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Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

Gridcoin 5.0.0.0-Mandatory "Fern" Release

https://github.com/gridcoin-community/Gridcoin-Research/releases/tag/5.0.0.0
Finally! After over ten months of development and testing, "Fern" has arrived! This is a whopper. 240 pull requests merged. Essentially a complete rewrite that was started with the scraper (the "neural net" rewrite) in "Denise" has now been completed. Practically the ENTIRE Gridcoin specific codebase resting on top of the vanilla Bitcoin/Peercoin/Blackcoin vanilla PoS code has been rewritten. This removes the team requirement at last (see below), although there are many other important improvements besides that.
Fern was a monumental undertaking. We had to encode all of the old rules active for the v10 block protocol in new code and ensure that the new code was 100% compatible. This had to be done in such a way as to clear out all of the old spaghetti and ring-fence it with tightly controlled class implementations. We then wrote an entirely new, simplified ruleset for research rewards and reengineered contracts (which includes beacon management, polls, and voting) using properly classed code. The fundamentals of Gridcoin with this release are now on a very sound and maintainable footing, and the developers believe the codebase as updated here will serve as the fundamental basis for Gridcoin's future roadmap.
We have been testing this for MONTHS on testnet in various stages. The v10 (legacy) compatibility code has been running on testnet continuously as it was developed to ensure compatibility with existing nodes. During the last few months, we have done two private testnet forks and then the full public testnet testing for v11 code (the new protocol which is what Fern implements). The developers have also been running non-staking "sentinel" nodes on mainnet with this code to verify that the consensus rules are problem-free for the legacy compatibility code on the broader mainnet. We believe this amount of testing is going to result in a smooth rollout.
Given the amount of changes in Fern, I am presenting TWO changelogs below. One is high level, which summarizes the most significant changes in the protocol. The second changelog is the detailed one in the usual format, and gives you an inkling of the size of this release.

Highlights

Protocol

Note that the protocol changes will not become active until we cross the hard-fork transition height to v11, which has been set at 2053000. Given current average block spacing, this should happen around October 4, about one month from now.
Note that to get all of the beacons in the network on the new protocol, we are requiring ALL beacons to be validated. A two week (14 day) grace period is provided by the code, starting at the time of the transition height, for people currently holding a beacon to validate the beacon and prevent it from expiring. That means that EVERY CRUNCHER must advertise and validate their beacon AFTER the v11 transition (around Oct 4th) and BEFORE October 18th (or more precisely, 14 days from the actual date of the v11 transition). If you do not advertise and validate your beacon by this time, your beacon will expire and you will stop earning research rewards until you advertise and validate a new beacon. This process has been made much easier by a brand new beacon "wizard" that helps manage beacon advertisements and renewals. Once a beacon has been validated and is a v11 protocol beacon, the normal 180 day expiration rules apply. Note, however, that the 180 day expiration on research rewards has been removed with the Fern update. This means that while your beacon might expire after 180 days, your earned research rewards will be retained and can be claimed by advertising a beacon with the same CPID and going through the validation process again. In other words, you do not lose any earned research rewards if you do not stake a block within 180 days and keep your beacon up-to-date.
The transition height is also when the team requirement will be relaxed for the network.

GUI

Besides the beacon wizard, there are a number of improvements to the GUI, including new UI transaction types (and icons) for staking the superblock, sidestake sends, beacon advertisement, voting, poll creation, and transactions with a message. The main screen has been revamped with a better summary section, and better status icons. Several changes under the hood have improved GUI performance. And finally, the diagnostics have been revamped.

Blockchain

The wallet sync speed has been DRASTICALLY improved. A decent machine with a good network connection should be able to sync the entire mainnet blockchain in less than 4 hours. A fast machine with a really fast network connection and a good SSD can do it in about 2.5 hours. One of our goals was to reduce or eliminate the reliance on snapshots for mainnet, and I think we have accomplished that goal with the new sync speed. We have also streamlined the in-memory structures for the blockchain which shaves some memory use.
There are so many goodies here it is hard to summarize them all.
I would like to thank all of the contributors to this release, but especially thank @cyrossignol, whose incredible contributions formed the backbone of this release. I would also like to pay special thanks to @barton2526, @caraka, and @Quezacoatl1, who tirelessly helped during the testing and polishing phase on testnet with testing and repeated builds for all architectures.
The developers are proud to present this release to the community and we believe this represents the starting point for a true renaissance for Gridcoin!

Summary Changelog

Accrual

Changed

Most significantly, nodes calculate research rewards directly from the magnitudes in EACH superblock between stakes instead of using a two- or three- point average based on a CPID's current magnitude and the magnitude for the CPID when it last staked. For those long-timers in the community, this has been referred to as "Superblock Windows," and was first done in proof-of-concept form by @denravonska.

Removed

Beacons

Added

Changed

Removed

Unaltered

As a reminder:

Superblocks

Added

Changed

Removed

Voting

Added

Changed

Removed

Detailed Changelog

[5.0.0.0] 2020-09-03, mandatory, "Fern"

Added

Changed

Removed

Fixed

submitted by jamescowens to gridcoin [link] [comments]

.001 Eth To USD - USD To Ethereum Converter

How to convert .001 eth to USD with a great profit? Use the best platform, namely Bitcoinsxchanger, to know the current exchange rates of eth to USD. The calculators that you will use for crypto exchange purposes are of excellent quality. This website uses a good automatic mechanism to give you the latest crypto price and conversion rates. It is important for you to know that this platform gives rewarding services worldwide that will not charge any fees. So, this is one of the best opportunities to convert eth to USD getting a high profit and without paying charges for it.

USD To Ethereum Converter

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Ethereum To Dollar Calculator

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0.0776 Ethereum To USD

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Many people want to purchase Ethereum in this current age because it is really easy to make its trade profitable. There is no doubt that Ethereum is a worthy cryptocurrency, but if you are going to use any online platform for its transactions, it should be safe enough so that you should not face any loss. In the USA, a large number of people have already faced scam issues while converting dollars to Ethereum, but no worry as we are a part of world’s largest crypto community and joining us, you can get live crypto charts that are helpful to you, worthwhile profit, excellent tools and many more.
submitted by hagvu007 to u/hagvu007 [link] [comments]

When does leverage matter?

Hey, guys! Beginner trader here. I'm trying to ease myself into this and I want to make sure I have plenty of opportunities to make mistakes, and learn from them. Right now, I'm struggling to understand leverage; I see how risky it is, and I understand how to calculate it, but I don't understand how that effects my actual account. So if anyone can explain what I can expect here, I would appreciate it.
So I have an account with Hugo's Way. I use Bitcoin for my account, so my initial deposit was .005 BTC ($50, for argument's sake), but I added another .01 BTC ($100) before I did any trading. So my account started at a total of .015 BTC ($150), and I chose a leverage of 1:50. Due to my inexperience, I proceeded to lose about .001 BTC ($10). After consulting my teacher, who isn't exactly a forex guru, I was told to change my leverage to 1:500, and I did so, thinking it was safer, which in hindsight probably wasn't where my teacher's mind was. Afterward, through a mix of trades that I can learn from and some genuine bad luck, I lost another .001 BTC ($10), leaving my account with .013 BTC ($130) remaining. So I decided to refresh my understanding of leverage, and by my calculations, I should owe 5.05 BTC ($50,500)... Yikes. However, I see no indication that someone is looking to collect or sue my pants off.
So my calculations must be way off, but what am I getting wrong? I was thinking my broker would ask for reimbursement if I closed this account. But I read somewhere that it's calculated during my trades, so it's the big red or blue number I see next to my pips, meaning it's the same as my net profit. I've even read one top answer saying the broker doesn't care! I think I'm overreacting, but before I continue trading, I need to ask: how screwed am I really?
submitted by freezecook to Forex [link] [comments]

What is money?

