up, but it was originally thought to be a cubensis/azurescens hybrid, accounting for the "A" in PESA. After much controversy, most identify this variety as Amazon or Amazonian.
PES Hawaiian
One of the wider caps in the species, PES (Pacific Exotica Spora) Hawaiian are uniquely pleasant to look at under the scope. One of the quickest movers on the slide, and easily one of my favorites to study!
Red Boy
So appropriately named, this variety actually drops red spores! Super interesting study under the scope!
Rusty Whyte
Another leucistic variety, these always look super cool!
Z-Strain
Much like Golden Teacher, but this variety seems to have some great positive characteristics that sets it aside. Very fast and aggressive under the scope, this one will not disappoint!
THE FOLLOWING EXOTICS ARE NOT PART OF THE 5/$30 MIX-n-MATCH DEALIO, but can be added to any order for $10 as an add-on. These are NOT cubensis, and NOT recommended for beginners.
****Psilocybe Azurescens***\*
Originally made popular by my favorite mycologist of all time, Paul Stamets, this is known to be the most potent of any mushroom species discovered to date. It's name comes from the bluish (Azure) tint active species get when bruised. This variety is also NOT for beginners, as it is a more difficult study and requires completely different conditions to observe on a slide.
****Psilocybe Serbica***\*
****Paneaolus Cyanescens***\*
These tiny guys pack a big punch, mostly in tropical areas. Unlike the Blue Meanie cubensis variety causing much confusion, this is the actual species also known as Blue Meanie.
****Paneaolus Cyanescens BVI (British Virgin Islands)***\*
Pan Cyan from the beautiful British Virgin Islands.
****Panaeolus Cyanescens Estero (FL)***\*
****Panaeolus Cambodginensis***\*
I will update the available list daily as I get new varieties in stock or run out. This list is updated daily, but confirm your order with me before sending payment to be sure.
All syringes are 12cc/mL and come capped with a sterile tip cap, and also include an 18ga blunt tip needle and alcohol pads. Syringes are made in a lab grade environment and the utmost care and attention is the highest priority to be sure they are sterile. Anything exposed to an open air environment is subject to contamination, but I take every precaution possible to minimize this risk. I cannot "guarantee" they are 100% sterile, but I can guarantee that if you have an issue, I will make it right. I really do love to help, and if something happens, I'd like to know about it so I can fix the issue instead of you getting frustrated or giving up!
To ensure equal quantity of spores in each syringe, and for adequate suspension of the spores in the solution, I use a magnetic stir plate. Very often, this does such a good job of breaking up clumps of spores that it will appear to be sparse. THIS IS NOT AN ISSUE! There are still a TON of spores in each syringe, even if you can't see them individually (though most of my syringes appear to have a very good amount of visible spores...even with my horrible eyesight!). You can compare and contrast to see the blackish/purple tint to ensure every syringe is packed with spores. If a spore clump forms during transportation, simply give it a good flick with your finger and vigorously shake to break it up or free it from clinging to the wall of the syringe before examining.
Syringes ship in individual bags clearly labeled as to specific variety and born on date, bubble wrapped and shipped through USPS tracked shipping (discreet) within 24 hours of payment. I send tracking info soon after payment and give updates along the (super quick) way.
Please PM me with order details, including state shipping to, payment method, and the selected syringes for your order. Any messages referring to spores being used for anything other than microscopy use will be ignored. Don't do it.
THANK YOU ALL so much again for your continued support!! I appreciate it more than you know! MUSH LOVE
P.S. In no way am I trying to be an imposter. I AM NOT WILLY MYCO. I chose this u/ a while back as sort of a play on words and tribute to a legend most of us recognize, long before I became a spore vendor. I don't want anyone to think I am trying to pass off as him, though I do strive for his level of excellence and dedication to the craft! I appreciate all of the kind words, though, from people saying they learned from "my" videos. I wish I could pass on those notes to RR himself.
Cheers and MUSH LOVE!
MW
submitted by millywyco to sporetraders [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like. This thread itself had roughly 14-17 upvotes. Now 5-8. Proof that I'm being vote brigaded is that I have nearly 3 times the donuts in Ethtrader than I have comment and post karma, COMBINED! This is despite the fact that I rarely post there. Which shows that most people appreciate my posts, but the monero community wants to hide that and control the narrative!
If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to ethfinance [link] [comments]

Developer-friendly guide to the Google "associated account ban" - advice to an iOS developer thinking about Android (misconceptions and alternatives for developers)

I received a query from an iOS developer thinking about developing for Android - and his concerns about the notorious "associated account ban" practice (by Google).
Since the exchange may be of wider use to new developers thinking about Android, I am providing it here - my reply and the comments others may post here should dispel some of the misconceptions about:
NOTE: I asked for permission from the iOS developer - which he granted - so that I could include his quoted text.
 
