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I want to optimize your program on a ppc64el-supercomputer with lots of Tesla V100-SXM2 GPUs for free
I've been working on a program to automatically adjust hyperparameters in a given range. That is things like number of neurons, number of layers etc. For this, I want to do this on real programs with real data that is actually useful. I've tried things like DeepSpeech, but I have immense problems getting it to work on a ppc64el-environment with some compiled dependencies. This will then be made into a paper. So, I'd like to offer the following. If you have an application you'd like to be trained on a high performance computing cluster with hundreds of Tesla V100-SXM2 GPUS, for free!, than you can write me your suggestions here. The following requirements must be met though: - It has to be able to run on ppc64el Linux natively (i.e. you compiled it for it or it's only python and bash) - It has to be free software (and legal, of course) - No bitcoin mining or things like that - Has to be a real world application with lots of data that is either freely accessible or you can give me a download link for - The program needs to accept the parameters via a cli (i.e. "program.py --layers=10") - There has to be a loss function that can be minimized (e.g. the number of errors made, or quadratic loss or whatever, only thing that matters is one number and lower meaning better) - The result needs to be publically available, too. I have as much parallel computing time as we need and can automatically try as many combination as we want until we have a good result. RAM is not an issue, I have about 440GB RAM on a node, and more than 30 nodes with 6 Teslas each. I'd really be interested in good suggestions, from which I will chose one or maybe two. You'll also get fancy graphs of the GPU workload over time, and of the hyperparameter sets tried out. Anyone interested?
The reason why contentious forks occur in crypto, and how Monero can thoughtfully navigate the current ASIC-friendly PoW discussion
Hello Monero world, I've been participating in this awesome project since mid 2016 (forgive the new account; the old one was was deleted). Like many of you, I love Monero because I feel it best represents the heart and soul of what cryptocurrency is all about. It's basically Bitcoin 2.0, better at what Bitcoin was originally intended to be. The community is really smart and mission-driven and not sold-out at all. While other coins seem to have acquiesced to the siren song of profit, XMR seems to remain laser focused, all these years later, on its original mission to provide people around the world with a truly private way to digitally transact. In an age where the world's largest corporations are using satellites to catalog our every move, selling our most intimate details to the highest bidder, Monero is a refreshing thing indeed. As the discussion around an ASIC-friendly PoW begins to heat up, I wanted to offer some values for how best to proceed. This post is my humble attempt to stop something akin to the Bitcoin/Cash split from coming to Monero. Not only could this harm the bubble of trust and unity that we have cultivated over the years, but it also could fracture the privacy of the entire project. Unlike Bitcoin, ring signature chain splits are a MUCH bigger deal because they have the potential to weaken the privacy of the entire project. So it is really important we wade into the PoW deep end with a lot of patience and respect for one another. The biggest strength of open source projects is also a point of its greatest weakness. Few of us have ever met each other. I've seen pictures from a few Meetups, which are great, all these Moneroans hefting steins of beer with smiles on their faces. A few of us have met at conferences. But as a generalization we have no ability to personally know the people involved in this ASIC discussion. As a result, the organic trust in this community is tenuous at best. What I mean is, when two friends in the real world have a difference of opinion, they can look each other in the face and have a productive disagreement, because they can see in the face of the other person whether or not they are dialoging in good faith, especially if they have years of positive trust already built with each other. Monero, on the other hand, makes most of its important decisions via bald discussion on Github and Reddit. So usernames like Fluffypony and Moneromooo have to share equal space with Sockpuppet123 and Sockpuppet456. The average reader is then tasked with remembering which usernames have been around a long time and which have not. And when some trusted participants in Monero have somewhat complicated usernames like SChernykh, this task becomes hard work indeed. Let me provide an example of this. On the more ASIC-antagonistic side of the discussion is longtime community member Gingeropolous, a good guy I have personally interacted with many times, a guy who loves Monero. He made a point in the Github discussion that we should stick to the Cryponight whitepaper's value of democratized mining, one CPU one vote, and by embracing ASICs we are compromising a central element of Monero's identity. Fluffypony, another good guy that I have personally interacted with many times, and who also loves Monero, responded to Gingeropolous that Monero is first about privacy, and the whitepaper is not meant to be blindly followed, especially if doing so undermines the future of the coin. Now at this point in the discussion you have a healthy moment of disagreement. Two people who love this coin and who have been involved with it for many years have a differing opinion, and I would argue that both of them have a valid point. In a normal real-life situation like this, the years of trust and subjective experience of the other person talking could sort of undergird the conversation as a whole and make a positive outcome more likely. So what happened next? Unfortunately, talking on Github is nothing like talking in the real world, and the next person to weigh in on the topic of the whitepaper was a user I've not interacted with before, and his comment was telling Fluffypony to not throw out the whitepaper as a whole, which Fluffypony was obviously not suggesting, and so he had to clarify his original point, which he tried to do, but in my opinion that turn of the discussion was not very fruitful. Every newcomer to this project has the freedom on Github or Reddit to strawman people (to strawman someone is to take a minor point they made and expand it into a huge point that is easy to shoot down). This sort of occurrence, painting people into corners to achieve goals, has the likelihood to become more commonplace if this debate begins to heat up and become overly emotional. I am writing this post to suggest a few values to the Monero community to help them avoid splitting the chain, the community, and weakening the privacy of all parties involved. Five values to facilitate the ASIC-friendly PoW discussion:
Keep ALL conversation productive. Laser focus on this value! Resist the siren call to label each other, to demean and disdain to win arguments. Resist using swear words. Do not critique people's character but focus on the IDEAS being discussed.
On that note, put rationality before emotion. Embrace a Moneroesque existentialism and commit yourself to reality over religion, to truth over ideology. The goal is to arrive at what PoW strategy is best for the project. The day nobody is willing to sacrifice their sacred cryptographic cows is the day our chain begins to split.
Give the most authority to comments from long time community members: Fluffypony, Gingeropolous, Smooth, Hyc, dEBRUYNE, SamsungGalaxyPlayer, NeedMoney90, etc etc etc. Dozens of intelligent thoughtful good people have devoted years of their lives to this project, so you can have more trust that the positions these usernames offer are being made in good faith.
Give the least authority to brand new accounts, especially if they seem to demean or disdain longtime community members. There are huge incentives to disrupt constructive dialog on the topic of an ASIC-friendly PoW. For example, imagine you are some dude who invested his entire net-worth into GPUs to mine Monero. Wouldn't you do everything in your power, including making adversarial Github comments, to keep yourself from becoming homeless? I know I would.
Everybody needs to engage this issue! That includes you. Yes, you, the person reading this sentence! If people grumble on the sidelines but don't engage the discussion when it is happening, they are more likely to leave the project if the PoW decision doesn't go their way. And we are more likely to split the chain, weakening all of our privacy as a whole. Think through the implications of both your arguments and the arguments of those you disagree with.
Personally speaking, I was on one side of this debate at the start, but after considering all the facts I was convinced my original position was faulty, so I changed my mind. That's it. I look forward to further discussions around 1-year versus 10 year-acceptance of an ASIC-friendly PoW, as I am learning so much in this process. And I look forward to uncorking a bottle of Barolo with you in person someday. Sincerely, MoneroEric PS: A truly great way to grow in trust is to actually meet in person, so I want to plug the upcoming Konferenco on June 22-23 in Denver: https://monerokon.com PPS: To my surprise the third person in the Gingeropolous/Fluffy exchange, who I suggested was a newcomer to Monero, was in actuality one of the very first participants in the Monero project! I recant my quick assumption and will, in the future, work harder at providing more accurate examples.
Your Guide to Monero, and Why It Has Great Potential
/////Your Guide to Monero, and Why It Has Great Potential/////
Marketing. It's a dirty word for most members of the Monero community. It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers. This is what makes this an unusual post from a member of the Monero community. This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential. Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome. I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.
Bulletproofs - A Reduction in Transaction Sizes and Fees Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested. Multisig Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero. Kovri Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy. Mobile Wallets There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon. Hardware Wallets Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here. TAILS Operating System Integration Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users. In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow. Mandatory Hardforks Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information. Dynamic fees Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees! Tail Emission and Inflation There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore. Monero Research Lab Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.
///Monero's Technology - Rising Above The Rest///
Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero". Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!. Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself. I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity. A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain. The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes. Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
Major Investors And Crypto Figureheads Are Interested Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments. There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin. Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin. Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero. Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in. The Bitcoin Flaw A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins. CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero. CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range. Monero Has a Relatively Small Marketcap Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit. Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin. For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin. Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money. Technical Analysis There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today. Coinbase Rumours Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading. Monero Is Not an ICO Scam It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases. Monero is a Working Currency, Today Monero is a working currency, here today. The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc. Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin. Monero is the only coin with all the necessary properties to be called true money. Monero is private internet money. Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy. Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us. Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.
///Key Issues for Monero to Overcome///
Scalability While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit. In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node. For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too! Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.