Hey all, this might be a bit outside of the "Bitcoin" realm, but I wanted to create a sounding board to help me grasp what money is, how it relates to economies, and where Bitcoin can come in. I'm just writing out my thoughts, and I'm open to comments and opinions or corrections :). Hopefully this can be helpful to others too.
Note, that I live in the UK and I feel like a lot of information talks about the dollar, and I never know if it applies the same to my currency. I will give examples in dollars, but they should apply to any world currency (eg. GBP) to the best of my understanding.
I saw a link recently on this subreddit to this site: https://modernmoneybasics.com/. If I were to summarise what I learnt, it is a mental model that frames fiat currency in an interesting way, but I wouldn't be surprised if it did contain some misinformation. -- It claims that the model applies to any fiat currency.
OK. Pretend that all of a countries money = 1. If you own $100, you own a fraction of the countries money, so if there is $10,000 in the world you own 0.001 of all dollars. So naturally, if more money is printed, you start to own a smaller fraction of that money.
The Modern Money Theory (MMT) gives me the impression that money is basically a tool owned by the countries government (owned by someone who isn't the general public). Money is not an asset, it is a liability (hence why it loses value over time). People pay taxes and the Government will try to redistribute the wealth by investing in projects like The Army, Green Energy, etc.
This is supposed to be distributed in ways that help the country's economy, ensuring that the country is productive and is exporting things to other countries. When deemed necessary, more money can be printed to help redistribute wealth to the areas that the Government wants to invest in. I think that the more successful your economy, the more your money is worth.
This means one thing to me; PEOPLE DO NOT OWN/HAVE MONEY. Don't save fiat; it is a tool to help the economy, not a thing of value that you should store. I feel like saving actually keeps money from circulating in the economy and probably works towards needing to print money. Instead, buy assets; you put money back into the economy, and you get to hold onto your wealth. What can you invest in? Ok, that's not such an easy question to answer. Maybe buy gold (or *ahem* Bitcoin), or invest in yourself to make something valuable and ultimately start your own business.
MMT says that fiat has value because people pay taxes in fiat. Ultimately, we work, and earn in order to pay taxes (income, VAT, road tax, etc.). We spend in fiat, because the person accepting fiat will need to pay taxes and the next person will do the same, so now the whole country values your fiat currency.
Because of this, you need liquidity, you need to have some money to spend on groceries and living, and you need some money for a rainy day lest you end up in an emergency situation with not enough time to handle it with money. -- I think the more something costs, the more time you typically will have to pay it, so there might even be a formula you could create or use that helps you decide what to keep as cash, and what to spend.
So long story short, money is a token that represents a tiny fraction of your countries economy. It is also something that the government can manipulate and move around as it pleases in the same way a business invests in departments for its company. We are all just a cog in the machine that is our country's economy.
One thing I have not talked about, is the role of banks and credit and interest. I haven't expanded my thoughts in that area yet, but I feel like that they serve a different purpose.
Where does Bitcoin fit in? Well, just like gold, it is a potential asset. It has an interesting property though; it has liquidity. This give it the potential to be used for local trades, meaning that people can save their wealth and use it for local transactions too. It is global, so it also has the ability to be used for global transactions too. For now, it is an asset for saving your wealth; I think that as more people use it and favour it as a storage mechanism, more people will start to accept it for small trades too. Hey, maybe if there's a tool to easily calculate taxes from Bitcoin trades, that could help with adoption.
What would happen to fiat currency if everyone collected fiat for the sake of paying taxes, but used conversion tools to allow them to keep the majority of their wealth in Bitcoin while knowing the appropriate taxes to pay? Honestly, I fall short here, because at that point, you can no longer measure a country's economy by its currency. This is where I need to maybe learn how countries that do not have their own currency measure their economy.
I suppose governments, or ourselves, will have to invent new ways to measure and manage our economies, and I imagine i will be a much more transparent. I think it is an important question to answer as Bitcoin would shift wealth from being country wealth, to individual wealth (for everyone, not just those with enough income and education to invest in assets).
submitted by tookthisusersoucant to Bitcoin [link] [comments]

April Fools 2018 Megathread - Pranks from developers and publishers

The new banner (Yennefer of Vengerberg from The Witcher 3) [was] here for April Fools.
You can find the joke submissions from users and moderators here.

April 1st is the time for devs and publishers to prank the oblivious and get laughs from those who are in on the joke.
Here's a compilation:

English language/Western devs/publishers

Japanese/Korean devs/publishers (some with content in English)

submitted by Vespair to Games [link] [comments]

Tothemoons.io Review: 1% daily for 1-30 days

Hello, dear HYIP investors. In this article, I will write something about Tothemoons.io. It has just been online for 10 days till now. Admin bought Premium listing on my website yesterday. This is a high yield investment program which provides flexible investment plans, because you can choose deposit cycle from 1 to 30 days as your wish, so it means that you may get back all principal and profit just 24 hours later.
Started: 2020–03–23
My deposit: 0.061 BTC
https://www.blockchain.com/btc/tx/e79e10674e7c841249ab1eaabbf8a20c4e87d5942f197ee51b3f3878946e6a1e
Investment Plans
The minimum deposit amount is 0.0001 BTC, and you can earn 1% daily. You can choose to invest as Bitcoin or USD, and it will be calculated in different ways. For example, you can deposit BTC as USD and if for the duration of deposit BTC rate falls down, you’ll earn much more than just interest and vice versa. The investment term you can choose is from 1 to 30 days, when your investment plan expires, your deposit will be unlocked with interest. Of course, if you want to withdraw profit every day, you can choose the “accruals are withdrawable” mode when you deposit.
Also if you will not withdraw your released deposit for 3 days, it will be automatically transferred to your address with profit.
Referral Commissions
For promoters, Tothemoons.io offers a profitable referral system. They can earn 50% of referral’s Revenue, and you don’t need to have an active deposit. For example, if your direct referrals invest $1000, then you will earn $5($1000*1%*50%) per day as long as they don’t release the deposit. You can download the promotional materials when login your panel.
Because of its unique referral system, I can only give you RCB when your deposit expires. Don’t forget to submit RCB request within 24 hours after your plan expires.
Payment Options
Tothemoons.io currently supported Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Monero (XMR). Nobody can change your wallet once it is set, so please be sure that you save the correct wallet address. Just as admin said on his website, “Let’s imagine your account was stolen or compromised by any way. The only 2 things thief can do are to withdraw your funds to your address and to deposit his funds to your account”.
Withdrawal Type
Withdrawal will be processed instantly. The minimum withdrawal limit is 0.0001 BTC, 0.003 BCH, 0.001 ETH and 0.01 XMR. But remember to add your wallet before submitting withdrawal requests.
More Information
Tothemoons.io runs its website on an original designed template and script. You can connect your account with Telegram, so that news and deposit release information will appear, and you can also ask support questions there.
Register: https://tothemoons.io/+hyiper
Read More: https://www.hyiper.net/blog/156.html
submitted by vipinvestor1988 to u/vipinvestor1988 [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
Some great introductions for new users are My first bitcoin, Bitcoin explained and ELI5 Bitcoin. Also, the following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
Also have to give mention to Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute. Bitcoin statistics can be found here, here and here. Developer resources can be found here, here and here. Peer-reviewed research papers can be found here. Potential upcoming protocol improvements here. Scaling resources here. The number of times Bitcoin was declared dead by the media can be found here (LOL!), and of course Satoshi Nakamoto's whitepaper that started it all! :)
Key properties of bitcoin

Where can I buy bitcoins?

Bitcoin.org, BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Gemini Bitstamp LocalBitcoins
Bitstamp Bitit Mycelium LocalTrader
BitFinex Cex.io LibertyX
Cex.io CoinMama WallofCoins
Xapo Spectrocoin BitcoinOTC
Kraken Luno BitQuick
itBit
HitBTC
Bitit
Bisq (decentralized)
Luno
Spectrocoin
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Samouari BreadWallet Electrum
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for some good options, some of the more commons ones are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, Overstock, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Hyphen.to, Coinsfer, More #1, #2 Bill payment
Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Streamium.io, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream, Rootstock and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

KCS - Holding for passive income

KCS - Holding for passive income
https://preview.redd.it/059zxa48cs141.jpg?width=1200&format=pjpg&auto=webp&s=9f953c42ada94a9c83c0643e70860ab3c8dca05f

How Kucoin Shares (KCS) works?


