What is Satoshi in Bitcoin? Free Satoshi to USD Converter

500 to 5000 MCO Upgrade Strategy

Currently the 500 MCO tier is sort of the sweet spot for most users where a lot of valuable perks kick in. When I first purchased MCO it was under $3 USD, so going straight to the 500 tier was an obvious choice. I was planning to put some Stablecoins and Bitcoin into earn, so the added 2% bonus in-kind in earn, plus the 3% card cashbacks and Netflix reimbursement made the choice economically beneficial quite quickly. Less than a year later the benefits have provided me a larger return on investment than if I had done otherwise.
I have been eyeing the upgrade to the 5000 tier, but I wanted to do an analysis of what sort of upgrade strategy makes sense to optimize ROI weighted against risks and if I'm even the right candidate for such an investment. With the price of MCO being higher, it's not such a clear decision. I will outline my thought process below.
Assumptions - These are the assumptions that I am working with for my analysis. Working with a different set of assumptions will affect the decision making process differently for different people.
Based on the above assumptions we can now look at different upgrade pathways and see which options make the most sense. This thought process is a place to start and can be adjusted to each person's individual case.

Stablecoin (Fiat) to MCO pathway

At today's price of ~$4.85 USD at time of writing, it would cost $21,825 USD to upgrade directly into the 5000 tier by buying 4500 additional MCO. This gives additional benefits of 2% in earn, 1% on card, and 8% vs 6% on staked MCO.
The variables we need to look at to find out if this makes sense over the next year are: assets in Earn and annual card spend.
The opportunity cost of putting the money into MCO is a 4% yield on $21,825 (12% in Earn minus 8% staked in MCO) minus a 2% yield on 500 MCO, or roughly $824.50.
We also open ourselves up to exchange rate volatility, there is a very real, non-0% chance that the crypto market collapses, or that MCO itself collapses in value. There is also a chance it will go way up. If you are looking to hold the MCO, or crypto in general, for longer periods of time, we need to sort of normalize the projected trend to figure out ROI. That means ignoring big jumps and drops, or retroactively thinking you could have made or lost money by trading in and out… that falls under trading and speculation. In general, most of us think the crypto market is going up, but by how much and how fast are variables that need to be considered in how exposed to crypto you want to be
In order to make this pathway a positive ROI, we need to make an additional $824.50 through the added benefits in Earn and card spending over the course of one year. What does that look like?
Assets in Earn*0.02 + Card spend*0.01>824.50 
If you don't have roughly $35-40k in Earn, upgrading to 5000 Tier makes very little sense IMO.
Full Account Examples (Assuming today's crypto prices):
Case 1 and 2 are very similar in total assets, but case 2 provides the better return after one year ($20,760 - $17,735.50 = $3,024.50) at the cost of being more exposed to crypto.

Bitcoin to MCO pathway via Drip

Another option to consider is upgrading to the 5000 tier via Bitcoin. I mention "Drip" in the header because I imagine most people able to do a lump sum conversion would encounter a taxable event and would be less inclined to go that route. Utilizing a drip format will upgrade on a longer time scale, but result in negligible taxable gain. It also keeps crypto exposure at roughly the same level throughout the process.
The benefits from going to MCO from BTC is a higher interest rate for MCO being staked at 6% vs BTC in Earn at 5.5%; I also assume CDC will be able to keep the 6% on MCO longer than they can keep the rate high on BTC. The drawbacks are less liquidity on MCO, potentially more volatility, and potential loss of value relative to BTC in Satoshis (we'll ignore the last point since we are assuming a similar sat ratio over time).
Another thing to mention, if we want to upgrade over the course of one year, BTC holdings need to be pretty sizable at $400,000 That's a little unreasonable for most people, so let's assume a smaller holding of $100,000 btc like the two cases above. This will take three years to accomplish and the equation gets a bit more complicated in this situation.
Basically if you take the above situation and plug it into a compound interest calculator, compounding quarterly, it takes almost 3 years exactly to drip your way into the 5000 tier. We can mostly ignore any change in crypto USD value as long as the MCO/BTC ratio stays similar.
If you definitely want to go to the 5000 tier, the question becomes purchase lump sum via Fiat or drip via crypto.
The opportunity cost of dripping is the lost 2% gain in earn over the course of 3 years (which as you'll see below, could be significant if the market jumps quickly at which point purchasing via Fiat becomes prohibitively expensive). But the benefit is that you maintain your current crypto exposure in the case of a major bear market where you could potentially purchase via Fiat at a much lower price.

Exit Strategy

I think it's important to think about an exit strategy. In my opinion, upgrading to the 5000 tier only really makes sense if you are having a lot of assets in Earn. The added 1% on card spend and other perks pales in comparison to the added 2% on Earn with a large amount of assets. It's also my opinion that MCO should only be a small portion of a crypto portfolio. Regardless, if MCO is your main holding you are betting on the crypto market going up, because the added 5000 tier benefits won't comparatively amount to much over a year anyway.
If crypto prices stay the same the benefits to holding MCO stay flat, but as crypto prices rise, the incentives change. Imagine we go on a huge bull run and the market goes up 20x. I bet a lot of people will want to rebalance and cash in some of that profit. It's quite possible holding 5000 MCO becomes too big of a risk for the benefits received.
What's nice is that CDC seems to have thought about the optimal profile for people to get to the 5000 tier level...like I stated above, people with significant assets in Earn.
Imagine the person in Case 2 above in an environment where the crypto market shoots up 20x.
In this situation, it makes sense to rebalance your portfolio and take some earnings off the table. However, it actually makes a lot of sense to keep the 5000 MCO staked and rebalance away from BTC into Stablecoins. Look at the yearly earnings of different options below:
As you can see, losing the bonus 2% in earn cuts your profit over the course of a year.
CDC was quite thoughtful in changing the award structure for the added 2% in Earn. It should keep early adopters from leaving if the market goes up, and should actually attract newly minted crypto whales as they rebalance out of other cryptos. This should keep the MCO price strong for a long time and give confidence to people investing in MCO.


I think upgrading to the 5000 tier can make a lot of sense for certain people. But after reaching the 5000 tier I would probably immediately cash out all rewarded MCO to Stablecoins to compound at a higher interest rate and just maintain the 5000 level. Unless there are some dramatic new rewards for the 50,000 level I don't see the value proposition to go for Black. Perhaps an additional 2% in Earn, but that is probably not sustainable to the company.
Let me know what you think, or if I made any mistakes.

Edit: Changed numbers to reflect 8% earned on staked MCO at the 5000 Tier level. This makes the upgrade more compelling.

submitted by gym7rjm to Crypto_com [link] [comments]

Dumb question

How is bitcoin practically used in face to face transactions? Ive done it twice in person using USD as a conversion tool but say it receives mass adoption, is it going to be like "yeah this is 0.0000031 satoshi." "Wait how many 0s?" How can this confusing interaction be streamlined? Normies will NEVER catch onto that. Burgers are fucking called double quarter pounders
submitted by toreachtheapex to Bitcoin [link] [comments]

Is bitcoin failing?

Hey guys,
This is my second post here and I would like to ask the community about bitcoin. The other day I wrote here about btc or gold. However, I made this post not ask about which is a better investment, but which one is going to take place more than the other in the near-distant future. Again, not as investment, but as an asset to be used in the future and be part of it (not because it will be the trend but I don't want to stuck with fiats). Then a lot of fellow redditors helped me understand bitcoin better. One of them was kind enough to send me links about btc. I realized that btc created by cypherpunks. Wow what a shock!! Yeah I knew about it, but I didn't know that it is connected with the 92 cypherpunk group. Jeez is long damn post. The 90s cypherpunks were using cryptic messages in order to achieve maximum privacy over the gov or other groups. Time has passed and some of those are really famous now. One of them created pgp, another one tor browser and the list goes on. Even Julian Assange was one of them. What I am trying to say is btc in order to be a worldwide currency must be used just like the fiats now. However a lot of people are buying btc in order to be rich or they are trying to, because of what Satoshi wrote during his/hers/their email conversation with Mike Hearn. Saying that if btc used like fiats now then btc will cost 10mil usd. That's great news, but wait! The other creations of the cypherpunks are great too but are widely used? I mean pgp is great, but who uses it? 10%? 20%? 30? Of the population? I don't think so. Julian Assange is in prison. Tor? Again the same with pgp. I am not saying about cryptocurrencies back then (even the 90s yes), because the world wasn't ready during that period. So what makes us think that btc is going to work since those creations are not widely used? What makes us think that btc will work when a large percentage is buying it due to its store of value? Satoshi says that store of value usage will have exact the opposite effect of what he/she/they created it for. That is the information that I know. If something is wrong please say it so because the internet some times is playing games. Long post - sorry about that!
submitted by MrProp3rius to BitcoinBeginners [link] [comments]

nuv mining | Just How to Earn Money From Bitcoin Online

It is now the eve of 2018 and also bitcoin is at the top of the mountain. The bad days seems to be gone, as well as although a bitcoin bubble can happen anytime, there is no saying the cryptocurrency is below to remain. The sooner you get entailed right into making money from bitcoin, the better ground you will certainly have in 5 years when it comes to be a recognized currency worldwide.
nuv mining
And also if the Bubble frightens you, purchasing bitcoin is simply among the options, but not the only one. Bubble or otherwise you can still make tons of cash from bitcoin. As well as bubble or not, the value will certainly climb in the future since individuals are just getting involved in it.
Make you have Bitcoin Faucet
Making Potential: $50 to $800 a month.
A bitcoin faucet is a task in which you develop a website or application for customers to go to. You monetize the site with ads that pay in bitcoin. The ads pay a percentage of bitcoins per web page view, click or conversion.
To encourage a big amount of visitors to maintain browsing the site on a day-to-day as well as per hour basis, you offer to split the income from the ads with them, paying in Satoshi which are primarily bitcoin cents. To declare their profits the user requires to earn a specific amount of Satoshi as well as payments are performed on an once a week basis.
Taps are paying in between 100,000 to 400,000 satoshi's per hour. Some offer costs repayments for seniority or jobs achievements.
Taps began to operate with the resolving of captchas, and also nothing else. A really uninteresting easy income task. New taps are constructing in video games were users kill aliens, feed pests or eliminate robotics to make satoshi, the more they advance in the game the more they gain. So this is a fantastic concept for your very own tap.
The day were every video game player earns money for having fun is just around the corner.
Take into consideration that bitcoin taps tend to default as a result of underfunding or liquidity. The proprietors of the tap do not get their settlements fast sufficient to pay a rapid growing user base. They likewise tend to be hot targets for hackers.
Produce Passive Earnings from Your Bitcoin Blog site
Because bitcoin is so brand-new contrasted to various other targeted content there's great deals of room for brand-new blog writers as well as websites. Brand-new businesses related to bitcoin emerge every day; anything from bitcoin exchanges, trading, funny money sites, taps, on-line shops as well as mining are avid for your advertorial space.
Developing a bitcoin blog site and also generating income from can be slow at the start, but constant posting of rich content will certainly obtain some marketers curious about no much less than 9 months.
You can sign up with some affiliate programs or develop your own bitcoin store. Bitcoin faucets, budgets as well as exchanges pay big payments per recommendation.
Little Profits from Bitcoin Faucets
My first guidance involved creating your really own tap. If that is a bit too hard, after that try joining one and gaining off its advantages. Rather than making around $800 a month it would be more like $30 to $100 a month from a tedious task, but it's still money as well as a very first step to begin building up your financial institution.
Bear in mind that bitcoin faucets tend to be malfunctioning and disappear really fast. So make sure to join some respectable ones like Robotcoin.com as well as BitcoinAlien.com. These are additionally fun due to the fact that you reach play games while gaining, my leading many referral would certainly be robotcoin.
Develop a Bitcoin Product And Services Online Shop
Bitcoin is still difficult to generate income from into USD and also other hard cashes. Not that it is very tough, however ads some costs and tax obligations to the process. Although it is still one of the most inexpensive methods to send money to throughout the globe.
Buying things with bitcoins is a terrific way of making something valuable out of them as well as aids skip the fees and also tax obligation of exchanges. Especially if you can after that market those products and turn into difficult cash.
submitted by Nuvmining to u/Nuvmining [link] [comments]

The key to mass crypto adoption: generosity.