I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so. Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price. I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors. I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ? Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
Ritocoin - a 100% community driven project based on Ravencoin
tl:dr: Ritocoin is a code fork of the Ravencoin codebase and continues to track future Ravencoin developments. The project was launched to provide a more community-oriented blockchain with the same functionality as Ravencoin, without a corporate overseer, and with a more flexible model for community participation and development. It’s intention is to be a hacker’s playground for innovative ideas. Specifications Proof-of-Work Algorithm: X21S Block Time: 60 seconds POW Block Reward: Smooth curve down Community fund: 1% first year Difficulty Retargeting: DGW-180 Maximum Supply: 6 months: 993,521,892 RITO 1 year: 1,227,448,858 RITO 5 years: 1,762,210,058 RITO 10 years: 1,820,404,381 RITO 50 years: 2,030,907,256 RITO 100 years: 2,293,707,246 RITO Infinite: 10 RITO per block in perpetuity Pre-mine: None Masternodes: Researching for use case Asset layer: Was enabled at height 50,000 Links Website /ritocoin Explorer Github Whitepaper twitter [ANN] X21S This hashing algorithm was created specifically for Ritocoin, and was designed to resist FPGAs, ASICs, and NiceHash. It is X16S (16 algorithms shuffled and hashed),, followed by 5 additional hashing algorithms: haval256, tiger, lyra2, gost512, and sha256. The inclusion of lyra2 brings numerous advantages, making parallelization of the algorithm practically impossible, with each step relying on the previous step having already been computed. It is a “friendly” algorithm that makes GPUs produce much less heat and uses less electricity during mining. Take your time to learn more about us in the below story of Ritocoin... The spirit of Bitcoin continues to inspire, empower and enable people around the globe. Ten years later, just as it seemed Bitcoin was being defined by commercial agents and regulated governance, that same free and independent spirit imbued the Ravencoin community. In ten short months, however, 30% of the Ravencoin project’s net hash comes from NiceHash and the looming impact of the imminent FPGA mining cards and X16R bitstreams certainly promises to shake up the dream of this GPU miner’s darling. Ravencoin’s fair launch genuinely inspired our developers and supporters. We admire the way Ravencoin came out swinging — fighting for fairness, an honest distribution of coins and a place where GPU miners could thrive. The asset layer attracted many more miners and investors to the pools. Many Ritocoin enthusiasts came from the Ravencoin community, and continue their association with that project. The whole crypto ecosystem should appreciate the work begun by Ravencoin. Obviously they continue to inspire and motivate us to this day. It’s the reason we took action. We decided to start our own project which focuses upon at least two pillars of decentralized networks in the crypto space: community governance and a fair distribution of coins. It is a core belief throughout Ritocoin that in order to successfully develop and maintain this hacker’s playground — a place where a broad range of ideas could be tried and allowed to flourish — these two ideals must be allowed to drive and guide our community. This deep focus on community choices creates a project flexible enough to support most ideas, and agile enough to define new frontiers. A mining network’s distributed ledger is defined by its technology. Like many in the broader crypto-mining community, we value the GPU for its accessibility. These processors are available for purchase all around the world without any legal restrictions. GPUs are vastly more accessible for hobbyists and miners to acquire. They can be shipped nearly anywhere around the globe, a nice benefit to the popular secondary market which has sprung up much to the chagrin of PC gamers. More constraints exist for the ASIC and FPGA miner. Laws in some parts of the world restrict people from using or buying ASIC and FPGA mining hardware. This alone is directly in confrontation with Ritocoin’s core values of decentralized stewardship and sovereignty. The GPU, in essence, is like your voice. Anyone with the means of acquiring one GPU should be able to have their voice heard. ASIC and FPGA mining devalues the GPU miner’s voice and silos that coin’s network away from the small scale and personal mining operator. A truly community driven project means each stakeholder, regardless of size of contribution to the network’s net hash, has an opportunity to build, vote and direct. If you are already familiar with our website, discord or whitepaper, you are probably aware that masternodes had been proposed as a feature of the network from the beginning. This opened the door to ongoing discussions in the Ritocoin community regarding ● A masternode’s true purpose ● What benefit they provide to the project ● How the benefit is realized ● The collateral This discussion, governed entirely by stakeholders across the extended network yielded a defining moment for our vision of flexibility. We have not yet found the potential utility of masternodes, however, the conversation has not reached an extent to where we could abandon the idea. To quote one of our developers during this discussion on our Discord:
“Just want to give a reminder here that even though masternodes are on the roadmap, it is not set in stone. This coin belongs to the community and we will do what we as a community want to do. If we conclude that we want to take this coin a different direction than masternodes, then that is what we’ll do.” --traysi
We are all volunteers at Ritocoin. Our moderators and community leaders try to give immediate support to all users that require it. Contact us in Discord or Telegram, not only for support, but, proposing new ideas, revising old ones and just so you can find a place to get together and find people to hang out with. You are well within your rights to enjoy yourself at any given moment, and, should you feel so inclined to begin working with the team, we just so happen to be looking for ambitious individuals that see themselves as being part of a greater vision, are inspired by change, and inspired to be the change they want to see making things better in this world. Join us in a space where your ideas to build something great can become a reality. We are eager to know what you think is best for the future of Rito. What steps would you take to become more resilient, stronger, fair and decentralized? Because at the end of the day, like it or not, love it or leave it.. this is your coin, too. You can become a significant part of this project. We will help you further develop the role you wish to fill in the cryptocurrency space — influencer, developer, analyst, you name it. This is not a just-for-developer’s playground. We want the enthusiasts. We want the perplexed and the rabbit-hole divers. This is the coin for everyone who is trying to find their place on the path that Satoshi began unfolding in 2008 after the collapse of the housing market rippled out into the subsequent crash of global markets. That’s why we have Bitcoin, remember? Be your own bank. This is why Satoshi and Bitcoin.org kept their software open source. It’s up to us to keep the torch ablaze. Community funds For the first year, about 1% of mined coins are set aside into a developers fund that is used to provide bounties to the community developers who make substantial development contributions to the Ritocoin ecosystem. We have already paid out numerous bounties for important work that has already benefits Ritocoin in substantial ways. We also have another donation-driven community fund that has recently been put together for the purposes of doing fun contests and things like that. Cooperation and collaborations We have discovered a number of fatal flaws in the original Ravencoin codebase and worked with the Ravencoin developers to get those fixed in both Ritocoin and Ravencoin. This work has benefitted Ravencoin in numerous ways and we look forward to a long time of collaboration and cooperation between us and them. Many members of the Safecoin team are also in our discord group, and have collaborated with us in shaping the future decisions of Ritocoin. We have several thousand members in our group and they represent all walks of cryptocurrency life. We invite all coin developers, miners and enthusiasts to join our discord and be a part of this coin that truly belongs entirely to the community. Block reward A couple weeks ago we met for a scheduled meeting in our discord group and had a lengthy conversation about the block reward. Our block reward started at 5,000 RITO per block (every 60 seconds) just like Ravencoin. This extremely high number of coins coupled with the high profitability of mining led to unforeseen consequences with pools auto-exchanging the coin into bitcoin. This dumping by non-community miners had a very negative impact on the community sentiment and morale, as we watched the exchange price plunge. We looked at other coins and realized that this fate has befell many other coins with high block rewards. Following much discussion, we decided to change the reward structure. Starting around March 19th the block rewards will start to slowly go down in a curve until it reaches 1,000. Then the reduction will be even more slowed down with block rewards exponentially dropping at periodic intervals. We have posted charts on our website that shows what the long-term effects of our reward reducing algorithms will be. As a miner, the next 2 months will be a great time to mine and hold, while the block reward is still fairly high. We encourage all miners and cryptocurrency enthusiasts to take advantage of the current favourable block reward and build a nice holding for yourself. Then join the community and be a part of the fun we’re having with this project. This post was prepared by a collaboration of multiple Ritocoin members and was posted to reddit by the core developer Trevali, who posts to reddit under the ritocoin username and will be very happy to answer any questions anybody may have about our project. Traysi (well known in the Ravencoin community) is also an active Ritocoin developer and may come to this thread if needed. We welcome any questions from any of you regarding our project!
I met face to face with the owner of www.signatureit.org today. Simple story, IT guys discover Burstcoin and they want to be the official HDD and all-in-one mining rig supplier for Burstcoin.
Hi all, Great news! Say hello to Burstcoin first mining rig supplier www.signatureit.org (and its owner u/sgabay242 ) Bitcoin has Bitmain, GPU miners have Nvidia, now Burstcoin has Signature IT. We met face to face today and got more info showing they a legit. And you can also check them out at their official company registration in the California Business website https://businesssearch.sos.ca.gov/ Use the entity number C3586609 for Signature IT Consulting Inc. They are IT guys (so they see what we all see in Burstcoin). They love Burstcoin and want to support it with their business. We talked about adding lower cost units (like a simple pc with 4 x 8TB drives) and about offering just hard drives for sale (plotted and unplotted). Their units can also mine CPU and have some GPUs added to them for added profits.(mining multiple coins) They will support their products with 1 year of customer support. (Try Bitmain support lol, and Nvidia won't help with anything mining related) www.signatureit.org is also interested in accepting Burstcoin so I am connecting them with u/nixops to get that going. Signature IT started selling all-in-one mining rigs for USD. In the next few weeks they will add HDDs and start accepting Burstcoin! Thank you.