  • 50% of all exchange trading fees are shared with token holders, daily.
  • Holders receive a daily dividend payout every day.
  • Dividends will be paid in the form of Kucoin tokens, which you can either sell or add to your existing portfolio.
  • There is no minimum hold time, you can sell your tokens at any time.
  • You need to have a minimum of 6 KCS tokens to be awarded the bonus.

Why didn't I get the KuCoin bonus?
You need to hold at least 6 KCS to obtain the bonus and keep them for more than 24 hours.

How is the KuCoin bonus calculated?
E.g KuCoin user Bob holds 10000 KCS in his KuCoin account. Let’s say that in October, the average volume of our entire exchange per day is 10000 BTC, and according to our current fee rate, the trading fee we collected per day is 20 BTC. Bob will get a bonus of 20 * 50% * (10000/100000000) = 0.001 BTC per day, 0.001 BTC will be converted to KCS and released to his account.
https://preview.redd.it/qgo7v0sxds141.png?width=925&format=png&auto=webp&s=2083819aabb66eca42c084565de9271e9f91f516

Why invest in Kucoin Shares (KCS)?


  • Receive daily dividends by simply holding the coins.
  • Relatively new exchange, so there is the potential of more volume growth as it become more popular.
  • Kucoin regularly list new & exclusive cryptos on its exchange before others.
  • Kucoin Spotlight program will bring new IEO's to the platforms. Leading to more users/volume and desire for KCS tokens.
  • Kucoin currently lists over 400+ trding pairs including Ethereum (ETC), Bitcoin (BTC) and Tron.. ...
  • One of the simplest and easiest exchanges to use, due to the newly designed interfaces.

don't miss the party .. also many token ++ amazing market place & a very responsive support
see you ...Welcome to Kucoin
submitted by metastream to u/metastream [link] [comments]

Explaining the COSS Token: Imagine earning a piece of Binance or Coinbase's profits

Before you read this, I am invested in COSS and the main purpose of this thread is to explain/discuss the potential of exchanges that offer a split of their earnings to token holders. So please take my information with a grain of salt and do your own extended research. I will start with the basics.
The COSS Exchange:
The COSS exchange is a Cryptocurrency exchange based out of Singapore. The exchange is fully compliant with the Monetary Authority of Singapore (MAS). Currently the exchange has approximately 80 or so trading pairs with a total volume of about 2 to 4 Million USD daily. The exchange can be accessed by visiting the official website at https://www.coss.io. The exchange aims to launch Fiat trading in the coming month and will allow purchasing of Bitcoin, Ethereum and COSS using a credit card directly. To implement this new Fiat trading they will also be launching a newly redesigned landing page/dashboard UI. The long-term goal of the exchange is to be a Crypto One Stop Solution (hence the name COSS) by offering all services a general investouser would need in the cryptocurrency world. This includes services such as operating an exchange, buying cryptocurrencies using FIAT, selling cryptocurrencies back to FIAT, operating a payment gateway for merchants, and several other features. However, for now, the team has decided to take things one step at a time. Their primary focus currently is adding FIAT and KYC regulation along with improving the exchange. For more information regarding the trading pairs available on the exchange, or to view the current volume of trading on the exchange you can see the Coinmarketcap volume/exchange ranking page here: https://coinmarketcap.com/exchanges/coss/
The COSS Token:
The COSS token is an Ethereum based ERC223 token. The token can be purchased directly on the COSS exchange at https://www.coss.io or on HitBTC. The COSS token can be categorized as a dividend token because every COSS token holder earns a split of the fees taken on the exchange through trading. The total supply of the COSS token is 200,000,000 tokens. Of the total supply somewhere less than 100,000,000 COSS tokens are currently in circulation. Coinmarketcap doesn’t show the numbers accurately yet and the COSS team has requested them to fix the numbers. See the coinmarketcap listing of the COSS token here: https://coinmarketcap.com/currencies/coss/
The Exchange Dividends (Officially called fee split allocation or FSA):
I’m going to start with a very simple explanation here. Let’s assume the exchange has only one trading pair: BTC/ETH. Now this trading pair has a volume of 10M USD this week with 5M USD being Bitcoin volume and 5M USD being Ethereum volume. If we say the exchange takes only a 0.1% fee from traders, then this week the exchange earned (0.0015M USD BTC) 5000$ BTC and (0.0015M USD ETH) 5000$ ETH. So, in total the exchange earned 10000$ this week. Half of the split goes to the COSS exchange and the other half goes to token holders. In this case 5000$ (2500$ worth of BTC + 2500$ worth of ETH) will go to token holders. Now let’s assume there are only 10 COSS tokens that exist. The Fee split will be divided among the 10 Tokens, so each token will earn you a fee split of (5000$/10) 500$. So, an investor holding 3 tokens would earn 1500$ (750$ worth of BTC and 750$ worth of ETH) this week and an investor holding 1 token would earn 500$ this week. Basically, the token holder will get a split of both the coins in the trading pair. Now if we take this example and apply it to 80 other trading pairs you can imagine earning a small portion of every possible coin traded on the COSS exchange and earning more coins of the coins that have the most volume. In the case of the COSS exchange you will mostly earn in the top coins such as BTC and ETH as these are the common trading pairs against every coin on their exchange. In this example 5000$ was split among token holders. If we change the daily volume from 10M USD to 100M USD then the fee split to token holders would be 50,000$ and so on. The more the volume the more the fee split token holders will earn.
Competitors:
COSS has only one direct competitor that is offering a similar model, Kucoin. Kucoin seems to be the more established exchange of the two and is also a good investment that offers fee split dividends. However in the long run Kucoin will switch to a 15% dividend payout model while COSS will be 50% dividend permanently. Kucoin currently has a volume of 30-40 Million USD which is approximately 10x the volume of the COSS exchange. The Kucoin token is valued at 10x more than COSS which is self-explanatory based on the volume difference. COSS however has two long term advantages over Kucoin, 1 is that it is a fully compliant exchange that will have less legal hurdles when/if regulation comes for the exchanges. Secondly COSS will offer FIAT trading pairs very soon, being able to buy crypto directly on their exchange will bring more volume to the exchange and will keep volume on the exchange as users will be able to sell back to FIAT as well.
Summary (TLDR)
The COSS exchange is a cryptocurrency exchange that offers a Ethereum ERC223 token (The COSS token). Investors that hold COSS tokens earn a weekly profit share (Through Fee split allocation) of all the traded coins on their exchange. The more the volume of one coin the more of that coin you earn in the weekly dividend. You will earn a piece of every coin on their exchange while mostly earning BTC and ETH as those are the primary traded coin pairs.
Useful Links:
COSS Exchange: https://www.coss.io Dividend calculator: https://www.coss-stats.com Exchange volume: https://coinmarketcap.com/exchanges/coss/ Token statistics: https://coinmarketcap.com/currencies/coss/
The biggest takeaway is to imagine if you earned a little bit of Binance's weekly profits, you would be making enough money weekly to retire. COSS is not at that level yet, but with the expected growth of Cryptocurrency over the next few years there will be room for many many exchanges and COSS will probably be one of them.
submitted by blockchainguy101 to CryptoCurrency [link] [comments]

NYC Meetup - Full Summary!