You want mass adoption. So do I. Here's why I know generosity is the key:
  1. Setting up wallets, and navigating exchange's order books, conversion rates..."what the hell is a Satoshi"... it's completely overwhelming for people. "Simply sign up to this website you don't know anything about, enter in your bank account information, send a picture of yourself and a copy of your ID, then in forty-seven additional steps, you'll hold a crypto currency built on a technology you don't understand!"
Instead, have your curious-but-uninvested friends download a wallet, and send them some crypto... no strings attached. Why?
  1. This will show them the speed and security of the transaction, give them the pleasure of holding a piece of the future, and will get them excited about checking the progress and value of the tech, which is most of the fun of all of this anyways. It won't take long for them to realize that if they really want to get "rich" (which let's be honest, is why most of us got into this in the first place), they'll have to buy more.
  2. The complication and confusion of exchanges won't be front-loaded, and will be something they are more likely to overcome when they already have the currency, and must learn how to exchange it if they ever want to sell it. By receiving the crypto on the front-end, they're given a taste of the addictive fun of it.
  3. Bragging about how much money crypto is/will be making you? Time to put your money where your mouth is. My introduction to BTC was when a friend sent me 50 USD worth. Like it was nothing! Of course it wasn't nothing, he's not a wealthy man- but I thought "... if he shared this with me, this thing must have been very good to him." I soon started reading more about BTC, and I bought more.
Offer to donate to your favorite charity, in BITCOIN (not your obscure alt). If they accept, MAKE GOOD ON YOUR OFFER. What charity wants to leave money on the table? If they don't know how to accept BTC, be a generous person with your time and talents, and show them how to accept BTC donations. This will:
  1. Pave the way for future donations. Once your favorite charity has the wallet and the know-how, the hard work is done. Receiving one BTC donation and receiving one-hundred donations is the same amount of work.
  2. Allow donations from those of us that don't have much liquid fiat on hand, but do have some crypto.
  3. Allow people to profitably and unashamedly give small amounts. Someone might feel stupid writing and mailing a check for a very small amount even though it's all they can give, and sometimes the cataloging and cashing of that check might actually cost the charity more than the donation itself. Crypto makes the giving of even minuscule amounts enjoyable for everyone.


submitted by Uggamouse to CryptoCurrency [link] [comments]

r/Bitcoin recap - August 2019

Hi Bitcoiners!
I’m back with the 32nd monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you an overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in August 2019
Development * Bitcoin Core Developer Andrew Chow is straming his code tests on Twitch (7 Aug)
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

Can Any Current Crypto Commodity Ever Be Used As A General Currency?

“In the long run, we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean will be flat again.” - John Maynard Keynes

Cryptocurrency Supply Algorithms And The Equation Of Exchange

Although I am a proponent for Bitcoin and view it as a good store-of-value, my belief is that all of the algorithms for cryptocurrency supply models that I have seen to date are not amenable to creating a cryptocurrency useful as a general currency. That is as a means for exchange-of-value as opposed to store-of-value. The following is my brief description of the models that I am aware of, followed by an explanation of why I believe they are not useful for as general currencies. At the bottom, I make a concluding remark on what I believe is a missing feature needed to realize a general currency.

Coin Supply Algorithms

In an N+1 algorithm, each time a block is produced, a constant incentive reward is added to the supply of coins. This means explicitly that the size of the coin supply will grow forever, unlimited. This sounds pretty good on the surface. If you are a miner, you are guaranteed that there will always be an incentive reward available for mining.
If we look at this from a total coin supply viewpoint, and a little high school math, the normalized change in supply is:
We then want to ask the question, how fast is the coin supply changing, as N goes to infinity since we are assuming that blocks are produced forever. This is:
Lim N->∞ N+1/N
Where N is the number of blocks produced. By L’Hôpital’s rule for those that remember a little highschool calculus (I had to look it up), we can take the derivatives of the numerator and denominator which results in 1/1 = 1. In the limit at infinity, the coin supply is a constant value, even though theoretically it grows forever.
Since infinity is only theoretical, what does this look like for blockchain use cases:
To give a feel for it, imagine that we are at the following 4 stages: 10 blocks have been produced; 100 blocks have been produced; 1000 blocks have been produced, and 10000 blocks have been produced. Adding one reward at each stage gives the following percent change in coin supply:
1 — (10 + 1)/10 = 10%
1 — (100+1)/100 = 1%
1 — (1000+1)/1000 = .1%
1 — (10000+1)/10000 = .01%
This demonstrates that the change in coin supply quickly dwindles to an insignificant amount, even though it continues to grow forever. To put this another way, the addition of each new incentive reward quickly becomes a very small fraction of the total coin supply. The coin supply can be thought of as relatively constant.
N + M*N/2T or N(1+M/2T)
T is units of time in discrete steps, and M is the number of blocks produced at each step. This is essentially the Bitcoin model. To make this clearer let’s assume that there is only 1 block produced at each step. This becomes N + N/2T or N(1+1/2T).
If we replace 2T with a new variable K, then this becomes:
Where K increases forever. The summation of 1/K is the harmonic series and increases forever. Therefore, just like N+1 above, N(1+1/K) or N+N/K also increases forever. As with N+1, the rate of increase of the coin supply is then:
This is more simply 1 + 1/K. Thus, as K grows, we can see that the rate of increase tends towards zero as well. Further, since 1/K becomes a smaller and smaller fraction, eventually representing this as a value in a computer becomes impossible. For example, Bitcoin’s smallest fraction is 1 satoshi. When 1/K becomes smaller than 1 satoshi it will no longer be possible to have an incentive reward for a single block produced.
Given that both coin supply algorithms tend towards a relatively constant supply, in terms of use as a currency, we can view both as essentially equivalent. The only difference is how fast the supply tends towards a constant value, where the Bitcoin model is faster.
A third coin supply algorithm is a simple constant amount created in the genesis block. The coins are usually distributed using an airdrop or similar model. Since coins are not being created, the coin supply is by definition constant. If the distribution model used is an incentive reward model to distribute from the pool of coins, it is indistinguishable from one of the above 2 models. If the distribution model is a one-time event, such that all the coins are distributed then there is no incentive reward model.
From a viewpoint of use of currency all 3 models described above can be thought of as equivalent, given enough blocks have been produced for the first 2 models.

Marked To External Asset

There is the fourth model for coin supply which is intended to mark the value of the coin to an external index of some kind. This may be a physical asset like an ounce of gold, or another commodity. In this model, the coin can explicitly represent a unit of the external asset such as an ounce of gold. Regardless of whether the coin can be exchanged for the underlying asset or not, given that supply of commodities such as gold are constantly following the same mining algorithms as above, the marked to asset model is a constant coin supply model. If the distribution model used is an incentive reward model, then it is similar to the third model.

Marked To Value Of External Asset

There is a fifth model for coin supply where the value of the coin is marked to the value of an external asset like the USD, instead of the supply of the external asset, as was the case for marking to a commodity. In this model, the coin supply is changed to reflect the exchange rate of the coin against the value of the external asset. The objective is to keep the exchange rate constant on average over time. For example: assuming the objective is a 1-to-1 exchange between the coin and the USD, then if the coin’s value increases above the objective, more coins are printed, and vice-versa. That is, if the value of the coin decreases, given some means (i.e. burning), the coin supply is decreased to bring the exchange rate towards the objective.
In this model, the coin supply is not fixed but varies with the exchange rate. To the extent that the value of the external asset is relatively constant, and the value of the coin is relatively constant the coin supply will be relatively constant.
Although marking to the USD would seem to be a good idea, given that it is called a “reserve currency”, the USD is intentionally subject to inflation, theoretically, the coin to USD exchange will continue to decrease, requiring the coin supply to be decreased to maintain the objective of a constant exchange rate. Over time, this model can be viewed as decreasing the coin supply if marked to the inflationary external asset value.

