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Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
https://reddit.com/link/ho4bif/video/n0euarkifu951/player
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8

Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
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Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda

Ethereum: Programmable Money

When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
https://reddit.com/link/ho4bif/video/b5b1jh9ofu951/player

Digital Gold Rush

Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.

DeFi: Decentralized Finance

So as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
https://preview.redd.it/f0sjzqspfu951.png?width=461&format=png&auto=webp&s=8e0a31bf29250fc624918fbd8514b008762f379e
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
https://preview.redd.it/wn3phnkqfu951.png?width=800&format=png&auto=webp&s=02f56caa6b94aa59eadd6e368ef9346ba10c7611
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.

Wrap Up

I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
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Other Ways to Consume Today's Episode:
We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

r/Ethereum - I wrote this to explain Ethereum in depth to newbies. Please check for accuracy!

Hello ethereum - I'm currently in Singapore exploring all of the cool blockchain tech that's going on here. I'm also writing a blog that aims to explain blockchain technology simply to anyone whose interested. www.cryptoambit.com
If you guys could spot check my Ethereum post for accuracy, I'd appreciate it. If you like it, would also appreciate some subscribers! Thanks
By now, most people know Ethereum as the second most valuable cryptocurrency, currently valued at over $60 billion dollars. Well, it turns out that Ethereum isn't actually a cryptocurrency - it's a software platform that let's programmers build applications on top of blockchain technology. Within the ethereum platform, is a cryptocurrency called ether that is used to power applications built on the Ethereum blockchain.
From Bitcoin to Ethereum
Bitcoin uses a global network of computers that maintain a shared ledger called a blockchain that keeps track of who owns bitcoin. Once blockchain technology was introduced to the world, people realized that blockchains could be used to keep track of anything of value. In 2013, a 19 year old named Vitalik Buterin introduced the Ethereum white paper, which proposed an open source platform that would let programmers build blockchain applications that could facilitate the exchange of money, content, property, shares or anything of value. Much like with Satoshi Nakamoto's paper, Buterin's was met with widespread excitement from software developers around the world who began building toward the vision Buterin laid out.
Much like Bitcoin, Ethereum isn't owned or controlled by any one person. Unlike Bitcoin, whose creator remains anonymous, Ethereum has a leader in Vitalik Buterin (pictured below). While Buterin doesn't control Ethereum in the way that a CEO does, his word carries tremendous weight in dictating the direction of the project - something that is considered a strength or a weakness, depending on who you ask.
Smart Contracts
The basic function that programs built on Ethereum perform are called smart contracts. Smart contracts are digital agreements that execute automatically based on real world data. An easy way to think of them is an "If-then statement." IF condition A exists, THEN perform function B.
Let's say for example Grandma wants to make sure she never forgets to give Little Billy birthday money each year. She could write a smart contract that says IF it's Little Billy's birthday, THEN pay him $10 from Grandma's account. Once this contract is broadcast to the Ethereum network, it will execute automatically each year on Little Billy's birthday.
Smart contracts have applications far beyond improving the reliability and efficiency of Grandmothers around the world. Another simple application of a smart contract is for rental payments: IF date = 1st of the month, THEN pay landlord rent amount. Processes that currently involve manual interactions between two parties can now be automated and the value can be moved in real time over the blockchain rather than settling days later as with traditional banking.
A Real World Example
Ethereum and smart contracts are a big deal because they have the ability to usher in what's been dubbed the "smart economy" - one in which slow manual processes prone to human error and deceit are replaced with automated processes that are completely transparent and trustworthy. A real world example that typifies the new "smart economy" is a project being run by a French insurance company called AXA.
AXA offers a flight insurance product that pays out a policy holder in the event that a flight is delayed by two hours or more. It currently has a product in trial that will pay out insurance claims using smart contracts and the Ethereum blockchain. The smart contract is simple: IF flight is over two hours late, THEN pay policyholder. The smart contract is connected to a database that monitors flight times. If the database shows that the flight is over two hours late, the smart contract is triggered and the policyholder is paid automatically over the blockchain.
Without the smart contract, the policyholder would have to file a claim and wait for the insurance company's claims department to process it, which could take anywhere from 1 to 2 weeks. With the smart contract, neither the insurance company nor the policyholder has to do anything. This also creates trust between the two parties because there are no grey areas - the customer can review the smart contract prior to purchasing the policy and feel comfortable that he will receive his claim in the event of a delay.
Ethereum vs Ether
As stated in the intro, Ethereum is a platform for building blockchain applications using smart contracts. What you may have just purchased on Coinbase is called Ether, which is the cryptocurrency that fuels the Ethereum network.
Ether functions more like a digital commodity than a digital currency. Just like you need gasoline to fuel your car, you need Ether to run applications on the Ethereum blockchain. In the Grandmother example cited above, Grandma would have to purchase small amounts of Ether to fuel her smart contract that pays Little Billy his birthday money.
The Ethereum blockchain functions in the same way as the Bitcoin blockchain: a network of computers run software that validates transactions through majority consensus. The people running these computers are called miners. Bitcoin miners are compensated for their resources by being paid in Bitcoin. Ethereum miners are compensated in Ether. On Little Billy's birthday, Grandma's ether transaction fee will go to whichever miner adds the block containing Grandma's transaction to the blockchain. That miner will also receive new Ether in the process.
The same supply/demand economics that apply to commodities like oil and gas also apply to Ether. Oil is valuable because it powers many of the things we use in our everyday life - it heats our homes and fuels our engines. The more people and enterprises that rely on Ethereum based applications, the higher the demand will be for Ether which will increase its value. As with all cryptocurrencies, there's plenty of speculation baked into the price - speculation that the demand for Ether will increase in the future. Since Ether is valuable, exchangeable and transferable, certain merchants are also starting to accept it as a currency.
dApps - Decentralized Apps
Applications that run smart contracts on the Ethereum blockchain are called "dApps," or decentralized apps. Just as any app developer can build apps on top of Apple's IOS operating system, developers can build on top of Ethereum's blockchain infrastructure. To the end user of a dApp, it might not look and feel any different than the apps you use today. It's the underlying blockchain infrastructure that make them different.
Since dApps function on top of the blockchain, they can be used to transfer value peer-to-peer. To return to our Grandmother example, there could be a dApp that Granny can download that lets her schedule Little Billy's birthday payments without having to code the smart contract herself. dApps are also completely open sourced so other people can access the code and build on top of them. Someone could take the code to the birthday payment dApp and add the ability for Grandma to add a note that says, "Happy Birthday Billy!" Running dApps on the blockchain also offers added security benefits. Since the transactions are distributed and encrypted across the Ethereum blockchain, there is no central place for a hacker to breach and gain access to all of the world's Grandmother to grandson birthday payment data.
At this point, I'm really beating the GrandmotheLittle Billy example to death because I think it represents a simple illustration for the kinds of applications that can be built on the Ethereum blockchain. In reality, the dApps that are being built are much more complex. Here are a few examples:
Ethereum Tokens
So now that you understand that Ethereum is a network for building decentralized applications that require a cryptocurrency called Ether to run, I'm going to introduce a confusing concept. Many dApps built on Ethereum have their own cryptocurrencies or "tokens." In order to interact with the dApps, customers need to purchase the dApp's native token.
Here's a helpful analogy I came across - when you go to a waterpark, you pay the admission fee and in return, you get a wristband. That wristband gives you the ability to ride the waterslides in the water park. With certain dApps, the token is the wristband, and a user must purchase it to interact with whatever the dApp offers.
Let's take a dApp called Golem as an example. Golem lets people rent out their excess computing power to people who need it - kind of like a computer AirBnb. To cite this article from Laura Shin, if I'm a computer graphics artist that wants to render some kind of computationally intense animation, I can purchase Golem tokens that let me tap into the Golem network to generate my animation. I then pay the people who are renting me their computers with the Golem tokens. The Golem token is a form of smart contract and this transaction is recorded on the Ethereum blockchain.
Since Golem tokens are also a cryptocurrency, they can be traded on the free market. If I'm a speculator who has no intention of using the Golem network to rent computing power, I can still buy the Golem token on an exchange in hopes that it appreciates in value. Like bitcoin, there is a fixed supply of Golem tokens so if the demand for the service increases, so will the value of the token. If I bought Golem at its original price of around 1 penny and held it to today, I would have made 35X my initial investment since Golem tokens currently trade around 35 cents a piece.
ICOs
ICO stands for, "Initial Coin Offering" which is a fundraising mechanism for cryptocurrencies which has exploded in popularity this year - the majority of them are held on the Ethereum network. Similar to a kickstarter campaign, they allow entrepreneurs to raise money for projects by giving investors an early opportunity to purchase the cryptocurrency before the final product has been built. If the project is successful, the value of the cryptocurrency will rise in value and early investors can sell it on the open market for a profit.
ICOs have stirred up a lot of controversy because they represent a risky proposition with zero investor protection. Let's say I wanted to build a casino and to finance it, I gave investors the opportunity to buy chips that can be used at my roulette tables once the casino opened. If you bought $100K in roulette chips from me and I decide that I no longer want to build the casino, you're stuck holding worthless chips. If investors don't do their due diligence, they may end up buying tokens for a project whose creators never intended on building it in he first place - the creators walk away with the money and the investors have no way of recouping their funds.
On the other hand, early investors in projects that go on to be successful have the opportunity to make enormous returns. For example, people who invested $1,000 in the Golem ICO would be sitting on $35,000 at it's current price of $0.35 - if it ever goes to $10, they're all millionaires. Another positive aspect of ICOs is that they let anyone, rich or poor get involved in early stage investing. To invest in a company like Twitter or Facebook pre-IPO (initial public offering), you need to be an accredited investor - this basically means you're already a rich person. With ICOs, all you need is an internet connection and a little bit of money and you have the potential to become wealthy by investing in the right projects.
Far From Perfect
Ethereum has the potential to change the way humans transact with one another but it is still a very young technology and it hasn't been without its problems. While the blockchain architecture underlying the Ethereum network is secure, not all of the applications built on top of it are. Faulty code can and has made applications vulnerable to hacking and malfunctions. Here are two prime examples:
DAO Hack - DAO was a dApp built on Ethereum that enabled crowd based venture capital. DAO token holders were given the right to vote on projects they wanted to support - if projects went on to be successful, DAO token holders would receive financial rewards. The DAO ICO received $168 million in funding. The DAO software was hosted on the Ethereum blockchain and was publically visible by all. A hacker spotted a flaw in the DAO's code that enabled him to route $55M in ether held by the DAO into an account that he controlled. The Ethereum team had do do something called a hard fork (something I won't get into now) to reverse return the stolen funds. Parity Wallet Freeze - Parity is a wallet where people store Ether. A flaw in Parity's code let a user delete a specific line of code that was necessary for accessing funds in a Parity wallet. This led to $280 million dollars worth of ether being frozen - it hasn't been stolen but it can't be accessed either. Parity Technologies has proposed another hard fork to correct the issue - something that is sure to divide the Ethereum community and rattle user confidence.
Despite the world changing implications that Ethereum dApps and smart contracts have, the trouble is that any programmer can write them - if they aren't written properly, they can behave in unintended ways and be exploited like in the above listed examples. Ethereum is still a very young network and security issues with dApps and smart contracts will have to be sorted out if its to reach its true aspirations.
Leading The Decentralized Revolution
“Ethereum aims to take the promise of decentralization, openness and security that is at the core of blockchain technology and brings it to almost anything that can be computed.” - Vitalik Buterin
With dApps, smart contracts and blockchain technology, Ethereum is leading the decentralized revolution. Bitcoin is the world's first decentralized currency, that operates on a global network of computers outside of central intermediaries. Ethereum gives programmers a platform to develop a decentralized version of just about anything.
Decentralized networks like Ethereum have the power to remove the intermediaries that currently exist between producer and consumer. Let's take a company like Uber. Uber is a platform that brings people who need rides together with people who have cars. To facilitate this interaction, Uber collects 20% of every ride. With Ethereum and blockchain technology, there is nothing to prevent a bunch of software developers from writing a dApp that creates a decentralized Uber. Instead of 20% per ride, transaction fees are paid to the network and the driver takes home the lions share of the transaction. Tokens can be issued that represent ownership in the network. Coders who work on improving the network can get paid for their efforts in ownership tokens. Non-technical people can come up with marketing campaigns that spread awareness for the network and also get compensated in ownership tokens. As the decentralized Uber network grows and improves, the value of its ownership token increases, rewarding the people that built it. The result is whats referred to as a "Decentralized Autonomous Organization" and theres a strong possibility that DAOs replace a lot of the world's biggest corporations.
This may sound like a radical concept but blockchain technology enables these kinds of decentralized organizations to exist - Ethereum provides the tools for people to go out and build them.
submitted by CryptigoVespucci to ethereum [link] [comments]