Following up on my other post which shared only a few high level points I thought people would be interested in, here's a more in-depth summary of the meetup. THIS IS VERY LONG! I don't really have a TL;DR beyond my other short highlight thread, but I think there are some other high level summaries. This is for those who want a very thorough recap of what was discussed. I'm happy to update this with anything shared in the comments which I remember and think is additive to the summary, definitely didn't catch every single thing.
I'm leaving out a few talking points/questions that either 1) I didn't totally catch, 2) provided no incremental information or 3) were just bad questions (there were some).
Sunny's Speech
Sunny began with a history of blockchain, from the bitcoin whitepaper to the first few alt coins to the advent of Ethereum. He then went on to discuss the extent to which these various stages involved meaningful/useful innovation: original alt coins did not, ethereum of course did, but is heavily flawed for enterprise use. He then went on to discuss what those primary flaws are and how VeChain is trying to solve them (scalability, governance, cost, etc.) He noted that technology is not blockchain's biggest obstacle, it's adoption. He talked about how, although some people will tell him to "get lost or something" he doesn't really believe in full decentralization. I think his point was that although it's nice in theory, it just isn't really practical, and it's a bad approach in particular for trying to get this new blockchain technology adopted in the mainstream. This goes back to something he said in another interview at some point - you can't just come in with totally new, radical technology outside the existing framework and replace everything that exists from the outside. You have to start within the existing framework, show people what's possible, and then change the system from the inside out.
He went on to discuss what he sees as problems with some of the existing projects. Talked about how projects in the top 20 have ecosystems worth 2 billion dollars, hold hundreds of millions of dollars worth of their own tokens to be used for the project's development etc., but they don't have a CFO. He thinks that should concern people.
I don't remember exactly where it fit in the narrative, but he discussed valuation/speculation. He pointed out that they have a number of their university research partners trying to work out token valuation models. He made a general point that more utility should equal more value, the implication being VeChain will have more real utility (and should therefore have more value) than any other blockchain. They had a slide showing some calculations and pointed out that if you look at the known metrics, the dividends, etc., the price of Google's stock is 85.7% speculation. Only $161 of it's $1,128 value (at the time they ran these numbers) can be tied to the current value. For Tencent, it's 93.5% speculation. He jokingly pointed out that in crypto it's about 99.99%, but I think one of the unspoken points here is that it's silly to think that on mainnet launch speculation about the future value is going to go away and you'll just have token value based on current Thor production. That isn't how markets or valuation work.
He then basically mocked people complaining about the code not yet being open source, and there being no whitepaper - the people who think these are red flags and that the project might be a 'scam'. As if PwC and DNV GL didn't do extensive diligence.
On this point, I'll quote GarzyWarzy from another thread:
"Sunny mentioned that the crypto community as a whole doesn’t seem to appreciate the level of reputational risk that these multi billion dollar enterprise partners take by publicly backing a blockchain startup (“what do people think would happen if PwC backed us and we failed in 6 months?”). As an investment banker who deals extensively with corporate governance issues and every type of business risk imaginable, I will add my two cents that this risk is massive and that is it a clear sign of extensive diligence and extreme trust in the VeChain team to execute their business plan for developing their ecosystem. Always remember, “it takes many years to build a reputation, and seconds to ruin it”."
I'm a corporate lawyer and couldn't agree with this more. The people who think a whitepaper (which they likely wouldn't even understand) is more reassuring than the endorsement by DNV GL, PwC, Draper and Breyer (who would never, ever make such an investment without extensive due diligence) have no idea how things work in the corporate world. DNV GL and PwC are recommending VeChain to clients, and Draper and Breyer have made investments through their funds, where they have a fiduciary duty to the investors in those funds. The amount of diligence that occurs before taking those reputational and legal (negligence, breach of fiduciary duty, etc.) risks is truly exhaustive.
Back to adoption, Sunny went on to compare blockchain to TCP/IP, as he's done in the past. Most people use email every day, but do they care about TCP/IP? Of course not. Blockchain will be the protocol infrastructure for things people use every day, whether they know it or not.
At this point, continuing to talk about adoption and use cases, he mentioned that they signed a top 3 insurance company in China as a client, and he also mentioned a CRM use case that's in the works.
He said the whitepaper will be out in a few days, and will explain a lot of what they're doing/what they're trying to do, and what some of the use cases are. They are focused on developing as many practical use cases as possible - this is how you get adoption. Once the use cases are defined, you can start "developing killer dApps" in relation to them. I think this is, to some degree, a subtle shot at Ethereum - his point here being that developing lots of dApps on a platform doesn't really mean much unless those dApps actually relate to a practical, defined real world use cases which ensures they will be used and adopted.
The whitepaper took so long because, in Sunny's words, his "english sucks" and after he wrote it, his teams needed to double, triple, and quadruple review/edit/refine what he wrote so that it is in professional english.
Back to adoption, he stated there are around 13/14 crypto projects they are working with who intend to use VeChain (either porting over from Ethereum or launching an ICO on the platform. More on this in the Q&A section). One of them is a company that already generates $50 million/month in revenue and want to 'blockchain-ize' their business. He pointed out here this is a company that isn't just interested in padding their coffers - they have money, that isn't an issue. These are the types of projects they like to work with. They aren't interested in being a 'shitcoin generator' (this was said by Sunny in the Q&A and got a laugh and round of applause). Last point on this, he noted that BitOcean is taking so long because the "Japanese government are being assholes". That's a direct quote. Sunny is hilarious. I can't overstate how likable he is - he comes off as a down to earth, cool, funny and easy going guy.
Kevin's Speech
Next, Kevin spoke. This was a short update on authority nodes and the mainnet. He mentioned that most projects have masternodes as basically a marketing tool, they aren't that meaningful or necessary. VeChain's authority masternodes are essential to the ecosystem. You can not become an authority node if you can not meaningfully contribute to growing the ecosystem. There is no room for negotiation on this. They aren't interested in having random people running validating authority nodes for profit and nothing else. As far as the application process, they received over 100 applications and are expecting more (authority node application and monitoring process will be ongoing to make sure VeChain has the best authority nodes possible and that each node is continuing to fulfill all of its obligations). As far as the applicant pool, they were about 71% enterprise, 29% individual. About 52% China, 23% America, then a mix of HK, Singapore, Japan, and others.
He then addressed the mainnet. Internal testing is done, they are now moving on to the public alpha testing, which is by invite only and is not the open source phase. This phase starts today and includes a number of professional firms auditing the code: PwC's cybersecurity team, secureware.io, Slow Mist, and Hosho. They will also be putting a bug bounty on Hacken eventually, finding a critical vulnerability could get you up to 2000 VEN tokens. This private testing will go on for a few weeks, before the public testing begins in early June which involves the code becoming open source - as of now, they expect it to start in the first week or two of June.
Then, he announced the 1 VEN to 100 VET token split. The example he gave was talking to friends about buying Bitcoin - some responded "it's already $8000, I can't buy a bitcoin I can't afford it". Kevin would respond, well actually you can buy .001 bitcoin if you want... and then they'd lose interest. I think what he's getting at is they want to be prepared for years down the road when demand is enormous - they don't want people dealing in fractions. Yes, I'm also sure they are aware of the implications for this in terms of price and the attractiveness of a 5 cent token verses a 5 dollar token. I don't deny that. Look at fucking Tron.
The Q&A Session
Someone asked about how the authority nodes will be monitored. Kevin explained there will be a dedicated team for this. They are serious about having the highest quality authority nodes and holding them to the standards they expect. There will be a quarterly review process, and any issues will be brought to the Steering Committee, which may decide to remove/replace an authority nodeholder if they aren't contributing and fulfilling their obligations. He noted that the whitepaper will include a thorough section on their governance model.
Question about it being difficult, currently, for companies (especially in the west) to find out how to contact them and work with them. What are VeChain's plans in terms of a business development team, marketing, etc. Sunny explained that while obviously they'll have an internal BD team, and this is being built out, they also want to heavily leverage the resources of the community. In a way, the community will be a giant business development team, and they will create standard toolkits for the community to use to market/introduce VeChain to people in the first instance. The guy then asked what if I got you Pfizer - that's enormous, what's my incentive? Sunny responded there will be rewards in VET tokens for bringing them clients.
I don't remember what the exact question was, but it was noted at this point that although the private, consortium chain is an Ethereum fork, the mainnet was built from scratch and is not an Ethereum fork. They did intentionally use the Ethereum Virtual Machine, though, so that Ethereum dApps can be easily ported over to VeChain. It sounds like they expect this to happen quite a bit. They also talked about how they went through the web3 libraries and 80% will be able to work directly with VeChain. They want interoperability, compatibility, and ultimately, an easy transition for Ethereum developers and dApps.
Someone asked about them building out their own IoT business or letting others do the IoT work. Sunny talked about how he believes IoT is the way to connect blockchain to the physical world. There was a story not worth sharing about why they initially acquired an IoT team, but he gave this example: when Apple first released the app store and the ability to develop, nobody knew how or used it. So, Apple built the apps themselves and basically showed everybody what was possible and how to do it by example. So too will VeChain take this approach. They are partnering with IoT manufacturers and developing some of their own IoT solutions, and they'll continue to do this, but the point isn't to dominate IoT. They are showing the world by example what can be done in terms of IoT on the VeChain platform, and they ultimately want people/enterprises to be able to create their own value and their own IoT solutions on the VeChain blockchain. Anyone who wants to do so will be able to.
Question about enterprises buying once the enterprise pool runs out - what happens if enterprises aren't comfortable doing what all of us have done (wiring money to a fiat gateway exchange, buying bitcoin/ethereum, moving it to binance, buying in the market, transferring out of binance, etc.). Kevin isn't really worried about this. They are talking to exchanges and service providers about it, they're talking to Circle about fiat pairing, etc., but realistically Kevin can see that exchanges are becoming more advanced and that ultimately they will be institutionalized in a way that basically just mitigates this concern.
Question about storage of VET tokens after mainnet. There will be a mobile wallet launch at the exact same time. This mobile wallet will 1) facilitate the token swap from VEN to VET (most people will probably do this on exchanges, but eventually you'll be able to do it in the mobile wallet if you missed doing it on an exchange), 2) have a module that shows you what kind of node you are, 3) automatically receive your generated Thor, and 4) eventually allow you to hold other ERC-20 tokens. They also mentioned that although they're talking to ledger, etc. they are developing their own hardware wallet. Kevin explained this is essential for enterprises serving as authority nodes or holding large amounts of VET. They aren't going online and ordering a ledger and setting it up. VeChain needs to be able to provide this service and assurance for them, and they will. This is why these guys are lightyears ahead in terms of enterprise adoption. They've thought about these things.
Question about 'competitors' like Waltonchain. First, Sunny goes "who?" and Kevin goes "what's Waltonchain?" But then Sunny went on by saying the "right" thing - there are no competitors in such a fledgling industry. He would love to hold hands with the other blockchain projects trying to do good things, and walk into the future together. He thinks projects can learn from each other and help each other. They aren't trying to crush competitors or beat anyone or anything like that. However, Sunny also jokingly asked "Seriously, why do people think Waltonchain is our competitor? We are what, 15th biggest project, and they are...?" He also went on to say that he is judging some competition or tech demo later this month on the 26th-28th, and that Waltonchain is the demo product. He thinks this is sort of funny, but also said if their product is great and the demo is good, there is no reason he wouldn't support them, vote for them, etc.
Question about Breyer and Draper relationships. Draper is invested in many cryptocurrency projects and many companies, has tons of connections, and he gives VeChain a way of talking to all of those projects/companies. Breyer was the one who set them up with the research team at a Chinese university, he was the link to Circle to discuss fiat onramps, etc. The connections these guys bring are tremendous. I should note here that in a small group conversation with Kevin during the networking portion after the speeches, which was initiated by GarzyWarzy (perhaps he can elaborate further), he confirmed that Breyer and Draper are both meaningfully invested in tokens, not just equity of the technology portion of the company.
Some clown actually used up time to ask "is CCK here?" Sunny said someone asked him this at Harvard also, and he was absolutely adamant that he doesn't know who this person is or how they are getting the information they have. He did not comment on it beyond that. He clearly thought it was a dumb question and said seriously that once and for all, he really doesn't know who it is.
Question about how many projects will be running on the mainnet day 1. Sunny said it's hard to say for sure, but that there are currently between 20 and 25 use cases deployed on the consortium chain, all of which will be moved over in the first few months. He also mentioned the 15ish crypto projects that will be moving over to or launching on the platform, and the fact that their client pipeline is now over 250. He transitioned a bit from this point to discuss how they "don't want to be a shitcoin generator". If you come to them with a project that is just an ICO with a whitepaper and no product, no proof of concept, etc., they're not going to want you to launch that. They would rather invest in you if they think you're a good project, help you develop those things, prove out what you're trying to do, then help you launch a serious ICO or dApp with a real use case. Again, they are all about practical use cases, this is the path to adoption. That said, the project will be open source ("you guys asked for open source, so") there will be some shitcoins, it's unavoidable.
I think that covers most of what I remember. Hope you all enjoy!
submitted by CryptopherWalken to Vechain [link] [comments]