Comparing Coin Supply Models

In summary, of the five models described above, four of them are essentially variations on a constant coin supply using various means to distribute the coin, while the fifth tries to keep the value of the coin constant against an external asset value, by managing the supply of the coin.
The equation of exchange: M * V = P * Y[1] tells us that if the amount of money supply, M, (i.e. the coin supply) is constant, and the velocity of money is relatively constant, then an increase in demands for goods (Y), will cause a decrease in the price (P), price deflation. That is, with a fixed coin supply the price of goods is expected to drop, thus increasing the value of the coin. Bitcoin’s increase in value is an example of this. (The Bitcoin ledger does not have the means to determine either prices (P) or goods (Y). Instead, I am inferring from the increase in the value of bitcoins that an increase in demand for Y is occurring. There are possible other explanations.)
However, it should be noted that in order for the equation of exchange to be valid, the assumption of the velocity of money is relatively constant must hold. If holders of the coin stop using it as a currency for the exchange of value, then the M * V = M * 0 = 0. There is no price in that coin for any goods or services. That is, the value of the coin collapses.
Conversely, if the velocity of the coin were to increase significantly, then this creates effectively more available coin, resulting in the price (P) of the goods and services (Y) to increase. This causes price inflation, which encourages coin holders to spend their coin as fast as possible to avoid losing value in the coin. As the price of goods becomes excessive, people shift from the coin to other forms of currency. As this happens, once more a collapse happens.
At an equilibrium point, the coin supply is constant, the velocity is constant, the demand for goods and services is constant, and therefore the price would be constant. At such an equilibrium point, a constant coin supply would be ideal. However, we can observe throughout history that such an equilibrium point is never reached.
Given any sort of constant coin supply, the value of the coin is expected to vary unpredictably and often wildly. Of the 5 models, the first 4 will always be subject to this. Although this may be interesting for speculators, usefulness for general currency is questionable.
The fifth model is to manage the coin supply against an external asset value. In essence, this is a substitution of the coin for the asset. Provided that the coin supply can be managed to reflect the objective exchange rate, the value of the coin should be stable relative to the stability of the external asset value.
However, in my opinion, this marking of value does not take into account exchanges that are wholly internal to the coin and its blockchain. The transfer of a coin balance from one account to another implies an exchange of value, thus the equation of exchange applies internally to the blockchain. This exchange of value is independent of the exchange rate of the coin value versus the external asset value. Thus, the coin supply can be seen as independent of the exchange of value on the blockchain.
Given this assumption, we can make the simplifying assumption that the coin supply is relatively constant with respect to the exchange of value on the blockchain. As a result, one would expect that even though the coin supply is managed against the exchange rate with an external asset, its value can still fluctuate wildly, beyond the ability of coin supply management to compensate. This, in turn, will impact the exchange rate, destroying the intended objective.
As a natural consequence, even with the approach of marking the value of the coin to external asset value, such as the USD, the expected volatility limits the usefulness of the coin as a currency.

Towards A General Currency

As stated in the introduction, I believe that none of the cryptocurrency models described are viable for use as general currencies. In my opinion, my brief non-rigorous analysis above demonstrates this likely to be true. The question remains, what else is needed to create a cryptocurrency that is viable as a general currency.
The equation of exchange shows us what is missing directly: In the equation M * V = P * Y, we can say that on every blockchain we can know the values of M and V directly. The account ledger explicitly shows us this, (ignoring encrypted exchanges). What we do not know is the other side of the equation. We do not know either price (P) or goods and services (Y) for any exchanges that are internal to the blockchain, that is between accounts on the blockchain.
If we compare cryptocurrencies with national fiat currencies, and cryptocurrency exchanges with foreign exchanges, we can see that the foreign exchanges relate the difference in prices in related economies. In comparison, the cryptocurrency exchanges appear to only relate the difference in demand for the cryptocurrencies themselves. This demand only manifests itself during the exchange of cryptocurrencies for each other and between fiat and cryptocurrencies and vice-versa.
It is my position that because the internal use of cryptocurrencies on their own blockchains is currently hidden, none of the above coin supply models will create a currency stable enough to be useful as a general currency. If/when a cryptocurrency model is created that takes into account the currently hidden internal exchange of value, then we will have realized a general currency.
[1] https://en.wikipedia.org/wiki/Equation_of_exchange
submitted by PrasagaOfficial to u/PrasagaOfficial [link] [comments]

Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.


The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs.
decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page.
decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)


Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).


Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.


bepool.org is a new mining pool spotted on dcred.eu.
Exchange integrations:
Two OTC trading desks are now shown on decred.org exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.


BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.




stakey.club: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Featured articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.


DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

Musing on Money: Gold, USD, and BTC

Gold, USD, and BTC are often presented as if they are competitors, which of course in some ways they are. However, I find far more interesting and enlightening their complementary differences which illustrate the benefits that come from each and why I expect that the future will not be any one of them eliminating the others but instead a continued coexistence with overall benefit to society.
Let's consider gold first. Obviously it has the advantage of history and universality. For thousands of years humans have recognized gold as having certain uncommon properties: a rare, easily malleable, yellow metal. That doesn't seem like much, but it's been enough to make it appreciated for decorative purposes and commonly used as a trade good. Its history and rarity combine to make it an attractive long-term store of value: a person who buys a piece of gold today can be relatively confident that whoever they give it to will be able to trade it for a similar amount of goods and services in future centuries. Of course, such physical gold (as opposed to an ETF, etc) can also be stolen or lost. But if custody is maintained over the gold, it is reasonable to expect that although there will be some fluctuations in its value relative to other trade goods, it will still retain significant purchasing power.
However, there are also significant disadvantages to gold. It is no longer commonly accepted directly in trade, so it needs to be converted to a local currency and this tends to involve somewhat substantial fees, so there significant inefficiency particularly if one is only storing value for a relatively short period of time, like anything less than a decade. It's an obvious target for theft, and if one has it stored by a third party this has expense (as opposed to having one's USD stored in a bank, which is free or for which you get paid).
In the modern economy, the primary role of gold is as a backup store of value in case the daily currency gets inflated. However, due to various peculiarities of the gold market, it is not always effective in this role as smaller inflation may not be captured by an appreciating gold price due to other fluctuations in gold price or exchange fees. Thus gold tends to be more of a defense against extreme inflation than mild inflation. This is a fuzzy line though: looking at a chart of Gold in USD over the last 100 years there is massive volatility, while I expect that overall the purchasing power of the dollar has declined in a rather more straightforward fashion. ...oh, oops, I thought that seemed off: make sure to uncheck "inflation-adjusted". What we want to see is precisely the raw USD values, because we're looking to see how gold functions as a hedge against inflation.
And then the pattern becomes rather more clear: before the USD left the gold standard, even into the beginning of the 1970s, gold was less than $40 per ounce. Now it is above $1,000 per ounce. Now, USD has not faced hyperinflation like the Weimar Republic or Mugabe's Zimbabwe. But it has clearly had heavy price inflation and loss of purchasing power. Although volatile and imperfect, gold has been a useful tool for being able to store value without having its purchasing power constantly eroded by this effect.
Now, the United States dollar. I'm using this as a representative for all government issued currencies, just as I used gold as representative of all precious metals or other commodity stores of value, and for similar reasons: it is familiar and a global standard. Even outside the United States, the USD is often used in trade and is considered a 'global reserve currency'. This piece is not primarily about USD in comparison to other currencies or the reasons for its pre-eminence, but I'll just note that there are some circular reinforcing effects here: because it is seen as a strong, stable currency, this leads to increased global demand for the USD, which helps to make this strength in some ways a self-reinforcing condition (although not one which necessarily will maintain forever of course).
Proponents of gold and BTC frequently criticize the inflationary prices of USD and the erosion of value inherent to it by design and modern financial philosophy (not referring to 'MMT' but mainstream economic thought today supports having deliberate inflation and loss of value because this is claimed to be less bad than the alternative of price deflation). This is absolutely an effect which has significant and obvious downside to anyone who has value in USD. On the other hand, there can be some positive aspects to it as well from some perspectives. This has the effect of reducing the value of the principal amount of debt over time. Of course, this is compensated for by interest rates in return and so tends to be a wash overall, but it can be a helpful effect for those who owe mortgages or take out loans to purchase productive capital.
In general, this inflation is designed to encourage spending or investment and discourage idle cash. While horrible to anyone who simply wants to be able to save over time, and while it tends to exacerbate cycles of boom and bust economy, this does perhaps help overall to incentivize economic activity.
Beyond the question of value over the long-term, USD (et. al.) are obviously the most convenient unit of account for daily commerce. Whether used directly as cash, or far more commonly by bank transfer or card payment, USD is the basis of trade. There is some inertia effect here and some policy effect, but overall the system works rather well: it tends to be convenient and easy to spend USD and thus it's widely accepted. It's a common platform upon which the economy runs.
BTC is obviously still quite new and experimental and generally untrusted, for good reason. It is by no means certain it will survive the next ten years. On the other hand, it has in my view held up rather well for being so new. There hasn't been a major bug which has destroyed the system, and while the price has obviously been extremely volatile, over the course of years it has so far managed to come out of each bubble with a somewhat higher base than it went into it with. For years BTC did not exceed the ~$1,000 2013 peak of Mt. Gox (based on manipulation and fraud), but then in the 2017 / 2018 bubble it finally did. Now, while far below the $20,000 peak of early 2018, BTC is still well above the <$1,000 it was for years.
Nonetheless, this is quite obviously not something to stake the entire proverbial farm upon. Even if cryptocurrency is dominant 100 years from not, it is not obvious that BTC or necessarily any of the current contenders will still even exist much less have maintained their current purchasing power.
This is an interesting trial of a different system, one which combined the "from nothingness" of USD and its digital transfers with the concept of limited quantities like gold as well as its statelessness (although both of these last are somewhat chimeras: obviously there can be unlimited varieties of crypto so the scarcity is artificial and despite the claims of being leaderless crypto does in fact ultimately have decisions made by people and accepted or not by communities).
Clearly there is far greater volatility in BTC than in USD or gold. On the other hand, it has the potential to grow more than either do: gold has saturated the world and while it's unlikely to lose significant value it's hard for it to gain in purchasing power either. Similarly USD in total has little more to gain, and individual dollars of course are essentially guaranteed to lose value. So there is a lottery nature to Bitcoin and other cryptocurrency, which is as well part of what has given them an unsavory reputation due to the "get-rich-quick" style of promotion that inherently is incentivized for holders.
I tend to view crypto as essentially a speculative novelty: when there is a ton of money floating around, then people will throw it at silly things like sports cars, or stock in companies which will never turn a profit, or cryptocurrencies. Conversely, if people are struggling to survive I find it hard to believe they will put confidence in magical internet money and instead I would tend to expect the price to fall as people who hold the coins try to convert it to currencies which can be used to buy food or pay rent (and many of the systems which on the surface would seem to be ways to do this in BTC are actually just convenient ways to wrap the conversion to USD).
This is why I view Bitcoin not as a hedge against economic collapse, but instead the ultimate bet on economic success leading into more and more of a "post-scarcity" world where people's basic needs are relatively easily met while competition is for status and luxuries.
In such a world, I think NYAN also can find a place, as I think we've got a charming meme. While we are certainly tiny and would need to ultimately grow more in order to be more broadly successful, we have demonstrated strength by merely surviving, and we have along the way also managed to slightly outperform relative to BTC (going from 1-3 satoshi to ~9 satoshi lately) as well as USD, carrying on from the rise BTC has had.
The inherent silliness of a coin based on the nyancat is useful in my opinion for helping to illustrate the view I have of cryptocurrency overall: that it's important to make it clear this is not a safe haven, but instead ridiculously silly gambling. That said, I do believe it's still possible for NYAN to have a serious and positive effect economically.
Conceptually, my view of it has been that money would flow into NYAN from those who essentially are donating it for fun (this has been my motivation and view of my purchases: I bought in originally in part to be able to say I was a "millionaire" in something ('nillionaire' in this case) and in part to motivate myself to continue with the coin), while those who are selling and receiving the money inherently have a greater need for it (since those who are buying should be those who have no need of the money, then those who are selling and presumably have some need for it obviously have the greater need). Thus it is a redistribution of wealth which should produce greater overall utility, and further, it is a purely voluntary and honest redistribution and therefore does not have the ethical problems of forced or fraudulent redistribution.
Further, I believe it should also be possible in theory for this to create additional wealth: if one person has extra money and doesn't see anything useful to do with it, they can 'throw it away' buying NYAN. Another person selling NYAN may see an opportunity for investment and use the proceeds to do so. If these investments tend to create value, then these exchanges create value. And if the investor later tosses some money back into buying NYAN, it may cause the cycle to continue.
Now, I want to make it clear this is my wishful thinking about how I would like NYAN to develop if it's successful. It's not a projection that this is in any way likely. Far more likely is we get bored and wander off and NYAN dies. Or we are foolish and wasteful with the proceeds we may someday get from selling our NYAN and the capital is wasted and NYAN dies. etc. There are far more ways for this to fail than to succeed.
But I like to imagine that if we build a wise community, that this fun money could actually be a way of efficiently reallocating excess capital among ourselves, and that if we are wise stewards of the capital we are entrusted with, that we may grow our wealth to the benefit of all, Nekonauts as well as everyone else.
It starts with a foundation of honesty and humility. This is why it's been so important to me for us to make it clear how improbable our success or even survival is, and to focus more on discouraging unwise gambling than on trying to attract buyers. We must be far-sighted and mindful of how to build a solid foundation for our own lives, and then on how we can serve others, instead of looking for short-term advantages.
Of course...talk is cheap, and I'm currently using the funds I got from Raiblocks / Nano for rather reckless gambling. But I did first make sure to pay off my debts, and I have just recently proudly, albeit painfully, paid my taxes on my windfalls. And while I'm gambling on the failure of Tesla, I do so justifying myself that I believe the actions of Musk and the company are dishonest and thus deserve failure, rather than that I am the caricature presented by bulls of an opportunistic liar trying to destroy something great. The bottom line for me is that my success or failure depends upon the accuracy of my judgement. While I may fail, I've been given an opportunity I may well never have otherwise had, and it has been due to the willingness of others to gamble on buying cryptocurrency. I've wasted plenty of money, but my goal overall is to be wise and multiply the capital I have, certainly to my own benefit first, but hopefully also to the benefit of others ultimately as well.
Such is life. We all have our cross to bear, but I hope we all also get some opportunities along the way too.
Never give up; never surrender!
submitted by coinaday to nyancoins [link] [comments]