 
Hi! I'm a junior iOS developer that was looking into branching into Android. If you don't mind, may I ask you some questions about the associated account ban issue?
If you are just starting out with Android, i.e. this is your first account, you don't have to be concerned about the associated account ban issue.
This only becomes relevant if you have a ban - then this ban is percolated to all the other accounts that Google can get it's hands on - ones which it finds "could be you".
But sometimes it makes mistakes and can ban your friend, who may have opened his Google account from your computer, using your Wifi or from your home using your browser. There are examples of a company account being banned because their developer was banned, and the developer was banned not because of any fault of his, but because a friend of him had been banned some time ago for some previous infraction.
These types of bans are possible to get reversed, but usually take a lot of effort, and usually not through usual channels - what seems to work is posting on medium dot com with a convincing blog post that gets viral, and then sometimes Google will reverse. There are cases of account reinstatements after one year, but often it can be a week to a month.
In any case, this is needless disruption for a developer.
Usually app bans/account bans DO NOT lead to a Google account ban - BUT some developers have expressed fears that this could happen. I can't think of a case like that - I have a vague feeling it may have happened once perhaps but can't be sure.
But it DID definitely happen with Markiplier's YouTube fans - when he asked them to post emojis - and Google mass-banned a bunch of those who responded. Markiplier issued videos trying to get his followers' YouTube accounts restored - many were restored, but many weren't (may have been by now). This case was notable because these followers got their ENTIRE Google accounts - including Google Photos and other such personal stuff also account-banned. Thus was particularly egregious.
The alternative to going viral with blog post is to have legal representation - your lawyer sends them a warning letter - supposedly that also works reasonably well. We don't have too many documented public cases for this - but many commenters on androiddev sub-reddit have said that even just having your lawyer send a letter to Google at [email protected] (even though Google says it doesn't read e-mail sent there) - can get results. Again, I don't know of any particular cases that used this method - so cannot give much more insight on this type of appeal to Google.
 
 
  • Would it be possible to create a new identity separate from my old one? Suppose I buy a new phone and new phone number. Only use my mobile data and a new bank account to pay for stuff. The one thing I am not able to change is my location as I can't move out anytime soon.
Developers have been trying to create new accounts after account bans for many years - at least from what one reads on various forums.
So developers certainly do evade such bans - they seems to suggest using different internet WiFi, different Mac address for computer, different browser (so can't be tracked by cookies) and then using different credit card identity - so for example they may open an account in a relative's name.
But if that relative is your wife - who resides in the same place - you are likely to be associated eventually - and wife could suffer the fate of the husband (and the associated ban wouldn't be removed even after divorce!).
 
 
  • Would not opening a developer account be enough to avoid having my colleagues getting associated banned? I have a housemate that got banned, while I was lucky to not share WiFi with him we still stay in the same location. Not only that I have logged into my personal accounts using the office computer and WiFi. I also roughly believe an ex-colleague there might get banned for his personal app on the Play Store in the future. Is it too late to do anything to migitate any association at this point?
I don't know - we don't have the data to be that specific about whether a previous association between you and another dev (even before you actually created a Google account) would contribute towards yours (or his) associated ban.
If you are very enthusiastic about your Android project - you can proceed without bothering about associated account ban - since it is unlikely to affect 100 percent of developers everytime, you could take the risk. If something does happen, you deal with it.
But if it is low priority for you, and you would rather not endanger yourself, or your friends, you could consider not opening a Google developer account - and simply publishing on F-Droid, or even offering your APK via your website.
It gets trickier if you were planning to show ads or have in-app purchases - for ads there are ad providers other than Google Admob - but often they ask where your app is published on Google Play. But possibly it may not be a requirement - for example they may accept that you are only published on F-Droid - though I don't know how this reduces "developer cred" in the eyes of the advertiser (and if they pay less for advertising on such apps).
For in-app purchases, you could use payment processors like 2Checkout - which would allow you to process payments independent of any association with Google.
2Checkout has wider country coverage, but you could try Square and the other credit card processing companies which focus more for U.S. developers.
Some developers have anecdotally reported on androiddev sub-reddit that they are able to get good revenue for apps hosted on their website, and using third-party payment systems like 2Checkout etc. However, this will still be less than what you would get on Google Play Store (because of it's ubiquity/wide reach).
EDIT: xda-developers also seems to have an app store - though you don't hear much about it on androiddev. But it may be a good alternative to F-Droid (if you don't want to open source your app):
https://www.xda-developers.com/xda-labs/
In addition to accessing the forums, Labs contains an app distribution platform for both hobbyist and professional developers. With support for Alpha, Beta, and Stable release channels, developers get the utmost in control. We also have built-in commerce for devs that want to earn money for their work, and unlike Play, where developers only get 70% of app revenue, XDA lets developers keep 100% through PayPal or Bitcoin payment methods.
 
