Top 8 Ways To Make Bitcoins Now! - Bitcoin Millionaire

Deep fundamental reasons behind all conflicts with Tezos Foundation

Let's first take a look at two core ideas behind Tezos protocol:
  1. In Bitcoin protocol, there are those who create blocks (miners) and users. Those are two fundamentally different groups. As a result of that they do have fundamentally different interests. When those interests are aligned, it's all work very well. However, sometimes those interests might get misaligned. Miners might want one set of changes in the protocol while users might want another set of changes. Tezos procotol solves this problem via proof of stake's baking mechanism by allowing users of XTZ to become block creators (like miners in Bitcoin protocol). Users/holders of XTZ and block creators are now fundamentally the same group and therefore there is no interest misalignment. Moreover, as a consequence of choosing proof of stake over proof of work, almost anyone can become a baker at low cost. Of course, there is a minimum requirement but it can be easily reduced through voting if price XTZ goes too high;
  2. Although per (1) problem of misalignment between users and miners solved, Tezos protocol make one step further. Namely, there is self-amending mechanisms in protocol. Through of the set of voting rounds, attached bounties (via dillution), there is a deterministic path to resolve disputes in upgrading Tezos protocol. Nobody knows the future, nobody knows how protocol should look like after 5-10-20 years. That's why it's very important to have self-amending procedure. Without deterministic path to protocol upgrade, you will have fork-wars like in Bitcoin. As a result of these fork-wars, you now have Bitcoin, Bitcoin Cash, Bitcoin SV. Also, with built-in bounties via dillution, Tezos protocol guarantees funding for its further development;
There is third core idea behind Tezos protocol. Namely, formal verification friendly, low-level and explicit smart contract language - Michelson. While it's very important feature, it's not relevant for this discussion.
Now imagine you are going back in time when Tezos protocol isn't implemented yet, only draft whitepaper. How would you bring it to life if you were original author?
If there were no crypto-currencies, then all you have to do is to take time and implement minimum viable product (MVP) on your own. May be you might do it with co-founder but it's not really necessary for releasing the first version of protocol in absence of any competition.
However, the field was already crowded and time works against you. It would be necessary for project's survival to be as fast as possible in such dynamic field. You need to raise funds to hire dozen of strong programmers to implement Tezos protocol and on top of that to fund development of ecosystem in Tezos network. Namely, wallets, higher-level languages on top of low-level Michelson, education materials for future smart contract writers, new projects similar to 0x, Maker, Compound, Cryptokitties etc.
Now, I would like you to make a pause and think what is Tezos protocol. It tries to align incentives of parties using game-theoretic constructs! And now, I would like you to make second pause and think what crypto-currencies are all about in broader sense. Crypto-currencies are about eliminating centralization and unnecessary middle-mans. One of the biggest middle-mans is governments and their legal system.
People who are in the space for long time should know how much crypto-currencies influenced by Austrian School of Economics (read Hayek's book "Denationalization Of Money" (1976) and early Satoshi Nakamoto's posts).
With that in mind (spirit behind Tezos and crypto-currencies in general), how would you fund development of Tezos protocol and later its initial ecosystem?
The correct answer is to setup decentralized autonomus organization (DAO). Initial DAO on Ethereum protocol since you don't have any Tezos protocol implementations (remember, we are still back in time!).
This DAO will be used to develop Tezos protocol itself and leverage power of smart contracts to correctly align incentives for development of Tezos protocol. Namely, backers of this DAO would get ERC20 token representing voting and governance power. For example, let's say founders raised 250M USD worth in ETH and all of these money will be locked in smart contract. Only backers can unlock funds from smart contract by tranches as Tezos protocol developers making progress. It would be similar to traditional world - seed round, round A, round B etc. When Tezos mainnet goes live, backers would receive proportional amount of XTZ as their ERC20 voting tokens on Ethereum. Since that initial DAO would still have tons of ETH locked by the time Tezos mainnet released, those proceeds will be used to fund wallet developers, high-language developers, and so on (via voting by backers of course).
In this scenario, I would envision that the first big project after Tezos mainnet launched would be to build trustless, decentralized bridge between Tezos blockchain and Ethereum blockchain. Simply, because it would be good to migrate intial DAO and its ETH funds into Tezos blockchain.
There are only two downsides with this approach:
  1. You can't raise funds in Bitcoin but who cares if it's 100M or even 50M (still huge amount of money);
  2. Many people in crypto-space will make fun of you because you just setup DAO on Ethereum while developing Ethereum competitor;
Neither of these two downsides is important. Ultimate upside is that backers has direct control over how funds are spent because they would be the only ones who can unlock funds by voting for proposals.
On meta-level, you would have beautiful symmetry. Namely, you develop Tezos protocol and its ecosystem, using the similar ideas and spirit as Tezos protocol itself!
But we all know that it was never happened!
We all know drama with Gevers who tried to capture power at Tezos Foundation. We all know that there is no RPC command in Tezos github to vote out Tezos Foundation members ;) We all know that we are not in control of Tezos Foundation. Tezos Foundation is a swiss non-profit organization with its own board and we are not part of it. Tezos Foundation is govern under Swiss law and most of you are not even Swiss citizens.
Here is the question why Breitmans suddently decided to throw away all fundamental principles behind crypto-currencies and just went all-in with traditional world? Why we all got stuck with our own mini-Washington, namely Tezos Foundation? There is one reason why Breitmans decided to throw away all their principles and stick with this strange scheme involving Swiss foundations.
The reason is ... socialism. You might think I'm joking but stay with me. There were roaring 1920s and following 1929 stock market crash (by the way that was actually caused by government creating credit bubble). Republican (but still a socialist) Herbert Hoover created depression from 1929 crash. Franklin Roosevelt made this depression truly great! He imposed price-controls and outright gold confiscation (check "Executive Order 6102"). One of his most terrible pieces of paternalistic socialist legislation was "Securities Act of 1933". And this is the reason why Breitmans tried so hard escape iron hand of Roosevelt's zombie.
The same month as Tezos fundraiser, SEC issued statement about the most famous Ethereum DAO:
https://www.sec.gov/news/press-release/2017-131
https://www.sec.gov/litigation/investreport/34-81207.pdf
Basically, they tried to say that DAO violated their 1933 Securities Act (aka Roosevelt zombie). I'm not claiming that Breitmans anticipated this exact SEC statement about Ethereum DAO. All I'm saying that they are smart enough to understand that SEC might come after them as well. It doesn't matter if SEC had right to do so. It doesn't matter that XTZ is not security at all. Only people outside of hardcore old school crypto-community would believe in such non-sense as rights. The truth is that any government is essentially an army which controls a territory and they (not you!) decide what they think is right or wrong.
Breitmans knew that SEC might chase them with bloody machete, so they decided to play traditional game which many played when Switzerland still had numbered accounts. Namely, using Switzerland as old-style traditional escape from Roosevelt zombies.
Unfortunately, for them they got in hands of people who knew too well how actually Swiss foundations work. We all remember how Gevers tried to exploit Swiss law about foundations to seize control over foundation's assets. Now we have new drama. But fundamentally, it's all because Breitmans choose Swiss law over Ethereum smart-contracts.
Don't get me wrong, I'm not blaming Breitmans. I really think that their fear of Roosevelt zombie with bloody machete led them to setup weird foundation in Switzerland. In normal circumstances, I don't see any rational reason not to setup DAO as I described above.
Zooming out, on the bigger scale, you might see that these two worlds (i.e. traditional government law and crypto) are not compatible at all. You just can't have both of two worlds.
For the same reason, I don't believe in STOs. It's a nice toy, a temporary thing to bootstrap your Defi ecosystem in Tezos but nothing more than that.
Every STO, at some point, rely on some centralized entity which is controlled by law of some jurisdiction. Once government (aka army which control territories and make visibility of its own legitimacy via elections and passing laws) decides that your STO is not compliant, all these STO tokens will be worthless overnight. More on this in my another long post:
https://www.reddit.com/MakerDAO/comments/de0sys/kyc_is_absolutely_not_acceptable_for_makerdao/
Regardless of what's happen with Tezos Foundation, I strongly believe that Tezos protocol will thrive. Mainnet went life and the jinn that can't be put back in the bottle!
Update: Many here criticized my position regarding STOs. That's partly my fault with being too lax with terminology (once I wrote big post, I didn't have much energy to clarify on STOs in the end). By STO, I mean any tokens backed by regulated assets (again, I know it's lax definition). I assumed almost everyone here is for open, borderless finance. As a result of that, I assumed that you want to make these tokens available for everyone and that's why one day government will put pressure on such STO issuers to freeze tokens. However, it's turned out that some people excited for STOs being fully regulated from the start and therefore these tokens wouldn't be available for everyone. Basically, some people see main benefits of STOs as being pro-actively censorship friendly. In other words, they want to move all compliance on blockchain. Whereas, I see very existence of government regulations as root of all problems. Having said that, I'm not against STOs but I'm not very excited about them either. You have to make great mental leap to understand that fully-regulated STOs fundamentally solving wrong problem. You have to build fully censorship resistant technology, not fully censorship friendly. No matter how big market for STOs, it's still several orders of magnitude smaller than potential world of fully-inclusive finance without any borders whatsoever. Tezos is very well equipped for this ambitious task especially with new privacy features coming. Remember, Satoshi Nakamoto didn't ask permission from governments before releasing Bitcoin.
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Where is Bitcoin Going and When?

