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Review: The most thrilling 24 hours in Bitcoin history

From 12:00 on March 12th to 12:00 on the 13th, Bitcoin, the most influential currency in the cryptocurrency industry, suffered two major declines, and its price fell from a maximum of 7,672 USD to a minimum of 3,800 USD (data from Huobi, the next Same), the decline was 50.4%, which means that the price of Bitcoin has achieved a fairly accurate "half price" in these 24 hours.
Previously, Bitcoin's "halving market" was mostly considered to be an increase in market prices caused by Bitcoin's halving production, although many people have questioned the "halving market" as " The price is halved ", but when bitcoin walks out of the current bad market, it still surprises most investors.
First plunge
The bad 24 hours started at 12 o'clock on March 12. Due to the rapid spread of the new crown epidemic in Europe and the United States, the global financial markets have been raining for several days. After several adjustments, the price of Bitcoin has hovered up and down within the range of $ 7600-8200 in the previous three days. However, after 12 o'clock on the 12th, Bitcoin The price fell below $ 7,600 for the first time, breaking the psychological expectations of many investors, entering a rapid decline channel, and dropping to about $ 7,200 at around 18 o'clock.
At this time, the decline of Bitcoin is still around 7%, which is a common occurrence in the history of Bitcoin. However, after 18 o'clock that day, the market turned sharply, and the price of bitcoin plunged again in a short period of time. It fell to US $ 5,555 within tens of minutes, a drop of 28%, and the amount of contractual positions on each platform exceeded US $ 2 billion.
During the decline, most major exchanges such as Huobi, Binance, and OKEx experienced systemic freezes of varying degrees. Many users complained for a long time that the exchange app could not properly display the homepage, market page, and transaction page, and added positions, stops, and withdrawals. Obstacles such as cash withdrawal and cash withdrawal operations have also shown that this situation also highlights that mainstream exchanges still fail to address the ability of their trading systems to respond to extreme conditions.
For this decline, the collective sell-off of large Bitcoin holders is considered to be the main reason. For example, Grayscale Investment, the world's largest crypto asset fund management company, was sold and sold 40,000-50,000 Bitcoins. News from the exchange said that Bitcoin sold 400,000.
For a long time, bitcoin has been called "digital gold" by the blockchain industry, and has good risk aversion properties. During the tense situation between the United States and Iran in January this year and the global stock market fell, Bitcoin rose from $ 7,200 all the way to more than $ 10,000. Bitcoin's safe-haven attributes have been widely recognized in history, but this time caused by the new crown epidemic Under the risk of the global economic downturn, the decline in the price of bitcoin has become the asset with the largest depreciation among various mainstream financial assets, and its high-risk nature will most likely collapse.
Some analysts believe that bitcoin should be further classified as an alternative asset. At a time when liquidity shortage is extremely serious, as a high-risk alternative investment asset with the highest volatility in the world, funds will naturally be drawn from the market by investors. Looking for safer, more liquid assets, prices plummet.
"Everyone in the future will realize that Bitcoin is not digital gold, but" an amplifier of risk. " Its value cannot be anchored. Unlike other asset prices, which are affected by costs and prices, Bitcoin has no normal market value range. As of now, it does not have any convincing valuation basis, more like a swaying boat. Without the anchor, its value fluctuates greatly, and the impact of halving the market and supply and demand on it is far less important than psychological factors. "Said Cai Kailong, senior researcher at the Institute of Financial Technology of Renmin University of China.
However, some people in the industry hold different opinions. "BTC is still the most powerful currency in the history of mankind. It provides liquidity 24 hours a day. This is something that other markets simply can't imagine, but because liquidity is too good, this time it just happened to happen in other markets. When funds are scarce, the first choice for selling supplementary funds has also led to the decline of gold. Of course, the amount of BTC that is currently much lower than gold is certainly unstoppable in a short period of time. "A Weibo blogger" "fhrp".
In addition to the sell-off of large institutions, some mortgage lending platforms have also passively become an important boost for this downturn. In the past six months, the Defi concept has been particularly hot in the blockchain industry, and many cryptocurrency-based cryptocurrency lending platforms were born.
As a result, a large number of large Bitcoin users will pledge the Bitcoin in their accounts to third-party lending platforms and use the USDT to borrow cash to purchase cash, which is equivalent to increasing leverage. However, these platforms are not mature in terms of mortgage rate setting and liquidation mechanisms. Users who increase the mortgage rate of assets have a slower transfer speed on the chain. As a result, during this period of rapid decline in the market, a large number of mortgage orders have lower mortgage assets than loans. As a result, the amount of bitcoin out-of-market positions this time was far more than in the previous period of large market volatility, which further exacerbated the selling pressure of the bitcoin spot market.
From 19:00 on the 12th to the early morning of the 13th, the price of Bitcoin hovered in the range of 5800-6200 US dollars, and the market began to prepare for the next stage of the trend.
Second plunge
On the evening of the 12th, the stock markets of mainstream countries in Europe and the United States successively opened and collectively fell, and the stock markets of at least 11 countries, such as the United States, Canada, and the Philippines, melted down. At the close of the morning on the 13th, both the Dow Jones Industrial Average and the S & P 500 Index had the largest single-day percentage decline since the 1987 stock disaster. The Dow closed down about 2352 points, the largest drop in history.
The bad performance of the stock market quickly passed to the currency market. Beginning at 7 o'clock on the 13th, the price of bitcoin plunged from the position of $ 5,800 once again, dropping all the way, and successively fell below $ 5,000 and $ 4,000.
For the rapid decline of the market, many people in the industry believe that the main factor is not only the panic selling of the market, but also the mutual stepping on of contract investors. Weibo blogger "AlbertTheKing" pointed out that most of the long positions in Bitcoin leverage are in the BitMEX perpetual contract market. The long positions caused by the decline in bitcoin prices caused a series of short positions, which in turn caused arbitrage spreads and spot arbitrage. The party rushed in to open multiple orders and sell spot arbitrage at the same time, thinking it was okay. As a result, I did not expect Bitcoin to fall more and more fiercely, and his own arbitrage and long positions also burst. So at first, the leveraged bulls stepped down on each other, and later became the arbitrage party. .
"Fhrp" also pointed out that because BitMEX only has BTC margin, ETH's permanent liquidation also needs to be undertaken by btc. The profit portion of the hedge order cannot be included in the margin, and BTC is not sufficient because of the card being in serious shortage. The exploding warehouse order was opaque, so that no one dared to pick up the corpse later, fearing that it would become a corpse. Of course, the key is the lack of a fusing system, so that the market can slowly wait for liquidity to keep up.
Under the interweaving of many risks, the price of bitcoin is about 10:15. It has fallen below 3,800 US dollars in many exchanges such as Huobi and OKEx, which is 38% lower than the price of 0 on the day and 50.4% lower than 24 hours ago. This is the highest record in the 24-hour drop since the birth of Bitcoin.
Such a precise decline cannot be doubted as the bad taste of the bookmaker behind the exchange, if the bookmaker does exist. Of course, it is not excluded that this situation is due to the tacit understanding among the main market participants, or a purely natural phenomenon.
But judging from objective facts, there is indeed some evidence that the situation is unnatural. After bitcoin hit a low of $ 3,800, its price quickly rose in the next 20 minutes, rising by 59% to $ 5,250, but then fell rapidly. At the turning point of $ 3,800, which is 10:16, the BitMEX trading system, the largest bitcoin exchange in the cryptocurrency industry, suddenly stopped until 10:40.
It can be seen that the time point when the Bitcoin price stopped falling rapidly and stopped rising rapidly was close to the time point when BitMEX went down and returned to normal. This shows that BitMEX has a huge influence on the secondary market, and it also makes a lot of One suspects BitMEX is manipulating the market.
Sam Bankman-Fried, chief executive of Derivatives Exchange FTX, tweeted that he suspects BitMEX may have intentionally closed transactions to prevent further crashes and to avoid using exchange insurance funds. Mining company BitPico also tweeted yesterday, "According to our analysis, BitMEX Research has closed its long position of $ 993 million with its own robots and capital. Today the manipulation of the bitcoin market is caused by an entity and the investigation is ongoing. "
In response to this incident, BitMEX responded that there was a hardware problem with the cloud service provider, and in a subsequent announcement, it was pointed out that the DDoS attack was the real cause of the short-term downtime.
Why the downtime of the BitMEX trading system is difficult to verify, but from its objective impact, its short-term downtime plays a vital role in curbing the further decline in the price of cryptocurrencies such as Bitcoin, which has eased investment to a certain extent. The panic sentiment created by this has created space for the rebound and correction of cryptocurrency prices such as Bitcoin.
Sam Bankman-Fried even speculated that if BitMEX did not go offline because of a "hardware problem" this morning (February 13), the price of Bitcoin could fall to zero.
If compared with the traditional financial market, the effect of this BitMEX outage event is quite similar to the "fuse" mechanism of the stock market. Trading is suspended for dozens of minutes at the moment when investor sentiment is most panic, so this outage event Also aroused the emotions of many people in the industry.
"BitMEX has helped the currency circle" melt out, "otherwise the chainless stepping will not know where to fall. After the fuse, everyone calmed down and the market returned to normal. Weibo blogger "Blockchain William" posted a blog saying, "The market is not afraid of falling, and it is not afraid of stepping on it. That is why. This is why the global stock market has melted down because investors panic. It is a bottomless pit. Once out of control, there is no bottom Now. "
Of course, the factors that cause the market situation to reverse are not limited to this. According to the feedback from multiple users on social platforms, BitMEX and Binance's major exchanges forced the short positions of multiple accounts to close positions at 10 o'clock on March 13th, that is, the automatic lightening mechanism was in effect.
According to the BitMEX platform mechanism, when investor contracts are forced to close out, their remaining positions will be taken over by BitMEX's strong closing system. However, if a strong liquidation position cannot be closed in the market, and when the marked price reaches the bankruptcy price, the automatic lightening system will lighten the investor holding the position in the opposite direction, and the order of lightening is determined according to the leverage and profit ratio .
Specifically, due to the sharp fluctuations in the price of bitcoin, a large number of long single-series bursts and the scarcity of market liquidity. In order to control the risk, the platform will automatically place some short orders with high profit ratios and high leverage on the market, increasing market flow. It also avoids the risk to the platform caused by the inability of the short-selling order to be executed in a timely manner.
According to BitMEX's announcement, about 200 positions were automatically closed by the system. And Twitter blogger Edward Morra said, "On BitMEX alone, short positions worth about $ 500 million have been liquidated." If this data is true, it means that BitMEX's strong liquidation operation has brought more than 5 to the contract market. The market price of 100 million US dollars has a significant positive effect on the market that is being sold out.
However, as a compensation, BitMEX also stated that it would contact each damaged user and compensate them according to the maximum potential profit that the investor obtained during the automatic liquidation.
In any case, through the operation of exchanges such as BitMEX, the price of bitcoin has entered a recovery channel, and it is still hovering at the $ 5,000 mark, while driving the entire cryptocurrency market to pick up.
After this thrilling 24 hours of bitcoin, the ideal "halving market" has disappeared. The real and brutal "halving market" is coming. Perhaps many investors and investment institutions have expressed their confidence in the crypto assets represented by bitcoin. The understanding will change in this regard, and the confidence of the entire industry needs to be rebuilt. This depends on the application value of bitcoin to be deepened.
submitted by FmzQuant to u/FmzQuant [link] [comments]