What is a Cryptocurrency Wallet?

What is a Cryptocurrency Wallet?
Use this straightforward guide to learn what a cryptocurrency wallet is, how they work and discover which ones are the best on the market.
A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet.
How do they work?
Millions of people use cryptocurrency wallets, but there is considerable misunderstanding about how they work. Unlike traditional ‘pocket’ wallets, digital wallets don’t store currency. In fact, currencies don’t get stored in any single location or exist anywhere in any physical form. All that exists are records of transactions stored on the blockchain.
Cryptocurrency wallets are software programs that store your public and private keys and interface with various blockchain so users can monitor their balance, send money and conduct other operations. When a person sends you bitcoins or any other type of digital currency, they are essentially signing off ownership of the coins to your wallet’s address. To be able to spend those coins and unlock the funds, the private key stored in your wallet must match the public address the currency is assigned to. If public and private keys match, the balance in your digital wallet will increase, and the senders will decrease accordingly. There is no actual exchange of real coins. The transaction is signified merely by a transaction record on the blockchain and a change in balance in your cryptocurrency wallet.
What are the different types of Cryptocurrencywallets?
There are several types of wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online.
Are Cryptocurrency wallets secure?
Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. A web server is an intrinsically riskier environment to keep your currency compared to offline. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network and don’t rely on a third party for security.
Although online wallets have proven the most vulnerable and prone to hacking attacks, diligent security precautions need to be implemented and followed when using any wallet. Remember that no matter which wallet you use, losing your private keys will lead you to lose your money. Similarly, if your wallet gets hacked, or you send money to a scammer, there is no way to reclaim lost currency or reverse the transaction. You must take precautions and be very careful!
Although Bitcoin is by far the most well-known and popular digital currency, hundreds of newcryptocurrencies (referred to as altcoins) have emerged, each with distinctive ecosystems and infrastructure. If you’re interested in using a variety of cryptocurrencies, the good news is, you don’t need set up a separate wallet for each currency. Instead of using a cryptocurrency wallet that supports a single currency, it may be more convenient to set up a multi-currency wallet which enables you to use several currencies from the same wallet.
Are there any transaction fees?
There is no straightforward answer here.
In general, transaction fees are a tiny fraction of traditional bank fees. Sometimes fees need to be paid for certain types of transactions to network miners as a processing fee, while some transactions don’t have any fee at all. It’s also possible to set your own fee. As a guide, the median transaction size of 226 bytes would result in a fee of 18,080 satoshis or $0.12. In some cases, if you choose to set a low fee, your transaction may get low priority, and you might have to wait hours or even days for the transaction to get confirmed. If you need your transaction completed and confirmed promptly, then you might need to increase the amount you’re willing to pay. Whatever wallet you end up using, transaction fees are not something you should worry about. You will either pay minuscule transaction fees, choose your own fees or pay no fees at all. A definite improvement from the past!
Are cryptocurrency wallets anonymous?
Kind of, but not really. Wallets are pseudonymous. While wallets aren’t tied to the actual identity of a user, all transactions are stored publicly and permanently on the blockchain. Your name or personal street address won’t be there, but data like your wallet address could be traced to your identity in a number of ways. While there are efforts underway to make anonymity and privacy easier to achieve, there are obvious downsides to full anonymity. Check out the DarkWallet project that is looking to beef up privacy and anonymity through stealth addresses and coin mixing.
Which Cryptocurrency wallet is the best?
There is an ever-growing list of options. Before picking a wallet, you should, however, consider how you intend to use it.
Bread Wallet
Bread Wallet is a simple mobile Bitcoin digital wallet that makes sending bitcoins as easy as sending an email. The wallet can be downloaded from the App Store or Google Play. Bread Wallet offers a standalone client, so there is no server to use when sending or receiving bitcoins. That means users can access their money and are in full control of their funds at all times. Overall, Bread Wallet’s clean interface, lightweight design and commitment to continually improve security, make the application safe, fast and a pleasure to use for both beginners and experienced users alike.
Advanced users searching for a Bitcoin mobile digital wallet, should look no further than mycelium. The Mycelium mobile wallet allows iPhone and Android users to send and receive bitcoins and keep complete control over bitcoins. No third party can freeze or lose your funds! With enterprise-level security superior to most other apps and features like cold storage and encrypted PDF backups, an integrated QR-code scanner, a local trading marketplace and secure chat amongst others, you can understand why Mycelium has long been regarded as one of the best wallets on the market.
Exodus is a relatively new and unknown digital wallet that is currently only available on the desktop. It enables the storage and trading of Bitcoin, Ether, Litecoins, Dogecoins and Dash through an incredibly easy to use, intuitive and beautiful interface. Exodus also offers a very simple guide to backup your wallet. One of the great things about Exodus is that it has a built-in shapeshift exchange that allows users to trade altcoins for bitcoins and vice versa without leaving the wallet.
Created by Bitpay, Copay is one of the best digital wallets on the market. If you’re looking for convenience, Copay is easily accessed through a user-friendly interface on desktop, mobile or online. One of the best things about Copay is that it’s a multi-signature wallet so friends or business partners can share funds. Overall, Copay has something for everyone. It’s simple enough for entry-level users but has plenty of additional geeky features that will impress more experienced players as well.
Jaxx is a multi-currency Ether, Ether Classic, Dash, DAO, Litecoin, REP, Zcash, Rootstock, Bitcoin wallet and user interface. Jaxx has been designed to deliver a smooth Bitcoin and Ethereum experience. It is available on a variety of platforms and devices (Windows, Linux, Chrome, Firefox, OSX, Android mobile & tablet, iOS mobile & tablet) and connects with websites through Firefox and Chrome extensions. Jaxx allows in wallet conversion between Bitcoin, Ether and DAO tokens via Shapeshift and the import of Ethereum paper wallets. With an array of features and the continual integration of new currencies, Jaxx is an excellent choice for those who require a multi-currency wallet.
Armory is an open source Bitcoin desktop wallet perfect for experienced users that place emphasis on security. Some of Armory’s features include cold storage, multi-signature transactions, one-time printable backups, multiple wallets interface, GPU-resistant wallet encryption, key importing, key sweeping and more. Although Armory takes a little while to understand and use to it’s full potential, it’s a great option for more tech-savvy bitcoiners looking to keep their funds safe and secure.
Trezor is a hardware Bitcoin wallet that is ideal for storing large amounts of bitcoins. Trezor cannot be infected by malware and never exposes your private keys which make it as safe as holding traditional paper money. Trezor is open source and transparent, with all technical decisions benefiting from wider community consultation. It’s easy to use, has an intuitive interface and is Windows, OS X and Linux friendly. One of the few downsides of the Trezor wallet is that it must be with you to send bitcoins. This, therefore, makes Trezor best for inactive savers, investors or people who want to keep large amounts of Bitcoin highly secure.
Ledger Nano
The Ledger Wallet Nano is a new hierarchical deterministic multisig hardware wallet for bitcoin users that aims to eliminate a number of attack vectors through the use of a second security layer. This tech-heavy description does not mean much to the average consumer, though, which is why I am going to explain it in plain language, describing what makes the Ledger Wallet Nano tick. In terms of hardware, the Ledger Wallet Nano is a compact USB device based on a smart card. It is roughly the size of a small flash drive, measuring 39 x 13 x 4mm (1.53 x 0.51 x 0.16in) and weighing in at just 5.9g.
Green Address
Green Address is a user-friendly Bitcoin wallet that’s an excellent choice for beginners. Green Address is accessible via desktop, online or mobile with apps available for Chrome, iOS, and Android. Features include multi-signature addresses & two-factor authentications for enhanced security, paper wallet backup, and instant transaction confirmation. A downside is that Green Address is required to approve all payments, so you do not have full control over your spending
Blockchain (dot) info
Blockchain is one of the most popular Bitcoin wallets. Accessing this wallet can be done from any browser or smartphone. Blockchain.info provides two different additional layers. For the browser version, users can enable two-factor authentication, while mobile users can activate a pin code requirement every time the wallet application is opened. Although your wallet will be stored online and all transactions will need to go through the company’s servers, Blockchain.info does not have access to your private keys. Overall, this is a well-established company that is trusted throughout the Bitcoin community and makes for a solid wallet to keep your currency.
submitted by Tokenberry to NewbieZone [link] [comments]

How to accept Dogecoin with your business, and why. A few pointers.