Where is Bitcoin Going and When?

The Federal Reserve and the United States government are pumping extreme amounts of money into the economy, already totaling over $484 billion. They are doing so because it already had a goal to inflate the United States Dollar (USD) so that the market can continue to all-time highs. It has always had this goal. They do not care how much inflation goes up by now as we are going into a depression with the potential to totally crash the US economy forever. They believe the only way to save the market from going to zero or negative values is to inflate it so much that it cannot possibly crash that low. Even if the market does not dip that low, inflation serves the interest of powerful people.
The impending crash of the stock market has ramifications for Bitcoin, as, though there is no direct ongoing-correlation between the two, major movements in traditional markets will necessarily affect Bitcoin. According to the Blockchain Center’s Cryptocurrency Correlation Tool, Bitcoin is not correlated with the stock market. However, when major market movements occur, they send ripples throughout the financial ecosystem which necessary affect even ordinarily uncorrelated assets.
Therefore, Bitcoin will reach X price on X date after crashing to a price of X by X date.

Stock Market Crash

The Federal Reserve has caused some serious consternation with their release of ridiculous amounts of money in an attempt to buoy the economy. At face value, it does not seem to have any rationale or logic behind it other than keeping the economy afloat long enough for individuals to profit financially and politically. However, there is an underlying basis to what is going on which is important to understand in order to profit financially.
All markets are functionally price probing systems. They constantly undergo a price-discovery process. In a fiat system, money is an illusory and a fundamentally synthetic instrument with no intrinsic value – similar to Bitcoin. The primary difference between Bitcoin is the underlying technology which provides a slew of benefits that fiat does not. Fiat, however, has an advantage in being able to have the support of powerful nation-states which can use their might to insure the currency’s prosperity.
Traditional stock markets are composed of indices (pl. of index). Indices are non-trading market instruments which are essentially summaries of business values which comprise them. They are continuously recalculated throughout a trading day, and sometimes reflected through tradable instruments such as Exchange Traded Funds or Futures. Indices are weighted by market capitalizations of various businesses.
Price theory essentially states that when a market fails to take out a new low in a given range, it will have an objective to take out the high. When a market fails to take out a new high, it has an objective to make a new low. This is why price-time charts go up and down, as it does this on a second-by-second, minute-by-minute, day-by-day, and even century-by-century basis. Therefore, market indices will always return to some type of bull market as, once a true low is formed, the market will have a price objective to take out a new high outside of its’ given range – which is an all-time high. Instruments can only functionally fall to zero, whereas they can grow infinitely.
So, why inflate the economy so much?
Deflation is disastrous for central banks and markets as it raises the possibility of producing an overall price objective of zero or negative values. Therefore, under a fractional reserve system with a fiat currency managed by a central bank – the goal of the central bank is to depreciate the currency. The dollar is manipulated constantly with the intention of depreciating its’ value.
Central banks have a goal of continued inflated fiat values. They tend to ordinarily contain it at less than ten percent (10%) per annum in order for the psyche of the general populace to slowly adjust price increases. As such, the markets are divorced from any other logic. Economic policy is the maintenance of human egos, not catering to fundamental analysis. Gross Domestic Product (GDP) growth is well-known not to be a measure of actual growth or output. It is a measure of increase in dollars processed. Banks seek to produce raising numbers which make society feel like it is growing economically, making people optimistic. To do so, the currency is inflated, though inflation itself does not actually increase growth. When society is optimistic, it spends and engages in business – resulting in actual growth. It also encourages people to take on credit and debts, creating more fictional fiat.
Inflation is necessary for markets to continue to reach new heights, generating positive emotional responses from the populace, encouraging spending, encouraging debt intake, further inflating the currency, and increasing the sale of government bonds. The fiat system only survives by generating more imaginary money on a regular basis.
Bitcoin investors may profit from this by realizing that stock investors as a whole always stand to profit from the market so long as it is managed by a central bank and does not collapse entirely. If those elements are filled, it has an unending price objective to raise to new heights. It also allows us to realize that this response indicates that the higher-ups believe that the economy could crash in entirety, and it may be wise for investors to have multiple well-thought-out exit strategies.