Welcome to the Official Energi Cryptocurrency Reddit!

Welcome to the Official Energi Cryptocurrency Reddit!

https://preview.redd.it/wgriag3ha9w21.png?width=200&format=png&auto=webp&s=a81a3e58f1413ee833fe2ecac63b3347afd52413

Hello and welcome to the Official Energi Cryptocurrency Reddit!

Below you will find a Table of Contents that will go over what Energi is and the fundamentals of the cryptocurrency.

Table of Contents

  1. What is Energi?
  2. What are the Fundamentals of Energi?
    1. Scalability
    2. Funding
    3. Governance
    4. Inflation
    5. Distribution
    6. Decentralization
    7. Long Term Vision
  3. Coin Specs
  4. How to Get Started
    1. Official Energi Website
    2. Energi Earndrop Campaign
    3. Social Media
    4. Exchanges
    5. Energi Block Explorers
    6. Wallet Downloads
    7. Proof-of-Stake Setup Guides
    8. Masternode Setup Guide
  5. FAQ

1. What is Energi

Energi is a self-funding (non-ICO and No Premine) cryptocurrency that has a purpose to become the world’s leading cryptocurrency with the unification of Smart Contracts, Governance & Self-funding Treasury to ensure longevity and enable rapid growth.
Energi provides a small allocation to Proof-of-Stake (PoS) rewards and takes a bulk of the coin issuance and give it to its treasury and active masternodes. Energi also allocates 10% on-going reward to the leadership of the Energi Backbone, which is significantly less compared to today’s ICOs’ rewarding their founders between 20–50% of the tokens distributed. Another trait that sets Energi apart from ICOs is they give an on-going 10% allocation through each block reward, rather than rewarding the founders up-front.

2. What are the Fundamentals of Energi?

  • Scalability
One minute block times and a 2 megabyte block size limit provide Energi with a vast transaction capacity for regular on-chain transactions. This allows for plenty of space on the blockchain for extremely fast transactions with very low fees.
Energi features a powerful on-chain scaling solution with a system of incentivized full nodes called Energi Masternodes. A masternode is a full node backed by 10,000 NRG collateral that provides level 2 scalability to the Energi Cryptocurrency. The Instant Send feature allows for instant transactions, even in times of network congestion. Transactions can be made securely and instantly ahead of the blockchain, as they are approved by a quorum of masternodes. Instant Send payments enjoy the same immutable transaction history as regular transactions, as they are later resolved on-chain as the network is able to.
40% of the inflation of Energi is allocated to masternodes, providing an extremely strong incentive to grow the number of full nodes and scalability of the network.
  • Funding
A key feature of Energi is its powerful treasury system. Energi makes up to 40% of the inflation available to the treasury, to be utilized in a manner that provides maximum benefit.
Treasury allocation is decentralized, allowing for submitted proposals from anyone, to be voted on by masternodes and paid out from the inflation.
Energi has a 14 day treasury cycle, allowing quick payments for proposal authors and contributors, as well as strategic responsiveness to effective proposals. Energi is guided by the principle that every dollar spent from its funding model, should yield more than dollar of value in return. Thanks to a 14 day treasury cycle, the Energi team is able to measure results and respond quickly to changes in strategy.
  • Governance
The Energi Treasury is a decentralized governance model designed with Masternodes as caretakers and stakeholders in Energi, with voting rights on how to best utilize treasury funding.
This governance model reduces risk in the form of allowing participation from everyone who holds 10,000 NRG. In this way, the Energi community can work together on how to best build the strategic direction of Energi.
  • Inflation
Energi Cryptocurrency has a simple rate of inflation at 1 million coins per month with no maximum cap. This ensures consistency in funding allocation, masternode rewards, and PoS rewards, making the economics of the cryptocurrency more understandable for everyone who chooses to participate in Energi.
No coin supply limit ensures that Energi is prepared for the long term, avoiding “bubble” economics caused by dramatic early inflation that in most coins only serves to benefit founders ahead of increased adoption.
  • Distribution
Energi conducted a fair launch on April 14, 2018 with NO ICO and NO PREMINE. Prior to launch, the Energi team gave a specific time and date for the launch of its main net, which its vibrant community eagerly awaited, so that mining could begin fairly, again avoiding centralization among the coin founders (It's important to note that Energi has transitioned to Proof-of-Work consensus to a Proof-of-Stake consensus).
Energi masternode payments were designed to begin at block 216000, which occurred on September 18, 2018, almost 160 days after launch. This ensured time to list Energi on exchanges, and to grow the community, encouraging fair and equitable distribution before the extremely powerful masternode rewards began. It is all too common for masternode coins to feature a premine, which has the effect of centralizing distribution among the founders and early adopters.
Energi has an ongoing Earndrop; a distribution of 4 million coins to users who contribute with social media activities about Energi, such as tweets, follows, and subscriptions on all major social media platforms. So far nearly 1 million coins have been distributed, helping to grow an enthusiastic community and serve to bring coins to the market in a way that is inspired by generosity.
  • Decentralization
Delayed masternode payments have allowed the market time to react to the future of Energi, helping to ensure a decentralized community of masternode holders.
Decentralized governance with masternodes help to ensure everyone is able to participate in Energi and help guide the project to achieve the best results.
  • Long Term Vision
All of the above features seamlessly work together in concert, to ensure that Energi is prepared for the long term. Rather than try to closely find a niche in the market, Energi is prepared to adapt and overcome all challenges for many years to come. Energi’s use case is that of a traditional cryptocurrency, such as Bitcoin. However, Energi’s strategy is to excel by avoiding the pitfalls of previous projects, while further utilizing and improving upon the most powerful ideas in the cryptocurrency space.

3. Coin Specs

Ticker: NRG
Block time: 1 minute.
Hashing Algorithm: Dagger-Hashimoto (similar to Ethereum).
Masternode requirements: 10,000 Energi.
Treasury cycle: Every 14 days.
Approximately 1 million Energi will be released per month. The allocations can be observed easily as “10/10/40/40.”
10% will go to the Energi Backbone.
10% to the PoS participants
40% to Masternodes.
40% to the Treasury.
Thus, for every block, allocations are: 2.28 Energi to the Backbone, 2.28 Energi to the PoS participants, 9.14 Energi to the Treasury, and 9.14 Energi to Masternodes.
Since Treasury allocations are paid in two-week cycles, they are made in lump sums of approximately 184,000 Energi every 14 days.
In order to allow for widespread distribution of Energi before Masternode payments begin, Masternode rewards will be delayed until day 150, this is to allow the airdrop campaign to be completed and ensure a large amount of Energi is spread out through the community. Until this point, Masternode rewards will be re-directed to the Treasury. Thus for the first 5 months, the Treasury will have approximately 368,000 Energi every two weeks (about 800k Energi per month). The airdrop campaign is designed to release ~4 million Energi to the community.