Bitcoin fees if BTC reaches 100k or 1 million?

Hi,
recently I've seen a couple of videos saying that it's quite realistic for BTC to reach 100 k or even a million and thy suggest also the amount you should own to be in the "1% club" or such things... this made me think about fee prices.

In the last bullrun, when BTC reached 20k, we read that fees to transact bitcoin were very expensive at around 35-50 USD. At 20k, a 50 USD fee (before exchanges implemented segwit) was about 35/20000 = 0.00175 BTC (or 0.0025 BTC for 50 USD fees).
Recently there were improvements thanks to segwit, and I see in many exchanges that fees for BTC withdrawals are set to 0.0005 BTC (see e.g. binance, kraken etc.). Situation right now:
Price 7k. Fee: 7000*0.0005 = 3.5 USD

My question is, what happens during the next bullrun, when bitcoin reaches high prices?
If the fees (in BTC) stay stable at 0.0005 BTC, this means that fees will look like this:
Price (USD) Fee (USD) Calculation
20k 10 20000*0.0005
100k 50 100000*0.0005
1 million 500 1000000*0.0005
So... if the price moons at 1 million people will still (this is the question) have to pay 0.0005 BTC to withdraw BTC from exchanges that charge a fee.
Smart people that hodl BTC in their own wallets, to save up will have to try to use less then the "recommended" 0.0005 BTC fee and use accelerators or hope that the transaction will be mined... and wait maybe days for a transaction at low fees to be mined (I tested this with "greedy/low" fees and without accelerator my test transactions were not mined within a week).

Maybe I'm too early, thinking already at such moon prices... but if this happens it's better to be ready than sorry, especially for people that hodl a little fraction of a bitcoin, say 0.001 BTC. Everybody is saying "not your keys, not your bitcon", but for such small amounts it seems to me that it's better to buy & hodl bitcoin in those exchange that pay the fees for the customer, such at bitstamp, or coinbase.

If bitcoin reaches 1 million and at that time I'll want to open a lightning channel and use a little amount of money (e.g. 100 USD worth of BTC) to fund it from an exchange like kraken, it's not gonna be worth it. I mean, 500 USD in fees to open a 100 USD channel? Probably I'm missing something, so I'm here to seek some good soul to explain.

Don't take me wrong, I love bitcoin and I hope that the price will moon. But I wonder what will happen to the fees? Will miners be happy to include transactions that pay less sats/byte in fees, considering that they will use much more electricity in the future, to mine blocks (and get less rewards, after the halving in 2020)?