 
  • Despite all this I still want to develop Android apps and share them with people. Is hosting the apk on my personal site the next best thing besides the Play Store? Are there any other app stores I could try? I know there's F-Droid but I don't plan open-sourcing my apps.
Sorry if the message is too long. I don't see Google fixing this issue anytime soon and am just trying to find a way to publish Android apps despite the bleak situation.
There are other android app stores, but because Google forces manufacturers to include Google Play (as part of the Google suite of apps) - it has so far ensured that Google Play remains the dominant store.
Developers have anecdotally reported that they are able to get good sales on Amazon (not sure how it is these days) - overall volume is lower, but the revenue per user is higher, so the overall revenue is not bad, though still lower than for the version of their app on Google Play Store.
As an example, the Chinese market is hard for non-Chinese developers to get into (because of the certification/documentation requirements) - but even if you do that, there are a number of app stores (4 or 5 of the big ones - none of them are particularly dominant over the other). This is obviously an outcome of the fact that Google exited the China market earlier (a decision they may regret, but it has also affected/led to app store fragmentation). Chinese app stores also often have clone apps - so you may find that there already is a version of your app there - sometimes with different ad provider inserted, and sometimes may even seem very different (I have never tried to install the APK from those stores, but have tried to examine the APK contents and found differences).
So there is a negative to not having Google Play Store dominant - and there is a negative to Google Play Store being dominant as well!
The Chinese market has another emerging player - Huawei - they have had an app store (App Gallery - which ships with every Huawei device as well - and which you can download using an APK as well).
However, it has not gained much traction - the only reason I mention it is that it MAY become interesting in the future, since Huawei (for strategic/survival reasons) may have to invest in their app store at much higher levels now - in order to prepare for a future where they are totally excluded from the U.S. market, and cannot ship their devices with Google suite of apps (including Google Play Store).
Given Huawei is a multi-billion dollar company with big ambitions - their whole company future is dependent on this one thing - and so it makes sense that among all the app store contestants, if there is one which will have added impetus behind it, it will be a Huawei App Store (App Gallery). However, their execution thus far has not been exceptional - App Gallery is still anemic in terms of revenue according to some anecdotal reports by developers on androiddev sub-reddit. However that could change in the future, if Huawei's App Gallery implements even more developer friendly processes (for signup, and for in-app purchasing etc.).
 
 
iOS developer's response:
Thank you very much for the detailed reply! I guess I would choose not to create a new identity and just publish outside the app store. Google's ability to track someone feels like more than what I could handle. Hopefully some kind of government regulation or third party competition would appear to knock some sense into Google in the near future. All the best to you and thanks again for your help!
 
 
Asked for permission to use his quotes:
Sure, no problem. Feel free to quote/rephrase it any way you like. It would definitely be a great help to others who are worried about the issue.
 
 
 
 
FAQ - App Bans and Account Bans
 
 
When does a lifetime account ban occur ?
A Google Play account ban can occur due to an "associated account ban" - when Google thinks you are associated with someone else, and that someone else was awarded a lifetime account ban. That person's ban percolates to his associated accounts - i.e. you.
Thus if you become lifetime account banned by Google - you become a threat to your acquaintances, and to your company (and should not be put in charge of their Google Play account once you are lifetime account banned).
If you are not associated with anyone by Google - then your lifetime account ban will occur usually due to an accumulation of app bans.
A Google Play developer account ban IS a lifetime ban.
 