You are a business owner and sell goods or services. You heard about Dogecoin. You wonder how you can use it in your business. This thread is for you.
If you have no idea what Dogecoin is, read up on it here (click). In short, it is a digital currency that is perfect for everyday use. Read on if you want to know why it would be good for your enterprise.
Why should I accept payments in Dogecoin? 
Dogecoin offers you:
Dogecoin can be exchanged to national currencies. You can do this easily by yourself or use the automatic conversion offered by some payment processors (all is explained further down). You can also just keep your Dogecoin and spend it or offer it to your employees! :)
Dogecoin is fun and it gets ever more useful the more people like you use and accept it. There are other merchants who have gone this path before you - you can read interviews about them and their experiences on this blog. You can also talk with other merchants in /dogevendors, check out these testimonials ([1, 2], 3), search this subreddit and post any questions you have right here!
I want to accept donations. What are my options? 
Just download the client and put up the wallet address up on your page with donation info. Done! That's it! If you want something snazzy, check out this widget or this one (or this one) (or this one).
If you need to track who sent you how much money (for goodies and that), you could ask that donators tell you that they're sending you a very specific amount of coins (e.g. 100.424242), and match it to their name. However, this can be abused as your transaction history is public. If you're actually selling stuff, check out the next section instead.
I sell stuff online. What are my options? 
You have a lot! It boils down to one of these:
The last option can be interesting if you don't have your own web store, are selling digital goods and/or are just selling on as a side business. If your business is your main income, handling payment yourself is probably better.
1) Manually processing transactions
All you need for this is a Dogecoin wallet. You simply generate a payment address for each of your customers, send it to them and confirm that your coins arrived at the address. This is super fast to set up and there is absolutely no commitment.
If you just want to try it out before investing a lot of effort, just set up a wallet (either with the Dogecoin desktop client or an online wallet (listed under Browser "here") and let your customers know that they can now pay with Dogecoin. You can use some of these buttons if you wish( 1 2 3 4 5) and browse this asset repository of useful artwork. The graphical interface is still being developed, but you can browse the files and find license information already :)
2) Automatically processing transactions
Check out the section on APIs and payment processors further down!
3) Selling stuff through a 3rd-party site
There are a number of sites that function a lot like eBay, Etsy and Xmart. You enter your products and they handle the payment and web store stuff. This is most convenient if you have digital goods to sell (music, books...) and want to send them out automatically.
If you are an Etsy user who wants to accept Dogecoin, click here.
I sell from a physical store or location. What are my options? 
All you need is an internet connection in your store and a web-capable device, such as a mobile phone, cheap tablet or a nearby PC. On-site, your customers can send you coins using their phone, or you can sell coupons for your goods online in advance.
DogePos is a point-of-sales app that is open source and Koupah announced that they will accept Doge as well. You can use or apply for all of these tools right now! Either way, all you need is a way to 1) convert a USD price into Doge, and to 2) check that the coins have arrived in your wallet.
To check your wallet balance and Doge prices, you can use the app MyDOGE oniPhones and iPads, and this app on Android devices. This is one of many useful price converter websites you can bookmark. Checking your balance on the PC can be done with the wallet client.
If you want to sell your goods or coupons for them online, it might be easiest use a ready-made stores capable of digital distribution. Check point "3)" in the above section for some options.
Dogecoin payment processors, APIs, checkouts 
Currently, the established platforms accepting Dogecoin seem to be these:
I'm trying a tentative summary here to save you some research, but I'd appreciate comments a lot. None of the three have setup or monthly fees (except some optional subscriptions).
You can probably find people who have used one of these in this thread. This guy volunteered his code for automatic currency conversion and his help setting up the plugin for OpenCart, for example!
If you are tech-inclined, you could run your own payment server with dogecoind and an API like this. This is not yet ready for laypeople though, so don't do that unless you want to get messy.
Exchanging Doge to USD/EUGBP/other national currencies 
If you don't have your payment processor do it for you, at some point you will want to get your Doge converted to your currency of choice, which you should do at an exchange. Keep in mind that you will have to get registered and verified at the exchange, which can take up to a week.
Transfers to and from national currency can take a few days, but trading and transferring digital currencies is very fast and usually near-instant. The following exchanges let you trade your Doge for national currency directly (last updated Sep 17):
If your currency is not listed above, you can either sell your Doge here, or exchange them to Bitcoin and then sell those. I find Kraken (EUR, KRW, USD) to be the best option for EUR, but you can sell Doge for BTC on all of the exchanges mentioned above, or choose one from this list. To sell BTC for national currency, you can also go to Justcoin or LocalBitcoins. There are many similar sites - just pick the one you like best!
Things get developed incredibly fast and Dogecoin is not even a year old. This will only get easier, so keep checking back! Justcoin is looking to trade Dogecoin to national currency, and others are sure to follow.
Alright! How do I promote my business now that I accept Dogecoin? 
Note that there's a collection of Dogecoin artwork and assets for you to use in this repository, complete with license information so you can design your promotions and website with it.
1) Submit your business to these directories:
2) If you are a brick-and-mortar store, mark your business on these maps [1, 2]. Post if you have problems!
3) Make a promotion post in one of these subreddits:
You will get views, especially if you offer an interesting product or a Doge-related promotion. Hint: the best promotion is to offer a few % off for all Dogecoin purchases. Also post and comment to this just to discuss your plans and ask your questions. Come talk to us here and in /dogevendors, we are a fun community :)
This post is not updated anymore. Check the thread linked at the top of this post for the newest version. The last big edits were on Aug 4 (DogeAPI, Prelude) and Sep 17 (Updates on exchanges and websites) and Oct 22 (Moolah).
submitted by animeturtles to dogecoin [link] [comments]

Dissecting The Moon Faucets, and When You Should Claim Them For Optimal Coin Acquisition

DISCLAIMER: I apologize in advance for the tables and graphs being in imgur. I have no idea how to input my data so that you can see it in the reddit client and honestly, this is a lot of data. I recommend opening my figures in a new tab as I talk about it so you don’t have to flip back and forth throughout tabs. Now that that’s out of the way, welcome to the show.
I feel like everyone uses or has used Coinpot and the “moon faucets” in order to obtain their first Doge. I know that I’m in that stage and I had a lot of questions about it, especially about how often I should claim my faucets. I got various answers but the general sentiment was that there was a certain amount of time (<1 hour) that I should be claiming in order to optimize my gains. As somebody who wanted a definitive answer and to analyze some data in a field that is important to me, I set out for some answers.
To collect my data, I sat in front of my computer while all five of the moon faucets operated. Every minute I would write down the value of the given currency at that specific time. I hoped to gain some sort of curve, as that was what I was told to expect, but my curiosity overcame the ABSOLUTE BOREDOM of sitting there and taking notes on what was going on. I recorded all of the values and after an hour, I came up with this data. This is the general stuff, but I will cut each of the graphs down and analyze each faucet separately. Keep in mind that I am in the Eastern United States, as I hear your region makes a difference.
The Data:
Here's the link with my Raw Data: https://imgur.com/a/6dmmc So that’s a lot of raw numbers, so I’m going to analyze each of the faucets separately.
Here's the graph: https://imgur.com/a/khPiM
The jagged line represents the amount of Dogecoin, and the linear line of best fit represents the average rate of Dogecoin, if it were linear. This will become important a little later. What we see here is exactly what I was told to expect: a series of lines which very much represent a curve if we squint our eyes a little. Referring back to the data table, we can see how drastic the reduction of generation is within thirty minutes. From 0 to 2 minutes, we see a growth of .02 doge, and a similar growth of .02 doge in the next 2 minutes elapsed. Eventually however, the generation slows to the point at which we have to wait 7 whole minutes to generate a measly .02 doge. The drip rate went from .01 doge/minute (DpM) to .0028 DpM. That’s a 72 percent decrease in drip rate. If we extend the same analysis to the next 30 minutes, we can observe a further drop to a staggering .002 DpM. This massive decline is exactly what we would have expected.
Bitcoin Cash:
Here's the graph: https://imgur.com/a/xwst5
The story is pretty similar with Bitcoin Cash. The rate starts relatively high but levels out as time elapses. The first thirty minutes has a linear rate of increase of .000000047 Cash per Minute (CpM) and the back thirty minutes we see a decrease of the rate to exactly .0000000093 BcM, which again is an almost 81% decrease in production from the first 30 minutes.
Here's the graph: https://imgur.com/a/RerX7
Is there really anything to say here that is out of the ordinary about these figures? They’re exactly what we figured they’d be, and follow the trend of reducing the rate of acquisition as time elapses. Over the first 30 minutes, the linear rate of Dash per Minute (DpM) is .000000047 , and in the second 30 minutes, the linear rate of acquisition is about .0000000197 DpM. This equates to about a 48 percent decrease in linear acquisition rate.
Here's the graph: https://imgur.com/a/fJzF6
The Moon Litecoin faucet is the same old same old, with this whole curve going on. The amount of Litecoin gained over an hour (LpM) is shown by the line with a slope of around 8.779x+96.361 LpM. The LpM rate for the first thirty minutes was 12.9 LpM and the rate for the latter 30 was 5.733 LpM. This is about a 56% decline in LpM.
Here's the last single faucet graph: https://imgur.com/a/gtiLw
Last but not least, the Moon Bitcoin faucet. All measurements are in Satoshi, because if they were in Bitcoin, I wouldn’t be telling you all about how large the amounts of BTC I was making. You know the drill. The Bitcoin per minute, of BCpM, of the first 30 minutes is .266 BCpM, and the BCpM of the latter 30 is .133, or a 50% decrease in acquisition rate.
Okay! That was a doozy. Now that we have established that all of the different faucets decrease their rates over time, we need to compare them side by side, to get an idea as to when we should be cashing out. To do this, I went ahead and multiplied all of the data by its respective value in USD, as of March 6th, 2018, at around 4 o’clock. This is what I came up with:
Table: https://imgur.com/a/PyOpP
Graph: https://imgur.com/a/HBnI2
Just a reminder, these are all conversions to USD, so YMMV as to your currency if it happened to be different. There are so many things to talk about this graph. Like what in the world happened to Dash? Why is so little Dash given out through the course of an hour? It also seems very interesting that the Dogecoin, Bitcoin Cash, and Litecoin distribution rates are all the same. The Bitcoin faucet seems to have the highest rate, which is interesting as well. So what did I learn today?
*If I could only run one moon faucet, I should run Moon Bitcoin, statistically speaking. *The optimal time to claim coin seems to be around 33 minutes, when the Bitcoin kicks up and almost all of the faucets see an increase in production interval. *More data may be needed to further extrapolate this, as the rates are neither linear nor exponential in growth. Averages can be found through linear lines of best fit, but they are poor indicators of eventual decay.
Thanks for reading my writeup! I’f love to hear what you all think. Did you love it? Did you hate it? Is there a fundamental experimental error? Any suggestions for what I should do next? I’m here to learn from this great community and wanted to give back to those who were so hospitable to me for the four or so days I’ve been a Shibe.
Oh yeah, and 1 Đ = 1 Đ.
submitted by TimbheadLarry to dogecoin [link] [comments]

Fastest / simplest LN on-boarding for the complete and total idiot (like me).