Answering often flawed questions once and for all against bitcoin

Since the price has started rising again, the usual arguments have come back. This is the 3rd or 4th time the price is taking a surge so lets get over all the flawed arguments once and for all.
1) Bitcoin has no intrinsic value
Nothing has intrinsic value. Value is a matter of association. Gold has value because of its properties, just like that, bitcoin has value because of its properties.
2) Bitcoin is slow and expensive
Bitcoin is opensource protocol and is always improving. Transaction fees are not very high these days but thats a price you pay for censorship resistant transactions compared to traditional banking like paypal. But don't worry, bitcoin's 2nd layer, Lightning Network is getting popular with practically 0 fees and instant transactions. Speaking from experience, Lightning Network actually works. Its not as easy to use but so wasn't the internet when it was new.
3) Its used by criminals
This is exactly what people used to say about the internet. The internet turn out pretty used because its open. Bitcoin is an open platform to develop on. Sure, people use technology for bad, that doesn't make the technology bad. Instead of limiting what people can do, we should be focusing on creating better people. Infact, one of the number one usecase of bitcoin is charity and tipping (see pineaple fund and people on this subreddit).
4) Its trying solve a problem that doesn't exist
Satoshi Nakamoto in his first release of bitcoin talked about the trust that traditional banking breaches. Financial colapses happen everywhere and people loose everything because someone at the banks messed up. Excess inflation, like in Venezuela and Argentina, make people loose everything they have and often commit suicide while people at the top get away. Sure, just like climate change, it doesn't seem real until it actually affects you.
But bitcoin is so much more. It has ignited so much in multiple sciences and economics. Bitcoin is no more what it was in 2009 and with the advances in layer 2 solutions like Lightning Network, which is like the HTTP of money, its like saying "the technology to stream stupid cat videos on demand will never be usefull".
With a download of an app and 2 button clicks, you become a part of a global economy. Bitcoin is worlds first global currency.
Its about choice. If you want to use your national currency, go ahead.
5) Bitcoin wastes a lot of energy
Bitcoin uses energy for proof of work to secure its network. The reason bitcoin is so valuable is because its so secure (ill get to speculation). This energy is used to establish mathematical truth. There are other alternatives to Proof of Work like Proof of Stake which uses a lot less energy. Layer 1 of Bitcoin uses Proof of Work as of now.
Also - solar mining?
6) There are other better cryptocurrecies than bitcoin
There is no other network as secure and robust as bitcoin.
7) Bitcoins price is very volatile
As of today, yes. But its been observed that since its beginning bitcoin's volatility is gradually decreasing. Its often said that each consecutive bull run is less volatile than before (there has been 2-3 bull runs).
8) Wasn't bitcoin dead?
bitcoin obituaries. Bitcoin will never die. Even if price falls to 0 (which it won't cause people value freedom), the network will never die. also this obituary song.
9) Bitcoin is a bubble
Bitcoins all time lows has always been orders higher than its prior all time highs.
Local bubbles exists. There are no global bubbles. Its only going up. (no guarentee, don't kill me if you lose you money. Understand before buying/earning)
10) Bitcoin is open souce code so it can be just copy pasted so it has no value
Bitcoins code can be replicated. Not the network. Its the network thats real.
Bitcoin solved the double spend problem in computer science.
11) Bitcoin is centralised
A lot of big miners are mining pools. Sometime in 2013 (not sure) poeple realised one mining pool was about to cross 50% of hash power which made a lot of people to opt-out of that mining pool and it reduced its hash power a lot. I should also tell you that people often overestimate the dangers of centralisation. A centralised miner can only change the next block. Not the entire blockchain. Though bitcoin has never been successfully attacked with 51% attack.
So no, its not centralised, but not 100% idealy decentralised either. Practically, its decentralised.
12) Bitcoin mining is making all my gaming GPUs expensive and I'm sad >:(
No one uses GPUs for bitcoin mining (as of now), GPUs are for other cryptocurrencies. Though I should tell you computation is going to be very valuable. Mostly because of AI, big data, crypto and gaming. Which means greater demand. That doesn't mean better cheaper GPUs won't come.
13) 5000$ per bitcoin is very expensive so how could people do transaction below 5000$
Bitcoin is divisible. The smallest transaction I've done is 0.01 satoshi which is 0.0000000001 bitcoin = 0.0000005278$ as of today.
All this not focusing about what bitcoin actually is. If you're here and are a noob. I hope you learn about bitcoin after this! <3
submitted by HarambeTownley to Bitcoin [link] [comments]