 
How many app bans are required to achieve a lifetime account ban ?
The conventional wisdom some time ago was that 3 app bans were usually what triggered a lifetime account ban.
But from anecdotal evidence from developers on androiddev, we now know:
  • a lifetime account ban can occur with just a single app ban (usually when you only have 1 app published)
  • a lifetime account ban can occur with your first Alpha app (one dev published his first app as an Alpha app - which Google considers as a published app - this app was banned for some reason - which triggered his lifetime account ban)
  • sometimes a lifetime account ban does not occur even after 3 app bans (happens if you have many apps - and some of them are seen by Google as high quality apps ?)
  • sometimes a lifetime account ban can occur as "one event" - these are based on a cascade of app bans (which happen in quick succession - usually because they all violate some recently introduced rule by Google) - this triggers an immediate lifetime account ban. As far as the developer is concerned, the series of events happens so fast that they seem to occur as one event (and there is no chance for them to stave off this attack).
As with most Google "rules" which suffer from the info asymmetry that makes for a "moral hazard" in Google vs partner dealings (app dev/Adsense/YouTubers):
 
 
Other observations about app bans and account bans
  • just as an app ban means a developer cannot get access to the information about his app (Description and other info he previously entered is now not visible to him), similarly if you are lifetime account banned, you lose access to the account information (which you may now need to mount a defence against Google's action).
  • app bans usually lack enough context for a developer to understand what caused them (this is an often cited observation by devs) - only in the simplest of cases is it clear what the cause was (in such cases Google DOES provlde a screenshot sometimes with the e-mail that makes clear (for example a button that takes user to your Google Play app page is not labelled). However, they will not tell you what to do to fix it - for this particular case, you need to add text "My Apps" or "Our Apps" to the button. So even in the cases where Google does give feedback about an app ban, it is so terse as to be more confusing than informative. Sometimes the app can be banned, but is then reinstated after the story goes viral (but not before) - in the case of FX File Explorer the app was reinstated without change: FX File Explorer removed from the Play Store for “deceptively” advertising…a free theme
  • an app ban is labelled as "Suspended" in your Google Developer Console listing for your app. Sometimes an app can be labelled "Update Suspended" - this means you still have time to fix the problem and upload another APK. However, the amount of time you have to fix this is indeterminate and unspecified - the app could transition from "Update Suspended" to "Suspended" at any time without further notice (i.e. permanent app ban).
  • if an app has been labelled "Removed" it means it is not available to users now. However, it's removal is NOT affecting the standing of your account (i.e. it is not an app ban, and not contributing towards an account ban). However, I am not sure what happens if too many of your apps are "Removed" - does it lower your resistance to an account ban i.e. you become like the vulnerable single app developers mentioned above - vulnerable to an account ban because of a single further app ban ?
  • sometimes an app ban can be reversed - we posted on reddit, and also appealed to the e-mail address in the e-mail we got for the app ban. The app moved from "Suspended" (app ban) to "Removed" (i.e. not affecting account standing).
  • sometimes a lifetime account ban can be reversed - usually after you have posted on medium dot com, and the blog post goes viral. Sometimes the accounts are reinstated after a few days, sometimes weeks, and in one known case after a year!
  • lifetime account bans generally DO NOT lead to a ban on your Google account (i.e. will not affect your Google Photos etc.) - however, there have been cases with YouTube account bans which DID affect ALL the Google account content (including Google Photos):
Markiplier's video asking Google that his followers's services still not restored:
Androiddev post:
 
 
Can a developer remove an app if he fears it's future ban may imperil his account ? (similarities to slave labor)
Google does not provide a way for an app developer to remove his app from Google Play.
A dev can only delete his app from Google Play IF it has been downloaded by zero users.
A dev CAN "unpublish" his app (from Pricing & Distribution section), however the app remains visible to existing users, and users who have paid for the app.
However apps you "unpublish" remain liable to app ban - for example an app that is no longer being updated by a developer can fall out of compliance with new rules which Google introduces each year (for example Google no longer honors it's "old apps will always work on newer android versions" compact - every year now apps have to comply with new targetSdkVersion requirements - which means older apps will break and eventually fall out of compliance at a steady pace).
Devs do occasionally neglect their apps (they may be a hobbyist, a scientists, or simply is swamped by new projects, or the old app may no longer be profitable for them to maintain). However such developers may find that Google is forcing them to update their apps which they have no incentive to update any more.
Google uses the threat of a lifetime account ban to COMPEL these developers to keep updating their apps (even when devs want not to do so).
This is a type of compulsion - reminiscent of slave labor - where work is demanded without promise of compensation, or advantage to the worker.
Essentially a developer once published on Google Play, faces the prospect of lifetime obligation to Google.
This is odd, given that Google has in the past portrayed itself as an intermediary between the developer and the user, and not as the actual seller of the app - if so it seems odd that Google feels responsible for enforcing a relationship between developer and user. Perhaps Google now does act as actual selleprovider of apps - given that it now also collects taxes directly for more territories (?)
Recently there was a comment by a Googler (which was also carried by androidpolice) that unpublishing an app will not expose an app to app ban, but that such apps will eventually be "Removed" (as in our app above - see second link at top - ie Removed apps don't put account standing at risk). The androidpolice artice was based on the comment, while the Google commenter was himself at odds with Google docs and said he will get back with others at Google about the discrepancy:
Here is the original reddit comment that whole androidpolice article is using as source:
 