Although I'm usually interested in cheap, more than fast, I'd thought I'd make a post focusing on quick and simple, without worrying about the price. Price was covered in my other post.

>Set up the software<

  1. Install Wallet of Satoshi and setup backup. You have to enter your email then answer a challenge. Easy.
  2. Install Coinomi and backup your recovery key. Add the coin Bitcoin (BTC) to your list of coins.

>Buy mainnet BTC in coinomi<

Coinomi offers Credit Card buys of BTC through a service called simplex. If all goes well, it should be instant. If you hit any snags, it could delay.
  1. Open Coinomi app on your phone.
  2. Tap the Bitcoin coin from the main display (add it if it isn't there).
  3. Select receive then tap the copy icon.
  4. Select the top left context menu and choose Buy (Credit Card)
  5. Paste the address in your clipboard into the address field.
  6. You must choose an amount between 0.011 and 0.025 BTC
  7. Choose the correct currency for your credit card (USD/EUR).
  8. Pick a credit card that matches your exact name and exact address on your government ID.
  9. Click continue and fill out the form.
  10. Fill out the form, accept the terms, then hit pay now
  11. You will now receive an email and SMS you will have to prove receipt of.
  12. You need to provide some hi-res pictures of your ID and possibly a picture of your face.
  13. Pictures must be hi-res and smaller than 4 MB.
Once verified, the BTC should show up in your coinomi wallet shortly. May take 10-15 minutes for money to include your blocks. Just a matter of luck.

>Send BTC to Wallet of Satoshi<

Now we will need to convert your BTC to BTC⚡. To do this we will send your BTC from Coinomi to Wallet of Sotoshi.
  1. Open Wallet of Satoshi and tap the Top Up button on the top left.
  2. In the Top Up screen pick Bitcoin (not ⚡).
  3. Tap the QR code to copy it to your clipboard
  4. Switch to Coinomi.
  5. Tap the Bitcoin coin from the main display.
  6. Select send button then paste your clipboard into the Pay to field.
  7. Select use all funds and hit send
  8. Your ⚡ Wallet will be funded after 6 confirmations (about an hour).

>Now your on the LN Enjoy<

Use Wallet of Satoshi for anything you want to do on ⚡. You don't have to worry about channels or liquidity. Wallet of Satoshi will do all that for you.

>Cashing out to Mainnet<

Once you've lived a year on LN you may want to eventually get some of those funds back to mainnet. Wallet of Satoshi doesn't have a withdrawal feature. You will need to do a submarine swap to boltz.
  1. Open Coinomi and get a BTC receive address.
  2. Go to boltz.exchange and request a conversion from BTC⚡ to BTC (mainnet).
  3. Enter your Coinomi BTC recieve address in the conversion request.
  4. In Wallet of Satoshi, send the BTC⚡ you want to cash out the the invoce provided.

>All Done<

This guide is intended to be the simplest one I could think of to go from zero to BTC⚡. If your worried about the fees, I have a cheaper way, but it requires more steps
submitted by brianddk to lightningnetwork [link] [comments]

To Spend or Not to Spend

That is my biggest dilemma.

On one hand I know adaption is the most important thing for bitcoin, and the best way to do it is to slowly replacing my day to day expenses towards paying by bitcoin. On the other hand I feel like we are still in early stages of it so I feel like spending is wasting my coins (like paying for the pizza example that gets thrown to your face all the time).

Imho if that pizza was not purchased, if the following transactions didn't happen (even the ones in deep web, heck even dark web) bitcoin would not be what it is today, yet everyday we keep hearing HODL HODL HODL.

So I came with a compromise. I'm not sure if this would make much sense, so I would love to hear the community's opinions on how it fares with your way of living.

Let us, for the sake of simplicity, assume I am not buying bitcoin every month with my spare cash, and that whatever I have right now is what I ever will have. It is easy to scale the calculation up by ratio for further buying. Now, the idea is to only spend bitcoin over certain levels of appreciation, with a lower rate. For the example below I will assume I have 1 bitcoin, or 100,000,000 satoshis for divisibility. Now I will have 2 parameters:

  1. Appreciation trigger rate, ATR
  2. Sale ratio, SR
The idea is pretty simple, after every time bitcoin price (say by USD) hits the next ATR, I will give myself allowance to spend SR amount of it for day-to-day transactions. If bitcoin keeps rising I will keep spending, if bitcoin is stagnant I will be waiting for the day for the rise (unless it appreciates over the new purchases for the ATR rate, which we ignore for the time being). Let us put this into numbers for instance.

For bitcoin price of $3,200, ATR of 25%, SR of %6
- When bitcoin hits $4,000 I give myself 60M satoshi allowance (which is now worth $240) that absolutely should be spend to increase adoption
- Next trigger happens at $5,000 my allowance becomes 56.4M satoshi ($282 worth)
- $6,250 -> 53M s ($331) ... $37,250 -> 3M s ($1200) ~ here we already lost half of our bitcoin, but our total net worth in USD becomes $18Km which is about 6x of our initial investment.

This way we never run out of bitcoin even if we were to reach the moon. We don't necessarily buy Lambo with bitcoin either though. It becomes a very good investment and a tool to get away from fiat to some extent. In these imgur links (2, 3), are the charts to illustrate above example for 3 sets of ATSR for 1 bitcoin with $3200 at face value.

Now, if we are buying, say $500 worth of bitcoin (15.6M satoshi) every month, we simply create a new thread with same calculations for that as well.

Of course biggest weakness of this approach is that it heavily depends on bitcoin price rising. I.e. if bitcoin price stagnates we are simply not spending it and thus are not helping with adoption. For this issue I was thinking about simply having part of my monthly purchase to be immediately made available to my allowance. Say I still buy bitcoin with $500->15.6M satoshi, but make 3.9M satoshi immediately available for me to spend for bitcoin based transaction. Basically losing usd over conversion rates to help bitcoin.

What do you guys think? Is this an OK strategy or am I missing something major in my calculations?

Also for anyone who plans to make jokes about this going to $0, I am throwing money etc etc, please find another thread to do so, I am genuinely asking for opinion of people who takes bitcoin seriously here.
submitted by justinjustinian to Bitcoin [link] [comments]

[PSA] Small guide to help you set up bitcoin trades

Since nearly every day someone asks how bitcoin trading works here is a small guide to get you to set-up a wallet, sending and recieving bitcoin guide.
What is bitcoin (quoted from the wiki):
Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009.The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account [1].
From personal experience I have found out not to read too much about it. When I decided to switch from paypal to bitcoin I tried reading up everything I could find about mining/nodes/hashes etc but it only made things more confusing than it actually is. The thing to remember is that bitcoin is a currency and like any other currency, the value can be represented by another currency (or goods). So 1 BTC today might be worth 800+$ and tommorow 8 or even 8000$ (highly unlikely but still you get the idea).
In terms of skins, imagine everyone on the sub really wanted a glock fade. Naturally the price of the glock fades would rise since more and more people are willing to buy them there will always be someone who offers more than the next guy untill some cap is reached. Vice versa devalueing the glock fade can also happen. If Valve releases a new sick glock the value of the fades will decline since everyone will sell theirs and stock up on the new glocks.
Okay now what?
Now we need a place to store our bitcoins we will recieve/spend in the future. The place you store it isn't a bank account but a so called wallet. There are two types of wallets that I know, hardware and software wallets. Hardware wallets are physical wallets (like usb-dongles or cards) since I have no experience with them I won't try to recommend one. There are 2 types of software wallets (again to my knowledge maybe there are more?) so called online-and offline wallets. Since I have a minimum experience with offline wallets (I only know downloading the blockchain takes ages) I also won't discuss that in this guide.
Online wallets.
Online wallets are wallets that are stored by a company. The great advantages are that they don't require you to download the entire blockchain (last I've read it's somewhere ~100GB in size [2]) and is super user friendly. Some websites that offer the online wallet services are: www.blockchain.info www.bitgo.com and www.coinbase.com.
Setting up your wallet.
Most of these website work in a similar fashion when you want to set up your wallet. As an example I will show you how to set up your wallet using blockchain.info (no I`m not sponsored by them, would be dope af though :) ). When you first open up the webpage you will see: http://prntscr.com/dm6034
To create a wallet click on the tab which says 'Wallet' (indicated by a red arrow in the screenshot above) and you will be directed to a new page: http://prntscr.com/dm60hj
After clicking on 'Create A Free Bitcoin Wallet' (indicated by a red arrow in the screenshot above) you will be redirected to a page where you need to fill in some information incase you lose your password. http://prntscr.com/dm618o It is adviced to use a strong password since it is a place where you store your bitcoin/money. Protip: don't store your password on your computer, write it on a piece of paper and store it somewhere where you keep your other important stuff. 'But Ozzy what happens if I download a keylogger on accident?' No worries we will enable 2FA in a moment.
By now you should have recieved an e-mail from blockchain providing you with your wallet-ID. This ia string of numbers and letters. As a safety measure (if you lose your e-mail PW or w/e) write your wallet-ID also on a piece of paper and store it somewhere safe.
After you fill in your wallet-id (happens automatically) and your password you will see the following message (indicated by a red arrow) http://prntscr.com/dm66uz
This is a safety measure of blockchain where they provide you with an e-mail with an authorisation link if you don't click this link on your e-mail you can't acces your wallet. After you click the authorisation link you can close the page where you clicked on the link and return back to your original log in page. There you will see that you are authorised to acces the wallet.
After you have logged in you will be greeted with the main page of your wallet, head on over to the security center to enable 2FA straight away. Your fresh wallet won't have any transactions obviously :) http://prntscr.com/dm6aue
At the security center you can enable stuff like, e-mail verification, phone verification, 2FA etc. Phone verification let's you download the blockchain app to your phone and link it with your wallet so you can 'spend BTC on the go'. 2FA is simply put an extra verification app you download (like google authenticator) which adds an extra layer of security on your wallet.
Acquiring bitcoin:
There are a number of ways on which you can acquire bitcoin. Selling stuff for bitcoin, buying it from people (ie localbitcoins.org) or buying from companies (ie blockchain.info). I only have experience with Dutch companies since Dutch law takes internet scamming very seriously I have never bothered with buying bitcoins from individuals.
Sending bitcoin:
If you want to send bitcoins for goods/services there are 2 things to know. First the wallet address of the person you send it to (I`ll be using a friend's address) and how much bitcoin you need to send. To look up the current conversion rate (BTC/USD) you can use external sites like preev.com or you can use blockchain's handy converter built into the send page. Click and paste the wallet address to which you want to send bitcoin to (be sure to double/triple check it) and the ammount of bitcoin or USD you want to send http://prntscr.com/dm6t1r
After you have pressed 'Next step' you will see another confirmation page where you see a summary of how much btc you send to which address and a transaction fee (used for confirmations) http://prntscr.com/dm6tmx
After your confirmation your transaction will show up on the 'Transactions' tab. When you press the dropdown arrow you will see the ammount of confirmations your transaction has. Since I just sent my bitcoin the transaction isn't confirmed by the blockchain yet. Without checking the confirmations you can have a false sense of security (bitcoin transactions can't be charged backed right?) that the bitcoins are in your wallet. This type of scam is called 'double spending' to read on the dangers of this read the post of u/JackBauerCSGO here https://redd.it/5jed1d. So wait for a minimum of 1 confirmation before trusting the fact that you indeed have the bitcoins.
Recieving bitcoin:
Head over to your 'HOME' page again and click 'Recieve' to find out what your bitcoin wallet address is. http://prnt.sc/dm6cjg
You can see that mine is 1BJQKMCe6zcAFut5fwc4GM49uNf7aH8cQf (note: this is NOT the same as your wallet ID!). This address unique and connected to my wallet only (basically is my wallet). If I were to recieve bitcoin from someone I would link him those letters/numbers to let him know to which address he needs to send the bitcoin. On the right you can see the QR-code of my wallet, if I were to recieve bitcoin from someone who has a bitcoin app I could simply send him that QR-code to let the app know where to send the bitcoin to instead of the numbers/letters.
That is bascially all you need to know to get in to bitcoin trading.
Your next step in to actuall trading is finding someone who sells skins/keys for bitcoin agreeing on a BTC price and setting up the trade (small note: please don't forget to double check their steamrep/cashrep.)
Note: I am in no way shape or form a bitcoin expert, just a globaloffensivetrade user who has dealt with bitcoin for the past year or two. If you have questions feel free to post them and I`ll do my best to answer it.
[1] https://en.wikipedia.org/wiki/Bitcoin
[2] https://blockchain.info/nl/charts/blocks-size
edit: edited a word
submitted by Ozz123 to GlobalOffensiveTrade [link] [comments]