Elastos - Why it Fundamentally Matters, A Practical Analysis

This post is my humble attempt to convince you why Elastos is solving such a large problem with the internet today and hopefully providing a practical lens through which to understand what the implications are. Rong Chen speaks often about the need to create a new internet for us to truly have a digital economy akin to our physical economy but it is not easy to conceptually grasp what that means, why it matters, nor how Elastos is the solution to this. Hopefully this will be useful. Enjoy!
WHY WE NEED SCARCITY IN A DIGITAL ECONOMY
Today, I don’t own any of my digital assets. If I want to purchase music, a game, a film, a digital collectible, I can’t buy it, I can only lease it into perpetuity. If I want to listen to music I stream it from Spotify, if I want to download this I can, but I can’t resell it, I don’t really own it. As such my purchase has no resale value and thus is not a store of value. For all intents and purposes my ‘asset’ is worthless after I ‘buy’ it and it cannot be traded into fiat. This is not how the physical economy works and is not how it can continue to work if we want to transition to a truly digital / smart economy.
WHAT IS NEEDED FOR SCARCITY TO EXIST IN A DIGITAL ECONOMY
Two things: 1. Immutable ownership records 2. Security of data file transfer
Most people in the blockchain space only consider point 1 here. The typical train of thought is “if I can secure ownership data on a blockchain then boom, digital economy created, problem solved”. This is not true. If we were to consider Bitcoin in the context of a replacement for currency, it actually serves two functions not one. First it registers who owns what (immutable ownership records), and second it provides security for that data as transactions occur so any ‘money’ I send you cannot be copied (security of data file transfer, in this case preventing the double transactions problem). However taking the example of a song, or let’s say a Pokemon in the game Pokemon Go, or any other digital item that could be considered an ‘asset’ but where the data is far more complex, and the distinction between these two problems becomes extremely relevant.
Let’s hypothetically say I’m a game developer and make a game equivalent to Pokemon Go. I then decide I’m going to allow my users to trade their Pokemon with each other. Why would I do this? To increase user engagement and time spent in my game, which would allow me to continually sell other in-app purchases (e.g. Pokeballs etc). However what will my users demand of the functionality to buy and sell Pokemon to each other for fiat? Clear ownership of their Pokemon, and the knowledge that no-one can steal/copy them. The Pokemon are just code, the blockchain can keep track of who technically owns which Pokemon but as I send you the Pokemon what happens if someone intercepts the data transfer and copies the code? Well even though ownership of the code is still secured on the blockchain, someone has still stolen the Pokemon and can at the very least use it if not re-sell it. The same concept could apply to a song or any other asset. You still have a form of the double transaction problem, it has another name: piracy.
HOW CAN WE ACHIEVE BOTH IMMUTABLE OWNERSHIP AND SECURITY OF DATA FILE TRANSFER?
There are a few options as to what could be done to solve this issue:
Option 1: Don’t use the blockchain at all, continue to use existing centralized services – aka ‘The World We Live In’
Option 2: Use a centralized service for data storage and file transfer which uses a proprietary blockchain for ownership – aka ‘The Private Blockchain’
Option 3: Use a centralized service for data storage and file transfer which uses a decentralized public blockchain for ownership – aka ‘Amazing if Possible, but Not Feasible’
Option 4: Use your computer for data storage, the internet directly for file transfer and a decentralized public blockchain for ownership – ‘Nice in Theory, Many Security Problems’
Option 5: Use a public blockchain for data storage, file transfer and ownership – aka ‘CryptoKitties’
Option 6: Use a decentralized service for data storage and file transfer which uses a decentralized public blockchain for ownership – aka ‘The Holy Grail’
HOW ELASTOS SOLVES BOTH THE PROBLEMS OF IMMUTABLE OWNERSHIP AND SECURITY OF DATA FILE TRANSFER
I would highly recommend Chico Crypto’s overview video on how Elastos works and Kevin Zhang’s overview of the Elastos Carrier as context for this - https://www.youtube.com/watch?v=xQ70O-nU3UI and https://www.youtube.com/watch?v=foHkP19Vp8U – but first some key concepts:
Elastos Mainchain (the ELA Token)
Elastos Sidechains
Elastos Carrier
Elastos Virtual Machines and Run-Time
Are you seeing the matrix yet?..
If not, consider the Pokemon game case. The developer of the game opens up functionality to allow users to buy and sell Pokemon to each other for fiat. Again, why would a developer do this? If the developer gives up ownership of Pokemon to users, it doesn’t make any money off them directly. The developer would do this to benefit indirectly not directly. Adding this functionality would increase engagement and time spent in the game, which it could use to sell users other in-app purchases (Pokeballs etc). However this doesn’t mean the developer is incentivized to incur the additional cost necessary to support that ecosystem with centralized servers hosting all this data etc for secure Pokemon transfer. Ideally the developer could pass this responsibility off to someone else (hint hint the users themselves). Furthermore Pokemon users would want to know their Pokemon are actually theirs and not controlled by a central developer who could take them away at a whim or would disappear if it went bankrupt (back to ownership and security of data to maintain store of value again). Further, they’d want to be able to trade them without slow transaction speeds or crashed networks (CryptoKitties problem). These objectives between both developer and users together rule out Options 1-5 above.
So the developer is left with Option 6, i.e. Elastos: Give users a decentralized ID through the Elastos Mainchain, build a DApp on a sidechain that allows for the Pokemon trading transactions throughput needed, but leverage the Elastos Carrier and Run-Time to host file storage transfer in a secure way that costs the developer nothing and which the users maintain themselves in a decentralized way using their own computing power.
Everyone wins.
submitted by LostPresentation to Elastos [link] [comments]

What is a better investment, Bitcoin or Ethereum?