4. How to Get Started

  • Energi Official Website
https://www.energi.world/

  • Energi Earndrop Campaign
Energi chose not to premine and not to do an ICO. Instead, we will conduct multiple rounds of Earndrops to disperse rewards for people who engage with our community. In order for us to process your Earndrop info for you in a fast and efficient manner, we ask that you upload quality information. This includes clear non-mirrored pictures, readable text in images, and non-offensive usernames. Failure to upload quality information may lead to you not receiving any Earndrop rewards.
https://earndrop.energi.world/homepage

  • Social Media
Twitter: https://twitter.com/Energicrypto
Discord: https://discordapp.com/invite/sCtgNC3
Telegram: https://t.me/energicrypto
Reddit: https://www.reddit.com/energicryptocurrency/
Facebook: https://www.facebook.com/Energi-Cryptocurrency-195355164580336/
Medium: https://medium.com/energi
Steemit: https://steemit.com/@energi

  • Exchanges
KuCoin: https://www.kucoin.com/trade/NRG-BTC
KuCoin: https://www.kucoin.com/trade/NRG-ETH
CoinAll: https://www.coinall.com/spot/full#product=nrg_usdt
DigiFinex: https://www.digifinex.com/trade/BTC/NRG
Bitladon: https://www.bitladon.com/energi
BitBNs: https://bitbns.com/trade/#/nrg
Beaxy: https://www.beaxy.com/trading-paiNRG-BTC
Mercatox: https://mercatox.com/exchange/NRG/BTC
Mercatox: https://mercatox.com/exchange/NRG/BTC
Citex: https://trade.citex.co.ktrade/NRG_BTC
Citex: https://trade.citex.co.ktrade/NRG_USDT

  • Energi Block Explorers
https://explore.energi.network/
https://explorer2.energi.network/#/

  • Wallet Downloads
https://www.energi.world/downloads

  • Proof-of-Stake Setup Guides
Local Staking: https://www.energi.world/staking/
Staking on VPS: https://www.energi.world/staking-on-vps/

  • Masternode Setup Guide
https://www.energi.world/masternode-setup/

5. FAQ

https://www.energi.world/faq/
submitted by energi-rici to energicryptocurrency [link] [comments]

How do I mine Dogecoin?

How do I mine Dogecoin?
Let’s take a lucky guess that you’re here today because you’ve heard a lot about cryptocurrencies and you want to get involved, right? If you’re a community person, Dogecoin mining might be the perfect start for you!
Bitcoin was the first in 2009, and now there are hundreds of cryptocurrencies. These new coins (that operate on their own native blockchain) are called altcoins or alternative coins. One popular altcoin is Dogecoin. It can be bought, sold and traded, just like Bitcoin. It can also be mined!
So, what is Dogecoin mining?
You’ll know what hardware and what software you need to get started. You’ll also know whether or not Dogecoin mining is for you!
So, where would you like to start? The beginning? Great choice. Let’s have a quick look at how Dogecoin got started.
A (Very) Short History of Dogecoin
In 2013, an Australian named Jackson Palmer and an American named Billy Markus became friends. They became friends because they both liked cryptocurrencies. However, they also thought the whole thing was getting too serious so they decided to create their own.
Palmer and Markus wanted their coin to be more fun and more friendly than other crypto coins. They wanted people who wouldn’t normally care about crypto to get involved.
They decided to use a popular meme as their mascot — a Shiba Inu dog.

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Dogecoin was launched on December 6th, 2013. Since then it has become popular because it’s playful and good-natured. Just like its mascot!
Dogecoin has become well-known for its use in charitable acts and online tipping. In 2014, $50,000 worth of Dogecoin was donated to the Jamaican Bobsled Team so they could go to the Olympics. Dogecoin has also been used to build wells in Kenya. Isn’t that awesome!
Users of social platforms – like Reddit – can use Dogecoin to tip or reward each other for posting good content.
Dogecoin has the 27th largest market cap of any cryptocurrency.
Note: A market cap (or market capitalization) is the total value of all coins on the market.
So, Dogecoin is a popular altcoin, known for being fun, friendly and kind. It’s a coin with a dog on it! You love it already, don’t you?
Next, I want to talk about how mining works…
What is Mining?
To understand mining, you first need to understand how cryptocurrencies work. Cryptocurrencies are peer-to-peer digital currencies. This means that they allow money to be transferred from one person to another without using a bank.
Every cryptocurrency transaction is recorded on a huge digital database called a blockchain. The database is stored across thousands of computers called nodes. Nodes put together groups of new transactions and add them to the blockchain. These groups are called blocks.
Each block of transactions has to be checked by all the nodes on the network before being added to the blockchain. If nodes didn’t check transactions, people could pretend that they have more money than they really do (I know I would!).
Confirming transactions (mining) requires a lot of computer power and electricity so it’s quite expensive.
Blockchains don’t have paid employees like banks, so they offer a reward to users who confirm transactions. The reward for confirming new transactions is new cryptocurrency. The process of being rewarded with new currency for confirming transactions is what we call “mining”!