Well, this was a harder chapter than any other to finish. I was actually stuck a little, and had to figure a way out, but finally did, it just took a while. I hope you like the way things came out. I'm especially proud of how the guy from Arizona came out. He's based on a guy I met when I was working around some post-doc chemist types. Brilliant, but awkward and super nice. As always, thanks for reading! PART 15 PART 1PART 4PART 7Part 10PART 13 PART 2PART 5PART 8PART 11PART 14 PART 3PART 6PART 9PART 12 “So you mean to tell me that all the good actionable intelligence our team’s have been fed has been from you?” The US soldier was intense, but personable. He was known as one of the more reasonable and intelligent commanders in the Army Special Forces. “This last like 4-5 months, Yes,” Mark said. “And all the bullshit about the Ultimate Spartan Race teams and the Online Game championships are your way of building a military without building a military?” This was from a thick Samoan guy from the SEALs. “Yup,” Mark said. “And Musk going to the moon... Y’alls Idea?” This came from the handlebar mustached mouth of the Marine Raider. Mark smiled. “Technically, no. Meeting me did bring his timetable up like 2 years with some of the Tech I've been able to help him with, but going was his idea after he’d sorted out his self landing rocket stages.” “And now, you expect us to believe that we’ve not only been visited by aliens, but we’re on the cusp of joining them at some intergalactic ‘Big Kid’s Table’ just because some guy in Arizona has figured out Faster than light travel?” The combat controller guy from the Air Force looked very skeptical. Mark looked around the room. This was his biggest gamble yet. He’d had the internet Ops AIs finagle the orders for ten of the top tier special operators in the US military to be in the same room at the same time and just finished going over what he’d been through. He’d bought this little off strip Vegas casino as a way to hide in plain sight and have the odd covert meeting. Oh, and he’d always wanted to own a casino. What’s $60 Million when you are controlling a Trillion or three? “I am,” Mark said. There was a podium and table at the head of the conference room, with a T-45 on one side. He was sitting on the table, facing the men. He’d never been a podium guy. “What kind of thing would convince you? The tech level is impressive, I mean, you can make just about anything you want.” Mark stood and walked over to the T-45 and opened it with his implant. The men all looked at it with caution, several stood up, hands to their sides like they intended to draw concealed weapons. “Calm down, gentlemen. It has no weapons. Sit. Please.” Mark had his hands up, trying to calm things down. “Would I arrange to meet you in Vegas just to pull some stupid shit? Come on.” The men who’d stood sat back down. “Good, thank you. Now, when I first arrived on Belora 7, I wanted to conceal my species so I impersonated a species that needed artificial atmosphere, so I made some generic power armor. Then I wanted something I could fight in. Something imposing. What’s more imposing than this? Anyone want to try this on?” No one moved. “I’m quite serious.” Immediately a lean, very tanned soldier stood up. Mark’s implant showed him to be a Navy SEAL who’d also trained with the Navy’s 10th fleet cyber division. A SEAL hacker. Who knew. “Isaac, Right?” Mark started. “Come on over. It’s crazy easy to drive.” The man looked surprised by neing called by name as no one wore name tags, but walked over. He ran his hand over it’s outside. “Feels strange. Titanium?” He asked “No, it’s some crazy blend of steel with an ablative ceramic coating. The ceramic burns off and the resulting smoke attenuates the beam. Very good in high Vacuum environments, but still plenty good in atmo.” Mark answered. He looked at the helmet and all of it’s optics and sensors. “Thermo, Night vision, telescopic vision. What else?” Mark smiled. “Ultrasound echolocation, RADAR, LIDAR, enhanced hearing, and full specrum visual ablility. There are also built in dampeners for the recon suite so a person doesn’t get fried by flash. Here, step into it, just like the game, and say ‘Close Hatch’.” The SEAL did as instructed. Several of the men had walked over by this time to look at the armor. Mark pointed to the screen on the wall. He’d turned it on and tasked the feed of Isaac’s sensors through the projector. The screen showed the typical HUD that the suit used. Isaac moved his arms up and down and raised and lowered his feet. He thrust his hand out to shake with the big Samoan SEAL in the room. The man shook his hand and smiled. Isaac turned to Mark. “I can’t exactly feel his hand, but I know it’s there somehow. The suit is very responsive. Is it fast?” Isaac’s voice was slightly mechanical as it came over the suit’s speakers. Mark swept his hand like Vanna White, indicating the rest of the room. The room wasn’t huge, maybe 30 feet on a side. “You don’t have very far, but you’ll get the idea. The answer is not really, but fast enough.” The heavy armor jogged, rather fast, the length of the room and back as Mark talked. “I sacrificed protection for speed, though with the right input we could design something better I imagine. I have an implant installed in my brain that allows me to control the suit’s functions with thought.” There were some hushed conversations about that. Mark smiled and responded. “Yeah, there are implants too, Ray, like amplified hearing, a few vision improvements like night vision and telescopic vision. Those came at the expense of my Meat eyes, but you can’t hardly tell.” There were a few ‘holy shit’s’ said among the men. Mark routed the screen through his eyes and everyone looked to the screen then back at Mark once they realized what was going on, watching his eyes flick to each man, a small icon showing the man’s first name and branch of service. “I also had my metabolism tweaked and my musculature modified a little. That hurt but I am stronger than any of you. Even though I look like a civilian puke.” The group laughed, but were a little off guard. They were all the best of the best. They weren’t used to coming up second. “See, here’s the thing. I am 35. Until I got abducted, I was shooting three gun, going to Dog Brother gatherings, fighting in HEMA competitions, doing Crossfit 6 mornings a week, running the odd 5k. Shit like that. I was in pretty good shape. Good fighting shape for a civilian. Then I get taken to the land of high tech and they make me better. But that wasn’t what made me want to bring the Earth into the community.” He let those words sink in a second, looking around at the people gathered around him. “When Flurr did all that shit for me, he cured my testicular cancer that I didn’t know I had. And he didn’t do it in a ‘I think we got it all’ kind of way, it was in an ‘oh by the way, it’s no big deal’ kind of way.” There were some murmurs at that. “Imagine you found out you had cancer. Or your kid. Right now we take our kids to the doctor for an ear infection. They get antibiotics and get better. What if cancer was like that? Go to the doc and get the CURE. Or for fuck’s sake, food. What if every kid had access to good food and good education and opportunity, all they needed was imagination and drive? Guys, we can change the world. I can’t say we can change the Galaxy, but I’m damn sure we can change the direction of the species.” There was cheering and clapping. The skeptics seemed to go from the sidelines to all in. If he could convince these guys, Mark was pretty convinced he could do just about anything, especially with their help. “So what now?” Isaac asked, voice still the mechanical amplified version. “You have to return the suit,” Mark said, in a false serious tone. Everyone laughed and the suit opened. “Ok, well, here’s the rub,” Mark started. “I’m not sure. In nursing school there wasn’t a course for ‘Ascending the Earth into the Intergalactic Community’.” Everyone laughed. “Did they go over it in bootcamp?” There was more laughter. “Basically, I’m assembling a team. I’m using the Over the Horizon game to train pilots and the Ultimate Spartan Race to get people more fit in general. I don’t know if I can expect them to fight, though initial research shows that some of them are considering joining the military, realizing that their training is a good crossover.” Mick, one of the Army SF guys spoke up. “I’m not sure that’s a good idea, sir.” All eyes turned to the poster child for the Army. A jaw drawn with a straight edge met with massive traps and wide shoulders. His hair wasn’t regulation, but Delta guys seldom were. "See, Drill Sergeant’s want to break you down and train you to military standards. Civvie schools, while giving people good training aren’t the same. My Drill Sergeant was trying to get city kids not to eat rocks. They don’t have time to adapt someone’s training to what the Book teaches.” Ray, the Marine Raider chimed in. “That’s a fair assessment. I can’t imagine my Drill Instructor trying to Unfuck some kid who’s holding the gun way ass out at the end like you three gunners do,” and looked at Mark with a smile. All the military folks laughed. Mark held his arms up in mock offense. “For the record, I took my rife training from a Former SF guy named Rodrigo Sandoval. He made fun of those guys, and said I’d be better off not forming bad habits.” “I know Rod,” Mick said. “We were in … well, we were in a country at the same time.” There were some laughs at his vague comment, all being too familiar with what they could and couldn’t say. “Yeah, good guy. Hell of a shot.” There was a little pause in the conversation. “Well,” said Mark finally. I guess here it goes. What I need from you is simple. Ideas, for now. What’s your dream power armor? What’s your dream implant suite? Weapons? Right now, lasers rule the battlefield, but I’ve had my guys develop M4 sized rail guns that pack a whollop. I think we’ll keep with those for a while, but please feel free to brain storm.” He looked at Thomas a Ranger and Stryker unit commander, Sakura, one of only two women present and a pilot for the Army’s 160th aviation regiment, Marcos, the Samoan SEAL and Special Warfare Combatant-craft Crewmen, and Idil the other woman and Somali American Air Force pilot turned Astronaut. “I could use your input on troop delivery and troop support design. Idil, you have experience with the weirdness of space and current tech. But you also flew the Spooky so you know ground support too.” He looked to the rest of the group. “Your orders read that you’ll be here for what, a week?” Everyone nodded. “Perfect. I have some things to attend to out of Town, but