Economic Analysis of Bitcoin

The reason why the Fed is so aggressively inflating the economy is due to fears that it will collapse forever or never rebound. As such, coupled with a global depression, a huge demand will appear for a reserve currency which is fundamentally different than the previous system. Bitcoin, though a currency or asset, is also a market. It also undergoes a constant price-probing process. Unlike traditional markets, Bitcoin has the exact opposite goal. Bitcoin seeks to appreciate in value and not depreciate. This has a quite different affect in that Bitcoin could potentially become worthless and have a price objective of zero.
Bitcoin was created in 2008 by a now famous mysterious figure known as Satoshi Nakamoto and its’ open source code was released in 2009. It was the first decentralized cryptocurrency to utilize a novel protocol known as the blockchain. Up to one megabyte of data may be sent with each transaction. It is decentralized, anonymous, transparent, easy to set-up, and provides myriad other benefits. Bitcoin is not backed up by anything other than its’ own technology.
Bitcoin is can never be expected to collapse as a framework, even were it to become worthless. The stock market has the potential to collapse in entirety, whereas, as long as the internet exists, Bitcoin will be a functional system with a self-authenticating framework. That capacity to persist regardless of the actual price of Bitcoin and the deflationary nature of Bitcoin means that it has something which fiat does not – inherent value.
Bitcoin is based on a distributed database known as the “blockchain.” Blockchains are essentially decentralized virtual ledger books, replete with pages known as “blocks.” Each page in a ledger is composed of paragraph entries, which are the actual transactions in the block.
Blockchains store information in the form of numerical transactions, which are just numbers. We can consider these numbers digital assets, such as Bitcoin. The data in a blockchain is immutable and recorded only by consensus-based algorithms. Bitcoin is cryptographic and all transactions are direct, without intermediary, peer-to-peer.
Bitcoin does not require trust in a central bank. It requires trust on the technology behind it, which is open-source and may be evaluated by anyone at any time. Furthermore, it is impossible to manipulate as doing so would require all of the nodes in the network to be hacked at once – unlike the stock market which is manipulated by the government and “Market Makers”. Bitcoin is also private in that, though the ledge is openly distributed, it is encrypted. Bitcoin’s blockchain has one of the greatest redundancy and information disaster recovery systems ever developed.
Bitcoin has a distributed governance model in that it is controlled by its’ users. There is no need to trust a payment processor or bank, or even to pay fees to such entities. There are also no third-party fees for transaction processing. As the ledge is immutable and transparent it is never possible to change it – the data on the blockchain is permanent. The system is not easily susceptible to attacks as it is widely distributed. Furthermore, as users of Bitcoin have their private keys assigned to their transactions, they are virtually impossible to fake. No lengthy verification, reconciliation, nor clearing process exists with Bitcoin.
Bitcoin is based on a proof-of-work algorithm. Every transaction on the network has an associated mathetical “puzzle”. Computers known as miners compete to solve the complex cryptographic hash algorithm that comprises that puzzle. The solution is proof that the miner engaged in sufficient work. The puzzle is known as a nonce, a number used only once. There is only one major nonce at a time and it issues 12.5 Bitcoin. Once it is solved, the fact that the nonce has been solved is made public.
A block is mined on average of once every ten minutes. However, the blockchain checks every 2,016,000 minutes (approximately four years) if 201,600 blocks were mined. If it was faster, it increases difficulty by half, thereby deflating Bitcoin. If it was slower, it decreases, thereby inflating Bitcoin. It will continue to do this until zero Bitcoin are issued, projected at the year 2140. On the twelfth of May, 2020, the blockchain will halve the amount of Bitcoin issued when each nonce is guessed. When Bitcoin was first created, fifty were issued per block as a reward to miners. 6.25 BTC will be issued from that point on once each nonce is solved.
Unlike fiat, Bitcoin is a deflationary currency. As BTC becomes scarcer, demand for it will increase, also raising the price. In this, BTC is similar to gold. It is predictable in its’ output, unlike the USD, as it is based on a programmed supply. We can predict BTC’s deflation and inflation almost exactly, if not exactly. Only 21 million BTC will ever be produced, unless the entire network concedes to change the protocol – which is highly unlikely.
Some of the drawbacks to BTC include congestion. At peak congestion, it may take an entire day to process a Bitcoin transaction as only three to five transactions may be processed per second. Receiving priority on a payment may cost up to the equivalent of twenty dollars ($20). Bitcoin mining consumes enough energy in one day to power a single-family home for an entire week.

Trading or Investing?

The fundamental divide in trading revolves around the question of market structure. Many feel that the market operates totally randomly and its’ behavior cannot be predicted. For the purposes of this article, we will assume that the market has a structure, but that that structure is not perfect. That market structure naturally generates chart patterns as the market records prices in time. In order to determine when the stock market will crash, causing a major decline in BTC price, we will analyze an instrument, an exchange traded fund, which represents an index, as opposed to a particular stock. The price patterns of the various stocks in an index are effectively smoothed out. In doing so, a more technical picture arises. Perhaps the most popular of these is the SPDR S&P Standard and Poor 500 Exchange Traded Fund ($SPY).
In trading, little to no concern is given about value of underlying asset. We are concerned primarily about liquidity and trading ranges, which are the amount of value fluctuating on a short-term basis, as measured by volatility-implied trading ranges. Fundamental analysis plays a role, however markets often do not react to real-world factors in a logical fashion. Therefore, fundamental analysis is more appropriate for long-term investing.
The fundamental derivatives of a chart are time (x-axis) and price (y-axis). The primary technical indicator is price, as everything else is lagging in the past. Price represents current asking price and incorrectly implementing positions based on price is one of the biggest trading errors.
Markets and currencies ordinarily have noise, their tendency to back-and-fill, which must be filtered out for true pattern recognition. That noise does have a utility, however, in allowing traders second chances to enter favorable positions at slightly less favorable entry points. When you have any market with enough liquidity for historical data to record a pattern, then a structure can be divined. The market probes prices as part of an ongoing price-discovery process. Market technicians must sometimes look outside of the technical realm and use visual inspection to ascertain the relevance of certain patterns, using a qualitative eye that recognizes the underlying quantitative nature
Markets and instruments rise slower than they correct, however they rise much more than they fall. In the same vein, instruments can only fall to having no worth, whereas they could theoretically grow infinitely and have continued to grow over time. Money in a fiat system is illusory. It is a fundamentally synthetic instrument which has no intrinsic value. Hence, the recent seemingly illogical fluctuations in the market.
According to trade theory, the unending purpose of a market or instrument is to create and break price ranges according to the laws of supply and demand. We must determine when to trade based on each market inflection point as defined in price and in time as opposed to abandoning the trend (as the contrarian trading in this sub often does). Time and Price symmetry must be used to be in accordance with the trend. When coupled with a favorable risk to reward ratio, the ability to stay in the market for most of the defined time period, and adherence to risk management rules; the trader has a solid methodology for achieving considerable gains.
We will engage in a longer term market-oriented analysis to avoid any time-focused pressure. The Bitcoin market is open twenty-four-hours a day, so trading may be done when the individual is ready, without any pressing need to be constantly alert. Let alone, we can safely project months in advance with relatively high accuracy. Bitcoin is an asset which an individual can both trade and invest, however this article will be focused on trading due to the wide volatility in BTC prices over the short-term.