Ethereum.
Before I explain why, I need you to understand something. Bitcoin and Ethereum are at two completely different stages within their potential. They also do not share the exact same mission; therefore, you do have to understand their differences to form an opinion about which one has the biggest use.
Before we look at the coins in detail, let's start with the potential ROI (100% = 2x Original Investment).
Bitcoin’s current market cap is $193,165,354,468 in order for you to make 100% this number would need to double to just under $400 Billion.
Ethereum’s current market cap is $44,715,990,083 , roughly 1/5th of Bitcoins. In order for you to make 100%, the price would need to increase to just under $90 Billion. - This is obviously more probable.
This will not serve as the only variable in making a decision, we now need to break down their uses and differences.
Bitcoin
What is Bitcoin?
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
Peer-to-Peer (P2P): is a technical way of saying computers (peers) that are connected together via the internet.
Timestamps: are a sequence of characters that identify exactly when a certain event occurred, giving the exact time and date.
Hashing: is the process of compacting large quantities of data into smaller fixed sizes.
Proof-of-work: is the verification that the individual peer created the said hash
Nodes: are computers that are connected to the blockchain
Bitcoin is a first generation cryptocurrency, that was created in 2009 with the intention to become the currency of the internet.
Its Applications
Safe Haven
Being that billions of people are under the control of a broke economy or volatile dictatorship, Bitcoin is beginning to become a medium in which people within underdeveloped countries feel as a more secure place to store their value.
Remittances
The current operation costs roughly $600B annually, all at the expense of separated families. Bitcoin can now serve as a tool that operates the exact same way and only costs 1/10th of the price.
A transaction on the Bitcoin network also processes faster therefore giving the people a strong reason to make the switch.
Currency
Bitcoin is recognized as an asset, but can also be identified as an efficient currency in which people can buy and exchange with. With this being an application of Bitcoin, as the market continues to decrease in volatility, the use for Bitcoin will increase within businesses and everyday people that transact on a daily basis.
These are just a few, but for the sake of answer length, let’s move onto some of the scalability issues with Bitcoin that hinder my decision of choosing Bitcoin over Ethereum.
Bothering Issues with Bitcoin
Energy
A study from Digiconomist found that each transaction on the Bitcoin blockchain uses 236 KWh worth of electricity, this amount is enough to power 8 U.S households for an entire day.
Scalability
Energy consumption will hinder the scalability issues of Bitcoin, however the other issue that arises with POW mining is that with the increase in cost associated with mining BTC it is less economical to mine Bitcoin. This would limit the distributed nodes (miners) globally and allow a larger percentage of control to the dominant mining pools / farms.
This would lead to a more centralized blockchain, where they can change the rules of BTC as they please.
The supply of Bitcoin is finite, capped at 21 million. Eventually (currently predicted for 2140) Bitcoin's supply will run out. Once this happens, miners will no longer receive rewards for completing blocks but instead will be given fees. The fees will be drastically high in relative terms, and people will stop using the blockchain.
Also, if miners decide that this is uneconomical for them to process the transactions and use their computing power elsewhere the speed of transactions for Bitcoin will drastically slow down, rendering one of the fundamental values of a Bitcoin (speed) useless.
Blue chip Companies
This is more so for all cryptocurrencies, but Bitcoin in particular. It’s not a matter of if but a matter of when a blue-chip company such as Facebook, Amazon or Google decides to implement their own cryptocurrency.
Another possibility is a potential ‘world coin’ which global governments will all agree on using, this may seem unrealistic but it is definitely not impossible and many benefits would arise from having such a currency.
Quantum Computing
Bitcoin is said to be Quantum resistant, on the whitepaper it mentions that:
‘To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases.’
This may seem quantum resistant but it is important to understand that the difficulty is changed every 10 minutes and this is more than enough time for QC to mine all of Bitcoin’s remaining coins.
Bitcoin Bubble
The last point of this section is to recognize that the Bitcoin bubble could pop loud enough to crash the market. Due to a whole lot of hype, and even more speculative and uneducated buyers, Bitcoin could face a peak in which a simple spark
Ethereum
What is Ethereum?
Ethereum is an open source platform with the mission to build and inspire next-generation decentralized applications. In other words, the applications being built on the Ethereum network would have no middle men. Users are able to interact safely with social and financial systems to transact peer to peer, therefore opening a new realm of opportunity within decentralized development on specifically the exchange of value.
Like the Bitcoin network exchanges Bitcoin, applications within the Ethereum network would exchange ETHER. Therefore, making the Ethereum network have its own digital currency or, cryptocurrency that these decentralized applications would run on.
On the Ethereum network, developers are able to build these decentralized applications simply, within this seemingly complicated new technology. Think of it as Shopify or Volusion, these are centralized networks in which users/developers can build e-commerce stores more efficiently and cost effectively.
Ethereum is similar in this aspect, the network was essentially created to assist and fuel the growth of decentralized blockchain applications within its network.
Smart Contracts
Now, what Ethereum is based on, is a thing called “Smart Contracts”
Developers are extremely excited about this tool, a smart contract is similar to how it sounds, it’s a digital contract that self-executes… Think of it as a virtual vending machine.
A smart contract is a digital contract between two people in which the technology or tool handles the management, performance, enforcement and payment of the agreement. The smart contract has its own digital bank account of ETHER and settles once the product is received or the service is completed therefore greatly improving the efficiency of data tracking, payment processing and user friendliness of each decentralized application.
Let’s dive into an example
Music
The first age of the internet brought quite a bit of disruption to the music industry… Idk if you knew, but if you we’re a songwriter 25 years ago and produced a hit song that got a million singles you would acquire royalties of up to $50,000. Now if you were to produce a hit song that gets a million streams you don’t get $50,000, you get $45… Enough to cover the first round at the bar.
In result, musicians are now finding other ways to produce revenue with their music. One being the utilization of a blockchain ecosystem like Ethereum. Music applications are now being built for musicians to reclaim their content, smart contracts are being implemented into the music itself, therefore the music protects the intellectual property rights of the artist.
You want to listen to the song? It’s free… or maybe a few micro pennies to download. You want to put the song in your video or movie? Make it your ringtone? These each cost a different price and presented at the point of purchase would be its underlying IP rights for the use of that piece of music.
Musicians are absolutely hyped about this because now, the song becomes a business. It’s out there on this platform marketing itself, protecting the rights of the author and because the song has a payment system; in the sense of a bank account, all of the money then flows back to the artist, and they control the industry rather than these powerful intermediaries.
This concept could apply not only to just songwriters but any creator of content, from art, to inventions, to scientific discoveries or the work from independent journalists. There are endless industries in which people do not gain fair compensation in which the underlying technology of Ethereum could benefit in a big way.
Other examples:
· A smart contract can be created to pay a worker for every hour they work, they log their hours on the blockchain and then after verification the funds are instantly transferred to them
· Buying goods internationally can be tracked and verified – reducing fraud.
· Property buying can be facilitated through the contract
· Every industry that has a contract in place will be able to use the blockchain of Ethereum
It is also worth noting that Ethereum is also a lot quicker than Bitcoin, average block time being 15 seconds for Ethereum opposed to 10 minutes for Bitcoin.
Personally, I am invested into both. If I HAD to choose, like I said it would be Ethereum simply because of where it is now in comparison to its potential as well as its very transparent, direct, opportunistic mission towards the hosting of decentralized blockchain applications.
submitted by alifkhalil469 to BtcNewz [link] [comments]

Elastos - Why it Fundamentally Matters, A Practical Analysis

This post is my humble attempt to convince you why Elastos is solving such a large problem with the internet today and hopefully providing a practical lens through which to understand what the implications are. Rong Chen speaks often about the need to create a new internet for us to truly have a digital economy akin to our physical economy but it is not easy to conceptually grasp what that means, why it matters, nor how Elastos is the solution to this. Hopefully this will be useful. Enjoy!
WHY WE NEED SCARCITY IN A DIGITAL ECONOMY
Today, I don’t own any of my digital assets. If I want to purchase music, a game, a film, a digital collectible, I can’t buy it, I can only lease it into perpetuity. If I want to listen to music I stream it from Spotify, if I want to download this I can, but I can’t resell it, I don’t really own it. As such my purchase has no resale value and thus is not a store of value. For all intents and purposes my ‘asset’ is worthless after I ‘buy’ it and it cannot be traded into fiat. This is not how the physical economy works and is not how it can continue to work if we want to transition to a truly digital / smart economy.
WHAT IS NEEDED FOR SCARCITY TO EXIST IN A DIGITAL ECONOMY
Two things: 1. Immutable ownership records 2. Security of data file transfer
Most people in the blockchain space only consider point 1 here. The typical train of thought is “if I can secure ownership data on a blockchain then boom, digital economy created, problem solved”. This is not true. If we were to consider Bitcoin in the context of a replacement for currency, it actually serves two functions not one. First it registers who owns what (immutable ownership records), and second it provides security for that data as transactions occur so any ‘money’ I send you cannot be copied (security of data file transfer, in this case preventing the double transactions problem). However taking the example of a song, or let’s say a Pokemon in the game Pokemon Go, or any other digital item that could be considered an ‘asset’ but where the data is far more complex, and the distinction between these two problems becomes extremely relevant.
Let’s hypothetically say I’m a game developer and make a game equivalent to Pokemon Go. I then decide I’m going to allow my users to trade their Pokemon with each other. Why would I do this? To increase user engagement and time spent in my game, which would allow me to continually sell other in-app purchases (e.g. Pokeballs etc). However what will my users demand of the functionality to buy and sell Pokemon to each other for fiat? Clear ownership of their Pokemon, and the knowledge that no-one can steal/copy them. The Pokemon are just code, the blockchain can keep track of who technically owns which Pokemon but as I send you the Pokemon what happens if someone intercepts the data transfer and copies the code? Well even though ownership of the code is still secured on the blockchain, someone has still stolen the Pokemon and can at the very least use it if not re-sell it. The same concept could apply to a song or any other asset. You still have a form of the double transaction problem, it has another name: piracy.
HOW CAN WE ACHIEVE BOTH IMMUTABLE OWNERSHIP AND SECURITY OF DATA FILE TRANSFER?
There are a few options as to what could be done to solve this issue:
Option 1: Don’t use the blockchain at all, continue to use existing centralized services – aka ‘The World We Live In’
Option 2: Use a centralized service for data storage and file transfer which uses a proprietary blockchain for ownership – aka ‘The Private Blockchain’
Option 3: Use a centralized service for data storage and file transfer which uses a decentralized public blockchain for ownership – aka ‘Amazing if Possible, but Not Feasible’
Option 4: Use your computer for data storage, the internet directly for file transfer and a decentralized public blockchain for ownership – ‘Nice in Theory, Many Security Problems’
Option 5: Use a public blockchain for data storage, file transfer and ownership – aka ‘CryptoKitties’
Option 6: Use a decentralized service for data storage and file transfer which uses a decentralized public blockchain for ownership – aka ‘The Holy Grail’
HOW ELASTOS SOLVES BOTH THE PROBLEMS OF IMMUTABLE OWNERSHIP AND SECURITY OF DATA FILE TRANSFER
I would highly recommend Chico Crypto’s overview video on how Elastos works and Kevin Zhang’s overview of the Elastos Carrier as context for this - https://www.youtube.com/watch?v=xQ70O-nU3UI and https://www.youtube.com/watch?v=foHkP19Vp8U – but first some key concepts:
Elastos Mainchain (the ELA Token)
Elastos Sidechains
Elastos Carrier
Elastos Virtual Machines and Run-Time
Are you seeing the matrix yet?..
If not, consider the Pokemon game case. The developer of the game opens up functionality to allow users to buy and sell Pokemon to each other for fiat. Again, why would a developer do this? If the developer gives up ownership of Pokemon to users, it doesn’t make any money off them directly. The developer would do this to benefit indirectly not directly. Adding this functionality would increase engagement and time spent in the game, which it could use to sell users other in-app purchases (Pokeballs etc). However this doesn’t mean the developer is incentivized to incur the additional cost necessary to support that ecosystem with centralized servers hosting all this data etc for secure Pokemon transfer. Ideally the developer could pass this responsibility off to someone else (hint hint the users themselves). Furthermore Pokemon users would want to know their Pokemon are actually theirs and not controlled by a central developer who could take them away at a whim or would disappear if it went bankrupt (back to ownership and security of data to maintain store of value again). Further, they’d want to be able to trade them without slow transaction speeds or crashed networks (CryptoKitties problem). These objectives between both developer and users together rule out Options 1-5 above.
So the developer is left with Option 6, i.e. Elastos: Give users a decentralized ID through the Elastos Mainchain, build a DApp on a sidechain that allows for the Pokemon trading transactions throughput needed, but leverage the Elastos Carrier and Run-Time to host file storage transfer in a secure way that costs the developer nothing and which the users maintain themselves in a decentralized way using their own computing power.
Everyone wins.
submitted by LostPresentation to CryptoCurrency [link] [comments]