 
What is an "associated account ban" ?
Google's practice of lifetime bans for android developers - bans which percolate from acquaintance to acquaintance. In all likelihood a wife would face an immediate ban if her husband has already been banned - this association would survive divorce:
An lifetime account ban thus risks making a pariah out of a dev as any potential employer may fear tainting their company account and the accompanying hassle if they hire a tainted developer. Thus the early crimes of a dev could become a lifelong "Scarlet Letter".
 
 
Why is the Google appeal process flawed ?
Android developers, once banned, are banned for life - and the only reliable way to get account reinstated is for developer to blog post on medium dot com and achieve virality. Then somehow Google is convinced that the developer's issue has been vetted (for free by the public!) and often restores the account. Even for restored accounts, developers often report that they never found out what led to the account ban in the first place.
Essentially no human at Google can countermand a Google bot's decision - probably because it is a neural net or uses fuzzy rules to decide - which means it is not explainable in human terms.
Google also uses secrecy argument - they need secrecy about why they did something to avoid being "gamed" - i.e. they are afraid their automated processes, once known would be easily exploited - as a loophole in an automated system could be used repeatedly, possibly without detection by Google. Google uses this secrecy argument for Adsense and it's other services as well - where Google partners can be banned without them knowing exactly why that happened.
This developer has created a whole website to document the misbehavior of Google regarding his AdSense account:
As with most Google "rules" which suffer from the info asymmetry that makes for a "moral hazard" in Google vs partner dealings (app dev/Adsense/YouTubers):
 
 
Can a lifetime account ban (developer) lead to a GENERAL Google account ban (Google Photos etc.) ?
Lifetime account bans generally DO NOT lead to a ban on your Google account (i.e. will not affect your Google Photos etc.) - however, there have been cases with YouTube account bans which DID affect ALL the Google account content (including Google Photos):
Markiplier's video asking Google that his followers's services still not restored:
Androiddev post:
 
 
Threats to hobbyist devs and open source developers
Right now the old advice to new devs to publish early with their test apps, and to do it with abandon is totally the wrong advice now. Generations of android tutorials are hopelessly out of tune with that old advice.
The current conventional wisdom is to publish carefully, and sparingly with apps which can be supported by the new dev.
If dev cannot commit to that, they should not post their hobbyists apps to Google Play. This is sound advice to the new hobbyist dev, and to the budding independent dev - if they value their lifetime cred with Google.
It may surprise you but now even open source app developers are under threat - the other developers who copy and publish with their code are rendering the original app under threat.
 
 
submitted by stereomatch to androiddev [link] [comments]

05-28 09:24 - 'Bitcoin vs Bitcoin Cash' (self.Bitcoin) by /u/SpiritedOwl3 removed from /r/Bitcoin within 39-49min

'''
Although most [cryptocurrency derivatives platforms]1 deal with Bitcoins, there is another similar asset known as Bitcoin Cash that may confuse some traders. This article will explain some of the reasons for why Bitcoin Cash exists and how it is different from Bitcoin.
Despite all of its revolutionary advantages, Bitcoin still has certain issues and challenges. Perhaps the most glaring of these, is the speed of its transactions. Currently, it can handle about 7 transactions per second, much slower when compared to traditional credit card companies (about 24,000 transactions per second). In order for the system to continue to grow and scale up, many agreed that some changes had to be made.

The Birth of Bitcoin Cash

As the transaction speed issue became more relevant, a second group within the [Bitcoin community]2 grew. One group of course wanted a solution that would allow Bitcoin to scale, while the other group insisted that Bitcoin was never meant to be used for constant transactions. Eventually, through a process called a Hard Fork, the Bitcoin system was split and Bitcoin Cash was born. This new asset has a block size limit of 8 Mb (while Bitcoin only has 2 Mb) but uses the same code base as its predecessor. Bitcoin Cash allows for around 2 million transactions a day.