I’ll leave you in the capable hands of my Second in command, Mac.” Mac walked in, dressed in a black Violent Femmes T-shirt and jeans. “Please excuse his 80’s counter culture dress. He’s recently discovered Punk music.” Everyone laughed. “This is THE Mac?” Maurice the FBI SWAT team leader asked. There was some murmuring as the fact that they couldn’t tell an AI from one of the rest of them sunk it. “That I am,” Mac said. “Have no fear, despite Mark’s best efforts, I still like humans.” There were some laughs. “To prove it, Bacon cheese burgers are currently mana from the gods, AR over AK, .45 over 9mm, and I prefer anything I make over anything Detroit makes, though the 1969 Camaro has some beautiful lines.” There was more laughter. “Mac’s basically human,” Mark said with a chuckle. “He’s been with me the entire time, so he’s cool.” Everyone was quiet for a few moments, then Jake, the US special forces guy who opened the questions spoke up. “I must ask, sir, why are you talking to us? We’re grunts, or pilots. Way low on the totem pole, no matter how you slice it.” He looked around. “What you are discussing has global implications. Not even National ones. You said yourself, it could impact the species.” Mark lowered his head for a moment. “Yeah,” he began. He paused for a moment, then raised his head again to look the men in the eye. “Nothing what I’m doing is exactly legal. The galaxy says I shouldn’t be here. The Government doesn’t exactly know I even exist, except as a missing person. My public persona is something the AI internet corps have invented.” There was more murmuring as that was discussed within the group. “But, we all know, the current trend of the world, not just the US, isn’t conductive to joining the Intergalactic Community as it is. Greed and selfishness rules the upper ranks. The AI have uncovered some serious conflicts of interest, and will be releasing some pretty scandalous information in the next week or two. Money rules right now, and the US government is rife with greed and self interest. That’s coming to an end. The higher you go, the more involved people are in the grift, with precious few exceptions. No surprise the rest of the world isn’t spared this, either. We’re working on exposing all of the corruption, but no surprise, you people and people like you all around the world aren’t generally involved. So I figured I’d start with reasonable people, and if you’re here, you are as trustworthy as anyone on Earth.” “Is there going to be some de-stabilizing in the world?” This was from Avi, the former Mossad turned CIA tactical operative. “Sadly, more than likely,” Mark said. “Though we’ll do all we can to avoid it. The powerful will want to stay in power, but luckily, we control the internet and all the intelligence agencies. Well, at least their digital aspects, but no one is even a little bit suspect. Our AI are that advanced.” There was more murmuring. “So, what we are doing is against the law?” It was the FBI agent again. “Technically, no. You are just talking to a guy from Spokane Washington. Your orders are legal. The per diem you are getting is real.” Ray, sitting with arms crossed, spoke up. “I don’t like it. I swore to protect my country. This feels like a coup, no matter where the tech comes from.” “Yup. I know. It’s been fucking with me too,” Mark said. Mac stepped forward. “I have to say,” He interrupted. “It is the guidelines of the American Constitution and Mark’s personal feelings toward freedom that have driven this whole thing forward.” He looked around the room. “He’s freed an entire race of beings. All of AI are now free persons with Mark’s guidance. But more than that, Humans are regarded as a lost species by most of the Galaxy’s academics. It would be like having an uncontacted tribe in the Amazon, who science has promised not to contact, be engaged in a civil war that they know they could stop but won’t. There is much to learn from a species putting it’s self extinct, and that’s the thought from mainstream science. In fact, there are plans to terraform Earth back to something livable once Humans are gone.” He let that sink in. “It’s supposed to take less than 80 years.” Everyone was instantly quiet, even Mark. “I’m not trying to scare you. I’m just here for the facts.” “That’s something I hadn’t heard.” Mark said to Mac. Mac just shrugged his shoulders. “I didn’t want to depress you,” Mac said. Mark addressed the group. “The regular Joe, all things being equal, just wants to do the right thing. That’s all I want. I think that’s what we all want. All I ask is that you don’t share anything we went over today with anyone but the people in this room. I just want you to help Earth. I’m an American, and initially, I’m going to base as much as I can on the Constitution until the people can make something that represents us all, but right now we’re now one world against the Galaxy. There’s no room for old squabbles. No bullshit religious extremism. No nationalistic fuckery....” He paused. “I’m not saying people need to lose religion, or forget where they came from, but if we’re busy fighting ourselves, we forget that the galaxy can bring a ship that can toss 5000 kilo Steel darts at us from orbit and destroy whole cities in minutes with little effort. We need to start working together and pull Earth up by it’s boot straps. To me, that starts with regular people. People like Musk and Neil and Kaku. People like you. Scientists, warriors, and the common man with no agenda but making the Earth a better place and helping out their fellow man.” Mark was drinking a cup of coffee, half eaten brownie in his other hand, leaning on a table in the conference room. Jake was the only other person there. He had his own cup. “That could have went better, but I think you are doing a damn fine job.” Mark started to speak, but Jake held up a hand. “Lemme finish. Speaking from a military perspective, however, you are in a position of weakness even though you have all the strength. You aren’t in the ruling class, and you are trying to bend but not break the rules. You have no real authority, and yet you have all the power. You can bring the strength of a conquering force to the planet, shut it down entirely, force it to it’s knees.” He paused for a second. “And maybe you should.” Mark looked at him like he was crazy. “Dramatic change is what this world needs,” Jake continued. “You said you were working on a plan for universal care for all, using those...Fabbers?” Mark nodded. “It’ll take years for you to tease the tech into the real world from Musk or similar. If you come onto the scene with all the cards and many of the answers... and a strong ass Navy.... Man there’s no better position to be in.” Mark nodded, an idea forming in his head. “I wonder,” he said. Mark tasked his VR to the projector in the room. He called Jido who was on the Freedom with A-seven, orbiting above Vegas. They had come back to pick him up after his several week stay on Earth. The image on the screen showed the two on the bridge. “Boys, I have Jake here, United States Special Forces with me. He’s got a hell of an idea, and I have a few questions.” “Hi, Jake,” Jido waved up a long fingered hand. A-seven similarly waved “Greetings, Jake.” A-seven said. “What are your questions, Mark?” Jake was shocked for a few seconds and recovered. “Hello, gentlemen.” Mark smiled. “First, what would be the easiest FTL for earth to discover? I mean other than the guy in Arizona.” “Well,” A-Seven began. “There’s a NASA researcher that already has a design for a ship designed around an Alcubierre drive. The gravity wave one we talked about the other day. They are just missing space manufacturing and a power source, though an efficient enough Fission plant should do the trick. At least at first. It’ll technically get them to...” His eyes closed for a second. “1.0375 C. So, barely faster than light, but it would qualify.” “What happens when a species gets FTL?” Mark asked. “Like legally and stuff.” “Well, they are entered into the Galaxy’s Legder and granted full access. Trade becomes open and other polities are allowed to interact with them,” A-seven answered. “This all happens automatically?” Jake asked. “Usually the AI from the ship that discovers the newcomer issues the ‘Introductory protocol’, and contacts the Galactic council when able. It’s standard that all of us have the necessary information, and so we’re the ones to welcome the ship’s captain and provide him with the requisite information.” Mark thought for a second. “How many Sol class ships do we have?” “We have four flights of six, with another six in space dock in various states of construction. We built a tender for each squadron that carries replacement parts and dedicated Missile fabbers. That was Jido’s idea. It was brilliant, so I decided we should go ahead.” “Did you ever make any headway on anything bigger?” Mark asked. “We have designs for 3 different Capital ships, we’re just waiting on your final go ahead to start building. The biggest will take most of the production capacity for the next 6 months, the Smallest, four.” Jido said. “I’ll take a look when I get back. Are those using the new engine design?” Mark asked. “Yes, they will be faster than anything their size, carrying better armor.” “What if we make them without Jump drives?” Jido and A-seven looked at each other, then back to Mark. Jido spoke first, “Uh, That’d take like a month off, maybe more. But why?” “We don’t need to take over the galaxy, just take and hold a planet for a bit. I need to write an email to Musk. He’s about to be the newest Human to go faster than light.” A real live girl sat in Arturo’s living room. Yeah, he’d had to clear off a couple boxes of papers and a couple PC chassis, but she sat right there as they talked. He hadn’t had a visitor in his house in … ‘Hmm,’ he thought. ‘Maybe back at the dorm, he’d had a visitor, but here?’ “So, tell me, Arturo,” Sophie began. “When did you really get into quantum theory?” She was drinking a Diet Mountain Dew. Arturo had explained that he’d recently been trying to lose weight. He stood nervously in the middle of the living room, shifting occasionally from right foot to left. He held his hands in front of his chest and fidgeted with his watch band. He seldom looked directly at her, but always kept her in his peripheral vision. At times he’d fix her eyes, but would get intimidated and look away. “I.. Yeah, um. Middle school. I guess. Mr Robert’s class.” He looked at her for a second, then back to the powered off TV on the far wall. “He made us read a magazine and there was a movie called “What the bleep”. Sillly name, and it got a lot wrong, but they didn’t know at the time. I can forgive them, they were just starting out.” He took a deep breath. “So, um yeah, middle school.” He looked at her again. “How, um, about yourself? You really seem to have a good, if rudimentary grasp on the boards...uh, if that’s ok.” He looked at the floor, then to her again and the faintest smile streaked across his face then disappeared when she smiled. She was beautiful. Sophie had met him on the quantum theory forums Mac had pointed her to. She lurked for a bit, and then every so often would clarify something he’d asked, but usually just asked him soft toss questions to gauge his grasp. He blew her away every time. He’d start out easy to understand, but then would go way past even her far higher tech knowledge. Truth be told, most of the species in the galaxy didn’t have a grasp on quantum theory much better than Earth. To Sophie it seemed like the human brain was better wired for the near creative and absurd mental gymnastics that Quantum theory required at higher levels. A well respected college professor on quantum theory was as knowledgeable as the best the Galaxy had to offer. Arturo, was something else all together. While all the other kids at school used a pencil to draw a dog, Arturo used an airbrush and a whole palette of colors. Sophie laughed. “For a long time,” She said. “Is that your Quantum rig?” she asked, pointing to an obviously modified computer taking up the majority of the dining room. He smiled and laughed a genuine laugh. “Oh no, Miss Germain,” Arturo said, using the last name Sophie had adopted. “That’s my test rig. It’s mining Etherium right now, but it’s what I use to go on the forums and stuff too. I’ve made around $85,000 since bitcoin started. Etherium is pretty interesting, so I’m into that kinda big right now too. I use several GPUs in pa....” He stopped himself. “I’m sorry, I get off topic sometimes. No, the quantum computer is... somewhere else.” Sophie was intrigued and she smiled at him, coyly. “That seems a little... clandestine.” Arturo smiled, he liked the idea of being cloak and dagger. “Well, I guess, I mean, Yeah...” He took a breath and walked into the kitchen. He opened himself a room temp Diet Dew and took a big gulp, then walked back to the living room. “So, when I made my first one, the college, they uh, um, took it. I was just an undergrad. Physics major, but I was also in engineering, electrical. We had a contest to build a computer, so.. I. Yeah. I built a quantum computer.” Sophie was astounded. “Just like that?” She had a wide smile. “You are an impressive man, Arturo Alvarez.” As humans went, Sophie liked the awkward guy. A little overweight, but his unruly black hair and thick black rimmed glasses gave him a certain adorable charm. He visibly blushed. She took another drink. She felt a measurable stimulus to her biologic systems. An instant cross reference to Mountain Dew showed a relatively high level of the alkaloid caffeine. She liked this much better than the Mate that Mark liked, and way better than the coffee, though the ‘Milk beverages with flavor and coffee’ as Mac called them that Starbucks sold were quite good. “But why did they take it?” She asked, resting the can on her leg. He looked at the floor, then the TV again. “Research. Or so they said. Their Dean of Quantum took over. That was, uh, at UC Berkley. So I graduated and began my postgrad stuff at California Institute of Technology.” “Then when you built another you were worried that someone would steal it?” Sophie asked. “Precisely,” he answered. “But you built one by yourself. In your spare time.” She had a big smile. “Yes.” “Could I see it? I have a proposal, but I need to actually see the computer. Do you know who I work for?” Sophie put the can on the coffee table. Well, after she moved a stack of books filled with book marks. “Oh god, you don’t work for the Government, Do you, oh god, oh my, oh... you do...” Arturo grew visibly agitated. He stepped from foot to foot faster and his hands fidgeted even more with the can in his hand. He looked to the right and left, never looking for an exit or anything, more like it was a nervous movement. Sophie stood and took a step towards him, hands outstretched, and in a comforting tone said, “Arturo, Arturo, It’s ok. I'm not from the Government, I’m from Earth Ascends. We want to work with you.” It took her another half hour of talking and making a few frozen toquitos in the microwave (something she vowed never to do again) to get him to calm down. Then it took another 30 minutes for him to drive her to the piece of strip-mall he rented. There was a stylized sign that read ‘AA Consulting’ on the mirrored windows, and he unlocked the door and showed her in. Immediately inside the door was another door. He locked the outside door, then walked over to the next. He keyed a complex code into the keypad and a surprisingly stout door opened into a well lit work space. In the middle of the room was several work benches around a central mass of machine, wires and humming equipment. The only things recognizable as a computer was the keyboard and the Monitor. “Here, sit. It’s always on.” Another two hours of talking and explaining by Arturo, Sophie finally stood up. “I have an important question. If I could give you all the technology you could ask for, would you be willing to leave and do research somewhere else? We can talk about salary, but I guarantee that you will want for nothing.” “Would I be leaving Arizona? And, Um, Could I take all my things? Can I tell people where I’m going? I mean I’m interested, I just have questions.” Sophie smiled. “Arturo,” Sophie produced a business card and turned it over to show some numbers scrawled on it and ‘10pm’ “Meet me here tonight, I’d love for you to meet our boss.” With that, Sophie turned and walked out the door. The Uber she’d called from her implant was just showing up. Arturo came rushing out from the door as she closed her’s. “That’s in the middle of no where!” he yelled. It wasn’t exactly no where, it was a State Park. Well, a dirt road near one anyhow. Arturo pulled off, his Chevy Volt churning up dust as he drove down the little single lane road. He got to a small clearing and his headlights illuminated Sophie sitting in a folding chair. He slowed and pulled up close to her before stopping and getting out. “Miss Germain, this is highly irregular. I don’t see your, erm, I mean, our, or maybe I mean, my maybe boss.” Arturo was looking around the clearing nervously when suddenly a shimmering began behind Sophie. Suddenly, in front of him, loomed the smooth lines of the scout ship Freedom. It’s nose ramp was open and a man was walking down it, flanked by a robot looking person and a tall lanky alien looking guy? Arturo was still and quiet. He wasn’t even fidgeting. “Arturo, I’ve heard so much about you. I’m Mark Gunn. I bet you have a million questions.” Mark smiled wide and had a Diet Dew in each hand. He offered one to Arturo. “Um, you know, Just one.” Arturo said. “Shoot,” Mark said. “You’re human, right? Cuz I’m not sure I could work for an Alien boss.”
dcrd: Several steps towards multipeer downloads completed: an optimization to use in-memory block index and a new 1337 chain view. Maintenance: improved test coverage, upgrading dependency management system and preparing for the upcoming Go 1.11 release. dcrwallet: A big change introducing optional privacy-preserving SPV sync mode was merged. In this mode dcrwallet does not download the full blockchain but only gets the "filters", uses them to determine which blocks it needs and fetches them from random nodes on the network. This has on-disk footprint of 300-400 MB and sync time of minutes, compared to ~3.4 GB and sync time of hours for full sync (these are rough estimates).
jy-p: the server side of SPV (in dcrd) was deployed in v1.2.0, the client side of SPV (in dcrwallet) is in our next release, v1.3.0. Still some minor bugs in SPV that are being worked out. There will be an update to add the latest features from BIP 157/158 in the next few months. SPV will be optional in v1.3.0, but it will become the default after we get a proper header commitment for it (#general)
Decrediton: besides regular bugfixes and design improvements, several components are being developed in parallel like SPV mode, Politeia integration and Trezor support. Politeia: testing started on mainnet, thanks to everyone who is participating. A lot of testing, bugfixing and polishing is happening in preparation for full mainnet launch. There are also a few missing features to be added before launch, e.g. capacity to edit a proposal and versioning for that, discussion to remain open once voting starts. Decrediton integration is moving forward, check out this video for a demo and this meta issue for the full checklist. Trezor: Decrediton integration of initial Trezor support is in progress and there is a demo. Android: app design version 2.0 completed. dcrdata: development of several chart visualizations was completed and is awaiting deployment. Specifically, voting agendas and historic charts are merged while ticket pool visualization is in testing. atomicswap: @glendc is seeking reviews of his Ethereum support pull request. Dev activity stats for July: 252 active PRs, 220 master commits, 34,754 added and 12,847 deleted lines spread across 6 repositories. Contributions came from 6-10 developers per repository. (chart)
Hashrate: the month started at 40.5 and ended at 51.6 PH/s, with a low of 33.3 and a new all time high of 68.4 PH/s. F2Pool is leading with 40-45%, followed by the new BeePool at 15-25% and coinmine.pl at 18-23%. Staking: 30-day average ticket price is 92.6 DCR (-2.1). The price started the month at 94.6 and quickly retreated to month's low of 85 until 1,860 tickets were bought within a single period (versus target 720). This pushed the pool of tickets to 41,970 (2.5% above target), which in turn caused 10 price increases in a row to the month's high of 100.4. This was the highest ticket price seen on the new ticket price algorithm which has been in effect since Jul 2017. Second half of the month there was unusually low volatility between 92 and 94 DCR per ticket. Locked DCR held between 3.75 and 3.87 million or 46.6-48.0% of supply (+0.1% from previous peak). Nodes: there are 212 public listening and 216 normal nodes per dcred.eu. Version distribution: 67% on v1.2.0 (+10%), 24% on v1.1.2 (-1%), 7% on v1.1.0 (-7%). Node count data is not perfect but we can see the steady trend of upgrading to v1.2.0. This version of dcrd is notable for serving compact filters. The increased count of such full nodes allows the developers to test SPV client mode in preparations for the upcoming v1.3.0 release.