Thanks for a friendly explanation, good reads that analyze this problem and think about the future are welcome too. Cheers
submitted by crypto_tester to Bitcoin [link] [comments]

Something is rotten in the state of DOGE mining

Shibes, something stinks in doge land. A problem in the design of dogecoin means that dishonest (or perhaps we should call them "creative") miners can take a disproportionate share of rewards, leaving everyone else to earn less than they deserve. Many of you have probably noticed that calculators estimate payouts larger than what you earn in practice (for example, dustcoin estimates ~1500DOGE/day @ 200KH/s while Non Stop Mine pays about a quarter of that rate), and most have written it off as bad luck: the blocks your pool found happened to be small, or your pool happened to be unlucky, and such is life. At least another friendly Shibe is having a better day, and it'll come around in tips anyway! Unfortunately, the truth is much darker.
The "random" DOGE rewards per block are not random. In fact, the value of each block is predetermined by a simple equation applied to the hash of the previous block. A creative miner can take advantage of this fact to mine dogecoin when the potential reward is high, and switch to litecoin when the potential reward is low. During some rounds, the reward is so small it isn't worth the electricity spent finding it; during more rounds, the reward is less than can be earned mining LTC; in a few rounds, the reward is spectacular. Honest miners mine with the expectation of earning an average of 500,000 DOGE per block, but when people are selectively mining the high-profit DOGE rounds, the average reward falls for honest miners.
So the question is: is this problem theoretical, or are honest miners really losing value to cheaters? I spent some time digging, and it appears that cheating is rampant! There are a few ways cheating can be detected.
If there is outside competition for high-value blocks, then pools should on average be finding blocks worth less than 500,000 DOGE (because some of the valuable blocks, but none of the low-value blocks, will be found by cheaters). The largest pool, Dogehouse, reports some useful averages: over all time, the pool has found 11,241 valid blocks worth 5365077071.0746 DOGE, for an average of 477,277 DOGE (including fees, which should actually raise the average above 500,000!). That's 4.5% below the expected average block value. Is it simply bad luck? No. With so many blocks found, there's about a 7% chance that the average will be above 505,000 or below 495,000; there's a <<1% chance their average will be above 510,000 or below 490,000, and effectively NO chance of seeing an average below 485,000. 477,000 is simply preposterous. Dogepool is either mind-bogglingly unlucky, or something is fishy.
Maybe Dogehouse is doing something fishy...but we can look at other pools. Dogechain's pool's all-time average block value is similar: 478847 DOGE. They're a smaller pool so the odds of this being bad luck aren't astronomical, but it's not very likely. Fast-pool's average is 477892. They're big enough that the odds are again astronomical.
And this only accounts for people cheating outside of the pools. Cheaters can operate inside our pools (more on this later)!
Maybe there's something wrong with the pools. They mostly run similar software. All their owners could be lying to us. We can check for signs of cheating independent of the pools: if more people are mining high-value blocks than low-value blocks, the hash-rate will be higher when the next block is high-value, so high-value blocks will be found faster than low-value blocks. Here's what you find if you look at 5000 recent blocks (blocks 80,001 to 85,000) and measure the average time to find a block, broken out by the block value:
I had to drop about 50 blocks which were missing good timestamps, but they're evenly distributed and shouldn't skew the averages.
The pattern is clear: the network is finding high-value blocks significantly faster than low-value blocks. Low-value rounds take as much as 10% longer than intended, and high-value rounds take around 5% less time than intended. Significant hashrate belongs to miners that cheat.
I mentioned cheaters can operate inside our pools. The payment algorithms used by most pools were carefully designed for bitcoin's (effectively) fixed block reward. They reliably protect against cheaters trying to hop in and out of pools based on short-term profitability, by making payouts solely dependent on the unknowable future (the straightforward pool payment schemes allow cheaters to look at a pool's recent history and use that to take an unfair share of its earnings; read this awesome paper for details). Since the future reward for a bitcoin pool is completely unknowable, PPLNS does not protect against a hopper who knows the future. In the case of Dogecoin, the future reward IS knowable, and PPLNS offers no protection.
Dogehouse is so big we can reasonably assume they'll find any particular block. Dogehouse is using a PPLNS target similar to an ordinary round's length. Someone who mines only during high-value rounds will, with high confidence, earn significantly more DOGE per share submitted than someone who mines Dogecoin 24/7. They also experience much lower variance in earnings.
The random block reward size needs to be removed. It's fun, but it rewards cheaters. Developing a more secure random block value selection technique is possible, but based on observations of GitHub, I do not trust the Dogecoin creator to get it right. Even subtle errors re-open the opportunity for cheating.
While I believe cheating is already unacceptably common, many will disagree until it worsens. To force the issue, I've included everything you need to join the cheaters.
Patch dogecoin/src/main.cpp:
diff --git a/src/main.cpp b/src/main.cpp index 2af23af..8c32dad 100644 --- a/src/main.cpp +++ b/src/main.cpp @@ -1794,6 +1794,8 @@ bool CBlock::ConnectBlock(CValidationState &state, CBlockIndex* pindex, CCoinsVi prevHash = pindex->pprev->GetBlockHash(); } +fprintf(stdout, "Next block value: %lld\n", GetBlockValue(pindex->nHeight, 0, GetHash())); +fflush(stdout); if (vtx[0].GetValueOut() > GetBlockValue(pindex->nHeight, nFees, prevHash)) return state.DoS(100, error("ConnectBlock() : coinbase pays too much (actual=%"PRI64d" vs limit=%"PRI64d")", vtx[0].GetValueOut(), GetBlockValue(pindex->nHeight, nFees, prevHash))); 
Perl script to control cgminer:
#!/usbin/perl use strict; use warnings; my $ltcMiner = "192.168.1.1 4029"; my $dogeMiner = "192.168.1.1 4028"; open (INSTREAM, "dogecoind|") or die; my $lastPool = 0; # LTC while (my $line = ) { if ($line =~ /Next block value: ([\d].*)/) { my $val = $1; if ($val >= 70000000000000) { # High-value DOGE round if ($lastPool == 0) { # Switch from LTC to DOGE $lastPool = 1; &onoff($dogeMiner, "en"); &onoff($ltcMiner, "dis"); } else { # Already mining DOGE } } elsif ($lastPool == 1) { # Low-value DOGE round and currently mining DOGE $lastPool = 0; print " Switching to LTC\n"; &onoff($ltcMiner, "en"); &onoff($dogeMiner, "dis"); } else { # Low-value DOGE round; already mining LTC anyway } } } close (INSTREAM); exit; sub onoff { my $miner = shift; my $enDis = shift; open (OUT1, "|nc $miner") or die $!; print OUT1 "gpu${enDis}able|0"; close (OUT1); } 
Then, simply run two instances of cgminer with separate API ports, one configured for LTC and the other configured for DOGE.
submitted by DisappointedShibe to dogemining [link] [comments]

Is this how Lightning will operate when it matures?

Tell me if I’m missing anything important in the steps below. Please ignore that I’m making the network simple and my Lightning payments only travel through the same 3 nodes. Also, please ignore that the fees listed are for easy calculation and not meant to be exactly what will be charged for these transactions.
Start with 1 BTC in wallet regular Bitcoin wallet as well as 0.01 BTC in wallet on Lightning Network.
Buy lunch almost instantly on Lightning Network in the amount of 0.001 BTC and also paying 1 satoshi to Node A and 0.5 satoshi to Node B in fees. Current balance 1 BTC in regular Bitcoin wallet and 0.008999985 Bitcoin in Lightning wallet.
Buy soda from vending machine almost instantly on Lightning Network in the amount of 0.0001 BTC and also paying Node A 0.1 satoshi and Node B 0.05 satoshi and Node C 0.1 satoshi in fees. Current balance 1 BTC in regular Bitcoin wallet and 0.0088999825 BTC in Lightning wallet.
I need to make a car payment and there is not enough in my Lightning wallet so I move 0.05 BTC from regular wallet to Lightning wallet. In the same blockchain transaction, the remaining 0.95 BTC in the regular Bitcoin wallet are automatically moved to a new address in the same regular Bitcoin wallet and this transaction has a mining fee of 1000 satoshi. This takes approximately 30 minutes to get 3 confirmations. The 0.95 BTC (okay, 0.94999 after the mining fee) in the regular Bitcoin wallet are still recoverable by the same secret 12 words even though they are in a new address in the regular Bitcoin wallet. Balance after the 30 minute wait is 0.94999 BTC in regular Bitcoin wallet and 0.0588999825 BTC in Lightning wallet.
Pay car loan almost instantly in the amount of 0.03 BTC on Lightning Network and also pay Node A 30 satoshi and Node B 30 satoshi in fees. Current balance 0.94999 BTC in regular Bitcoin wallet and 0.0288993825 BTC in Lightning wallet.
Payroll sends me a notice requesting the Lightning Network address my payroll should be deposited in. A few seconds after signing into the payroll system and giving the address, my 0.1 BTC paycheck shows up in my Lightning wallet. Current balance 0.94999 BTC in regular Bitcoin wallet and 0.1288993825 BTC in Lightning wallet.
Pay house payment almost instantly of 0.05 BTC on Lightning Network and also pay Node A 50 satoshi and Node B 25 satoshi in fees. Current balance 0.94999 BTC in regular Bitcoin wallet and 0.0788986325 BTC in Lightning wallet.
Pay electricity bill almost instantly of 0.01 BTC on Lightning Network and also pay Node A 10 satoshi and Node B 5 satoshi and Node C 5 satoshi in fees. Current balance 0.94999 BTC in regular Bitcoin wallet and 0.0688984325 BTC in Lightning wallet.
I look at the spending money I need for the next couple of weeks and decide I don’t need this much in my Lightning wallet so I move 0.055 BTC into a new Lightning address. I then close this new Lightning address with 0.055 BTC and send the funds to my regular Bitcoin wallet for a fee of 500 satoshi. Current balance 1.004985 BTC in regular Bitcoin wallet and 0.0138984325 BTC in Lightning wallet. This takes about 30 minutes to get the 3 confirmations that show the transaction is virtually impossible to reverse.
So the cost of the 2 transactions from the regular Bitcoin wallet totaled 1500 satoshi. I like to think that these satoshi were well spent as they are paying for the security of the Bitcoin network. While the 5 Lightning Network payment transactions cost a total of 156.75 satoshi.
It is important to note that the Lightning Network does not replace the traditional payments from a regular Bitcoin wallet to another regular Bitcoin wallet if that’s how you want to send your BTC. The Lightning Network runs on top of the Bitcoin network and does not interfere with the traditional Bitcoin transactions.
submitted by SugarDaddyJr to Bitcoin [link] [comments]