What Are Enterprise Blockchains?

What Are Enterprise Blockchains?
The blockchain technology has pretty much become a household term by now. Many people wrongly think that the application of Blockchain technology lies only in cryptocurrency. However, as we will see shortly, the blockchain technology is far more versatile.
In this guide, we are going to look into enterprise blockchains. Specifically, we will look into:
  • What is the blockchain technology?
  • The features of blockchain technology that will solve some major enterprise problems.
  • Public vs private blockchains.
  • Examples of enterprise blockchains.

What is the Blockchain Technology?

The blockchain is a chain of blocks where each block contains data of value without any central supervision. It is cryptographically secure and immutable. A blockchain uses two important data structures: Pointers and Linked Lists.

Pointers

Pointers are variables in programming which stores the address of another variable. Usually normal variables in any programming language stores data.
Eg. int a = 10, means that there is a variable “a” which stores integer values. In this case, it is storing an integer value which is 10. This is a normal variable.
Pointers, however, instead of storing values will store addresses of other variables. Which is why they are called pointers, because they are literally pointing towards the location of other variables.

Linked Lists

A linked list is one of the most important items in data structures. This is what a linked list looks like:
https://preview.redd.it/1bq4wer1cnc11.png?width=1026&format=png&auto=webp&s=a2d9fc5e7da66919242dd66b50df667a13745125
It is a sequence of blocks, each containing data which is linked to the next block via a pointer. The pointer variable, in this case, contains the address of the next node in it and hence the connection is made. The last node, as you can see, has a null pointer which means that the pointer has no value.
One important thing to note here, the pointer inside each block contains the address of the next block. That is how the pointing is achieved. Now you might be asking what does that mean for the first block in the list? Where does the pointer of the first block stay?
The first block is called the “genesis block” and its pointer lies out in the system itself. It sort of looks like this:
https://preview.redd.it/97bo90a3cnc11.png?width=1026&format=png&auto=webp&s=b7af7cae1c24d1430eedcb7552665ce16b9c135f
Image courtesy: Coursera
If you are wondering what the “hash pointer” means, it is a pointer which contains the hash of the previous block.
(More on hashes in a bit)
As you may have guessed by now, this is what the structure of the blockchain is based on. A blockchain is basically a linked list and looks something like this:
https://preview.redd.it/35bzrnl4cnc11.png?width=637&format=png&auto=webp&s=a2eac712a42496f084158a7528997430c94a0fdc
The blockchain is a linked list which contains data and a hash pointer which points to its previous block, hence creating the chain. What is a hash pointer? A hash pointer is similar to a pointer, but instead of just containing the address of the previous block it also contains the hash of the data inside the previous block. This one small tweak is what makes blockchains so amazingly reliable and trailblazing.
Remember this point because we will be back in it in a bit.
So, now let’s look up some of the most desirable traits of the blockchain technology that enterprises would want.

Features of the Blockchain Technology

In this section, we are going to talk about all the features of the blockchain technology that big companies would want to integrate into their system.

#1 Decentralization

The most obvious feature that a company would want from blockchains is decentralization. A normal network structure is the “client-server” structure.
How does that work?
https://preview.redd.it/w8jl92z5cnc11.png?width=1600&format=png&auto=webp&s=15f9ea123f807c46e2908d0326449276c11f6829
There is a centralized server. And everyone who wants to connect with the server can send a query to get the required information. This is pretty much how the internet works. When you want to Google something, you send a query to the Google server, which comes back with the required results. So, this is a client-server system. Now, what is the problem with this model?
Since everything is dependent on the server, it is critical for the server to be functioning at all times for the system to work. It is a bottleneck. Now suppose, for whatever reason the main server stops working, everyone in the network will be affected. Plus, there are also security concerns. Since the network is centralized, the server itself handles a lot of sensitive information regarding the clients. This means that anyone can hack the server and get those pieces of information. Plus, there is also the issue of censorship. What if the server decides that a particular item (movie, song, book etc.) is not agreeable and decides not to propagate it in their network?
So, to counter all these issues, a different kind of network architecture came about. It is a network which partitions its entire workload among participants, who are all equally privileged, called “peers”. There is no longer one central server, now there are several distributed and decentralized peers. This is a peer-to-peer network.
https://preview.redd.it/8i2mhra7cnc11.png?width=398&format=png&auto=webp&s=014d94bb2c554282f7c9e49a723ed4932ce1a0ad
Image Courtesy: InfoZones
Why do people use the peer-to-peer network?
One of the main uses of a peer-to-peer network is file sharing, also called torrenting. If you are to use a client-server model for downloading, then it is usually extremely slow and entirely dependent on the health of the server. Plus, like we said, it is prone to censorship.
However, in a peer-to-peer system, there is no central authority, and hence if even one of the peers in the network goes out of the race, you still have more peers to download from. Plus, it is not subject to the idealistic standards of a central system, hence it is not prone to censorship.
If we were to compare the two:
https://preview.redd.it/rl4wned8cnc11.png?width=545&format=png&auto=webp&s=6f1cea31d42efa2d2ca710e0a9f968dfa617cb74
Image courtesy: Quora
This, in a nutshell, is how the blockchain technology gains its decentralized nature.

#2 Immutability to Reduce Fraud/Corruption

What is immutability?
Immutability, in the context of the blockchain, means that once something has been entered into the blockchain, it cannot be tampered with.
Can you imagine how valuable this will be for enterprises?
Imagine how many embezzlement cases can be nipped in the bud if people know that they can’t “work the books” and fiddle around with company accounts.
The reason why the blockchain gets this property is that of cryptographic hash function.
In simple terms, hashing means taking an input string of any length and giving out an output of a fixed length. In the context of cryptocurrencies like bitcoin, the transactions are taken as an input and run through a hashing algorithm (bitcoin uses SHA-256) which gives an output of a fixed length.
Let’s see how the hashing process works. We are going to put in certain inputs. For this exercise, we are going to use the SHA-256 (Secure Hashing Algorithm 256).
https://preview.redd.it/ot577oi9cnc11.png?width=1298&format=png&auto=webp&s=6d034194b01a5d39df9517fef1e0f6bd9463e43a
As you can see, in the case of SHA-256, no matter how big or small your input is, the output will always have a fixed 256-bits length. This becomes critical when you are dealing with a huge amount of data and transactions. So basically, instead of remembering the input data which could be huge, you can just remember the hash and keep track.
A cryptographic hash function is a special class of hash functions which has various properties making it ideal for cryptography. There are certain properties that a cryptographic hash function needs to have in order to be considered secure. You can read about those in detail in our guide on hashing.
There is just one prpoerty that we want you to focus on today. It is called the “Avalanche Effect.”
What does that mean?
Even if you make a small change in your input, the changes that will be reflected in the hash will be huge. Let’s test it out using SHA-256:
https://preview.redd.it/pz2qxsoacnc11.png?width=1328&format=png&auto=webp&s=89f056a1d6d430ac6f420112d9f1054fd3165d5b
You see that? Even though you just changed the case of the first alphabet of the input, look at how much that has affected the output hash. Now, let’s go back to our previous point when we were looking at blockchain architecture. What we said was:
The blockchain is a linked list which contains data and a hash pointer which points to its previous block, hence creating the chain. What is a hash pointer? A hash pointer is similar to a pointer, but instead of just containing the address of the previous block it also contains the hash of the data inside the previous block.
This one small tweak is what makes blockchains so amazingly reliable and trailblazing.
Imagine this for a second, a hacker attacks block 3 and tries to change the data. Because of the properties of hash functions, a slight change in data will change the hash drastically. This means that any slight changes made in block 3, will change the hash which is stored in block 2, now that in turn will change the data and the hash of block 2 which will result in changes in block 1 and so on and so forth. This will completely change the chain, which is impossible. This is exactly how blockchains attain immutability.