Technical Indicator Analysis of Bitcoin

Technical indicators are often considered self-fulfilling prophecies due to mass-market psychology gravitating towards certain common numbers yielded from them. They are also often discounted when it comes to BTC. That means a trader must be especially aware of these numbers as they can prognosticate market movements. Often, they are meaningless in the larger picture of things.
  • Volume – derived from the market itself, it is mostly irrelevant. The major problem with volume for stocks is that the US market open causes tremendous volume surges eradicating any intrinsic volume analysis. This does not occur with BTC, as it is open twenty-four-seven. At major highs and lows, the market is typically anemic. Most traders are not active at terminal discretes (peaks and troughs) because of levels of fear. Volume allows us confidence in time and price symmetry market inflection points, if we observe low volume at a foretold range of values. We can rationalize that an absolute discrete is usually only discovered and anticipated by very few traders. As the general market realizes it, a herd mentality will push the market in the direction favorable to defending it. Volume is also useful for swing trading, as chances for swing’s validity increases if an increase in volume is seen on and after the swing’s activation. Volume is steadily decreasing. Lows and highs are reached when volume is lower.
Therefore, due to the relatively high volume on the 12th of March, we can safely determine that a low for BTC was not reached.
  • VIX – Volatility Index, this technical indicator indicates level of fear by the amount of options-based “insurance” in portfolios. A low VIX environment, less than 20 for the S&P index, indicates a stable market with a possible uptrend. A high VIX, over 20, indicates a possible downtrend. VIX is essentially useless for BTC as BTC-based options do not exist. It allows us to predict the market low for $SPY, which will have an indirect impact on BTC in the short term, likely leading to the yearly low. However, it is equally important to see how VIX is changing over time, if it is decreasing or increasing, as that indicates increasing or decreasing fear. Low volatility allows high leverage without risk or rest. Occasionally, markets do rise with high VIX.
As VIX is unusually high, in the forties, we can be confident that a downtrend for the S&P 500 is imminent.
  • RSI (Relative Strength Index): The most important technical indicator, useful for determining highs and lows when time symmetry is not availing itself. Sometimes analysis of RSI can conflict in different time frames, easiest way to use it is when it is at extremes – either under 30 or over 70. Extremes can be used for filtering highs or lows based on time-and-price window calculations. Highly instructive as to major corrective clues and indicative of continued directional movement. Must determine if longer-term RSI values find support at same values as before. It is currently at 73.56.
  • Secondly, RSI may be used as a high or low filter, to observe the level that short-term RSI reaches in counter-trend corrections. Repetitions based on market movements based on RSI determine how long a trade should be held onto. Once a short term RSI reaches an extreme and stay there, the other RSI’s should gradually reach the same extremes. Once all RSI’s are at extreme highs, a trend confirmation should occur and RSI’s should drop to their midpoint.

Trend Definition Analysis of Bitcoin

Trend definition is highly powerful, cannot be understated. Knowledge of trend logic is enough to be a profitable trader, yet defining a trend is an arduous process. Multiple trends coexist across multiple time frames and across multiple market sectors. Like time structure, it makes the underlying price of the instrument irrelevant. Trend definitions cannot determine the validity of newly formed discretes. Trend becomes apparent when trades based in counter-trend inflection points continue to fail.
Downtrends are defined as an instrument making lower lows and lower highs that are recurrent, additive, qualified swing setups. Downtrends for all instruments are similar, except forex. They are fast and complete much quicker than uptrends. An average downtrend is 18 months, something which we will return to. An uptrend inception occurs when an instrument reaches a point where it fails to make a new low, then that low will be tested. After that, the instrument will either have a deep range retracement or it may take out the low slightly, resulting in a double-bottom. A swing must eventually form.
A simple way to roughly determine trend is to attempt to draw a line from three tops going upwards (uptrend) or a line from three bottoms going downwards (downtrend). It is not possible to correctly draw a downtrend line on the BTC chart, but it is possible to correctly draw an uptrend – indicating that the overall trend is downwards. The only mitigating factor is the impending stock market crash.