Emine.to Review: 3.6% daily for 60 days and principal included

Good afternoon, dear HYIP investors. In this article, I will introduce an HYIP project called Emine.to which offers a long term deposit plan. It started on 02nd Jul 2019. The admin bought Premium listing on my monitor yesterday. My first withdrawal was processed instantly minutes ago, now let’s look at it together.
Investment Plans
Emine.to only provides one investment plan. With a minimum deposit 0.001 BTC, 0.025 ETH or 10 USD. You will earn 3.6% per day for 60 days. Profit will be calculated every minute. For example, if you deposit $100, then you will earn 3.6 dollar per day, and you can withdraw your daily profit anytime you want, after 60 days, you will get 216 dollars totally. It need 27 days for you to break even, so starting from the 28 days since your investment, you will start to make net profit daily.
Payment Options
Emine.to accepts three kinds of ecurrencies, they are PerfectMoney, Bitcoin and Ethereum…
Read More: https://www.hyiper.net/blog/84.html
submitted by vipinvestor1988 to u/vipinvestor1988 [link] [comments]

[PAYMENTS] When will you get paid + other payment related questions

This is related only to sellers of hashing power, i.e. miners. You can monitor your statistics here
There are two types of wallets you can use for mining on NiceHash.
1. BTC address from NiceHash Wallet
You get this address by registering a new account on NiceHash and finding Account > Wallet section.
2. BTC address from any other external wallet provider
You can use any valid BTC address.
Which wallet should you choose?
It is up to you - calculate it regarding your profitability and how often do you want to get paid.
More info
How to know when will you get paid?
It is as simple as opening this link and entering your BTC address. Then on the right side, you can find the estimated payout date and estimated payout balance. If this date changes, this means that your mining tempo has changed. If the estimated payout time is "N/A", this means that you are currently not mining and we cannot calculate the estimated payout date.
Why has my balance dropped?
If your balance dropped in fiat value (USD, EUR,...) this is because the exchange rate BTC to fiat has dropped. Please check your BTC balance as you get paid in BTC and not USD or EUR. USD (fiat) value of BTC is changing all the time.
Can you get paid in any other currency?
For now we only offer payouts in bitcoins. We are planning to offer alternative payouts but there is no ETA on that.
Your balance dropped to zero and you should get paid today. There is no transaction listed. What is wrong?
It takes a couple of minutes for us to process all the payments. Hence, the balance first drops to zero, after a couple of minutes transaction appears at your profile and then after couple of more minutes Blockchain confirms it. Please be patient.
I changed my BTC address. Can I transfer my funds from the old wallet to the new?
No. NiceHash cannot control your funds, so we cannot transfer the funds between your addresses. You will get paid only to the external address you are mining to. If your address changes, you will still get paid to the old address, so ensure that your address stays valid even after the change. Before you change your address, we suggest you keep on mining until you reach the minimum payout threshold and switch to your new address after you have confirmed the funds on your old address.
Your wallet provider changed your BTC address? Read this: https://new.nicehash.com/help/your-wallet-provider-changed-your-btc-address-what-can-you-do
I kindly ask if you have any payment related questions to ask it here and not open new threads.
Last change: 29th August 2017
submitted by KrisNiceHash to NiceHash [link] [comments]

[PAYMENTS] When will you get paid + other payment related questions

As this is really popular topic and there were many suggestions made that this should go under one topic, I have prepared this post and I kindly ask if you have any payment related questions to ask it here and not open new threads.
This is related only to sellers of hashing power, i.e. miners. You can monitor your statistics here
There are two types of wallets you can use for mining on NiceHash.
1. BTC address from NiceHash Wallet
You get this address by registering new account on NiceHash and finding Account > Wallet section.
2. BTC address from any other external wallet provider
You can use any valid BTC address.
Which wallet should you choose?
It is up to you - calculate it regarding your profitability and how often do you want to get paid.
How to know when will you get paid?
It is as simple as opening this link and entering your BTC address. Then on the right side, below the pie chart, you can find the estimated payout date and estimated payout balance. If you think there is something wrong, you can always ask and we will explain it to you. If the estimated payout time is "N/A", this means that you are currently not mining and we cannot calculate the estimated payout date.
Why has my balance dropped?
If your balance dropped in fiat value (USD, EUR,...) this is because the exchange rate BTC to fiat has dropped. Please check your BTC balance as you get paid in BTC and not USD or EUR.
Can you get paid in any other currency?
For now we only offer payouts in bitcoins. We are planning to offer alternative payouts but there is no ETA on that.
Your balance dropped to zero and you should get paid today. There is no transaction listed. What is wrong?
It takes a couple of minutes for us to process all the payments. Hence, the balance first drops to zero, after a couple of minutes transaction appears at your profile and then after couple of more minutes Blockchain confirms it. Please be patient.
Last change: 17th June 2017
submitted by NikiNiceHash to NiceHash [link] [comments]

NPIP004: Static Block Reward

After the ClockSync fix was soft forked into the network a couple of months ago, NavCoin is now compliant with the Proof of Stake v2 protocol as published by Blackcoin:
https://blackcoin.org/blackcoin-pos-protocol-v2-whitepaper.pdf
The next logical step is to become compliant with PoS v3. The spec can be read here:
https://bravenewcoin.com/assets/Whitepapers/Blackcoin-POS-3.pdf
The short version is that PoS v3 includes cold staking capability and a fixed block reward.
We have already presented cold staking in NPIP002 and it has received unanimous support from the community. This is scheduled to be deployed after the Community Fund claims mechanism goes live and brings NavCoin half way to being compliant with PoS v3.
This brings us to the second part of the PoS v3 spec, a fixed block reward.
Why would we want a fixed block reward instead of a percentage based reward? The main consideration is that while earning stake rewards is nice for your NAV balance, the primary purpose of staking is being rewarded for validating and securing the network. With the current percentage based rewards, coins can be offline for an indefinite period, not securing the network, then appear online to claim their reward even though they have done very little work to secure the network beyond minting a few blocks.
Coins which are online are using their weight to validate blocks minted by other stakers and play an important part in securing the network, even if they're not the one minting the current block. They are what protects the network against a 51% attack and it is therefore important for network security to have as much coin weight online as possible.
To read the full rationale, please refer to NPIP004 here: https://github.com/NAVCoin/npips/blob/npip-0004/npip-0004.mediawiki
Please remember that this is a draft at this stage and is open for discussion. Ultimately no-one can alter the consensus mechanism without support from the network, so the choice will be up to the community and network to decide the best course forward. I want to put a few additional thoughts on paper here which I would love some feedback on.