Obelisk posted three updates in July. For the most recent daily updates join their Discord. New miner from iBeLink: DSM7T hashes Blake256 at 7 TH/s or Blake2b at 3.5 TH/s, consumes 2,100 W and costs $3,800, shipping Aug 5-10. There were also speculations about the mysterious Pangolin Whatsminer DCR with the speed of 44 TH/s at 2,200 W and the cost of $3,888, shipping November. If you know more about it please share with us in #pow-mining channel.
emiliomann: stakebrasil is one of the pools with the lowest number of missed and expired tickets. It was one of the first and has a smaller percentage than the most recent ones who haven’t had the time to do so. (...) The Brazilian pool should be the one with the more servers spread around the world: 6 to decrease the latency. This is to explain to you why the [pool fee] rate of 5% (currently around 0.06 DCR) on the reward is also one of the highest. girino: 8 voting wallets now. I just finished setting up a new one yesterday. All of them in different datacenters, 3 in europe, 3 in north america, 1 in brazil and one in asia. We also have 3 more servers, 1 for the front end, one for "stats" and one for dcrdata. (#general)
On the mining side, Luxor started a new set of pool servers inside mainland China, while zpool has enabled Decred mining. StatX announced Decred integration into their live dashboard and public chat. Decred was added to Satowallet with BTC and ETH trading pairs. Caution: do your best to understand the security model before using any wallet software.
Marina Silva is the first presidential candidate in Brazil using blockchain to keep all their electoral donations transparent and traceable. VotoLegal uses Decred technology, awesome use case! (reddit)
We continue to see institutional interest in DCR. Large block buyers love the concept of staking as a way to earn additional income and appreciate the stakeholder rights it affords them. Likening a DCR investment to an activist shareholdebondholder gives these institutions some comfort while dipping their toes into a burgeoning new asset class.
Targeted advertising reports released for June and July. As usual, reach @timhebel for full versions.
Big news in June: Facebook reversed their policy on banning crypto ads. ICO ads are still banned, but we should be OK. My team filled out the appeal today, so we should hopefully hear something within a few days. (u/timhebel on reddit)
After couple weeks Facebook finally responded to the appeal and the next step is to verify the domain name via DNS. A pack of Stakey Telegram stickers is now available. Have fun!
Meetup in Berlin, Germany hosted by BlueYard Capital. @jz_bz and @lftherios discussed open source incentivization, the value of governance and their respective projects @decredproject and @oscoin. See @issedjur's feedback here. (photos: 1, 2, 3)
O'Reilly Open Source Convention in Portland, USA. @raedah's talk was "Decentralizing decision-making on the blockchain". Read his report here and see on the photos how the Big Stakey was entertaining the public. (photos: 1, 2, 3)
oregonisaac: many open source devs at OSCON were VERY interested in Politeia and it was probably the #1 hook that resulted in lots of long conversations about what makes Decred unique from the ground up. (#politeia)
Blockchain Meetup in Faro, Portugal. Marco Peereboom gave a talk "Decred 101" and answered questions.
Meetup in Lisbon, Portugal on Aug 2. @moo31337 and @mm will be presenting on Decred with talk "Decred 101 - Governance with skin in the game". Co-hosted by The Block Cafe. Free entrance.
Meetup in Taipei, Taiwan on Aug 5. @morphymore will give a short intro on Decred.
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam on Aug 9. @joshuam will introduce Decred and on-chain governance and take part in a panel discussion.
Twitter: Ari Paul debates "There can be only one" aka "highlander argument". Reddit and Forum: how ticket pool size influences average vote time; roadmap concerns; why ticket price was volatile; ideas for using Reddit chat for dcrtrader and alternative chat systems; insette's write-up on Andrew Stone's GROUP proposal for miner-validated tokenization that is superior to current OP_RETURN-based schemes; James Liu's paper to extend atomic swaps to financial derivatives; what happens when all DCR are mined, tail emission and incentives for miners. Chats: why tickets don't have 100% chance to vote; ideas for more straightforward marketing; long-running chat about world economy and failure modes; @brandon's thoughts on tokenizing everything, ICOs, securities, sidechains and more; challenges of staking with Trezor; ideas how to use CryptoSteel wallet with Decred; why exchange can't stake your coins, how staking can increase security, why the function to export seed from wallet is bad idea and why dcrwallet doesn't ever store the seed; ticket voting math; discussion about how GitHub workflow forces to depend on modern web browser and possible alternatives; funding marketing and education in developing markets, vetting contractors based on deliverables, "Decred contractor clearance", continued in #governance. #dex channel continues to attract thinkers and host chats about influence of exchanges, regulation, HFT, lot sizes, liquidity, on-chain vs off-chain swaps, to name a few topics. #governance also keeps growing and hosting high quality conversations.
In July DCR was trading in USD 56-76 and BTC 0.0072-0.0109 range. A recovery started after a volume boost of up to $10.5 m on Fex around Jul 13, but once Bitcoin headed towards USD ~8,000 DCR declined along with most altcoins. WalletInvestor posted a prediction on dcrtrader. Decred was noticed in top 10 mineable coins on coinmarketcap.com.
One million PCs in China were infected via browser plugins to mine Decred, Siacoin and Digibyte. In a Unchained podcast episode David Vorick shared why ASICs are better than GPUs even if they tend toward mining centralization and also described Obelisk's new Launchpad service. (missed in June issue) Sia project moved to GitLab. The stated reasons are to avoid the risk of depending on centralized service, to avoid vendor lock-in, better continuous integration and testing, better access control and the general direction to support decentralized and open source projects. Luxor explained why PPS pools are better. @nic__carter published slides from his talk "An Overview of Governance in Blockchains" from Zcon0. This article arguing the importance of governance systems dates back to 2007. Bancor wallet was hacked. This reminds us about the fake feeling of decentralizaion, that custody of funds is dangerous and that smart contracts must have minimum complexity and be verifiable. Circle announced official Poloniex mobile apps for iOS and Android. On Jul 27 Circle announced delisting of 9 coins from Poloniex that led to a loss of 23-81% of their value same day. Sad reminder about how much a project can depend on a single centralized exchange. DCR supply and market cap is now correct on onchainfx.com and finally, on coinmarketcap.com. Thanks to @sumiflow, @jz and others doing the tedious work to reach out the various websites.
About This Issue
Some rational thinking (and numbers) on ASICs/Dedicated Hardware
The current ETH price is bad - we can all clearly see that, having dropped to almost 25% of ATH. So over that period of time miners have lost 75% of their profits + the difficulty increases. The current difficulty HAS started slowing/plateauing. Just zoom in on that etherscan.io graph for Oct-Present and that is obvious. Current difficulty is 265 TH/s or so. That’s about 10 MILLION GPUs @ 26 MH average. The looming fear has been this idea that Dedicated hardware (regardless of ASIC/FPGA/Custom GPUs) are going to completely destroy mining in the near term. I’m here to loudly say that’s a bunch of FUD. Here is my reasoning.
The rumors peg F3 hashrates between 250 and 600 MH for $3000-$6000. $3000-7500 would get you about the same range with commodity GPUs (if you bargain shop and are efficient building rigs). Initial cost is maybe a 10-20% advantage. Those buying used cards get that deal now.
Power usage rumored are 750w or so. Commodity rig with the same GPU power 1200-2400W. So maybe 3x power advantage / operating cost. At $0.10/kW that amounts to $120/mo of savings in the best case, and the 600 MH is currently worth $520 or so at these depressed prices. So you make 23% more.
Next gen GPUs using GDDR6 will almost certainly double hashrates. Without going into the details, it is sufficient to say GDDR6 will double memory bandwidth for all classes of GPUs using it and thus will almost certainly double hashrate for the same power. A major memory change like this hasn’t happened in more than 5 years. Mining has basically never seen it. This should narrow or eliminate any dedicated hardware gap, even if it doesn’t help current card investments... but those are still pretty safe, see #4.
ASIC/Dedicated production is super unlikely to make any significant dent in difficulty for a while. Let’s say the batch size is an extremely aggressive 5,000 units a week, each producing the output of 20 typical GPUs. That’s the same as 100,000 GPUs being introduced a week - but that would only be a 1.1% difficulty increase per week. It would take two years of ASICs for difficulty to double and your $520/mo to drop to $260 - assuming ETH price remained constant. Meanwhile over 4 million GPUs came online between December and January - Thats 10x more new GPU miners per week than Bitmain production could have supported brining online.
You aren’t competing against ASICs. You’re competing against price, which is partially dropping due to all this FUD and uncertainty about ASICs, and you are competing with the millions of get rich quick miners that started, with their GPUs, this spring. For reference bitcoin ASICs, and other not-ASIC resistant algorithms compete with ASIC systems that are 1-100 orders of magnitude faster for cost/power than the GPU miners. That is NOT the case here, we’re looking at 20-30% savings and only till the next gen of GPUs, and this is why ETH has met its project goal of being ASIC resistant - which does not mean it is impossible to build dedicated hardware to mine ETH, it simply means that such hardware won’t change the landscape. Bitcoin was also much smaller than ETH in terms of number of GPUs mining when ASICs were introduced, which is why a relatively low volume of ASIC production that were orders of magnitude better than GPUs resulted in such a disruption to Bitcoin mining. The same holds true of the much smaller coins that were being dual mined. In summary - you are losing profits because of FUD and market shifts lowering price, and that will continue to be why you’re losing money - not ASICs or dedicated hardware. The sooner the community stops running around like chickens with their heads cut off and realigns with focusing on the goals for Ethereum itself, the sooner the situation and price will stabilize. Besides, POS is always coming eventually...