#3 Transparency to Increase Accountability

One of the most interesting and misunderstood concepts in the blockchain technology is “transparency.” Some people say that blockchain gives you privacy while some say that it is transparent. Why do you think that happens?
Well… a person’s identity is hidden via complex cryptography and represented only by their public address. So, if you were to look up a person’s transaction history, you will not see “Bob sent 1 BTC” instead you will see “1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC”.
The following snapshot of Ethereum transactions will show you what we mean:
https://preview.redd.it/chr9qerbcnc11.png?width=1379&format=png&auto=webp&s=85c071b5378afc11ea34b459824b9f5e94462c0b
So, while the person’s real identity is secure, you will still see all the transactions that were done by their public address. This level of transparency has never existed before within a financial system. It adds that extra, and much needed, level of accountability which is required by some of these biggest institutions.
Speaking purely from the point of view of cryptocurrency, if you know the public address of one of these big companies, you can simply pop it in an explorer and look at all the transactions that they have engaged in. This forces them to be honest, something that they have never had to deal with before.
However, that’s not the best use-case. We are pretty sure that most of these companies won’t transact using cryptocurrencies, and even if they do, they won’t do ALL their transactions using cryptocurrencies. However, what if the blockchain technology was integrated…say in their supply chain?
A great example of this is the food industry. If there ever was an industry which requires transparency, then it is the food industry. One of the most fundamental questions that we should ask whenever we consume any food product is: “Where is my food coming from?”
More and more people are becoming increasingly indifferent as to the source of their food and this is causing a lot of problems to not only the consumers but the suppliers as well
By utilizing the blockchain one can keep track of where exactly the food is coming from and who all are the middlemen involved who are taking care of our food. In this way, if a certain batch of crops gets infected or spoilt, it will be easier and faster to locate and pinpoint the source of the infection.

#4 Blockchain is Cheaper

In order to understand this point, let’s looks at the Banking industry. The Harvard Business Review said that. “The Blockchain Will Do to the Financial System What the Internet Did to Media.”
But why is that the case? Let’s looks at one of the biggest places where Banks lose a lot of money, Know Your Customer (KYC) regulations. Here are some pretty shocking stats that we got from this article.
  • An average bank spends £40m a year on KYC Compliance. Some banks may spend up to £300m
  • JP Morgan has reportedly spent up to a staggering £1.6 billion on their compliance department and employed more than 13,000 people to keep track of regulatory changes
  • 70% of the 722 corporate correspondents, who took part in the survey by Reuters, said that client on-boarding can take up to 2 months while 10% claimed it can even exceed four months.
The two chief culprits are:
  • The ever-changing regulation policies.
  • Draconian methods which are still followed by certain banks. Some banks still do their compliance process using papers.
So, how will the blockchain technology change this space? Well, there are two ways that it can work.
Firstly, there is the concept of self-sovereign identity. Self-sovereignty is the idea that it is an individual’s moral right to have ownership over their own body and life. Self-Sovereign Identity (SSI) is critical now, more than ever, because each and every company and entity has an online presence. Having so many siloed identities greatly increases the chances of online fraud or identity mismanagement.
By uploading your identity to the blockchain, you have full and complete control over yourself. So, how will that help with KYC? Suppose you have to go and open an account in a bank, the bank will simply ask you to give access to your identity instead of a centralized third party.
Secondly, the banks could be part of their own private and permission blockchain network (more on this later). Now suppose Alice has completed KYC regulations with Bank A, they can then simply upload the details on the blockchain. Since the blockchain is not owned by the central repository, anyone, who is part of the network can upload information and share it with everyone else.
Suppose Alice wants to open an account in bank B. Instead of starting the whole compliance process from scratch, they can simply access the blockchain and get the required KYC data.
The blockchain’s KYC protocol can help in both intra-bank and inter-bank functions:
  • Intra-Bank: The KYC which has been performed by the bank can be used by another branch of the same bank. This leads to a smooth transference of services.
  • InterBank: The KYC performed by one bank can be used easily by another bank.
According to a report co-authored by Santander, it’s estimated that blockchain technology could reduce banks’ infrastructure costs alone by up to $20 billion a year.

#5 Blockchain is Faster

Note: Sure we understand that scalability and throughput is a big problem with blockchain and cryptocurrencies, and we are going to address it later as to why that shouldn’t be a problem with enterprise blockchains.
Charley Cooper, the managing director of R3 consortium, believes that trade finance is the ideal sector which can be disrupted by the blockchain. He said:
“Trade finance is an obvious area for blockchain technology. It is so old it’s done with fax machines and you need a physical stamp on a piece of paper.”
In fact, there is a working PoC of how blockchain technology can exponentially reduce transaction times in these areas.
SAP recently collaborated with ATB Financial and fintech startup Ripple to send the first international blockchain payment from Alberta, Canada to ReiseBank in Germany. The bank used the SAP HANA Cloud Platform and the SAP Payment Engine application to take advantage of Ripple’s pioneering blockchain network.
The $1000 CAD (€667 EUR) blockchain payment, which would typically have taken from two to six business days to process was completed in about 20 seconds. The proof of concept has since been enhanced, and we are able to complete the transactions in just 10 seconds.
From 2-6 business days to 10 seconds. Now, that is disruption!

Public vs Private Blockchains

So, now that you know why companies should look into integrating blockchain, we need to look into what kind of blockchains they should look to integrate. There are two kinds of blockchains out there:
  • Public Blockchains
  • Private Blockchains
Before we get into individual definitions and see what sets them apart, let’s get into the similarities. So, what are the similarities between public and private blockchains:
  • Since they are both peer-to-peer networks, both of them offer a decentralized ecosystem.
  • Every single participating node must download a copy of the blockchain.
  • The blockchain is kept up-to-date through consensus protocols.
  • Both the blockchains guarantee immutability.

Public Chains

All the blockchains that we are familiar with are public blockchain. bitcoin and ether have pretty much championed the cause of public blockchains. You must have pretty much guessed why they are called public blockchains.
They are completely open ecosystems where anyone can take part in the ecosystem. The network also has an in-built incentive mechanism which rewards participants for taking part more thoroughly in the system.
Alright, so till now it sounds pretty good. However, it turns out that public blockchains are extremely impractical for enterprise purposes. Let us tell you why.
  • Firstly, as has been extremely well documented, the blocks in bitcoin and ethereum have a storage issue. Bitcoin has a little over 1mb of space per block which is simply not enough to run the kind of transactions and store the kind of data that enterprises require.
  • Then we have the throughput problems which have been pretty well-documented. Bitcoin can barely manage 7-8 transactions per second. The block confirmation time is 10 mins which just adds to the latency. Big enterprises need to deal with millions of transactions per day with near 0 latency.
  • Public blockchains, especially the ones that follow the proof-of-work protocol like Bitcoin require an immense amount of computational power to solve hard puzzles.
  • Finally, the openness of the public chains is itself a detriment. Think about it. If you have a company which runs on a blockchain which can be accessed by malicious actors and trolls, would you really want to integrate a system like that?
Because of these reasons, public blockchains are not a practical method to go forward for enterprises.

Private Chains

As opposed to the public blockchains, private blockchain is not open for everyone. People who want to participate in the private chain must gain permission. This is the reason why these kinda blockchains are also referred to as “permission blockchains.”
Because of this, there are restrictions to the kind of people who can actually take part in the consensus. Access for new participants could be given by the following:
  • The existing participants who are taking part in the ecosystem.
  • A regulated authority.
  • A consortium.
Once an entity has joined the ecosystem, they can play a role in network maintenance. The Linux Foundation’s Hyperledger Fabric is an example of a permissioned blockchain framework implementation and one of the Hyperledger projects hosted by The Linux Foundation. It has been designed ground up to cater to these enterprise requirements.
These private chains have been specifically designed for enterprise needs and offer a lot of features.