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It is called mining because it’s a bit like digging for gold or diamonds. Instead of digging with a shovel for gold, you’re digging with your computer for crypto coins!
Each cryptocurrency has its own blockchain. Different ways of mining new currency are used by different coins where different rewards are offered.
So, how do you mine Dogecoin? What’s special about Dogecoin mining? Let’s see…
What is Dogecoin Mining?
Dogecoin mining is the process of being rewarded with new Dogecoin for checking transactions on the Dogecoin blockchain. Simple, right? Well no, it’s not quite that simple, nothing ever is!
Mining Dogecoin is like a lottery. To play the lottery you have to do some work. Well, actually your computer (or node) has to do some work! This work involves the confirming and checking of transactions which I talked about in the last section.
Lots of computers work on the same block of transactions at the same time but the only one can win the reward of new coins. The one that earns the new coins is the node that adds the new block of transactions to the old block of transactions. This is completed using complex mathematical equations.
The node that solves the mathematical problem first wins! It can then attach the newly confirmed block of transactions to the rest of the blockchain.
Most cryptocurrency mining happens this way. However, Dogecoin mining differs from other coins in several important areas. These areas are;
  • Algorithm: Each cryptocurrency has a set of rules for mining new currency. These rules are called a mining or hashing algorithm.
  • Block Time: This is the average length of time it takes for a new block of transactions to be checked and added to the blockchain.
  • Difficulty: This is a number that represents how hard it is to mine each new block of currency. You can use the difficulty number to work out how likely you are to win the mining lottery. Mining difficulty can go up or down depending on how many miners there are. The difficulty is also adjusted by the coin’s protocol to make sure that the block time stays the same.
  • Reward: This is the amount of new currency that is awarded to the miner of each new block.
Now, let’s compare how DogeCoin mining works compared to Litecoin and Bitcoin…
Mining Comparison
Bitcoin uses SHA-256 to guide the mining of new currency and the other two use Scrypt. This is an important difference because Scrypt mining needs a lot less power and is a lot quicker than SHA-256. This makes mining easier for miners with less powerful computers. Fans of Litecoin and Dogecoin think that they are fairer than Bitcoin because more people can mine them.
Note: In 2014, Litecoin and Dogecoin merged mining. This means they made it possible to mine both coins in the same process. Dogecoin mining is now linked with Litecoin mining. It’s like two different football teams playing home games in the same stadium!
Mining Dogecoin is a lot faster than mining Litecoin or Bitcoin. The block reward is much higher too!
Don’t get too excited though (sorry!). Dogecoin is still worth a lot less than Bitcoin and Litecoin. A reward of ten thousand Dogecoin is worth less than thirty US Dollars. A reward of 12.5 Bitcoin is currently worth 86,391.63 US Dollars!
However, it’s not as bad as it sounds. Dogecoin mining difficulty is more than one million times less than Bitcoin mining difficulty. This means you are much more likely to win the block reward when you mine Dogecoin.
Now I’ve told you about what Dogecoin mining is and how it works, would you like to give it a try?
Let’s see what you need to do to become a Dogecoin miner…
How to Mine Dogecoin
There are two ways to mine Dogecoin, solo (by yourself) or in a Dogecoin mining pool.
Note: A Dogecoin pool is a group of users who share their computing power to increase the odds of winning the race to confirm transactions. When one of the nodes in a pool confirms a transaction, it divides the reward between the users of the pool equally.
Dogecoin Mining: Solo vs Pool
When you mine as a part of a Dogecoin pool, you have to pay fees. Also, when the pool mines a block you will only receive a small portion of the total reward. However, pools mine blocks much more often than solo miners. So, your chance of earning a reward (even though it is shared) is increased. This can provide you with a steady new supply of Dogecoin.
If you choose to mine solo then you risk waiting a long time to confirm a transaction because there is a lot of competition. It could be weeks or even months before you mine your first block! However, when you do win, the whole reward will be yours. You won’t have to share it or pay any fees.
As a beginner, I would recommend joining a Dogecoin pool. This way you won’t have to wait as long to mine your first block of new currency. You’ll also feel like you’re part of the community and that’s what Dogecoin is all about!
What You Need To Start Mining Dogecoin
Before you start Dogecoin mining, you’ll need a few basics. They are;
  • A PC with either Windows, OS X or Linux operating system.
  • An internet connection
  • A Shiba Inu puppy (just kidding!)
You’ll also need somewhere to keep the Dogecoin you mine. Go to Dogecoin’s homepage and download a wallet.
Note: A wallet is like an email account. It has a public address for sending/receiving Dogecoin and a private key to access them. Your private keys are like your email’s password. Private keys are very important and need to be kept completely secure.
There are two different types; a light wallet and a full wallet. To mine Dogecoin, you’ll need the full wallet. It’s called Dogecoin Core.
Now that you’ve got a wallet, you need some software and hardware.
Dogecoin Mining Hardware
You can mine Dogecoin with;
  • Your PC’s CPU: The CPU in your PC is probably powerful enough to mine Dogecoin. However, it is not recommended. Mining can cause less powerful computers to overheat which causes damage.
  • A GPU: GPUs (or graphics cards) are used to improve computer graphics but they can also be used to mine Dogecoin. There are plenty of GPUs to choose from but here are a few to get you started;SAPPHIRE Pulse Radeon RX 580 ($426.98)Nvidia GeForce GTX ($579.99)ASUS RX Vega 64 ($944.90)
  • A Scrypt ASIC Miner: This is a piece of hardware designed to do one job only. Scrypt ASIC miners are programmed to mine scrypt based currencies like Litecoin and Dogecoin. ASIC miners are very powerful. They are also very expensive, very loud and can get very hot! Here’s a few for you to check out;Innosilicon A2 Terminator ($760)Bitmain Antminer L3 ($1,649)BW L21 Scrypt Miner ($7,700)
Dogecoin Mining Software
Whether you’re mining with an ASIC, a GPU or a CPU, you’ll need some software to go with it. You should try to use the software that works best with the hardware you’re using. Here’s a short list of the best free software for each choice of mining hardware;
  • CPU: If you just want to give mining a quick try, using your computer’s CPU will work fine. The only software I would recommend for mining using a CPU only is CPU miner which you can download for free here.
  • GPU: If you mine with a GPU there are more software options. Here are a few to check out;CudaMiner– Works best with Nvidia products.CGminer– Works with most GPU hardware.EasyMiner– User-friendly, so it’s good for beginners.
  • Scrypt ASIC miner:MultiMiner– Great for mining scrypt based currencies like Litecoin and Dogecoin. It can also be used to mine SHA-256 currencies like Bitcoin.CGminer and EasyMiner can also be used with ASIC miners.
Recommendations
You’re a beginner, so keep it simple! When you first start mining Dogecoin I would recommend using a GPU like the Radeon RX 580 with EasyMiner software. Then I would recommend joining a Dogecoin mining pool. The best pools to join are multi-currency pools like Multipool or AikaPool.
If you want to mine Dogecoin but don’t want to invest in all the tech, there is one other option…
Dogecoin Cloud Mining
Cloud mining is mining without mining! Put simply, you rent computer power from a huge data center for a monthly or yearly fee. The Dogecoin is mined at the center and then your share is sent to you.
All you need to cloud mine Dogecoin is a Dogecoin wallet. Then choose a cloud mining pool to join. Eobot, Nice Hash and Genesis Mining all offer Scrypt-based cloud mining for a monthly fee.
There are pros and cons to Dogecoin cloud mining;
The Pros
  • It’s cheaper than setting up your own mining operation. There’s also no hot, noisy hardware lying around the house!
  • As a beginner, there isn’t a lot of technical stuff to think about.
  • You get a steady supply of new currency every month.
The Cons
  • Cloud mining pools don’t share much information about themselves and how they work. It can be hard to work out if a cloud mining contract is a good value for money.
  • You are only renting computer power. If the price of Dogecoin goes down, you will still have to pay the same amount for something that is worthless.
  • Dogecoin pools have fixed contracts. The world of crypto can change very quickly. You could be stuck with an unprofitable contract for two years!
  • It’s no fun letting someone else do the mining for you!
Now you know about all the different ways to mine Dogecoin we can ask the big question, can you make tons of money mining Dogecoin?
So, Is Dogecoin Mining Profitable?
The short answer is, not really. Dogecoin mining is not going to make you a crypto billionaire overnight. One Dogecoin is worth 0.002777 US Dollars. If you choose to mine Dogecoin solo, it will be difficult to make a profit. You will probably spend more money on electricity and hardware than you will make from Dogecoin mining. Even if you choose a Dogecoin pool or a cloud pool your profits will be small.
However, if you think I am telling you to not mine Dogecoin, then you’re WRONG! Of course, I think you should mine Dogecoin!
But why? Seriously…
Well, you should mine Dogecoin because it’s fun and you want to be a part of the Dogecoin family. Cryptocurrency is going to change the world and you want to be part of that change, right? Mining Dogecoin is a great way to get involved.
Dogecoin is the coin that puts a smile on people’s faces. By mining Dogecoin you’ll be supporting all the good work its community does. You’ll learn about mining from the friendliest gang in crypto. And who knows? In a few years, the Dogecoin you mine now could be worth thousands or even millions! In 2010, Bitcoin was worthless. Think about that!
Only you can choose whether to mine Dogecoin or not. You now know everything you need to know to make your choice. The future is here. So, what are you going to do?
submitted by alifkhalil469 to BtcNewz [link] [comments]

**DigiByte giveaway for our Doge friends**

. [ GIVEAWAY NOW CLOSED ] . Become part of the fantastic DigiByte community today and the team at DigiByte Store will reward you with your first 50 DigiBytes for free to start you off. Keep reading to find out how. . About DigiByte . DigiByte is a professional & transparent decentralized cryptocurrency that has been designed to address several of the weaknesses of Bitcoin & Litecoin. It is a secure world-wide decentralized payment network, inspired by Bitcoin but with many enhancements and extra features. You send & receive DigiBytes much like PayPal & Western Union transfer money but with vast improvements, including lightning fast transactions with minimal or no fees. . We are now seeing the death of the common home based Bitcoin miner, and the emergence of large ASIC mining companies. The development team felt this centralization of hash power goes against the main principles upon which Bitcoin was created. Given this reason and others they have decided to use Scrypt with DigiByte and implement the innovative DigiShield which is quickly being adopted by other coins such as Dogecoin to protect against multi-pool attacks. . Why use DigiByte? . 1) Speed: DigiByte is blazing fast! Much faster than Bitcoin & Litecoin, and fast enough to buy coffee from a merchant in just a few seconds with the press of a button on a smart phone! . 2) Transactional Currency: With 21 billion coins, DigiByte will primarily become a worldwide currency traded for goods & services, and not a volatile speculative commodity like Bitcoin. DigiByte has a natural ratio of 1BTC:1000DGB to Bitcoin. This means that if Bitcoin is worth $1,000 DigiByte should be worth $1 -$10; a perfect price for buying goods & services. No one likes to look in their wallet and see that they have 0.001 coins; 1,000 DigiBytes are much more appealing. . 3) Community: DigiByte was planned and designed for over a month before launch. Since then, the community around DigiByte has continued to grow and contribute to its success. . 4) Fair Launch: DigiByte was announced more than 3 days ahead of time. It was delivered at the exact minute advertised with a countdown timer for a fair launch. Over a half million dollars in hardware were thrown at the network in the first few minutes alone. . 5) Transparency: The pre-mine of DigiByte is publicly posted and is used to further the long-term success of DigiByte. . 6) DigiByte Name: You store data in megabytes & gigabytes. Why not store money in DigiBytes? . Pre-Mine Details: . 52.5 million DGB for giveaways over first two months to encourage adoption of DGB. Giveaway address will be publicly posted on website with a public record of all transactions. . 52.5 million DGB for development expenses to further DigiByte and help it become a mainstream currency. Development account address will be publicly posted on website with a public record of all transactions and their purpose. . Our goal is to be transparent and accountable with the 0.5% pre-mine to ensure a bright future for DigiByte. (Pre-mine is now effectively only 0.2%) . Pre-Mine Accounts: . Giveaway Account: Address available on http://www.digibyte.co/pre-mine-accounts Initial Balance: 52,500,000.00 DGB Current Balance: 00.00 DGB . Development Account: Address available on http://www.digibyte.co/pre-mine-accounts Initial Balance: 52,596,000.00 DGB Current Balance: 45,000,000.00 DGB . About the DigiByte Store . The DigiByte Store was set up primarily to make DigiBytes easily accessible to as many people as possible around the world, by allowing people to purchase their desired amount of DigiBytes in their preferred currency, securely by using a PayPal account. The purchased amount of DigiBytes will then be sent to the chosen wallet address supplied. This service makes it easy and safe for anyone that is new to cryptocurrency to get their hands on their first few coins. It also provides a more convenient option to experienced users as they no longer have to deal with the hassle of purchasing through exchanges. . The giveaway! . For you to get your hands on your first 50 DigiBytes free of charge you need to follow the few simple steps below: . 1) Download a wallet to put you DigiBytes in either from www.digibyte.co or www.digibytestore.co. Wallet download links are available on the homepages of both sites. Choose the correct download for the platform you are using e.g. Windows, Mac OSX, Ubuntu, Android (For smartphones and tablets etc.) . 2) Once you have downloaded a wallet you need to open it to let it synchronize with the blockchain. This will happen automatically when you open your wallet and may take a bit of time the first time you open it. . 3) Copy your wallet address from your wallet by clicking on the ‘Receive coins’ button, highlight your wallet address by clicking once on the wallet address below and then click the ‘Copy Address’ button at the bottom of the page. The address will look like a long string of letters and numbers. . 4) Paste your wallet address into an email and send it to [email protected] to get your 50 DigiBytes sent to your wallet. . If you have any problems please contact [email protected] and we will be more than happy to assist you further. . To get your hands on more DigiBytes why not visit the DigiByte Store to top up your wallets. . Why not subscribe to the DigiByte subreddit (http://www.reddit.com/Digibyte) to stay up to date with the exciting new things that are happening. . Thank you for your support Doge friends! . The DigiByte Store Team
submitted by gaza1512 to dogecoin [link] [comments]