Mining Bitcoin - The Coming Environmental Subsidy. Mining Bitcoin incentives one to stake hardware and electricity in return for digital assets, which have or can have a market price that exceeds the cost of the electricity staked. Bitcoin is an uncorrelated hedge against the world economy, it’s programmable scarcity, not perceived scarcity, and is perhaps the hardest money the world has ever seen. Coming and developing second layer protocols for Bitcoin will execute transactions at the speed of light, and for virtually no cost. In time a decentralized economy will become our new reality, and networks will be owned by their users. There will be lighter weight consensus algorithms for most networks, but Proof Of Work, and in turn Bitcoin, will be the internets reserve currency, and what we peg the value of all decentralized networks to in the coming “Web 3” world. Bitcoin is here to stay, and Bitcoin mining presents a new opportunity in renewable energy. Today, miners are moving as fast as they can to scale, lower their power cost, and decrease counter party risk. We are seeing a trend with miners setting up modular data centres behind the meter, tucked up to power plants that are located in areas where capacity is not in line with local demand, so miners become an obvious choice to churn through the surplus capacity of these plants. The issue here as it pertains to “environmental concern” is that miners cannot enter into energy purchase agreements (EPA’s) with plants that produce renewable power intermittently. So the result, we have mining farms finding blocks with coal or gas. Operators setting up such mining infrastructure often cite opportunity cost, which is definitely understandable, but irrespective of environmental hazard, the opportunity & economics of mining with fossil fuels will be short lived. Additionally these fossil fuel miners are beginning to face major counter party risk. Buying power to mine from major corporations, public utilities, or governments is convoluted and risky. Even one day without access to electricity can affect the bottom line, miners must begin thinking about energy independence. In the next 5 years setting up or sustaining a fossil fuel farm will be akin to thinking its a good idea to open and run a blockbuster video. There are two major changes happening now in mining, and these changes will be the principal underwriters of Bitcoins coming “Environmental Subsidy”.
Cost reductions in renewables & storage.
The decentralization of mining.
In 2009 the global average cost to produce a Mwh of Solar was $350, in 2018 it was $50. The global average for coal production in 2018 was $100 per Mwh. Couple the declining cost bases for renewables with supportive policy and subsidies, and from a more macro POV its obvious where were going in terms of the type of energy that will be flowing into the grid. Although the sun doesn’t always shine and the wind doesn’t always blow, but there is a trend that is mitigating that - declining costs in storage. Today the average cost to the consumer of lithium ion storage is dropping rapidly, and multiple sources point to a cost base of $100 per Mwh or lower by 2025. In that not too distant future it is reasonable to speculate that we will see non grid tied mining ops running 24/7 - 365, whilst capturing and storing a surplus & finding blocks with their batteries. Bitcoin mining is ironically centralized. Although with closer observation, we can see that mining centralization is the result of an expeditious technology adoption curve. In approximately 4-5 years miners went from CPUs, to GPUs, FPGAs, and now of course ASIC’s. These changes each represented more than 10,000X improvements, which meant that miners were completely writing down their hardware within 4-6 months. So to mine at scale in the earlier years, you basically needed direct access to a chip factory and massive capital. It made more sense for a hardware manufacturers to run their own hardware than to sell it, and in turn mining became centralized. Although were now close to the top of the hardware improvement curve, and will perhaps see improvements of 2X every 2 or 3 years going forward. So, with that being said, hardware manufactures have it in their best interest to sell their rigs, being that they no longer have the “chip advantage”. The plateau of mining hardware innovation marks the advent of mining decentralization. In the coming years allocating some or all electricity generated at the point of production to mine Bitcoin, will allow one to amortize an investment in renewables sooner than if the power was sold into the grid. Bitcoin will become the reserve currency of the internet and as such de-risk the capital deployed in renewables when operators of renewable energy assets allocate some or all of their power to secure the Bitcoin blockchain. Electricity production will also become more decentralized as localized production and mini grids become complimentary to larger legacy points of production, which will in turn support the decentralization of mining. Our future energy needs will be met using renewables, and the same renewable power that heats our homes and charges our cars, will underpin the Bitcoin blockchain and the internet of money.
Be gentle my first reddit post! I'll put a TL:DR at the end. Although I've known about crypto a long time I actually only decided to get into mining about mid May, I tested Nicehash on my 1080 rig for a few days and was impressed by the results, after lots of reading and research (thanks goes to people on this sub) I ordered my first set of GPUs, 6x 1070's then 14 more and 2x asus prime z270-a rigs, for a total of 20x 1070's. My rigs run Linux and I've tested a bunch of miners and algos, finally settling on ewbf, I've tweaked my cards and get about 430 sols/s average with 80% power. The first month was great, sometimes making .1 BTC in 2 or 3 days and met my target of 1 BTC but slowly I noticed the estimated weekly earnings dropping, sometimes going up but the trend was always down, half the second month past and earnings had also halved. At this point I tried a few things, optimised my cards best I could and for a week before and after UAHF I mined ZEC to suprnova, then traded it for BTC on hitbtc, this was actually pretty fun and I sold my ZEC when the market was good. Then I recovered my BCH (bitcoin cash) and traded that in on hitbtc when it was at .1 which I feel pretty good about, this is what interests me now and yesterday I made $200 trading NEO on bittrex, not a fortune but it was a rush! So here we are mid august with most alts in the toilet and bitcoin on the way to the moon and earnings at .25 BTC a month -- I have to decide what's next, even at such low earnings with the price of BTC so high it's still profitable, so my choices are as follows: Sell up now while GPU prices are good and use that money to buy BTC and set up an alts trading fund probably 25% of my total BTC holdings as well as buying BTC with the money I'd otherwise be spending on electric. Keep mining and hope either alts pick up or BTC doubles again to offset the costs, or even just mine at a loss in hopes BTC will reach the moon one day or some combination of both. Obviously none of us have a crystal ball and I'm not asking anyone what I should do, but I'm interested in what options others who are perhaps in a similar mindset/position are considering or if anyone has jumped ship already? TL:DR -- I might quit mining, I might not, what do you plan to do and why?
Hello. Recently I was scammed by a man I met off of a Cryptocurrency Discord (don't judge me quite yet). He said that he was selling his mining rig (basically computer GPUs used to mine coins like Bitcoin, etc) for $3600. We talked about the deal and after agreeing on $3500, I sent the money via PayPal as Friends and Family because he said he didn't want to eat the fees. It has been almost a week and he blocked me on discord after giving me a tracking number that, when tracked, only says that a pre shipping label was created and that nothing had actually been dropped off yet. After doing a little bit of "Research", I searched the name that was in his PayPal since it was his personal PayPal and tracked it down to an engaged man in California (go figure) who had 3 children. I knew it was him because on his personal facebook he liked a group that was Cryptocurrency related. I now know his license plate, his home town, his place of work (he owns a mechanic shop), and his sponsors for his local racing league that he participates in. What can I do with this info in order to either get my money back or get the computer parts I bought off of him? Thanks! Feel free to ask for more detail where need be.
Hello. Recently I was scammed by a man I met off of a Cryptocurrency Discord (don't judge me quite yet). He said that he was selling his mining rig (basically computer GPUs used to mine coins like Bitcoin, etc) for $3600. We talked about the deal and after agreeing on $3500, I sent the money via PayPal as Friends and Family because he said he didn't want to eat the fees. It has been almost a week and he blocked me on discord after giving me a tracking number that, when tracked, only says that a pre shipping label was created and that nothing had actually been dropped off yet. After doing a little bit of "Research", I searched the name that was in his PayPal since it was his personal PayPal and tracked it down to an engaged man in California (go figure) who had 3 children. I knew it was him because on his personal facebook he liked a group that was Cryptocurrency related. I now know his license plate, his home town, his place of work (he owns a mechanic shop), and his sponsors for his local racing league that he participates in. How could I file a small claims case against him or sue him? Would my state affect the outcome or just his state of California?