Time Symmetry Analysis of Bitcoin

Time is the movement from the past through the present into the future. It is a measurement in quantified intervals. In many ways, our perception of it is a human construct. It is more powerful than price as time may be utilized for a trade regardless of the market inflection point’s price. Were it possible to perfectly understand time, price would be totally irrelevant due to the predictive certainty time affords. Time structure is easier to learn than price, but much more difficult to apply with any accuracy. It is the hardest aspect of trading to learn, but also the most rewarding.
Humans do not have the ability to recognize every time window, however the ability to define market inflection points in terms of time is the single most powerful trading edge. Regardless, price should not be abandoned for time alone. Time structure analysis It is inherently flawed, as such the markets have a fail-safe, which is Price Structure. Even though Time is much more powerful, Price Structure should never be completely ignored. Time is the qualifier for Price and vice versa. Time can fail by tricking traders into counter-trend trading.
Time is a predestined trade quantifier, a filter to slow trades down, as it allows a trader to specifically focus on specific time windows and rest at others. It allows for quantitative measurements to reach deterministic values and is the primary qualifier for trends. Time structure should be utilized before price structure, and it is the primary trade criterion which requires support from price. We can see price structure on a chart, as areas of mathematical support or resistance, but we cannot see time structure.
Time may be used to tell us an exact point in the future where the market will inflect, after Price Theory has been fulfilled. In the present, price objectives based on price theory added to possible future times for market inflection points give us the exact time of market inflection points and price.
Time Structure is repetitions of time or inherent cycles of time, occurring in a methodical way to provide time windows which may be utilized for inflection points. They are not easily recognized and not easily defined by a price chart as measuring and observing time is very exact. Time structure is not a science, yet it does require precise measurements. Nothing is certain or definite. The critical question must be if a particular approach to time structure is currently lucrative or not.
We will measure it in intervals of 180 bars. Our goal is to determine time windows, when the market will react and when we should pay the most attention. By using time repetitions, the fact that market inflection points occurred at some point in the past and should, therefore, reoccur at some point in the future, we should obtain confidence as to when SPY will reach a market inflection point. Time repetitions are essentially the market’s memory. However, simply measuring the time between two points then trying to extrapolate into the future does not work. Measuring time is not the same as defining time repetitions. We will evaluate past sessions for market inflection points, whether discretes, qualified swings, or intra-range. Then records the times that the market has made highs or lows in a comparable time period to the future one seeks to trade in.
What follows is a time Histogram – A grouping of times which appear close together, then segregated based on that closeness. Time is aligned into combined histogram of repetitions and cycles, however cycles are irrelevant on a daily basis. If trading on an hourly basis, do not use hours.
  • Yearly Lows (last seven years): 1/1/13, 4/10/14, 1/15/15, 1/17/16, 1/1/17, 12/15/18, 2/6/19
  • Monthly Mode: 1, 1, 1, 1, 2, 4, 12
  • Daily Mode: 1, 1, 6, 10, 15, 15, 17
  • Monthly Lows (for the last year): 3/12/20 (10:00pm), 2/28/20 (7:09am), 1/2/20 (8:09pm), 12/18/19 (8:00am), 11/25/19 (1:00am), 10/24/19 (2:59am), 9/30/19 (2:59am), 8/29,19 (4:00am), 7/17/19 (7:59am), 6/4/19 (5:59pm), 5/1/19 (12:00am), 4/1/19 (12:00am)
  • Daily Lows Mode for those Months: 1, 1, 2, 4, 12, 17, 18, 24, 25, 28, 29, 30
  • Hourly Lows Mode for those Months (Military time): 0100, 0200, 0200, 0400, 0700, 0700, 0800, 1200, 1200, 1700, 2000, 2200
  • Minute Lows Mode for those Months: 00, 00, 00, 00, 00, 00, 09, 09, 59, 59, 59, 59
  • Day of the Week Lows (last twenty-six weeks):
Weighted Times are repetitions which appears multiple times within the same list, observed and accentuated once divided into relevant sections of the histogram. They are important in the presently defined trading time period and are similar to a mathematical mode with respect to a series. Phased times are essentially periodical patterns in histograms, though they do not guarantee inflection points
Evaluating the yearly lows, we see that BTC tends to have its lows primarily at the beginning of every year, with a possibility of it being at the end of the year. Following the same methodology, we get the middle of the month as the likeliest day. However, evaluating the monthly lows for the past year, the beginning and end of the month are more likely for lows.
Therefore, we have two primary dates from our histogram.
1/1/21, 1/15/21, and 1/29/21
2:00am, 8:00am, 12:00pm, or 10:00pm
In fact, the high for this year was February the 14th, only thirty days off from our histogram calculations.
The 8.6-Year Armstrong-Princeton Global Economic Confidence model states that 2.15 year intervals occur between corrections, relevant highs and lows. 2.15 years from the all-time peak discrete is February 9, 2020 – a reasonably accurate depiction of the low for this year (which was on 3/12/20). (Taking only the Armstrong model into account, the next high should be Saturday, April 23, 2022). Therefore, the Armstrong model indicates that we have actually bottomed out for the year!
Bear markets cannot exist in perpetuity whereas bull markets can. Bear markets will eventually have price objectives of zero, whereas bull markets can increase to infinity. It can occur for individual market instruments, but not markets as a whole. Since bull markets are defined by low volatility, they also last longer. Once a bull market is indicated, the trader can remain in a long position until a new high is reached, then switch to shorts. The average bear market is eighteen months long, giving us a date of August 19th, 2021 for the end of this bear market – roughly speaking. They cannot be shorter than fifteen months for a central-bank controlled market, which does not apply to Bitcoin. (Otherwise, it would continue until Sunday, September 12, 2021.) However, we should expect Bitcoin to experience its’ exponential growth after the stock market re-enters a bull market.
Terry Laundy’s T-Theory implemented by measuring the time of an indicator from peak to trough, then using that to define a future time window. It is similar to an head-and-shoulders pattern in that it is the process of forming the right side from a synthetic technical indicator. If the indicator is making continued lows, then time is recalculated for defining the right side of the T. The date of the market inflection point may be a price or indicator inflection date, so it is not always exactly useful. It is better to make us aware of possible market inflection points, clustered with other data. It gives us an RSI low of May, 9th 2020.
The Bradley Cycle is coupled with volatility allows start dates for campaigns or put options as insurance in portfolios for stocks. However, it is also useful for predicting market moves instead of terminal dates for discretes. Using dates which correspond to discretes, we can see how those dates correspond with changes in VIX.
Therefore, our timeline looks like:
  • 2/14/20 – yearly high ($10372 USD)
  • 3/12/20 – yearly low thus far ($3858 USD)
  • 5/9/20 – T-Theory true yearly low (BTC between 4863 and 3569)
  • 5/26/20 – hashrate difficulty halvening
  • 11/14/20 – stock market low
  • 1/15/21 – yearly low for BTC, around $8528
  • 8/19/21 – end of stock bear market
  • 11/26/21 – eighteen months from halvening, average peak from halvenings (BTC begins rising from $3000 area to above $23,312)
  • 4/23/22 – all-time high
Taken from my blog: http://aliamin.info/2020/
submitted by aibnsamin1 to Bitcoin [link] [comments]

To 100 Principle Representatives - #8

A NanoCharts driven update for those who want to take control of their Nano and select a rep for their voting weight.
For new community members, its worth pointing towards this video to learn about the ORV consensus system that Nano uses: https://youtu.be/LZ8TZFfYDcY
Ideally you are taking your coins off Binance (as number 1 rep in terms of weight and you can’t pick a rep there) or removing weight from another larger rep/or a rep controlled by a large entity. Most wallets let you pick a representative, and are even starting to provide additional functionality; surprisingly the NWC mobile apps don’t allow for representative selection right now.
Finding a rep can be easy using two main sources:
Nanocharts is a useful view from top reps in terms of weight and below; if you scroll down around the 133K Nano mark you’ll potentially find some reps who only need a but more weight to become a RR. NanoCharts also can help you find a rep, using its ‘need a representative’ function near the top of the page.
My Nano Ninja itself is linked from NanoCharts and gives users a great source for further digging into a reps details. Its pioneered the scoring system to help users choose reps, and has even forked the ever popular NanoVault with NinjaVault (which integrates some key functions such as the scoring system).
https://arewedecentralizedyet.com also gives us a wider perspective on decentralisation against other cryptos. I think the number of nodes we have without a monetary incentive is a good stat... and the it draws on the key Nakamoto coefficient from https://repnode.org/representatives/nakamoto (how many entities could collude to form a majority on the network - this number is ideally getting bigger). Unfortunately, they don't always pull the latest stats into their main screen.
Further help on Nano decentralisation could be found in the #decentralise channel on Nano Discord.
https://discordapp.com/invite/JphbBas
As a general rule, personally I would consider the following when picking a rep:

Current Status

We currently have 88 Principal Representatives (RR) that help secure the network (that have over around 133K Nano voting weight) and not all of those are online right now. It would be a good milestone to have 100 RRs, and even better to have 100 RRs that are online.
Since my last update (roughly) or worth mentioning:

Notable Representatives (IMO) Not Rebroadcasting

https://mynano.ninja/account/xrb_34jodkgq6dko31s4hj7a18kf6ax8ax8n6c98eb5jqq56s9kt7bi9g4fidwbx
One I’m involved in and driven by a great little team of Nano (and Quake) enthusiasts. Setup by the indomitable jayycox (so its newness isn’t a concern for me). After a recent push, this is now only 28K Nano away from becoming a rebroadcasting rep.
Most importantly for me, this would be a good presence in South America (see https://mynano.ninja/map) if we can get this at PR status.
A newcomer to the Nano ecosystem, but their hardware seems pretty impressive and they intend to stick around the Nano ecosystem.
https://mynano.ninja/account/nano-peru-latinoamerica
It would be another presence in South America.
https://mynano.ninja/account/xrb_18bpu81x4oyqsjjsyaeb7ek4rag1bw8gerhaiumookzc4t5prrm4d7zg56ww
Good Ninja Score, just below the requirement.
https://mynano.ninja/account/bitdesert
Creator of mynano.ninja. Another 50K needed here.
https://mynano.ninja/account/vano
A new wallet on the scene that is building up its Ninja score but could be a worth selection. Another 80K needed for this to reach PR status, a 30K improvement over last month.
https://mynano.ninja/account/xrb_3nnogsx1u7ye6snntq9fi1aakb489dsk94zyex8fdd5ioubmhep3o9sr7zsk
Good Ninja Score, just below the requirement.
https://mynano.ninja/account/xrb_1hzoje373eapce4ses7xsx539suww5555hi9q8i8j7hpbayzxq4c4nn91hr8
Good Ninja Score and has fell just below the 133K requirement, and a good foothold in Norway.
https://mynano.ninja/account/norway-node
https://mynano.ninja/account/xrb_1e6e41up4x5e4jke6wy4k6nnuagagspfx4tjafghub6cw46ueimqt657nx4a

Final Thoughts

submitted by arranHarty to nanocurrency [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

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

Where can I buy bitcoins?

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

Securing your bitcoins

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

Where can I spend bitcoins?

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

Merchant Resources

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

Can I mine bitcoin?

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

Earning bitcoins

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

Bitcoin Projects

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

Bitcoin Units

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

The core concepts of DTube's new blockchain

Dear Reddit community,
Following our announcement for DTube v0.9, I have received countless questions about the new blockchain part, avalon. First I want to make it clear, that it would have been utterly impossible to build this on STEEM, even with the centralized SCOT/Tribes that weren't available when I started working on this. This will become much clearer as you read through the whole wall of text and understand the novelties.
SteemPeak says this is a 25 minutes read, but if you are truly interested in the concept of a social blockchain, and you believe in its power, I think it will be worth the time!

MOVING FORWARD

I'm a long time member of STEEM, with tens of thousands of staked STEEM for 2 years+. I understand the instinctive fear from the other members of the community when they see a new crypto project coming out. We've had two recent examples recently with the VOICE and LIBRA annoucements, being either hated or ignored. When you are invested morally, and financially, when you see competitors popping up, it's normal to be afraid.
But we should remember competition is healthy, and learn from what these projects are doing and how it will influence us. Instead, by reacting the way STEEM reacts, we are putting our heads in the sand and failing to adapt. I currently see STEEM like the "North Korea of blockchains", trying to do everything better than other blockchains, while being #80 on coinmarketcap and slowly but surely losing positions over the months.
When DLive left and revealed their own blockchain, it really got me thinking about why they did it. The way they did it was really scummy and flawed, but I concluded that in the end it was a good choice for them to try to develop their activity, while others waited for SMTs. Sadly, when I tried their new product, I was disappointed, they had botched it. It's purely a donation system, no proof of brain... And the ultra-majority of the existing supply is controlled by them, alongside many other 'anti-decentralization' features. It's like they had learnt nothing from their STEEM experience at all...
STEEM was still the only blockchain able to distribute crypto-currency via social interactions (and no, 'donations' are not social interactions, they are monetary transfers; bitcoin can do it too). It is the killer feature we need. Years of negligence or greed from the witnesses/developers about the economic balance of STEEM is what broke this killer feature. Even when proposing economical changes (which are actually getting through finally in HF21), the discussions have always been centered around modifying the existing model (changing the curve, changing the split, etc), instead of developing a new one.
You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.
What if I built a new model for proof of brain distribution from the ground up? I first tried playing with STEEM clones, I played with EOS contracts too. Both systems couldn't do the concepts I wanted to integrate for DTube, unless I did a major refactor of tens of thousands of lines of code I had never worked with before. Making a new blockchain felt like a lighter task, and more fun too.
Before even starting, I had a good idea of the concepts I'd love to implement. Most of these bullet points stemmed from observations of what happened here on STEEM in the past, and what I considered weaknesses for d.tube's growth.

NO POWER-UP

The first concept I wanted to implement deep down the core of how a DPOS chain works, is that I didn't want the token to be staked, at all (i.e. no 'powering up'). The cons of staking for a decentralized social platform are obvious: * complexity for the users with the double token system. * difficulty to onboard people as they need to freeze their money, akin to a pyramid scheme.
The only good thing about staking is how it can fill your bandwidth and your voting power when you power-up, so you don't need to wait for it to grow to start transacting. In a fully-liquid system, your account ressources start at 0% and new users will need to wait for it to grow before they can start transacting. I don't think that's a big issue.
That meant that witness elections had to be run out of the liquid stake. Could it be done? Was it safe for the network? Can we update the cumulative votes for witnesses without rounding issues? Even when the money flows between accounts freely?
Well I now believe it is entirely possible and safe, under certain conditions. The incentive for top witnesses to keep on running the chain is still present even if the stake is liquid. With a bit of discrete mathematics, it's easy to have a perfectly deterministic algorithm to run a decentralized election based off liquid stake, it's just going to be more dynamic as the funds and the witness votes can move around much faster.

NO EARLY USER ADVANTAGE

STEEM has had multiple events that influenced the distribution in a bad way. The most obvious one is the inflation settings. One day it was hella-inflationary, then suddently hard fork 16 it wasn't anymore. Another major one, is the non-linear rewards that ran for a long time, which created a huge early-user advantage that we can still feel today.
I liked linear rewards, it's what gives minnows their best chance while staying sybil-resistant. I just needed Avalon's inflation to be smart. Not hyper-inflationary like The key metric to consider for this issue, is the number of tokens distributed per user per day. If this metric goes down, then the incentive for staying on the network and playing the game, goes down everyday. You feel like you're making less and less from your efforts. If this metric goes up, the number of printed tokens goes up and the token is hyper-inflationary and holding it feels really bad if you aren't actively earning from the inflation by playing the game.
Avalon ensures that the number of printed tokens is proportional to the number of users with active stake. If more users come in, avalon prints more tokens, if users cash-out and stop transacting, the inflation goes down. This ensures that earning 1 DTC will be about as hard today, tomorrow, next month or next year, no matter how many people have registered or left d.tube, and no matter what happens on the markets.