FAIREUM- Platform

FAIREUM- Platform
Project Overview
Cryptocurrency is considered a digital currency that uses coding (cryptography) to come up with cash and to verify transactions. Transactions are added to a public ledger – also called a Transaction Block Chain – and new coins are shaped through a process known as mining.
As of 2018, cryptocurrency has been used as a suburbanised different risk to ancient rescript currencies (which area unit typically backed by some central government) like the U.S. dollar (USD).
The History of Cryptocurrency
The first suburbanised digital cryptocurrency may be copied back to “bit gold” (not to be confused with Bitgold), that was worked on by Nick Szabo between 1998 and 2005 however was never put into operation.
Although bit gold is recognized to be the first precursor to bitcoin, cryptocurrency pioneer David Chaum’s company DigiCash (a company founded in 1989 which attempted to innovate digital currency), Wei Dai’s b-money (a abstract system revealed in 1998 that Satoshi cites it within the Bitcoin white paper), and “e-gold” (a centralized digital currency that started in 1996) area unit all notable early mentions.
With that history noted, trendy digital currency starts in 2008 once Satoshi Nakamoto (an anonymous person and/or group) free their paper particularization what would become Bitcoin.
Bitcoin became the primary suburbanised digital coin once it had been created in 2008. It then went public in 2009.
As of 2018, Bitcoin is that the most typically famous and used cryptocurrency. Meanwhile, different coins as well as Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and more are notable mentions.
Given the recognition of Bitcoin in addition as its history, the term “altcoin” is usually wont to describe different cryptocurrencies to bitcoin (especially coins with tiny market caps).
As of January 2015, there were over 500 different types of cryptocurrencies – or altcoins – for trade in online markets. However, only 10 of them had market capitalizations over $10 million.
As of September 2017, there were over 1,100 cryptocurrencies and the total market capitalization of all cryptocurrencies reached an all-time high surpassing $60 billion! Then, by December 2017, the total market cap reached $600 billion (a multiple of 10 in only two months).
In different words, though the longer term is indeterminate, cryptocurrency appears to be over simply a rage. Today cryptocurrency is shaping up to be a growing market that (despite the pros and cons) is likely here for the long haul.
https://preview.redd.it/znvjpo08vbh21.jpg?width=284&format=pjpg&auto=webp&s=ee6aa338cdc4b78568849efea4731a760f9cec6b
About Faireum
Faireum is an industry-Faireum is a public blockchain that focuses on the problems of the online gambling industry and resolves them with a set of protocols that provide a decentralized, low-cost, transparent and secure gambling experience. To achieve this, Faireum uses its token and game contract to guarantee users a premium betting experience and superb services across lottery, horse-betting, sports-betting, casino games, digital games and countless more.
A smart client also works alongside Faireum’s protocols, called a Faireum node, which helps provide users with a safe, seamless and always-on experience in playing all the games they wish to play. level public blockchain that may revolutionize on-line gambling platforms.
The Industry
In 2017 the overall wagering industry was regarded at $533 billion, with future desires putting that figure at 1 trillion USD always 2021. As the online wagering exhibiting continues experiencing consistent improvement, instigated on by the ascent of new headways and the extended accessibility of the web, Asia has developed itself as the speediest creating iGaming market on earth.
Mission
Faireum has developed a concentrated open blockchain subject to the recommended systems of Bitcoin, Ethereum and Hyperledger. The assertion figuring grasped from the Byzantine adjustment to inside disappointment based appointed affirmation of stake (BFT-DPos) ensures the check of trades on the Faireum Blockchain similarly as its execution.
Features
Structures of Online Gambling
The web has passed on various novel approaches to managing betting structures, changing the gaming business. Straight up 'til the present time, betting remains a champion among the most outstanding and advantageous online associations. As demonstrated by H2 Gambling Capital, overall web gaming wages justified a normal $43 billion of each 2017, making up 10% of all overall gaming livelihoods (detached and online joined).
Crucial Framework
Faireum develops its industry-level open blockchain to give the imaginative reason to its stage. The Faireum blockchain natural network fuses record centers, P2P sorting out, a virtual machine for Smart Contracts and a ton of rules for the token course, which consolidates token reward, portion door, modernized asset exchange, and cross-chain atomic swap.
Security
Concentrated structures can't ensure 100% security nor have a high adjustment to inside disappointment.
High costs
The advantage model of wagering stages makes high prices for wagering chairmen.
Negative social reputation
Players have a strong opinion of powerlessness and vulnerability towards counterparties in live beguilements.
Faireum Blockchain Solutions
https://preview.redd.it/tmqlemykvbh21.jpg?width=295&format=pjpg&auto=webp&s=8a5deacdbbe226763780dbcad901f4ab24c87344
Faireum is a blockchain arrange with an Application Programming Interface (API) that is suitable for pariah business providers to access through the agreement framework and the Faireum Virtual Machine (FVM). The Faireum guideline blockchain uses the Web Assembly (WASM) virtual machine as the default runtime for shrewd contracts and Byzantine Fault Tolerance (BFT) + Delegated Proof-of-stake (DPos) as the understanding framework.
Applications for Business
The Faireum Smart Node (FSN) is a blockchain center point that continues running on the customer's PC or wireless, which can give both wallet handiness as a client and go-between convenience as a server.
Token Information
Total supply: 1,200,000,000 100%
Private: 60,000,000 5%
Pre ICO: 120,000,000 10%
Public ICO: 480,000,000 40%
Reward funding pool: 240,000,000 20%
Marketing/Partnership/Airdrop & Bounty program: 120,000,000 10%
Team/DevelopeAdvisor: 120,000,000 10%
Founders: 60,000,000 5%

RoadMap

https://preview.redd.it/65nfkew1wbh21.jpg?width=278&format=pjpg&auto=webp&s=31b7f3ed57ac6c4233a6e1f1cb6bdb1cfa9ed39b
For more info:
Homepage: https://faireum.io
Whitepaper: https://faireum.io/assets/files/Faireum_whitepaper2.0_En.pdf
Facebook: https://www.facebook.com/faireumofficialpage
Twitter: https://twitter.com/faireumofficial
Telegram: https://t.me/faireumofficial
Medium: https://medium.com/@faireumofficial
Instagram: https://www.instagram.com/faireumofficial/
Reddit: https://www.reddit.com/faireumofficial")

Bountyox username: cryptounique
submitted by 1loveone to u/1loveone [link] [comments]

Walking On The Moon: How We Can Make Dogecoin's Market Cap Reach $ 50 Billion In The Next 5 Years, Even Before Bitcoin Does