Differences

So now that we have these two options, what are the differences?
Once again because of the increase in block size, not only are more transactions processed per second when using Bitcoin Cash, but these are also cheaper. The new name also makes a difference. The addition of the word ‘cash’ denotes its capabilities as an actual form of currency that can be easily and universally used for common purchases as adoption increases in the future. However, one potential drawback is the risk associated with using Bitcoin Cash at this moment. Where Bitcoin has an incredibly large amount of mining pools (making it difficult to coordinate a 51% attack), Bitcoin Cash has 51% of its network controlled by three mining pools. Addressing the cryptocurrency’s reliance on these three major groups will be a significant challenge the Bitcoin Cash must overcome.
Stay tuned for more blog articles on different concepts and ideas that will improve your knowledge of [Bitcoin Trading]3 .
'''
Bitcoin vs Bitcoin Cash
Go1dfish undelete link
unreddit undelete link
Author: SpiritedOwl3
1: p**mex*com/ 2: ph**ex**om/r**erences/arti*le**bitco*n-vs*bi*co*n-c*sh 3: phe*e*.co*/
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like.
This thread itself had roughly 8-10 upvotes. Now 0-1. If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to CryptoTechnology [link] [comments]

[The Last Science] Chapter 1 — The Last Train to Rallsburg [pt. 2]