NO LIMIT TO MY VOTING POWER

Another big issue that most steemians don't really know about, but that is really detrimental to STEEM, is how the voting power mana bar works. I guess having to manage a 2M SP delegation for @dtube really convinced me of this one.
When your mana bar is full at 100%, you lose out the potential power generation, and rewards coming from it. And it only takes 5 days to go from 0% to 100%. A lot of people have very valid reasons to be offline for 5 days+, they shouldn't be punished so hard. This is why all most big stake holders make sure to always spend some of their voting power on a daily basis. And this is why minnows or smaller holders miss out on tons of curation rewards, unless they delegate to a bidbot or join some curation guild... meh. I guess a lot of people would rather just cash-out and don't mind the trouble of having to optimize their stake.
So why is it even a mana bar? Why can't it grow forever? Well, everything in a computer has to have a limit, but why is this limit proportional to my stake? While I totally understand the purpose of making the bandwidth limited and forcing big stake holders to waste it, I think it's totally unneeded and inadapted for the voting power. As long as the growth of the VP is proportional to the stake, the system stays sybil-resistant, and there could technically be no limit at all if it wasn't for the fact that this is ran in a computer where numbers have a limited number of bits.
On Avalon, I made it so that your voting power grows virtually indefinitely, or at least I don't think anyone will ever reach the current limit of Number.MAX_SAFE_INTEGER: 9007199254740991 or about 9 Peta VP. If you go inactive for 6 months on an account with some DTCs, when you come back you will have 6 months worth of power generation to spend, turning you into a whale, at least for a few votes.
Another awkward limit on STEEM is how a 100% vote spends only 2% of your power. Not only STEEM forces you to be active on a daily basis, you also need to do a minimum of 10 votes / day to optimize your earnings. On Avalon, you can use 100% of your stored voting power in a single mega-vote if you wish, it's up to you.

A NEW PROOF-OF-BRAIN

No Author rewards

People should vote with the intent of getting a reward from it. If 75% of the value forcibly goes to the author, it's hard to expect a good return from curation. Steem is currently basically a complex donation platform. No one wants to donate when they vote, no matter what they will say, and no matter how much vote-trading, self-voting or bid-botting happens.
So in order to keep a system where money is printed when votes happen, if we cannot use the username of the author to distribute rewards, the only possibility left is to use the list of previous voters aka "Curation rewards". The 25% interesting part of STEEM, that has totally be shadowed by the author rewards for too long.

Downvote rewards

STEEM has always suffered from the issue that the downvote button is unused, or when it's used, it's mostly for evil. This comes from the fact that in STEEM's model, downvotes are not eligible for any rewards. Even if they were, your downvote would be lowering the final payout of the content, and your own curation rewards...
I wanted Avalon's downvotes to be completely symmetric to the upvotes. That means if we revert all the votes (upvotes become downvotes and vice versa), the content should still distribute the same amount of tokens to the same people, at the same time.

No payment windows

Steem has a system of payments windows. When you publish a content, it opens a payment window where people can freely upvote or downvote to influence the payout happening 7 days later. This is convenient when you want a system where downvotes lower rewards. Waiting 7 days to collect rewards is also another friction point for new users, some of them might never come back 7 days later to convince themselves that 'it works'. On avalon, when you are part of the winners of curation after a vote, you earn it instantly in your account, 100% liquid and transferable.

Unlimited monetization in time

Indeed, the 7 days monetization limit has been our biggest issue for our video platform since day 8. This incentivized our users to create more frequent, but lesser quality content, as they know that they aren't going to earn anything from the 'long-haul'. Monetization had to be unlimited on DTube, so that even a 2 years old video could be dug up and generate rewards in the far future.
Infinite monetization is possible, but as removing tokens from a balance is impossible, the downvotes cannot remove money from the payout like they do on STEEM. Instead, downvotes print money in the same way upvotes do, downvotes still lower the popularity in the hot and trending and should only rewards other people who downvoted the same content earlier.

New curation rewards algorithm

STEEM's curation algorithm isn't stupid, but I believe it lacks some elegance. The 15 minutes 'band-aid' necessary to prevent curation bots (bots who auto vote as fast as possible on contents of popular authors) that they added proves it. The way is distributes the reward also feels very flat and boring. The rewards for my votes are very predictable, especially if I'm the biggest voter / stake holder for the content. My own vote is paying for my own curation rewards, how stupid is that? If no one elses votes after my big vote despite a popularity boost, it probably means I deserve 0 rewards, no?
I had to try different attempts to find an algorithm yielding interesting results, with infinite monetization, and without obvious ways to exploit it. The final distribution algorithm is more complex than STEEM's curation but it's still pretty simple. When a vote is cast, we calculate the 'popularity' at the time of the vote. The first vote is given a popularity of 0, the next votes are defined by (total_vp_upvotes - total_vp_downvotes) / time_since_1st_vote. Then we look into the list of previous votes, and we remove all votes in the opposite direction (up/down). The we remove all the votes with a higher popularity if its an upvote, or the ones with a lower popularity if its a downvote. The remaining votes in the list are the 'winners'. Finally, akin to STEEM, the amount of tokens generated by the vote will be split between winners proportionally to the voting power spent by each (linear rewards - no advantages for whales) and distributed instantly. Instead of purely using the order of the votes, Avalon distribution is based on when the votes are cast, and each second that passes reduces the popularity of a content, potentially increasing the long-term ROI of the next vote cast on it.
Graph It's possible to chart the popularity that influences the DTC monetary distribution directly in the d.tube UI
This algorithm ensures there are always losers. The last upvoter never earns anything, also the person who upvoted at the highest popularity, and the one who downvoted at the lowest popularity would never receive any rewards for their vote. Just like the last upvoter and last downvoter wouldn't either. All the other ones in the middle may or may not receive anything, depending on how the voting and popularity evolved in time. The one with an obvious advantage, is the first voter who is always counted as 0 popularity. As long as the content stays at a positive popularity, every upvote will earn him rewards. Similarly, being the first downvoter on an overly-popular content could easily earn you 100% rewards on the next downvote that could be from a whale, earning you a fat bonus.
While Avalon doesn't technically have author rewards, the first-voter advantage is strong, and the author has the advantage of always being the first voter, so the author can still earn from his potentially original creations, he just needs to commit some voting power on his own contents to be able to publish.