Several things have happened in the beginning of this week. We shibes crowd-tipped the Jamaican Bobsled team. Our actions brought us publicity in the media. The value of dogecoin has skyrocketed, and more shibes have subscribed. But we are still in the beginning of our journey to the moon.
I want to walk on the moon. But not in 20 years. That's too long. I believe it's possible to do so in the next five years. As a micro-transaction medium that allows us to deal with minute transactions, dogecoin is in a better position than Bitcoin to gain mainstream adoption. It doesn't have the problem of decimals (1 cent =0.00001 BTC). It's based on a fun meme, hence easier to talk about. Transactions are processed faster than Bitcoin. It appeals to the youth and it's based on the practice of tipping. It has a growing community, approaching 40,000 shibes as I post. Dogecoin has what it takes to reach a multi-billion market cap.
Dogecoin can reach a multi-billion dollar market cap in the next few years if we shibes play our cards right.So what do we shibes need to do to get there?
1-We need to become dogecoin evangelists and ambassadors within and outside the internet. Don't just focus on tipping strangers on Reddit, focus on your friends. Do your friends in class or at work know about dogecoin? Do they see you wearing a cool T-shirt with a dogecoin or doge label on it? Teen shibes, have you tipped your parents, brothers and sister as a way of appreciating them? Never underestimate the power of word of mouth, it's how Facebook, Instagram, Twitter and WhatsApp grew.
2-We need to make doge-tipping a cultural phenomenon. It's possible. Look at Anonymous. They hack. But they hack for a social cause. Talk of organised disorder.They punish governments when they error, they expose rapists and they fight out for the oppressed.
And just as we have the Doge as our symbol, they have the Guy Fawkes mask. This makes them look cool. We can become an organized movement like them, but instead of using our computers to hack, we can use our computers to tip on cool projects.
Don't forget the Arab spring. Millions of people used social media to oust dictators like Qaddafi and Hosni Mubarak. And how the Harlem shake became a thing for some time last year. Shibes, we must act smart and find a way for dogecoin to become "the next trend".
3-We need more social causes to support. By helping the Jamaican Bobsled Team, we've become heroes. We need more things to support. But we also need to be selective. We have to find causes that are unique, original and can get us in the media, just like the story of Jamaican Bobsled Team got us media attention.
Last year, people funded victims of Boston Marathon bombing as well as those affected by hurricane Sandy. This year, opportunities to be heroes will still happen. Let's just make sure dogecoin will be heavily used this time, then we shall be able to stamp dogecoin's name all over the internet.
4-We need to tip whether the value of doge keeps going up or down. Over the past few days people seem to have halted tipping using dogetipbot because of the value of dogecoin going up. THAT'S A MISTAKE. Remember that tipping is what brought us to this point and it's what shall take us to the Moon. If the rise in dogecoin's value is causing you to halt tipping, then buy/mine as much dogecoins as you can so that you can comfortably tip without losing many doges. Just don't stop tipping.
5-We need to always remember the true impact of tipping. When you tip, you are educating the world about dogecoins. You are making people feel appreciated, just like many of us shout WOW when we are dogetipped. That person will also learn to appreciate others by tipping.
This means that they will buy dogecoin which will increase it's value. As the saying goes, it is blessed to give than to receive. We gave the Jamaican Bobsled Team $30,000, and the value of dogecoin more than doubled.
6-We need to make Vehicles that enable tipping and we need to fuel them. Dogetipbot has been an effective tool for tipping on Reddit. However, many folks are not on reddit. 'Tip with dogecoin' is the next Facebook 'like', or the next Twitter's 'tweet' or the next reddit's 'upvote'.
Over the next coming months many developers will make applications that enable tipping using dogecoin on other places on the internet. I know someone will make an Android app that will enable us to tip others instantly from the phone.We need to fuel them by using their apps and informing others about them. If we don't, other developers will be discouraged from building on dogecoin.
By the way, my friends and I are building a Rocket to the Moon. We've started developing a blogging platform code-named PlatformX (not actual name) -homepage screenshot- where people with creative minds like writers, photographers, artists, curators and other bloggers can showcase some content for free while hiding other content. It will be simple to use, but the underlying software is sophisticated.
You can enjoy their work for free, and if you like it, you can tip to unlock and view more awesome work. We shall reveal the actual name of PlatformX and announce it here when we launch. However we'll need Beta testers when our site is up and running, if you're interested please send an email titled Notify Me When You Launch to [email protected].
7-We need to punish those behind scams. Someone opened a twitter account pretending to be the Jamaican Bobsled Team, asking for donations. Make no mistake. Bad people out there will try to exploit our wonderful act of tipping.
These people need to be exposed and embarrassed.The best way to deal with scams is to educate every newbie what to watch out for. The burden of proofing a tipping cause is authentic lies on those who organise crowd-tipping events.
At platformX, we anticipate some people shall create hoaxes by tricking others to tip unlock when they have no content or wrong content locked. We have a plan in place to stop and embarrass these offenders, just wait and see.
8-Finally, once dogecoin gains widespread popularity, bigger players like Coinbase and CoinMK will start allowing us to buy doges using dollars instead of BTC. This will make it easier to purchase dogecoin, and it will drive the value up.
So, fellow shibes, we have a job to do. We have making tipping a cool thing, a daily occurrence, a cultural activity, a trend. We need to make dogecoin the most popular medium for donating and dealing with micro-transactions in the internet.
I suggest that the guys who organised the Jamaican Bobsled Team doge-fund should lead the way. They should make a website where after determining unique projects they could post them and we could fund, but not many less we lose focus.
Many projects at a go divide the total amount of donations. One cool project at a time is enough - unless an emergency (like a sharknado in New York) occurs which could then be added to the current project. This way we could fund one project in huge sums, and this will help us get more attention in the media.
As I post this, we are approaching 40,000 shibes. Think about what will happen if we make dogecoin the main medium for donating projects? Imagine what the value of dogecoin shall be when we reach 10-100 million shibes funding many projects that amount to billions? A cultural phenomenon! TO THE MOOOOOOON everyone.
If this makes it to the front page of dogecoin subreddit, WOOOOW.
Edit:I had misspelled [email protected], sorry for the inconvenience
submitted by PlatformXdeveloper to dogecoin [link] [comments]

The $22,484.00 Butterfly Labs Mini Rig bitcoin miner is a huge, broken, unstable piece of shit.