Previous Part | Table of Contents / Reviews | Next Part
  "Mmmmm," Rika sighed contentedly, leaning back in the corner booth.
  Alden had to agree with the sentiment. It was a greasy place, sure, but Alden couldn't deny the excellent taste of the burgers and fries. He wasn't normally partial to fast food, either. Whether it was the exhaustion or the company, in that moment, it was divine cuisine.
  The place was so small, he was surprised it even had booths. There were four, lined up along the side, with red vinyl cushions slowly decaying from years of overuse. The main counter was only a few steps away, so close that it was practically impossible to get up if anyone was walking down the aisle. Behind the counter, the proprietor grilled the next few burgers for a family of three who walked in not long after Rika and Alden. From their friendly conversation with the genial balding man, Alden judged the place a local favorite.
  "You've been here before," he stated, looking back at Rika.
  She frowned. "Lucky guess?"
  "No way you picked this place at random. The guy sounded like he knew your order too."
  "You got me," Rika brushed her hair out of her face. "I've been to Rallsburg a few times before, to visit a friend. I met Dan around that time. We hit it off pretty well." The man behind the counter glanced up as he heard his name. Rika waved him off, before munching down a fry. "Why so suspicious, Zack?"
  Alden took a sidelong glance at the family seated at the counter, far down at the opposite end of the tiny restaurant. He lowered his voice. "Can I trust you?"
  "Is it possible to answer that question usefully?" Rika raised an eyebrow, chewing on a fry in the corner of her mouth while she spoke. "Either I say yes and I'm a great liar, or I say no and you're out of luck anyway. You gotta decide that one yourself."
  "Well, uh, but…" he spluttered. He wasn't sure what answer he'd expected, but to hear her so frankly point out the flaw in his question broke his concentration. He took a moment to gather his thoughts. "Why did you ask me to join you?" he finally settled on.
  "Because I don't believe in coincidence. Not anymore," Rika said calmly. "Look, Zack. You seem like an okay guy. You're clearly on a mission. And for whatever reason, you've shown up here in this dead end college town. And you ran into me. Twice." Rika munched down another fry. "Trust me on this though: the shit that goes down here, it's hardcore. You'd better be ready to commit if you're gonna head down this road any further."
  Alden swallowed hard. He glanced at the envelope inside his coat pocket once again. Was he ready for whatever Rika was describing?
  "Let me put it this way, kid. Have you read from the book?"
  "Have I what?" Alden repeated, confused.
  She shook her head. "Forget it. Nevermind."
  "No, what does that mean?"
  "I said forget it." Rika looked over at Dan. "Hey, can we get some more fries?"
  "You got it, flower," Dan's deep voice rumbled from behind the counter.
  Alden's mind was too easily sidetracked. "Flower?"
  "It's one of the kanji of my name," Rika explained. "The second character means flower. Dan thinks he's super clever for knowing that, but he doesn't know a lick of Japanese otherwise. Anata wa bakadesu," she called to Dan, who just waved cheerily in return as he focused on his cooking.
  Alden cleared his throat again, trying to get back on topic. "What did you mean by the book?"
  Rika sighed. "Look, I'm probably not the one you want explaining that to you, okay? You could do a lot better than me if you really want to awaken."
  "If I want to what?" Alden asked, even more confused. The family of three at the bar stood to leave. Alden glanced at them involuntarily as the door opened, feeling a compulsion to keep track of them at all times.
  "You're paranoid as shit, aren't you?" she noted. "Probably smart, 'specially these days."
  "Give me a straight answer," Alden asked impatiently.
  Rika started to answer, but the door to the place suddenly burst open, slamming hard against the wall.
  Three guys walked in clearly looking for trouble. They were college age, probably late college by Alden's estimate. The leader was remarkably handsome and well-built—a typical good-looking college guy. Blonde hair, tall and strong figure, and warm, large brown eyes. Alden was surprised he wasn't perpetually wearing a polo shirt and khakis with the physique and complexion he had going on. His friends had the look down, but instead he seemed to be sporting the same basic attire as Rika—dark hooded sweatshirt and jeans, with a pouch fastened at his waist. His was much less elaborate than Rika's, consisting of a single black velvety bag with a white string holding it tightly closed.
  Rika had to twist around to see them. "Shit," she murmured.
  "What?" Alden asked in a low voice.
  "Let's just say I know them," Rika whispered back. She sank low in the booth, and slowly began to put the hood over her head to hide the distinctive blue streak in her hair—but it was too late.
  "Hey, bitch!"
  The lead man's eyes locked on their booth. Alden could have sworn he grew a few inches as he approached, and not just from perspective.
  "Hi Ryan. How's life?" Rika asked brightly, turning to face him. As she did, she sniffled a bit, and grabbed a napkin to wipe at her nose.
  "Better than yours," Ryan glowered down at them. "You owe me. Time to pay up."
  "For what?" she asked innocently.
  "Two dozen shards of topaz that you bought off me at the market. You never delivered your end before you bailed. Who's this guy?" Ryan added, nodding at Alden.
  "He's not awakened." Ryan seemed to take this odd statement without question, and didn't give Alden so much as a second glance. "Where the hell am I supposed to find nature-laid twin lizard eggs?" Rika added.
  "Internet?" Ryan suggested, half-sarcastically.
  "Screw that, I'm not ordering that shit online. Get them yourself."
  "So use bitcoin or something. I don't care, but you're not leaving this dump until I get what's mine."
  Alden didn't dare move a muscle. He was completely out of his depth in this confrontation, whatever it was about. Out of the corner of his eye, Alden saw Rika's hand gently unclasp one of the pouches on her belt, out of sight for Ryan or his cronies.
  "Bitcoin's traceable as fuck, and besides, how am I supposed to get it to you when I can't leave this dump?" Rika asked pointedly.
  "So give me my gems back."
  "How'd you know I was back in town, anyway?" Rika deflected.
  "We've got a guy," one of Ryan's guys piped up. Ryan shot him a look and he fell silent.
  "Ooh. Ryan's moving up in the world. Got himself a reader," she taunted. Ryan glowered at his companion.
  "Look, I—" Alden started. He wasn't sure why he was inserting himself into a heated and suddenly quite vulgar argument for the sake of a girl he'd just met, but he couldn't help himself.
  "Stay out of this," Rika and Ryan said in unison. Alden quickly fell silent.
  "Give me the eggs, or give me the topaz back. Simple as that," Ryan said.