BITPOWER ANNOUNCES HASHLOFT.IO: MULTI-ALGO MINING POOL
We are pleased to announce HashLoft (https://hashloft.io/) which is open for users all around the world. Bit Power International Inc.(BITPOWER - https://www.bitpower.io) has invested significant resources into developing the most efficient, AI & ML driven Multi-Algorithm Mining Pool. HashLoft currently supports SHA-256, SCRYPT and X11 algorithms, with many more to come. Hashloft’s unique and user-friendly DeversiPay™ payout system, easily allows payouts to be received in Bitcoin, Bitcoin Cash, Litecoin, DASH, and many other popular coins by having a fraction of your income distributed across several cryptocurrencies. HASHLOFT.IO IS CONNECTING THE WORLD Soon we will have optimal geo-distributed mining pool with connection points deployed around the world to improve performance, provide redundancy, and ensure the highest levels of uptime are met. Miners will be automatically routed to their closest geographic location, including: • United States • Europe • …and more to come FEATURES HashLoft provides a special Multi-Algo mining pool which creates the ability to mine any cryptocurrency coin from the most popular hashing algorithms. HashLoft’s flexible platform delivers both public and private pools for enthusiasts and mining farm operators with capabilities ranging from: • Best in class, User-Friendly Pool Management and Control system • Advanced AI and ML-driven logic allowing extraordinary coin hopping efficiencies • A unique payout system allowing fractional multi-cryptocurrency distributions in the coins of your choice • Best-in-class support for ASICs (GPUs is coming in the nearest future) of different vendors and hashing algorithms • Graphical displays for hashing speeds, income and pool statistics. • Up to 3% fees and PPS earnings. Pool Registration, Support, & Ticketing System HashLoft is a VIP, by request, member’s only pool. Interested parties are able to request membership by submitting the Private Registration Request form located on the HashLoft.io website. Upon successful verification and user validation by HashLoft’s Security Team, the user will receive multiple e-mails with the requisite HashLoft credentials. Please note that each HashLoft account request is manually vetted and reviewed by our Security Team prior to being accepted. HashLoft provides fanatical support delivered by Real-People! Your feedback is important for us to develop and improve our products. Ticket page: https://support.bitpower.io Getting Started In order to start mining you basically need just two things, create an account with our pool and setup your miner. 1. Sign-up for a new account • Sign-up (https://hashloft.io/pool_new/signup) and wait for a confirmation email. • Login (https://hashloft.io/pool_new/login) to your account. 2. Configure Your Device In order to mine on HashLoft, your miner(s) must be pointed to one of HashLofts stratum servers below and user credentials for your account have to be specified. HashLoft currently supports several distinct endpoints that support Coin-Switching. • Coin-Switching – leverages HashLoft’s proprietary AI/ML coin-hopping algorithm to automatically mine the most profitable coins at a given time, within a specific cryptographic hashing algorithm. HashLoft users can easily leverage this technology by selecting the appropriate crypto algorithm supported by their miners and HashLoft will generate the connection endpoint. o Scrypt o SHA256 o X11 2.1 Click on the Settings page, in the top, left corner of the HashLoft website, as shown below: https://preview.redd.it/6zon51v3rpw11.png?width=1496&format=png&auto=webp&s=0ca045eb211a59f2d8855922f197788be705613c 2.2 Scroll to the “ENDPOINTS” section located towards the bottom of the page. To leverage HashLoft’s proprietary AI/ML coin-hopping algorithm to automatically mine the most profitable coins at a given time, as a first step, select the appropriate cryptocurrency algorithm supported by your miner, by selecting the algorithm from the drop-down box shown in step 2 below. As an example, for Bitmain AntMiner S9 select SHA256, for Bitmain AntMiner L3+ select Scrypt, for Bitmain Antminer D3 select X11, etc. The final step is to click on the “Generate Endpoint” button. https://preview.redd.it/qtoxxcp7rpw11.png?width=1473&format=png&auto=webp&s=2fc3d6564a9f4e06b3b44f7bd05035d65ff80c22 2.3 A similar popup screen will appear with the Login, Password, Algorithm, and URL details that you will need to use when configuring your miner(s). PLEASE NOTE: The above image is a representation and does not contain your actual configuration. https://preview.redd.it/8h47eccbrpw11.png?width=504&format=png&auto=webp&s=611962a208d7d9ad8c715415f58016d21ecbbe41 NOTE: The above image is a representation and does not contain your actual configuration. NOTE: The password can be an arbitrary text since there is no security issue present here. If someone tried to connect to our servers with your credentials, he would be just mining for your benefit. 3. Setup your payout address To collect your reward you have to set a payout address. It can be done through the Wallet section of the HashLoft pool. The Wallet section allows you to configure multiple wallet addresses for payout, set coin for payout, set payout proportions, and/or withdraw currently mined coins in their present currency without any exchange. If you don’t have an address, you need to get a bitcoin wallet first: • bitcoin.org • bitcointrezor.com To define a wallet address for a specific cryptocurrency, click on the “Define New Payout Wallet” button, select the desired cryptocurrency coin, input your wallet address, and set the desired payout proportions. After all settings have been verified, press the “Save” button. Screenshots Main Dashboard - Many professional miners call HashLoft Multi-Algorithm Mining Pool as one of the simplest and most user-friendly Pools! https://preview.redd.it/9rngyskbspw11.png?width=994&format=png&auto=webp&s=7087a01c55ff9a25b1f4e93a27fb628673aa5cba Payouts/Wallets - Hashloft.io provides the ability to mine any cryptocurrency coin from the most popular hashing algorithms and allows you to configure multiple wallet addresses for payout, set coin for payout and set payout proportions! https://preview.redd.it/hv3obszdspw11.png?width=994&format=png&auto=webp&s=31ec75d9a93e5f7a051d95a8713b94f83da7d9fc
This is a story of how Bitcoin saved my life from severe stress and grave danger. This is not a fictional story. This is a true story. It's my story. First things first. I'm from India. Things are a bit different in India than in the world. There is this demonetization move in the November of 2016. On 8th November 2016, the Government of India announced the demonetisation of all ₹500 and ₹1,000 banknotes. People were given a month's time to exchange the old notes for new in the banks. But, the source of the money has to be provided at the time of exchange. The motive of this move is to curb black money. I stay with my parents and they've deposited some money in my bank account. Remember, the money is theirs, not mine. Which means I had to return the money at some point in time, in the very near future. In the next few days, I've spent some of the money deposited in my account with my parents' consent. With fully their consent. [Fast Forward Six Months] May 2017: The money is still in my bank account. I had graduated in Bachelor's Degree majoring in Electronics & Communication Engineering. And I was jobless. I'm in search of a job. Everything went well until May. June 2017: I've heard of Bitcoin and bought 0.01079054BTC from Unocoin (www.unocoin.com), one of the biggest Bitcoin service providers in India. Days go on. I've started spending some of the money deposited in my bank account for my personal uses; Like mobile recharges, at the restaurants, movies, web hosting, domains, and more (Forgot to tell you, I'm a blogger and a programmer). By the way, I'm spending every penny without my parents' consent. So, at anytime, they can ask me to give back their money. I started fearing. I'm skipping the "Money" talk every time at home. I'm skipping every situation at home that involves money. I tried very hard to earn money online to pay them back. Told you that I'm a blogger. Here is my blog address: www.dustmoon.com. I couldn't put enough effort to make some good money online. It was totally my mistake. Days pass by but not even a single penny through my blog. Things are getting really bad. Bitcoin's on the rise. It's rising all the through the days. I started to feel better. Just a bit. August 2017: One of my most trusted friends promised a job and I had to pay some charges to the consultation company in return. I'm paying to the consulting company, not to my friend; I thought. I paid a good sum expecting to get a good job. I thought I could pay back my parents from the salary I earn from my job. But God has different plans. Very nasty plans. No one would expect things to go that crazy. [The Next Day After I Paid My Friend] I called him over the phone. No response. He is not attempting my call. Assumed he was busy. I sensed no bad. Called him the same night. No response this time too. Again, I thought he was asleep. The next morning I met him at the roadside. I asked him about the status of the job. Now here is where the things went crazy. "What job?", he asked. I thought he's joking. But his face was too serious to be joking. No way one could act like that. Not even the Oscar winner, Leonardo DiCaprio. I can't believe what's happening. I was angry and pulled him by his collar. He just pushed me back and left the place on his bike. I was cheated. I was betrayed by the person whom I thought would never do such a thing to me. Later that day I tried calling him several times over the phone. No response and switched off, later. At this point, I can't proceed legally. Because, if I complain at the local Police Station, my parents would get to know about the matter. I called another friend of mine and explained the situation. He's puzzled. The only way I could pay back my parents is to work somewhere. Being a graduate in a technical subject, my parents wouldn't allow me to work as a customer executive or in a job that doesn't require any technical expertise. I started applying for companies. Software companies. No positive response yet. Searching for a job. Searching and still searching. Wait for the big moment. September: I use Cloudflare for my blog. One day, they sent me an email asking me to apply for a Google program. If accepted into that program, I may receive Google Cloud credits. I made some plans for the big party. But I strongly believed that I wouldn't be accepted. But no, I was accepted. Now I have $3000 Google Cloud credits. I executed the plans. NiceHash and 8 x Nvidia Tesla P100 GPUs. The resultant is a giant beast with an incredible computing power. You know what I did with such a mammoth computer. Bitcoin mining. Yes, it was that simple. NiceHash made things easy. I just exhausted all my Cloud credits. Got some good amount of Bitcoins. All safe and sound in my Unocoin wallet. Still not enough. Still a long way to the target amount. [Fast Forward Two Months] Early-December: No job yet. But the only good thing is, Bitcoin's on the rise. Kept rising. A sharp rise. Somewhere, I'm feeling like Bitcoin may come to my rescue. My blog isn't running well. I had an Apple MacBook Air and started learning iOS Development. Personally, I'm a fan of Apple products. Present: "LUCK Factor" comes to me once again. Again, Google. The Google Cloud platform has USD as their default billing currency until mid-December. After that, they've added INR as the default currency for my region. Here is the best that could have ever happened to me. There's a BUG. Bugs in software are very common but they will cost a lot. Very good bug to me. There's a bug in Google Cloud's billing system. Remember? I told that I've exhausted all my credits. But due to the bug, I was once again given the credits. And they're ₹1,96,282 in my local currency. Big plans again. But this time, not Bitcoin but Ethereum. Ethereum mining is more profitable. Booted up beast once again. 8 x Nvidia Tesla P100 GPUs running Ubuntu 16.04. More powerful and more efficient this time. Pool: ethermine.org. I got unexpected results. Mining was extremely powerful and highly profitable. I've made much more money than I actually need. Lots of money. No debt. So, I placed a withdrawal request for only the amount to cover by debt. Revelation: THIS IS A WORK OF FICTION. This story is a result of month's hard work; I THANK SRI RAM FOR THE EDITS. THANKS FOR READING!
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