Overview

NPIP004 suggests to set the static block reward at 2NAV per block.
There are approximately 1,051,200 (2*60*24*365) blocks mined per year which means there would be 2,102,400 NAV generated per year by proof of stake rewards.
There are currently ~63M NAV in circulation, so this would set the inflation rate to 3.3% annually by way of stake rewards. The other thing to take into consideration with a static reward is that as a percentage, it will exponentially decrease over time.
eg. When the circulating amount is 100M NAV, the inflation generated by stake rewards would be the same amount of NAV which equates to 2.1% of total supply instead of 3.3%.

Deflationary supply

There is some debate whether an exponentially deflationary supply is a good or a bad thing. In regards to supply demand economics, it has proven to be a massive boon for Bitcoin with the value exponentially increasing after every mining reward halving. The counter argument is that it is bad for distribution since it rewards early adopters more than the new entrants to the ecosystem.
Personally, i'm the for the deflationary model. I think the difference in mining rewards from now until we have 100M in circulation (10+ years from now) is negligible compared to adoption when we're talking about things which effect the supply demand economics. It is reducing by 1/3 over roughly 10 years, not halving every 4 years as with bitcoin.

Inequality

There has been some discussion as to how this could drive a further divide between stakers with more and less NAV. The thing to keep in mind is that although the rewards are fixed, the number of blocks you stake is still proportional to your staking weight on the network. This means that stakers still increase in wealth proportionally to each other as a percentage. Let's run a few scenarios.
Assuming there are 20M NAV contributing to staking, just like there is today. Here's what the stake rewards would look like for some different balances over a 1 year period.
Balance After 1 Year Percentage
1,000,000 NAV 1,105,120.00 NAV 10.512%
100,000 NAV 110,512.00 NAV 10.512%
10,000 NAV 11,051.20 NAV 10.512%
1,000 NAV 110.512 NAV 10.512%
As you can see, the only real thing that happens is we shift the decimal place around if we have different input values, but as a percentage everyone is increasing proportionally to what they input.
This is a slightly over simplified view, but it is largely accurate. Whether you have 10% or 0.001% of the total staking weight, you will mint blocks proportionally to your weight, so everyone's balances increase at the same percentages.
The only thing which could complicate the matter is compounding interest. A few people have been concerned that because the person with the larger balance stakes more frequently, they will effectively run away from the smaller stakers who would never get the opportunity to stake.
I wrote a small computer program to simulate the staking rewards over 1 year taking into account the network weight and the additional 2 NAV added every time someone finds a block. The assumption I've made is the worst case scenario e.g all coins staked are never spent, but compound back onto the staking weight.
You can read the program here: https://github.com/craigmacgregostatic-reward-modelleblob/mastemodel.js
In laymans terms, it calculates when you'd be due for a reward based on your weight vs the rest of the network where the network starts with 20M NAV and gets 2 NAV added per 30 seconds. The output is as follows:
Staker Balance Start Balance End Percent Gain
balance1 1,000,000 1,105,120 10.51%
balance2 100,000 110,512 10.51%
balance3 10,000 11,052 10.52%
balance4 1,000 1,106 10.6%
network weight 22,102,400 10.51%
So, as you can see the smaller stakers still get their rewards, even though the bigger stakers balance is going up 2NAV every 20 blocks. I even modelled this for someone staking 100 NAV and they will end up with 112 NAV after 1 year (12% gain). So if anything it seems like this model marginally favours smaller stakers over bigger ones which was a surprising result actually.
The only thing this doesn't take into account is resolving orphans. I can't simulate orphans easily with a basic javascript program, it is something I will investigate when i run the NPIP on the testnet to make sure there is no problem in the real world. But i assume it will be of little consequence.

Why is it over 10% gain?

You have to remember that because the total amount generated is fixed but split proportionally. With a network weight of 20M the annual rewards per coin is 10.5%, but if 40M coins were staking the annual reward per coin would be 5.25%. if more people bring coins online to stake, the rewards decrease. Currently there are only around 25% of NAV online for staking, but typically we see around 40% NAV online for staking which would mean the annual reward is around 8.4% per coin. If 100% coins were used for staking the annual reward would be equal to 3.33% per coin.

How does this compare to other coins?

Coin Reward
PIVX 5-10%
ARK 10-12%
LSK 10%
NEBL 10%
NAV 5-10%
Source: https://www.investinblockchain.com/best-proof-of-stake-coins
So this move would put us in step with other PoS coins and actually still remain on the low end of the reward scale, especially if more people start staking.
I found this spreadsheet which has pretty detailed information about a bunch of coins and their inflation rates:
https://docs.google.com/spreadsheets/d/1-weHt0PiIZWyXs1Uzp7QIUKk9TX7aa15RtFc8JJpn7g/edit#gid=237137882
From this, you can see that NavCoin would still have one of the lowest inflation rates in crypto when you include PoW coins as well. Bitcoin currently inflates at around 3.68% as example.

Isn't low inflation like we have now better?

With 4% per year and only 25% of coins staking, NavCoin currently only inflates at around 1.4% per year (including the community fund). We've seen the staking network weight roughly halve over the last 6 months, something which could be attributed the reduction of rewards when the community fund was introduced. It's possible people are switching to other, more profitable PoS coins because 4% reward is too low. At this network weight and market rate, it would only take around USD $2M worth of coins to perform a 51% attack. In reality, buying enough coins to 51% attack the network would drive the price of NAV up and therefore make it much more expensive than this to attack the network, but it's still worth noting the importance for network security to attract more people to stake.

Conclusion

Changing to a static block reward of 2 NAV per block increases network security in multiple ways, the first being that it forces people to be online securing the network with their weight constantly. Secondly, it would increase potential earnings for stakers which would attract more people to stake NavCoin and increase the network weight further. Both of these factors make the network harder to 51% attack and would improve network security.

Additional suggested changes

When we originally proposed 0.25 NAV per block for the Community Fund we calculated that as 20% of the current inflation rate. So reducing from 5% to 4% and adding 0.25 NAV was roughly equal. However this calculation was based on 40% of coins staking at 5% reward. I would suggest that if we move to a static block reward, we increase the community fund amount to 0.5 NAV per block, so it retains the 20% ratio to staking rewards as was originally intended.
This would mean that there are 2,102,400 NAV created per year for staking and 525,600 NAV per year created for the community fund totalling 2,628,000 new NAV created per year. This equals an initial inflation rate of 4.17% which is exponentially decreasing as a percentage as explained previously.

Alternative approaches

Maximum Coin Age
We could introduce a maximum coin age of 1 month. If they came online after 6 months to claim reward, they would only receive 1 months of reward. This would incentivise people to remain online because otherwise they would miss out on rewards. However, for a big staker, they can cycle thorugh all their coins quite quickly, but a small staker would potentially miss out on rewards even if they stayed online the whole time. I would argue this solution is worse for small stakers than a static reward. It also doesn't address the fact that other coins have higher rewards and attracts no new users.
Block Validator Reward
We could keep the coinage based staking rewards for the block minter and create an additional static reward which the minter issues to people who are online and securing the network with their weight even if they aren't the block minter. It would still essentially be a lottery based on network weight, but this way we have a hybrid system where everyone gets their percentage, but people who are online staking all the time get extra. This alternative would take a reasonable amount of investigation, research and testing to accomplish and it's not been trialled before afaik. For simplicities sake, i would argue that just using a static reward is a better option.
Other approaches
Not sure what else, i haven't thought of any other ways to solve this problem yet. If you have any ideas, don't be afraid to post them in the thread.

Conclusion

I'm personally in favour of changing the block reward to 2 NAV and increasing the Community Fund to 0.5 NAV per block. I'd be happy to hear your thoughts, so please post your feedback below.
submitted by pakage to NavCoin [link] [comments]

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