  "Oh Ryan. Is this because I stopped sleeping with you?" Rika teased.
  "Why would you bang a board that flat anyway?" one of Ryan's cronies sneered, which quickly devolved into a back-and-forth about Rika's physical appearance between his minions.
  "Maybe he's more of an ass-man."
  "She doesn't got that either! Maybe he's a weeb."
  Alden half-expected Rika to jump him then and there. She seemed like the quick-to-violence type. To his surprise, she ignored the jabs entirely, her eyes still locked on Ryan.
  Ryan shook his head. "Just want the topaz," he grunted. Alden thought he detected a bit more anger in his voice after Rika's last comment, or maybe it was the catcalls from his friends. He couldn't help but think Rika was deliberately antagonising them and it couldn't be going anywhere healthy.
  Still, what on earth were they arguing over? That was the weirdest part for Alden. The conversation and tone was clear, but the subjects made no sense. Gemstones and lizard eggs? What the hell was this? Alden was beyond confused. He decided to just stay silent. Hopefully it would end up making sense before much longer.
  He was about to be very, very wrong.
  Rika's hand began to move down to her belt, presumably to grab the topaz.
  "Shit!"
  One of Ryan's guys reacted. Ryan began lifting a hand to stop him, but it was too late. The guy reached into his pocket and tossed something into the air. A few tiny rocks that glinted as they caught the light hanging above them.
  Alden watched the crony's hand make a small gesture in midair, but it was too fast for him to see from a distance. More importantly, as the guy's fingers moved, the tiny objects he'd hurled started glowing.
  Not just glowing. They were on fire. More importantly, they were hurtling right at Alden and Rika.
  Alden froze in place. There were actual fireballs flying at him. Tiny, bright orange fireballs whizzing through midair at his chest.
Am I that tired?
  Just as suddenly, he felt his hair stand on end. A blur of motion across from him—Rika's hand had flown up to point at the licks of flame. Alden would have sworn her hand teleported from the pouch on her belt, it moved so fast. The little fireballs were only halfway to his face when Rika made her move.
  Tiny arcs of electricity crackled around her fingertips. Their appearance sounded like a whipcrack echoing through the entire restaurant. Alden instinctively flinched, as did the trio opposite.
  A brilliant blue arc spiked through the air, forming tiny connections with anything nearby as it whipped across the table to impact on the fireballs. The bolt crackled and split into three. Each branch struck a fireball directly, a strange mixture of glowing red and sharp blue.
  It felt like slow motion as the three orbs of flame were pushed aside. A sparkle of what looked like dust fell from Rika's hand. The fireballs knocked into the wall all around them both, tiny impacts that quickly dissipated into small blackened rocks.
  All of it happened in only a second, but Alden still felt the wash of heat and the rush of adrenaline in his head.
  "Seth, what the fuck?" Ryan shouted at his companion, but they were both staring at Rika in terror, who had stood up. Even though he was presumably on her side, Alden was scared—but also thrilled. There was a low crackle of electricity, tiny arcs whipping along the streak of blue in her hair, like a cloudless storm hovering on the side of her face. He could feel the air around them energized from the activity, as the smell of ozone drifted past his nostrils, intoxicating and foreboding.
  With her right hand still outstretched and her jacket sleeve having fallen away, Alden could see an intricate tattoo adorning her wrist. Two flowers, one black and one light pink sat on the back of her hand, with their stems intertwined and stretching back up her forearm a short distance. As he stared, another crackle accompanied a small brilliant bolt of lightning curling and snapping between two of her fingers.
  "Get the hell out before I throw you out," Rika growled with such fury that Alden recoiled involuntarily in his seat.
  Ryan didn't need to be told twice. He grabbed the arm of the guy who had fired at Rika and dragged him out of the restaurant, their other companion following. Dan stood stock still at the grill, his eyes wide. Alden would never forget the look on Rika's face at that moment—utterly suffused with fury. She was breathing heavily, as if she'd just run a fair distance.
  "Zack, toss me those rubies," she said calmly, returning to her seat. She tried to relax into the chair, though it was obvious she was still worked up.
  Alden spluttered back to life. With what he'd just witnessed, there was no way he was going to refuse anything she asked. He looked around and grabbed up the three blackened stones set into the wall, shaking the ash off of them before setting them on the table.
  "Thanks." Rika picked them up, looking at them closely. "Nope." She tossed the first into one pouch. "Nope. Well, this one's not bad. Eh, one's better than nothing." She took out a small cloth from another pouch on her bag and started on the rock, wiping away the blackened edges as best she could. "Gonna have to get this a real polishing later. Hey Dan," she called out without looking.
  "...Yeah?" Dan asked nervously.
  "Those fries ready yet?"
  "Oh. Yeah, one sec." Dan looked enormously relieved to have something normal to focus on. He turned around and busied himself with his cooking.
  "Hope this is obvious, Dan, but please don't say anything about what you just saw. Yeah?" Rika said matter-of-factly.
  "No shit," Dan muttered.
  Rika grinned at Alden. "You good there, Zack?"
  "...What are you?" Alden asked.
  "O-positive. You?"
  "I… What?"
  "I'm human, idiot." Rika looked back at the gem, which was beginning to show small shades of red again, though many of the charred portions were clearly too much for her simple cloth to remove.
  "But… what—"
  "That's the best I'm going to get." Rika tossed the ruby into another pouch, then began looking around the table for something. Alden didn't know how to react to her statement. A few moments of silence passed before he finally spoke up again.
  "What are you looking for?"
  "I was hoping some of that topaz hadn't cracked, but it's all dust. Waste of perfectly good shards," Rika sighed.
  "Are you going to give me a straight answer?" Alden asked angrily.
  "You gonna tell me your real name?" Rika shot back.
  He cleared his throat. Screw it, he decided. Better her than anyone else I've seen so far. "Alden. Alden Bensen."
  She held out her hand. "Rika Nishimura. Pleasure." He shook it, and distinctly felt the electricity coursing through her body. It felt like her skin was thrumming with movement and energy. He grasped it firmly this time, and felt the current weave its way through him.
  "How did you do that?" Alden asked, excitement and fear mixing pleasantly in his chest.
  Rika grinned. "Short answer? Magic is real."
 
 
 
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