Shibe Philosophy, Volume 1: Sea of Ðoge

"To act wisely when the time for action comes, to wait patiently when it is time for repose, put man in accord with the tides. Ignorance of this law results in periods of unreasoning enthusiasm on the one hand, and depression on the other." - Helena Petrovna Blavatsky
How many tractors is it worth?
A topic that gets discussed a lot is the Doge/BTC conversion rate. Whenever there's a move you can't get through a page without at least a few posts about how we've beaten xxx satoshi and all debt everywhere is about to disappear! Or we've dropped a few satoshi and it clearly needs to be interpreted as the arrival of the fourth horseman of the apocalypse.
So let's have a look at what it actually means. That measure of value is how many hundred millionths of one bitcoin that one doge is worth. Ok... so what does the movement of that number mean for dogecoin?
Not much... sorry.
It doesn't necessarily mean dogecoin has gone up or down in value, it could just mean that bitcoin has risen or dropped and dogecoin is worth a little more or less bitcoin. It could mean that people are trying to manipulate the price by buying or selling huge amounts to incite panic. Valuing dogecoin based on a different cryptocurrency that has its own fluctuations, its own successes and failures, is a bad way to view success for doge. Also, knowing how many bitcoin we can buy with it is useless because, if you have dogecoin why would anyone want to buy bitcoin with it??
Take the current rate for example, at the time of writing this dogecoin is sitting around 280-290 satoshi, the highest rate it has achieved steadily. The last time it was near that high in late Jan though, bitcoin was worth about $200 more per coin, therefore 230 satoshi at that time meant doge was about the same value in USD that it is now at 280.
So am I suggesting that we measure it against USD instead? No. USD also rises and falls constantly, as does every currency, as does the value of every thing that can be purchased. What I'm saying is that this is not a thing worth obsessing over. If you looked at charts of USD against other currencies and saw it going down for a few days, would you suddenly panic, take all of your money out of the bank and exchange it for Indian Rupees because someone on the internet told you that the whole US economy is about to disappear? Dogecoin's value is reliant on what you believe it to be. People have faith in fiat currency, so it has a value. You don't need to look at how many bitcoin your doges can buy, all you need to do is believe in the Ð.
Waves and Meditation
Any time you're worried about the price of doge, do yourself a favour and look at the doge/BTC chart on cryptsy, click on the 1M button above it to see the last month, then in another tab play this.
Then you will see, all the movements are just waves. Sometimes big, small, high or low, but don't let them stress you. They're natural, perfectly normal. There will always be peaks, and always be drops, that's the way it will always be. You can't fight the waves, so why spend all your time focussing on them and stressing about them?
Remember shibes, the tides are caused by the moon. As we get closer to moon, tides rise, with the moon pulling its beloved dogecoins and shibes closer to where they belong. The moon is further away on some days than others, but please don't ever let that make us lose sight of our destination.
But JakeTheDoge, I had the charts surgically implanted into my retinas so I could watch them 24 hours a day! What will I do now?!
Well, oddly technological shibe, why don't you try spending a little less time obsessing over meaningless temporary changes and instead spend it looking into what new developments are being made in dogecoin! Or finding new things for us to support and telling the dogecoin foundation about them, or thinking of your own way that you can help spread the love to new shibes! That is what dogecoin truly needs from its shibes, and every little bit you can do to help makes you a part of the revolution of internet currency. So tell your friends, petition your favourite websites, put stickers on anything that won't get you arrested, anything!
Do you want to tell your children that you once had thousands or millions of doge but you panic sold them when they were worth a fraction of a cent and that's why dinner will be spam again tonight? Or will you take them shopping for whatever they want, tapping your wrist against the register with your digital doge wallet implanted under your skin (probably... apparently people already have screens on their retinas, subcutaneous doge wallets can't be far off) while telling them for the 400th time that you were there, right at the beginning you were there, and you helped make a revolution.
Tl;dr Worried about doge/satoshi rates? Stop looking at charts, go lay on a beach and listen to the waves, then your moon ride is gonna be silky smooth. Just relax man, the Ðoge abides.
1 doge = 1 doge = love
Love, JakeTheDoge – moonship technician
P.S. As I mentioned here I am doing this not for profit. So if anyone is interested and tips in my bloge posts, half of that will go to the dogecoin foundation and the other half will be used for giveaway threads, most likely done once a week if it goes well. Thanks shibes!
submitted by JakeTheDoge to dogecoin [link] [comments]

Introducing Rebit.ph: Sending money to the Philippines using Bitcoin has never been more convenient or more affordable.

As of 2013, an estimated 12 Million of Filipinos live and work abroad, sending $23 BILLION USD annually back home to their loved ones. This is a staggering number: more than 10% of the entire population. Majority of them have low paying jobs and send almost every penny they earn back home to support entire families. The fact that remittance fees are very high is not a coincidence: legacy money transmitting services make an absolute killing because people simply don't have much of a choice. Basically, it is an oligarchy of giant companies that keep the rates high for maximum profit at the expense of hard working Filipinos abroad.
This is where we believe Bitcoin can be a game-changer. Not only can we cut down those fees and rates, we can now allow sending what would be considered impossibly small amounts of money using traditional methods. Today's reality is that if you are sending less than $125 USD to the Philippines, you are going to pay 10% or more in fees and exchange rates. Not with Bitcoin. Sending $50 or even $25 internationally is now possible, and will not cost an arm and a leg.
We developed www.Rebit.ph to make this a reality, and make Bitcoin simple and easy to use for sending money here. First of all, the company is run by a local team of trusted Filipino entrepreneurs that have at least five decades worth of experience in doing business in the Philippines. If you are a Filipino abroad, you can rest assured you won't be sending money to a faceless site established three days ago. We are also the same team behind Satoshi Citadel Industries, Bitmarket.ph, Bitstars.ph, and are heavily invested in a long term bitcoin solution for the Philippine economy.
For Rebit.ph, we are working on future solutions to the fiat conversion on the receiving end as we forge partnerships with other companies that can complement our service by, for example, allowing users to have debit cards that make the withdrawal of Bitcoin to fiat as frictionless and painless as possible. We also brought the first of many Bitcoin ATMs in the Philippines too support this infrastructure. There are plans to partner with Bitcoin companies all over the world to make it as easy as possible for users to acquire Bitcoin as well.
This won't be just a "buzzword" remittance solution but a real company that will concentrate on tackling a real problem in the Philippines. We will be providing a fully supported infrastructure and are looking at a long term and viable remittance solution using Bitcoin in our country.
So far, after doing extensive research on existing remittance fees and rates, we were able to lower the cost of using our service to make it the most inexpensive way to send money to the Philippines, given that you already have Bitcoin or have access to Bitcoins. One important thing that we are doing with Rebit.ph is that we will not be making money off of the USD to Peso exchange rate and will be using the fairest published rate available in the market. This is where remittance companies make a killing, charging around 2.5% to convert your money on the average. We are also making it a point that we are 100% transparent when it comes to our fees and charges, even offering direct comparisons with other remittance companies for everyone to see.
We also know that what we are doing now is a temporary solution. Combined with our other Bitcoin ventures in the Philippines like Bitmarket.ph, we're hoping to close that loop in using Bitcoin to send money across borders. The end game would be that people receiving money will not need to cash out but be able to use the Bitcoin they receive to purchase goods, pay bills, and buy necessities. This is something that will take time, so for now, we're offering what we think is the best way to send money to the Philippines using Bitcoin with Rebit.ph.
Please feel free to comment, suggest, or criticize if needed. We'd love to improve this service and hear feedback. Fellow Filipinos who are working abroad, don't hesitate to get in touch with us. We would love to hear from you.
TL;DR: You can now send Bitcoin to the Philippines, and your family receives Pesos as fast and at the lowest cost possible.
Edit: words
submitted by Godfreee to Bitcoin [link] [comments]

Will Siacoin ever go above 700 satoshis again?

I'm not asking this from a "will I get rich" mindset. I'm asking because I bought Siacoin at 700 satoshis when it was near its peak (I think the highest was above 800), and I'm wondering if Siacoin will ever go back to 500, 600, 700 satoshis?
It seems like the higher Bitcoin goes, the lower Siacoin goes... which makes sense in a way, since 300 satoshis at current BTC/USD conversion is worth more than it was in May... but at the same time, it's pretty disheartening to think that the higher Bitcoin goes, the 'harder' it is for Siacoin to reach the same levels of satoshi...
(I hope I'm wrong about this... that's why I'm posing the question).
submitted by frizzyfox to siatrader [link] [comments]

Why Genesis Vision (GVT) Should Be on Your Watch-List

In light of the recent shills regarding GVT, I thought it would be the perfect time to give some of you a quick look on what GVT is and why it has been getting so much attention as of late. As a disclaimer, I am invested in GVT and I would like to also point out that although I am fairly active on the GVT sub reddit, I have not shilled it whatsoever on /r crypto. I mention this because I know there will be those that say "oh great, another shill post/comment" and had I been trying to shill, I would be all over this sub spamming people about it. I will try to make this post as unbiased as possible. In return, I simply ask that any FUD, and shills as well, include some substance so that we may have a nice discussion.