Required Features of Enterprise Blockchains

Let’s check out some of the features of enterprise that they will require to function properly.

#1 High Performance

Like we have already said, public chains don’t even approach 100 transactions per second. When you consider the fact that most of the enterprises like telecom and credit processors need 10,000 – 100,000 tps, that’s not really the most ideal of scenarios.
In order to reach those levels of tps, blockchains need to adopt an architectural approach which:
  • Efficiently compartmentalizes different tasks.
  • Uses asynchronous flows.
  • Uses faster consensus protocols.
  • Utilizes parallelization
  • Executes itself in optimized environments.
Hyperledger Fabric, a Linux Foundation project has already implemented some of these architectural principles. Trusted hardware aka SGX is also another avenue that has been looked into.
There is another thing that enterprise blockchains need to keep in mind. Most of these enterprise PoCs have had just a dozen participants during their test runs. One must keep in mind that a proper permissioned chain will need to accommodate for 100s of participants. As such, it must have an efficient onboarding process.

#2 High Resilience

Enterprise blockchains must be able to come back from downtime and potential failure scenarios. To ensure high availability, they must be able to avoid issues which may lead to major outages. To have that level of resilience, the system should assume that failures are bound to happen and must be prepared to keep the system running during these situations.
Think about how traditional enterprise software survives system failure. They often utilize service replication and redundancy to make sure that they don’t go through low availability. Similarly, enterprise chains should deploy redundant peer nodes, clustered ordering services, and replicate other working blockchain network components to work seamlessly without any glitches.

#3 Privacy

Privacy and security is obviously a huge need for enterprise-level blockchains. Since these are permission blockchains, all members are known entities and carefully vetted before they enter the ecosystem.
According to this article by Coindesk:
“Digital signatures applied to all network messages enable all nodes and clients to verify the sender and validate message integrity. This is coupled with transport security to authenticate the communications end points and encrypt the message traffic.Further, automatically applying encryption for the stored data completes the best practices for encrypting data in transit and at rest. When this foundation is used transparently and pervasively for all secure communications and stored ledger data, it’s a big step forward in maintaining the integrity and security of the blockchain network, preventing most hacking attacks.”

Examples of Companies Using Enterprise Blockchains

Let’s look at some of the industry leaders who are looking to implement enterprise blockchains.
Several financial institutions like Santander, RBC, JP Morgan, Citibank, BNY Mellon, and Goldman Sachs have been conducting multiple blockchain-related efforts. Because of regulation issues, blockchain testing is being done in a measured manner.
The interested banks are either involved with R3 consortium, which is dedicated to banking, while several are also in Hyperledger consortium and the Ethereum Enterprise Alliance (EEA).
So what about payment processors you ask? Turns out that they are knee deep in blockchain PoC implementation as well.
American Express is looking to implement a customer rewards program which uses the blockchain. Also in November 2017 they announced that they will be using Ripple to help clients send funds from US banks to UK Santander branches.
Visa has also revealed their intention of implementing its blockchain-based business-to-business payments service called “B2B Connect.” Mastercard had applied for a patent for faster blockchain-based payments processing for merchants way back in May 2016.
Not to be left behind, the automobile industry also seems to be pretty keen on implementing the blockchain.
Volkswagen Financial Services and Renault led PoCs in 2017 testing vehicle telematics tracking. This is an extremely interesting use-case because turns out that a third of the used car sales in Germany have manipulated odometers.
This is why, they are tracking a vehicle’s mileage data, engine usage history, repair and maintenance history and putting it on the blockchain. This, in essence, makes sure that people know a vehicle’s history and activity with accuracy.
The aviation industry seems to be pretty enthusiastic about the blockchain as well. In spring 2017, Airbus, along with Blockchain at Berkeley, executed a PoC for jet plane parts tracking.

Conclusion

It looks like enterprise blockchains are here to stay. More and more companies from diverse platforms are looking to implement a working PoC to disrupt their respective spaces. Looking at the sheer amount of positive change the blockchain can usher in, it is easy to see why. As of right now, rigorous testing still needs to be done.
all above from network
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Subreddit Stats: Bitcoin posts from 2018-02-11 to 2018-02-15 13:43 PDT

Period: 3.72 days
Submissions Comments
Total 647 10969
Rate (per day) 174.07 2323.35
Unique Redditors 544 4008
Combined Score 34848 41822

Top Submitters' Top Submissions

  1. 4297 points, 1 submission: kumakote
    1. I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please? (4297 points, 687 comments)
  2. 2152 points, 1 submission: Joecracko
    1. Bitcoin succeeds in part because it has no leader, no "Jesus", no "messiah". Bitcoin succeeds largely because it's face is... us. Please don't give anyone such a status. It's Paramount to Bitcoin's success. (2152 points, 263 comments)
  3. 1373 points, 2 submissions: opencoins
    1. The USA running $1 Trillion deficit. These are reasons I buy Bitcoin. (1361 points, 622 comments)
    2. If you need electrical services in the DC metro, NOVA and MD areas, we now accept crypto payments using the new Coinbase Commerce, and offer crypto deals! (12 points, 11 comments)
  4. 1370 points, 1 submission: CommanderStrident
    1. Coinbase integration with Lightning, alpha demo (1370 points, 129 comments)
  5. 1339 points, 2 submissions: sagar6191
    1. Slow increase in Bitcoin prices is better than the sudden price hike (925 points, 148 comments)
    2. Me whenever someone tries to predict Bitcoin prices (414 points, 84 comments)
  6. 1009 points, 1 submission: antonesamy
    1. Microsoft: "Some blockchain communities increased on-chain tx capacity (blocksize increases), this approach generally degrades the decentralized state & cannot reach the millions... we're collaborating on decentralized Layer 2 protocols that run atop 'BTC' blockchain to achieve global scale" (1009 points, 194 comments)
  7. 1006 points, 1 submission: foundanotherscam
    1. Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc (1006 points, 299 comments)
  8. 993 points, 2 submissions: BitcoinBoffin
    1. Terrified Of Bitcoin - Banks Forced To Innovate For First Time In 40 Years (684 points, 124 comments)
    2. "It's Millennial Gold" - Selloff Hasn't Shaken True Believers' Faith In Bitcoin (309 points, 42 comments)
  9. 918 points, 9 submissions: domelane
    1. This is HUGE: Coinbase introduces "pay with PayPal" like button (517 points, 155 comments)
    2. BLOOMBERG: "South Korea’s government gave the strongest signal yet that it will allow cryptocurrency exchanges to keep operating in the country, a welcome development for traders who had feared an outright ban in one of the world’s biggest markets for digital assets". (337 points, 9 comments)
    3. So, Segwit imminent on Coinbase? (23 points, 12 comments)
    4. Binance CEO Zhao ChengPeng confirms he works with Bitfinex and his trustworthy Binance insiders have seen the Tether bank accounts and calls Anti-Tether rumors FUD. (21 points, 17 comments)
    5. Andreas on SegWit adoption (10 points, 0 comments)
    6. Doug Polk with Jimmy Song (5 points, 0 comments)
    7. What is Taproot? (3 points, 0 comments)
    8. JP Morgan Report: Cryptocurrencies Are Here to Stay (2 points, 1 comment)
    9. How Iceland became the bitcoin miners’ paradise (0 points, 0 comments)
  10. 912 points, 1 submission: hard_groins
    1. Guys, bitcoin is $9k+!!! (912 points, 404 comments)

Top Commenters

  1. abuseart (967 points, 11 comments)
  2. kumakote (868 points, 149 comments)
  3. razmspiele (746 points, 1 comment)
  4. nccrypto (445 points, 1 comment)
  5. AmoBitcoin (393 points, 16 comments)
  6. alwayz (383 points, 1 comment)
  7. CommanderStrident (371 points, 11 comments)
  8. pumpedupkicks35 (340 points, 2 comments)
  9. miloKOKO (310 points, 16 comments)
  10. Bitcoin-Yoda (309 points, 113 comments)