(This was a rather controversial article posted on Buttcoin.org and became quite popular, even moving to the top of /bitcoin. It's since been mysteriously edited on the site [maybe by g-g-g-ghosts!] so it's being reposted here for posterity's sake. Some numbers may be off by now, but it was all accurate at the time of posting.)
Butterfly Labs has a long and horrible history with their mining rigs. They started taking pre-orders over a year ago, with a ship time sometime in late July. After numerous delays in production, shipping problems and general incompetence, the only thing they’ve managed to get out the door are some of their tiniest miners, the Jalapenos. And those mainly ended up in the hands of reviewers and blogs in order to keep pumping the Butterfly Labs hype train and securing millions of dollars of pre-orders still in limbo.Lucky BFL forums user Luke-JR however scored a sweet Mini Rig from Butterfly Labs (it’s just a coincidence he’s a driver developer for them I’m sure). This rig was originally promised to produce 1500 GH/s hashing power at 1500 watts for $30,000, but has since seen it’s hashing power slashed to a third of what was promised and it’s power consumption increased 75%, now just offer 500 GH/s at 2400 watts. They’ve promised to make good on pre-order buy sending out 3 rigs to match the initial hashing rate, so now it’s only 1500 GH/s at 6900 watts, a reduction in GH/Watt by a factor of 5.
So what does $22,484 buy you? Take a look!
Minirig is here! Today, my Minirig arrived.
http://i.imgur.com/Yp0WPvE.jpg
FedEx apparently dropped it somewhere along the way, and the weakest part of the case, the thin metal part around the back of the PSU, broke.
http://i.imgur.com/lFcOHxP.jpg
I’m not sure how sturdy the back side was supposed to be, but its two pieces aren’t quite together either.
http://i.imgur.com/AVttcOt.jpg
The power supplies (EVGA 1500W) also created havoc interfering with the neutral on the power line. This disrupted X10 communication significantly enough that the pool overflowed because the system controlling it was unable to turn off the pump. Workaround: This PSU supports 240V, so we rewired the outlet. 240V does not use neutral, so now all should be okay.
Edit: 240V workaround is only partial. Still having problems
But the good news is, it all seems to be working for the most part.
Next up, installing it in the window so the heat goes outside
A twenty two thousand dollar box of electronics that is broken out of the box, that required the guy to do a sketchy electrical workaround to get partially working, that he is going to install in a window… and he’s happy about it?
In case you didn’t notice it, the delivered unit is different than the picture on the website. They had to install 2 power supplies instead of 1 and had to modify the case to fit. Also, if you didn’t notice, the LCD/Phone thingy in the front has been replaced by … a piece of cardboard spray painted black. Wonderful.
You could maybe chalk this up to a careless Fedex postman, but when you’re shipping something that costs as much as a mid-sized sedan, how bought putting a little more effort into packing? Dell and HP can ship bigger and heavier servers across the world without this kind of problem.
The unit had to hit its huge power draw increase by putting dual EVGA consumer grade power supplies in the unit. We’re talking almost a 75 amp load (6*1500/120), disregarding power factor. He could very well overload the circuit panel and trip the main breaker for the house.
Let’s take a look inside this guy.
This is from an earlier version of the Minirig (note the single power supply) This is apparently from an earlier FPGA but it will give you a good glimpse at what kind of craftsmanship you can expect from a computer that is half the average household income in the United States.
Consumer grade PSU and cheap USB hubs glued to the inside case.
Electrical tape and random velcro glued to the insides
A closer look at the USB hubs. Plugs are hot glued to stay secured.
Electrical tape everywhere, splices and voided hardware are the theme.
You can view the entire album here.
Despite all that, this thing can still mine bitcoins and it should be profitable. Keep in ind that many people jumped in on the preorders a year ago when bitcoins were still hovering around $6.50 per. Meaning customers paid 1562 bitcoins for that particular piece of shit, which at today’s value is $156,200. Aston martin money. How long will it take them to make their money back (as apposed to just hanging on to them)? If the difficulty didn’t change, they would make 37 bitcoins a day and recoup the initial investment in 124 days. Difficulty is jumping pretty much 20% every 12 days or so, so in the next week before adjustment, they’ll make 259, the next 12 days 369, the next 12 days 312, then 256, then 213, etc.
So by day 127, they’ll be halfway to breaking even, but by day 151 they’ll be making less than 5 bitcoins a day, and even if difficulty stopped rising at that point(which it won’t), it would take another 435 days for a total of 586 days to break even. If difficulty kept rising at the same pace, by day 200 they’d be making 2.4 bitcoins per day, and it would take 1024 days to break even with no difficulty increase. Assuming 25 cents per kw/h, and $100 a bitcoin, it would cost 0.43 of a bitcoin per day in electricity which means the unit would no longer be profitable on a power usage basis by day 307, at which point it will have produced 2620 bitcoins.
Bear in mind this is only for the first few units, and that’s running 24/7 pumping out around 24,000 BTU, so yes, medical bills from heat stroke will be on top of that.
But Alas, the chips don’t run nearly as well as they’re supposed to, frequently running too hot and giving multiple hardware failures. Coindesk noted in one of the first ever runs of the Minirig by hosting provide gigavps that it was running much too hot and erroring out.
At the time of posting, gigavps warned that the unit would be repeatedly shut down while ckolivas, who was assisting, modified the machine’s software to optimise performance. After some tweaking, the device was said to have been left to run continuously for two hours, and was shown to have an average hash rate of 478.1 GH/s. As you can see in the table below, ASIC number four (of a total of eight hashing chips) ran significantly hotter (86 degrees) and consequently gave the highest hardware (HW) error rate.
http://i.imgur.com/q3iGrnb.jpg
So, what happens if you just decide you don’t want this, you don’t want to wait over a year to get a $22,000 broken piece of shit? Nothing, because BFL won’t let you cancel your preorder because they’re now “shipping”, i.e. they sent out one unit to their own company shill.
http://i.imgur.com/0p3Up03.jpg
Which is of course illegal regardless of what Butterfly Labs may say.
So in summary: Don’t buy anything from Butterfly Labs … ever.
submitted by borderpatrol to Buttcoin [link] [comments]

Why I still believe in Monkey Capital even if you don't.

Hey guys,
First off, sorry for the long post. I think something as intricate and complex as this deserves some space. If you want to discuss this, please make sure you read the whole thing.
Secondly, I am writing this as an individual who has invested in Monkey Capital. I have not been asked to write this, nor does anyone involved in Monkey Capital know that I am writing it.
My name is Mathias and I am currently doing a PhD in next generation solar cell technologies. I work in quite a prominent field within solar cell research, and I have recently been offered to continue my work as a postdoc at Oxford University.
PhDs do not pay much in Australia, clocking in at about 2/3 of the minimum wage if you work 40 hours per week. Many of us put in more hours than that, which brings our average hourly salary even lower. Unfortunately, the salary for a postdoc at Oxford is just above that of a primary school teacher, and after almost ten years of studying, I am quite tired of being poor and having to consider whether I can afford medium luxuries such as an organic diet and craft beer.
Because of the pretty average PhD salary (they call it a living costs stipend in order to get away with it), I have been selling my weekends working at a bar for the past three years now, having about 2-4 days off a month, working an average of 60 or so hours a week. With all this effort, I had managed to save up a few thousand Australian dollars, and, reading about Ethereum, I decided to speculate in it. I opened a Coinbase account, transferred thousands of my saved up dollars, and I fortunately managed to double my money on Ether's rise.
Somehow, I came across Monkey Capital, and without fully understanding the white paper or knowing much about hedge funds and finance, I figured it would be an interesting place to put some of the money I had made on Ether. I waited patiently, watching the clock count down on the homepage, and one day a chart of Coeval vs. Bitcoin appeared. I immediately joined the Slack and learned that people had been trading Coeval for days, at massive gains! I quickly bought some with some Bitcoin I had on Coinbase, at 0.25 BTC, and saw the price skyrocket. I sold the rest of my Ether and bought more Coeval at around 0.375 BTC, and within two days my Coeval was worth $2,000 more than what I had bought them for.
I remember thinking that that amount alone would take care of most of my money problems until I finished my PhD, and that I could maybe even quit my bar job and spend my weekends on more meaningful work, or maybe just on being a normal human being, who didn’t have to sell his time off to make a living. One of my close friends was having problems with one of her housemate trying to screw the others over for thousands of dollars of rent, and I told her that I would now be able to cover that for her without problems if it did come to that.
Then, all of the sudden, things started coming apart. The price of Coeval started dropping. I put it off as a correction, and it did go back up a tiny bit, but it kept going down more than it went up. Out of nowhere, 20 million Monkey tokens appeared on the market, and nobody knew what was going on. The first round of dividends, to be paid out in September, would only be paid to that newly release MNY, and not the one that we would get for our COE. Furthermore, the released MNY was “pregnant” with more tokens, and the ones we’d get from the COE were not. People roared and complained about scams and cheating and not enough communication from the management. Then, around another 180 million MNY appeared over the course of a few days. The people buying the original 20 million were, rightfully, worried about their dividends, the price of both MNY and COE kept plummeting, and the terms of everything seemed fluid, seemingly changing daily or hourly.
This obviously brought a lot of anger from people spending over $1,000 on a COE token that now seemed to be worthless, considering you could get tens, if not hundreds, of thousands of MNY for a single COE. The Slack channel was flooded by accusations and profanities, and the Monkey management started kicking people out in what felt a bit like a purge of opposing opinions. This obviously only led to more anger outside of Slack, on Steemit and Reddit, and with no dedicated communications team, many of the accusations went without being addressed properly.
On top of this, problems with the Waves exchange of some kind meant that people were losing coins, and bots were able to use the spread in buy and sell price to suppress the small amount of growth the COE/MNY coins would have been able to enjoy, and the price just kept on falling and falling.
As of today, I have turned about $20,000 into just under $1,500. That’s American, not Australian dollars. I’ve worked so many long and hard shifts to save up the money to buy Ether with. I’ve spent so many hours stressing over whether to sell or hold when Ether went up, and even more as it crashed, taking a lot of my plans and dreams with it. And now the value of my coins has plummeted to less than 10 %. And will probably keep dropping for days or weeks to come.
So why aren’t I joining the army of angry people yelling scam and fraud, reporting Daniel and the Monkey team to the authorities? The answer is that I still believe in the project, and I am convinced that Monkey Capital is not a scam.
‘Why do you believe that this is not a scam after all of this? You’ve lost so much money on this!’ you might ask. Well, first of all and most compellingly, if this really were a scam, the Monkey team would have been long gone. The first batch of Coeval was released and bought up, then traded and re-traded. Since the price started dropping, very little new money would have entered the system. Most MNY was bought with Coeval, with a small amount bought with Bitcoin. Adding another token ahead of the announced release would not add more value to scammers, since they would have known that they would mostly be traded with the Coeval people already had.
Instead of running away with the takings, Daniel and the rest of the team have seemingly been hard at work setting up deals and getting funding to the point that no ICO apparently is necessary. Admittedly, the details of the deals have not been released, but it has gotten to the point that a guy flew from the US to Bangkok to meet with the team to discuss setting up call centres related to Monkey Capital. You could say that it is a scam with the aim of attracting more people to buy more coins so that they can use that capital to buy companies and make more money, but that’s pretty much exactly what the white paper stipulates. It only becomes a scam if no dividends are paid.
Secondly, you may say what you want about Daniel, but he has character. I have seen him vehemently defend the project as if it were his own child, while at the same time advising people against investing everything they have in it. He has always advocated spreading out risk to everyone who asked him. He has even offered and given personal loans to people who took out bank loans to invest, so they wouldn’t get themselves into uncontrolled institutional debt. I’ve seen him offer to lend people money to buy Coeval, only to ask them to pay it back when the price reached 4 BTC. He is constantly communicating with people on the Slack channel, even when people tell him to go to sleep and rest up for the benefit of everyone. To me, he seems like a genius who has a grand plan in his head and is charging ahead with it, and the rest of us are always trying to keep up with his thinking. Clearly, he should be focusing on running the business and communicate the grand ideas, while having someone in charge of the day-to-day communication, and I believe someone has recently been hired to act in just that role.
Clearly, if this were a scam, he would be spending most of his effort convincing people to put in more and more money before an ICO, then run a full on scam-oriented ICO with lots of promises, only to disappear. The cancelled ICO is a huge bit of evidence that extracting as much money from any fool stupid enough to invest is definitely not the idea behind this business.
The storyline for this ICO, if you want to call it that, has been far from perfect. Clearly, big mistakes have been made, especially in communicating drastic changes along the way, and that has led to people being scared and weary of the future of the project. I am sure that most people reading this will have a story similar to mine, hoping for a way out of wage slavery the daily grind offers, and just enjoy a bit more financial freedom. All this uncertainty leads to fear and doubt. Despite the uncertainty, though, the core values and overall idea behind Monkey Capital have not changed. Raising funds to invest in physical companies and pay dividends to the coin holders is still the goal. This has never been done before in the cryptosphere, and problems will always be abundant when new roads are paved in uncharted territory. That being said, I believe that the right course is set and the team running this is capable of pulling it off. It will take time, probably more time than what we are used to in the world of crypto, but that is the nature of setting up something of this magnitude.
If you are convinced that this is a scam, so be it. Everyone who believes that it is has already left, so you are not protecting anyone from spreading negative opinions about it. New investors will see what has happened and make an informed decision based on facts and performance, and presenting scare scenarios does not add to informed decisions. In my opinion, there is plenty of circumstantial evidence to show that this is very, very far from a scam, but you are very entitled to believe otherwise. Just please don’t try to screw things up even more for those of us who are still in this. If your goal is revenge on Daniel, you won’t get it. He will be fine if this tanks. I, however, will not be. You are not working against Daniel or Monkey Capital, you are working against me. So please let me have a chance at my dreams, and stop trying your hardest to make Monkey Capital look bad, regardless of the nobleness of your reasons.
Do I regret investing in Monkey Capital? My only regret is not waiting a few weeks, to be able to buy everything at dirt cheap prices now and ride that Monkey rocket to the Moon of Financial Freedom!
I am happy to discuss my experiences with anyone who wants, feel free to contact me or write comments on here. Please keep profanities to a minimum, I’m not here to throw shit, and please double-check your spelling and grammar, though. We are all adults trying to get ahead here, and it is so much harder to take you seriously if you can’t properly construct a sentence or spell basic words.
I wish you all the best,
Mathias
submitted by mattisuller to monkeycapital [link] [comments]