What is Genesis Vision?

Genesis Vision, from the site, is "the first platform for the private trust management market, built on Blockchain technology and Smart Contracts". Simply put, they are creating an easy-to-use app where people who do not know how to invest their money can give it to someone who does on a trustless platform. Think of it like a trust-less brokerage firm that is backed by blockchain technology and smart contracts. From the white-paper, there are 3 types of people on the platform:
The final GVT platform will have the forex, stock and crypto market all integrated onto one app. GVT's alpha release on April 1st will only include the forex market. Q4 of this year will then integrate crypto for their beta release. Finally, on their final product release, stocks will be added.

How is the platform trust-less?

First ask yourself this, why can people trust traditional brokers with their money? They can't. Who's not to say any given broker won't run away or make awful investments and lose your money? The only thing people like you and me can go off of when investing with any given broker is their track record - and that’s something that could be tampered with too. How long has this person/brokerage firm been in the market? How reliable are they? Stuff like this isn't going to be an issue on Genesis Vision. The time a person has been investing on the platform is all public on the blockchain. Every good investment and every bad investment will be publicly listed. Smart contracts will ensure that no manager can close shop and run with your money. At the end of the trading period, funds are released to the original investor and the manager is given a cut - all safely and securely using smart contracts. This completely eliminates the trust factor as everyone will simply base investments on a manager’s track record.

How does it work?

On the platform, each manager will have their own token. You invest into said manager by buying their token. The manager can then utilize the various markets available to invest and hopefully grow your money. Managers will have levels that are based on their ability to make consistent and reliable gains. The lowest level a manager can be is level 1 while the highest is 7. Your level basically determines how much money you can handle - the max level being able to handle roughly $1m. New people can apply to become a manager after they have developed a track record by trading a minimum of $1,000 over a given period of time.

How GVT is creating its own ecosystem.

To make it easier to understand how the platform will work, ask yourself how the current crypto market works. No matter how many trades you do or what coins you hold, the end goal is to have your portfolio be worth more satoshis/gwei than what you started with. You can either hold BTC, OR you can invest in various altcoins in hopes that it will grow faster than BTC. The reason people research low cap “undiscovered” cryptos is to hopefully catch a rocketship before it takes off. Times have since changed, but everything used to have to go through BTC. Buying alts? Exchange from BTC. Selling alts? Exchange to BTC. BTC falls, everyone falls. BTC grows, everyone grows (sometimes). Some alts will fall harder than BTC, and some won't. Some alts will grow faster than BTC and some won't. Because of BTC's dominance over the market, it is why many crypto veterans hold a big portion of their portfolio in BTC and why they often recommend it to others.
This is akin to how the GVT platform will work. GVT is BTC and the managers on the platform are the altcoins. You could either hold GVT or put it into a manager that will hopefully get you better returns. Much like how people right now look for “undervalued” and “undiscovered” altcoins, there will be talks and similar conversation about undiscovered managers with potential. Now remember, this is how it’s going to be for the intermediate to advanced people, but for newer or more busy people, GVT can become a fantastic tool for side-income.
The platform’s main goal is mass adoption. People like me and you would be more inclined to simply hold GVT since we’d be able to spot out good short, mid and long holds ourselves. Also, since as the platform grows, the coin itself will naturally grow with it. However, what GVT is aiming to do is build a platform similar to Robinhood. Just like how they made investing in stocks - and now cryptos - more appealing and easier to all audiences (especially younger ones), GVT is trying to do this but with a broker-like app instead. Also, keep in mind I’m just talking about crypto. The platform is going to utilize the forex market and the stock market as well.
The takeaway of all this is that because GVT will have its own platform where you can buy/sell GVT straight off of, down the line GVT could possibly part ways with Bitcoin and in a sense create its own ecosystem where GVT is the driving force of its own market.

Why invest with a manager?

So now, I’m again talking exclusively crypto (since I’m not the most knowledgeable on the forex/stock market), but why would any of us want to invest with a manager? Technical analysis and day-trading is an incredibly taboo subject on this subreddit, but that’s because people don’t understand that TA is a tool. It’s not a fact that it’s going to pan out exactly as it’s written and there are many different things to look at when doing technical analysis on a chart. Any investment in this market is speculation and TA is very useful with helping you make educated guesses for the short, mid and long term. With that said, there are some really good day-traders out there. I’m not sure how this subreddits sentiment is towards Philakone (an exclusive day trader on twitteyoutube/steemit), but the dude makes a good amount of consistent money on a daily basis, whether it be a bull or bear market, and keeps his followers up to date by the minute - for free. Imagine if he were to get on the GVT platform and instead of people trying to copy/paste or follow what he does on Twitter, they can just give him money on the GV platform and have him do the work? Down the line if he becomes a level 7 manager and as a result is given a cut of the $1m he is allowed to work with, the literal TON of money he’d be making would certainly appeal to others looking to do the same. They would no doubt have their eyes on GVT and from there, the platform’s growth would be exponential once more and more managebrokers hop on.
I’m not saying that this is exactly how everything will turn out, but still imagine being able to make money in a bear market? And aside from that, there is the forex and stock market to utilize and if any of us ever become serious investors, it would important not to just diversify in crypto, but in different markets altogether and being familiar with GVT would greatly help. Again, this is purely talk on the potential of the platform so take it with a grain of salt and DYOR!

Some thoughts + moonboy talk

Okay this is going to be pure moon-talk since I know that’s what drives most of you. To start, the team is most familiar with the forex market - which has a LOT of money in it - and that is what they will be implementing first on their Alpha launch on April 1st. Crypto implementation in Q4 2018 on beta release and then stock implementation in Q1 2019 on the full release.
Remember that REAL adoption comes when people are using applications built on the blockchain without knowing - something GVT will be doing. Look at Steemit. It is the most active blockchain by far - beating out Ethereum AND Bitcoin ( http://blocktivity.info ). Why? Because it’s smooth and functions like a normal website, despite its use of blockchain technology. I’m not saying GVT will automatically shoot up to the top, but actual use is what will determine any crypto’s success and Genesis Vision is looking like a really solid candidate right now.
On top of this, GVT’s CBDO (Chief Business Development Officer) was the founder of tools4brokers ( http://www.t4b.com ) so they have someone on the team with experience with a successful and working product. I’m not going to take a deep-dive on the rest of the team, but I highly suggest checking out the roadmap and the team (all but a few have linkdin profiles).
Now for the money. First, do NOT be fooled about GVT’s USD price. The price is so high because its token supply is very limited. It is roughly 1/6th the supply of Bitcoin’s meaning we would just have to get to 1/6th of Bitcoin’s market cap (around $25b) in order for 1 GVT to equal 1 BTC. It’s a stretch, sure, but it’s more possible than you think. To put it plain and simple, the forex, stock and crypto market altogether amount to upwards of almost $100 trillion.
GVT is a $100m market cap crypto trying to disrupt a $100 trillion~ industry with an easy-to-use, innovative and game-changing app
  • .001% of this market = $1 billion market cap (1,000% gains from now)
  • .01% of this market = $10 billion market cap (10,000% gains from now)
  • .1% of this market = $100 billion market cap (100,000% gains from now)
Huge disclaimer that just because we could reach these numbers, does not necessarily mean we will, but I see no reason why can’t hit a billion or even 10 down the line.


That’s pretty much it from me. Genesis Vision is a project I, and many others, are extremely excited about. It has a lot going for itself and with such a low market cap, it’s definitely something to at least throw on your watch- list. Hopefully this post didn’t come off as too much of a shill (aside from the last portion) and instead opened some people up to why GVT isn’t just “another shitcoin”. If I missed anything, don't be afraid to chip in! And I’d also be more than happy to try and answer any questions some of you may have but I simply ask that you take a look at the white-paper ( https://genesis.vision/white-paper-eng.pdf ) first as it is very user-friendly and would answer some of your questions better than I could.
Website: https://genesis.vision/
Whitepaper: https://genesis.vision/white-paper-eng.pdf
submitted by DKill77x to genesisvision [link] [comments]

Satoshi to USD, USD to Satoshi How to transfer satoshi in you bitcoin balance How to convert Bits, mBTC, Satoshis, and BTC into USD Easy and Fast BTC Converter Online How to calculate the Satoshi value of any coins Satoshi to USD converter

You simply need to enter the value of Satoshi in this simple conversion tool from Satoshi to USD. The Satoshi to USD Converter immediately outputs the USD amount as soon as you enter the value of Satoshis that you require. It’s easy and as simple as that. Final Words. The last eight years have seen a huge popularity of Satoshi. With Satoshi ... Satoshi to Bitcoin, USD and other currencies converter = Copy link: N/A: Share the result: National currencies. Armenian dram: 1 BTC = 0.00000001 AMD: Belarusian Ruble: 1 BTC = 0.00000001 BYN: Czech koruna: 1 BTC = 0.00000001 CZK: Euro: 1 BTC = 0.00000001 EUR: Hryvnia: 1 BTC = 0.00000001 UAH: Hungarian forint: 1 BTC = 0.00000001 HUF: Indian rupee: 1 BTC = 0.00000001 INR: Indonesian rupiah: 1 ... Satoshi to USD and EUR Converter. The following page supplies a simple conversion tool from Satoshis (the smallest unit of account in Bitcoin equalling 0.00000001 Bitcoins) to USD / EUR / CNY / GBP / RUB / CAD. It is updated live as soon as you enter the value of Satoshis you require. Bitcoin Satoshi to United States Dollar, Chinese Yuan, Euro, British Pound Sterling Quick Conversion. BTC Satoshi Bitcoin Satoshi => USD. You can now select between which ticker to use above- Coindesk or BitcoinAverage Satoshi = USD $ 0 *Click the Satoshi value or USD value to change it* $ USD = x Satoshi = x BTC. BTC ฿1 = $ x USD. Refresh ↻ - occurs every 100 seconds. Bitcoin information ... One Satoshi is the smallest unit of Bitcoin, each Bitcoin is divisible to the 8th decimal place, so each Bitcoin can be split into 100,000,000 units. Each unit of bitcoin, or 0.00000001 bitcoin, is a Satoshi.

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Satoshi to USD, USD to Satoshi

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