Top Submissions

  1. I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please? by kumakote (4297 points, 687 comments)
  2. Bitcoin succeeds in part because it has no leader, no "Jesus", no "messiah". Bitcoin succeeds largely because it's face is... us. Please don't give anyone such a status. It's Paramount to Bitcoin's success. by Joecracko (2152 points, 263 comments)
  3. Coinbase integration with Lightning, alpha demo by CommanderStrident (1370 points, 129 comments)
  4. The USA running $1 Trillion deficit. These are reasons I buy Bitcoin. by opencoins (1361 points, 622 comments)
  5. Microsoft: "Some blockchain communities increased on-chain tx capacity (blocksize increases), this approach generally degrades the decentralized state & cannot reach the millions... we're collaborating on decentralized Layer 2 protocols that run atop 'BTC' blockchain to achieve global scale" by antonesamy (1009 points, 194 comments)
  6. Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc by foundanotherscam (1006 points, 299 comments)
  7. Slow increase in Bitcoin prices is better than the sudden price hike by sagar6191 (925 points, 148 comments)
  8. Guys, bitcoin is $9k+!!! by hard_groins (912 points, 404 comments)
  9. Great tweet from Charlie Lee ! B 💵 by 123456654321 (864 points, 283 comments)
  10. Shapeshift calls Bitcoin "bitcoin core", receives Huge backlash, admits mistake even though it was intentional by wallyjo3 (817 points, 350 comments)

Top Comments

  1. 919 points: abuseart's comment in I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please?
  2. 746 points: razmspiele's comment in Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc
  3. 445 points: nccrypto's comment in Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc
  4. 383 points: alwayz's comment in Guys, bitcoin is $9k+!!!
  5. 339 points: pumpedupkicks35's comment in Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc
  6. 338 points: AmoBitcoin's comment in Bitcoin succeeds in part because it has no leader, no "Jesus", no "messiah". Bitcoin succeeds largely because it's face is... us. Please don't give anyone such a status. It's Paramount to Bitcoin's success.
  7. 336 points: kumakote's comment in I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please?
  8. 295 points: bitcoin-panda's comment in Great tweet from Charlie Lee ! B 💵
  9. 263 points: miloKOKO's comment in The USA running $1 Trillion deficit. These are reasons I buy Bitcoin.
  10. 229 points: Simplexletalis's comment in I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please?
Generated with BBoe's Subreddit Stats (Donate)
submitted by genaev to subreddit_stats [link] [comments]

Subreddit Stats: Bitcoin posts from 2018-02-11 to 2018-02-15 13:23 PDT

Period: 3.70 days
Submissions Comments
Total 645 10955
Rate (per day) 174.16 2328.08
Unique Redditors 543 4005
Combined Score 34832 41825

Top Submitters' Top Submissions

  1. 4291 points, 1 submission: kumakote
    1. I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please? (4291 points, 687 comments)
  2. 2158 points, 1 submission: Joecracko
    1. Bitcoin succeeds in part because it has no leader, no "Jesus", no "messiah". Bitcoin succeeds largely because it's face is... us. Please don't give anyone such a status. It's Paramount to Bitcoin's success. (2158 points, 263 comments)
  3. 1374 points, 1 submission: CommanderStrident
    1. Coinbase integration with Lightning, alpha demo (1374 points, 129 comments)
  4. 1368 points, 2 submissions: opencoins
    1. The USA running $1 Trillion deficit. These are reasons I buy Bitcoin. (1357 points, 622 comments)
    2. If you need electrical services in the DC metro, NOVA and MD areas, we now accept crypto payments using the new Coinbase Commerce, and offer crypto deals! (11 points, 11 comments)
  5. 1344 points, 2 submissions: sagar6191
    1. Slow increase in Bitcoin prices is better than the sudden price hike (926 points, 148 comments)
    2. Me whenever someone tries to predict Bitcoin prices (418 points, 84 comments)
  6. 1011 points, 1 submission: antonesamy
    1. Microsoft: "Some blockchain communities increased on-chain tx capacity (blocksize increases), this approach generally degrades the decentralized state & cannot reach the millions... we're collaborating on decentralized Layer 2 protocols that run atop 'BTC' blockchain to achieve global scale" (1011 points, 194 comments)
  7. 999 points, 1 submission: foundanotherscam
    1. Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc (999 points, 299 comments)
  8. 995 points, 2 submissions: BitcoinBoffin
    1. Terrified Of Bitcoin - Banks Forced To Innovate For First Time In 40 Years (685 points, 122 comments)
    2. "It's Millennial Gold" - Selloff Hasn't Shaken True Believers' Faith In Bitcoin (310 points, 42 comments)
  9. 921 points, 9 submissions: domelane
    1. This is HUGE: Coinbase introduces "pay with PayPal" like button (522 points, 155 comments)
    2. BLOOMBERG: "South Korea’s government gave the strongest signal yet that it will allow cryptocurrency exchanges to keep operating in the country, a welcome development for traders who had feared an outright ban in one of the world’s biggest markets for digital assets". (335 points, 9 comments)
    3. Binance CEO Zhao ChengPeng confirms he works with Bitfinex and his trustworthy Binance insiders have seen the Tether bank accounts and calls Anti-Tether rumors FUD. (22 points, 17 comments)
    4. So, Segwit imminent on Coinbase? (22 points, 12 comments)
    5. Andreas on SegWit adoption (6 points, 0 comments)
    6. Doug Polk with Jimmy Song (6 points, 0 comments)
    7. What is Taproot? (6 points, 0 comments)
    8. JP Morgan Report: Cryptocurrencies Are Here to Stay (2 points, 1 comment)
    9. How Iceland became the bitcoin miners’ paradise (0 points, 0 comments)
  10. 913 points, 1 submission: hard_groins
    1. Guys, bitcoin is $9k+!!! (913 points, 404 comments)

Top Commenters

  1. abuseart (971 points, 11 comments)
  2. kumakote (869 points, 149 comments)
  3. razmspiele (739 points, 1 comment)
  4. nccrypto (440 points, 1 comment)
  5. AmoBitcoin (395 points, 16 comments)
  6. alwayz (371 points, 1 comment)
  7. CommanderStrident (364 points, 11 comments)
  8. pumpedupkicks35 (334 points, 2 comments)
  9. Bitcoin-Yoda (315 points, 113 comments)
  10. Simplexletalis (315 points, 10 comments)

Top Submissions

  1. I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please? by kumakote (4291 points, 687 comments)
  2. Bitcoin succeeds in part because it has no leader, no "Jesus", no "messiah". Bitcoin succeeds largely because it's face is... us. Please don't give anyone such a status. It's Paramount to Bitcoin's success. by Joecracko (2158 points, 263 comments)
  3. Coinbase integration with Lightning, alpha demo by CommanderStrident (1374 points, 129 comments)
  4. The USA running $1 Trillion deficit. These are reasons I buy Bitcoin. by opencoins (1357 points, 622 comments)
  5. Microsoft: "Some blockchain communities increased on-chain tx capacity (blocksize increases), this approach generally degrades the decentralized state & cannot reach the millions... we're collaborating on decentralized Layer 2 protocols that run atop 'BTC' blockchain to achieve global scale" by antonesamy (1011 points, 194 comments)
  6. Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc by foundanotherscam (999 points, 299 comments)
  7. Slow increase in Bitcoin prices is better than the sudden price hike by sagar6191 (926 points, 148 comments)
  8. Guys, bitcoin is $9k+!!! by hard_groins (913 points, 404 comments)
  9. Great tweet from Charlie Lee ! B 💵 by 123456654321 (861 points, 282 comments)
  10. Shapeshift calls Bitcoin "bitcoin core", receives Huge backlash, admits mistake even though it was intentional by wallyjo3 (817 points, 349 comments)

Top Comments

  1. 923 points: abuseart's comment in I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please?
  2. 739 points: razmspiele's comment in Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc
  3. 440 points: nccrypto's comment in Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc
  4. 371 points: alwayz's comment in Guys, bitcoin is $9k+!!!
  5. 338 points: AmoBitcoin's comment in Bitcoin succeeds in part because it has no leader, no "Jesus", no "messiah". Bitcoin succeeds largely because it's face is... us. Please don't give anyone such a status. It's Paramount to Bitcoin's success.
  6. 337 points: kumakote's comment in I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please?
  7. 333 points: pumpedupkicks35's comment in Today I sold my house for 35 Bitcoin! Going to travel the world for 2 years and the hopefully buying a house double the size for less btc
  8. 291 points: bitcoin-panda's comment in Great tweet from Charlie Lee ! B 💵
  9. 263 points: miloKOKO's comment in The USA running $1 Trillion deficit. These are reasons I buy Bitcoin.
  10. 229 points: Simplexletalis's comment in I've spent the last 4 months jobless building a Desktop Cryptocurrency Tracker: Moonitor. I'm not 16, my dog mentors me (true story) and no human touched/committed my code. Can I get some downloads/feedback please?
Generated with BBoe's Subreddit Stats (Donate)
submitted by genaev to subreddit_stats [link] [comments]

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