Why aren't more people worried about the security risks of ASIC miners?

Butterfly Labs is selling an ASIC mining rig that supposedly does 1,500 GH/s for only $29K (Able to earn more than $5K a day in BTC at current difficulty and market value of approximately $35/BTC).
The current global hash rate is only sitting around 35,000GH/s, so a single enterprising individual could theoretically buy (or build) 30 of these ASIC rigs and essentially control more than half of the global hashing rate.
Correct me if I'm wrong, but couldn't this person (or group of people) then quite easily execute the infamous >50% double spending attack on the network? https://en.bitcoin.it/wiki/Double-spending.
The current market value of of all the Bitcoins out there is supposedly hovering around $340 million dollars (according to Bitcoin Watch). With that kind of money on the line, is it really so hard to believe that an enterprising group of people might not be tempted to jump at this sort of opportunity?
This worries me.
submitted by t0mbstone to Bitcoin [link] [comments]

DigiByte Giveaway! Some great reasons to become part of our fantastic community. Join us today to get your hands on some free DigiBytes

. [ GIVEAWAY NOW CLOSED ] . Become part of the fantastic DigiByte community today and the team at DigiByte Store will reward you with your first 50 DigiBytes for free to start you off (first 200 people). Keep reading to find out how. . About DigiByte . DigiByte is a professional & transparent decentralized cryptocurrency that has been designed to address several of the weaknesses of Bitcoin & Litecoin. It is a secure world-wide decentralized payment network, inspired by Bitcoin but with many enhancements and extra features. You send & receive DigiBytes much like PayPal & Western Union transfer money but with vast improvements, including lightning fast transactions with minimal or no fees. . We are now seeing the death of the common home based Bitcoin miner, and the emergence of large ASIC mining companies. The development team felt this centralization of hash power goes against the main principles upon which Bitcoin was created. Given this reason and others they have decided to use Scrypt with DigiByte and implement the innovative DigiShield which is quickly being adopted by other coins such as Dogecoin to protect against multi-pool attacks. . Why use DigiByte? . 1) Speed: DigiByte is blazing fast! Much faster than Bitcoin & Litecoin, and fast enough to buy coffee from a merchant in just a few seconds with the press of a button on a smart phone! . 2) Transactional Currency: With 21 billion coins, DigiByte will primarily become a worldwide currency traded for goods & services, and not a volatile speculative commodity like Bitcoin. DigiByte has a natural ratio of 1BTC:1000DGB to Bitcoin. This means that if Bitcoin is worth $1,000 DigiByte should be worth $1 -$10; a perfect price for buying goods & services. No one likes to look in their wallet and see that they have 0.001 coins; 1,000 DigiBytes are much more appealing. . 3) Community: DigiByte was planned and designed for over a month before launch. Since then, the community around DigiByte has continued to grow and contribute to its success. . 4) Fair Launch: DigiByte was announced more than 3 days ahead of time. It was delivered at the exact minute advertised with a countdown timer for a fair launch. Over a half million dollars in hardware were thrown at the network in the first few minutes alone. . 5) Transparency: The pre-mine of DigiByte is publicly posted and is used to further the long-term success of DigiByte. . 6) DigiByte Name: You store data in megabytes & gigabytes. Why not store money in DigiBytes? . Pre-Mine Details: . 52.5 million DGB for giveaways over first two months to encourage adoption of DGB. Giveaway address will be publicly posted on website with a public record of all transactions. . 52.5 million DGB for development expenses to further DigiByte and help it become a mainstream currency. Development account address will be publicly posted on website with a public record of all transactions and their purpose. . Our goal is to be transparent and accountable with the 0.5% pre-mine to ensure a bright future for DigiByte. (Pre-mine is now effectively only 0.2%) . Pre-Mine Accounts: . Giveaway Account: DFsSa6kVoCyHK8ryZYDNX2fi5294kSuH2Q Initial Balance: 52,500,000.00 DGB Current Balance: 00.00 DGB . Development Account: DQkqGjRqyfsmzFQ27tPK2PNJe7gPZUVm1U Initial Balance: 52,596,000.00 DGB Current Balance: 45,000,000.00 DGB . About the DigiByte Store . The DigiByte Store was set up primarily to make DigiBytes easily accessible to as many people as possible around the world, by allowing people to purchase their desired amount of DigiBytes in their preferred currency, securely by using a PayPal account. The purchased amount of DigiBytes will then be sent to the chosen wallet address supplied. This service makes it easy and safe for anyone that is new to cryptocurrency to get their hands on their first few coins. It also provides a more convenient option to experienced users as they no longer have to deal with the hassle of purchasing through exchanges. . The giveaway! . For you to get your hands on your first 50 DigiBytes free of charge you need to follow the few simple steps below: . 1) Download a wallet to put you DigiBytes in either from www.digibyte.co or www.digibytestore.co. Wallet download links are available on the homepages of both sites. Choose the correct download for the platform you are using e.g. Windows, Mac OSX, Ubuntu, Android (For smartphones and tablets etc.) . 2) Once you have downloaded a wallet you need to open it to let it synchronize with the blockchain. This will happen automatically when you open your wallet and may take a bit of time the first time you open it. . 3) Copy your wallet address from your wallet by clicking on the ‘Receive coins’ button, highlight your wallet address by clicking once on the wallet address below and then click the ‘Copy Address’ button at the bottom of the page. The address will look something like this: DA58HrYSK3CmvH4AY6MfdKNovGaRmBQl54 . 4) Paste your wallet address into an email and send it to [email protected] to get your 50 DigiBytes sent to your wallet. . If you have any problems please contact [email protected] and we will be more than happy to assist you further. . To get your hands on more DigiBytes why not visit the DigiByte Store to top up your wallets. . Why not subscribe to the DigiByte subreddit (http://www.reddit.com/Digibyte) to stay up to date with the exciting new things that are happening. . Thank you for your support! . The DigiByte Store Team
submitted by gaza1512 to CryptoCurrency [link] [comments]

How Much Can You Make Mining Bitcoin With 6X 1080 Ti ... Bitcoin will be worth a MILLION dollars using the ... 10 Million Dollar Bitcoin End Game - YouTube Bitcoin At $1 Million By 2020 Is Still Possible And Might ... How to mine $1,000,000 of Bitcoin using just a laptop ...

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