ONE CHAIN <==> ONE APP

More scalable than shared blockchains

Another issue with generalistic blockchains like ETH/STEEM/EOS/TRX, which are currently hosting dozens of semi-popular web/mobile apps, is the reduced scalability of such shared models. Again, everything in a computer has a limit. For DPOS blockchains, 99%+ of the CPU load of a producing node will be to verify the signatures of the many transactions coming in every 3 seconds. And sadly this fact will not change with time. Even if we had a huge breakthrough on CPU speeds today, we would need to update the cryptographic standards for blockchains to keep them secure. This means it would NOT become easier to scale up the number of verifiable transactions per seconds.
Oh, but we are not there yet you're thinking? Or maybe you think that we'll all be rich if we reach the scalability limits so it doesn't really matter? WRONG
The limit is the number of signature verifications the most expensive CPU on the planet can do. Most blockchains use the secp256k1 curve, including Bitcoin, Ethereum, Steem and now Avalon. It was originally chosen for Bitcoin by Satoshi Nakamoto probably because it's decently quick at verifying signatures, and seems to be backdoor-proof (or else someone is playing a very patient game). Maybe some other curves exist with faster signature verification speed, but it won't be improved many-fold, and will likely require much research, auditing, and time to get adopted considering the security implications.
In 2015 Graphene was created, and Bitshares was completely rewritten. This was able to achieve 100,000 transaction per second on a single machine, and decentralized global stress testing achieved 18,000 transactions per second on a distributed network.
So BitShares/STEEM and other DPOS graphene chains in production can validate at most 18000 txs/sec, so about 1.5 billion transactions per day. EOS, Tendermint, Avalon, LIBRA or any other DPOS blockchain can achieve similar speeds, because there's no planet-killing proof-of-works, and thanks to the leader-based/democratic system that reduces the number of nodes taking part in the consensus.
As a comparison, there are about 4 billion likes per day on instagram, so you can probably double that with the actual uploads, stories and comments, password changes, etc. The load is also likely unstable through the day, probably some hours will go twice as fast as the average. You wouldn't be able to fit Instagram in a blockchain, ever, even with the most scalable blockchain tech on the world's best hardware. You'd need like a dozen of those chains. And instagram is still a growing platform, not as big as Facebook, or YouTube.
So, splitting this limit between many popular apps? Madness! Maybe it's still working right now, but when many different apps reach millions of daily active users plus bots, it won't fit anymore.
Serious projects with a big user base will need to rethink the shared blockchain models like Ethereum, EOS, TRX, etc because the fees in gas or necessary stake required to transact will skyrocket, and the victims will be the hordes of minnows at the bottom of the distribution spectrum.
If we can't run a full instagram on a DPOS blockchain, there is absolutely no point trying to run medium+reddit+insta+fb+yt+wechat+vk+tinder on one. Being able to run half an instagram is already pretty good and probably enough to actually onboard a fair share of the planet. But if we multiply the load by the number of different app concepts available, then it's never gonna scale.
DTube chain is meant for the DTube UI only. Please do not build something unrelated to video connecting to our chain, we would actively do what we can to prevent you from growing. We want this chain to be for video contents only, and the JSON format of the contents should always follow the one used by d.tube.
If you are interested in avalon tech for your project isn't about video, it's strongly suggested to fork the blockchain code and run your own avalon chain with a different origin id, instead of trying to connect your project to dtube's mainnet. If you still want to do it, chain leaders would be forced to actively combat your project as we would consider it as useless noise inside our dedicated blockchain.

Focused governance

Another issue of sharing a blockchain, is the issues coming up with the governance of it. Tons of features enabled by avalon would be controversial to develop on STEEM, because they'd only benefit DTube, and maybe even hurt/break some other projects. At best they'd be put at the bottom of a todo list somewhere. Having a blockchain dedicated to a single project enables it to quickly push updates that are focused on a single product, not dozens of totally different projects.
Many blockchain projects are trying to make decentralized governance true, but this is absolutely not what I am interested in for DTube. Instead, in avalon the 'init' account, or 'master' account, has very strong permissions. In the DTC case, @dtube: * will earn 10% fees from all the inflation * will not have to burn DTCs to create accounts * will be able to do certain types of transactions when others can't * * account creation (during steem exclusivity period) * * transfers (during IEO period) * * transfering voting power and bandwidth ressources (used for easier onboarding)
For example, for our IEO we will setup a mainnet where only @dtube is allowed to transfer funds or vote until the IEO completes and the airdrop happens. This is also what enabled us to create a 'steem-only' registration period on the public testnet for the first month. Only @dtube can create accounts, this way we can enforce a 1 month period where users can port their username for free, without imposters having a chance to steal usernames. Through the hard-forking mechanism, we can enable/disable these limitations and easily evolve the rules and permissions of the blockchain, for example opening monetary transfers at the end of our IEO, or opening account creation once the steem exclusivity ends.
Luckily, avalon is decentralized, and all these parameters (like the @dtube fees, and @dtube permissions) are easily hardforkable by the leaders. @dtube will however be a very strong leader in the chain, as we plan to use our vote to at least keep the #1 producing node for as long as we can.
We reserve the right to 'not follow' an hardfork. For example, it's obvious we wouldn't follow something like reducing our fees to 0% as it would financially endanger the project, and we would rather just continue our official fork on our own and plug d.tube domain and mobile app to it.
On the other end of the spectrum, if other leaders think @dtube is being tyranical one way or another, leaders will always have the option of declining the new hardforks and putting the system on hold, then @dtube will have an issue and will need to compromise or betray the trust of 1/3 of the stake holders, which could reveal costly.
The goal is to have a harmounious, enterprise-level decision making within the top leaders. We expect these leaders to be financially and emotionally connected with the project and act for good. @dtube is to be expected to be the main good actor for the chain, and any permission given to it should be granted with the goal of increasing the DTC marketcap, and nothing else. Leaders and @dtube should be able to keep cooperation high enough to keep the hard-forks focused on the actual issues, and flowing faster than other blockchain projects striving for a totally decentralized governance, a goal they are unlikely to ever achieve.

PERFECT IMBALANCE

A lot of hard-forking

Avalon is easily hard-forkable, and will get hard-forked often, on purpose. No replays will be needed for leaders/exchanges during these hard-forks, just pull the new hardfork code, and restart the node before the hard-fork planned time to stay on the main fork. Why is this so crucial? It's something about game theory.
I have no former proof for this, but I assume a social and financial game akin to the one played on steem since 2016 to be impossible to perfectly balance, even with a thourough dichotomical process. It's probably because of some psychological reason, or maybe just the fact that humans are naturally greedy. Or maybe it's just because of the sheer number of players. They can gang up together, try to counter each others, and find all sorts of creative ideas to earn more and exploit each other. In the end, the slightest change in the rules, can cause drastic gameplay changes. It's a real problem, luckily it's been faced by other people in the past.
Similarly to what popular and succesful massively multiplayer games have achieved, I plan to patch or suggest hard-forks for avalon's mainnet on a bi-monthly basis. The goal of this perfect imbalance concept, is to force players to re-discover their best strategy often. By introducing regular, small, and semi-controlled changes into this chaos, we can fake balance. This will require players to be more adaptative and aware of the changes. This prevents the game from becoming stale and boring for players, while staying fair.

Death to bots

Automators on the other side, will need to re-think their bots, go through the developement and testing phase again, on every new hard-fork. It will be an unfair cat-and-mouse game. Doing small and semi-random changes in frequent hard-forks will be a easy task for the dtube leaders, compared to the work load generated to maintain the bots. In the end, I hope their return on investment to be much lower compared to the bid-bots, up to a point where there will be no automation.
Imagine how different things would have been if SteemIt Inc acted strongly against bid-bots or other forms of automation when they started appearing? Imagine if hard-forks were frequent and they promised to fight bid-bots and their ilk? Who would be crazy enough to make a bid-bot apart from @berniesanders then?
I don't want you to earn DTCs unless you are human. The way you are going to prove you are human, is not by sending a selfie of you with your passport to a 3rd party private company located on the other side of the world. You will just need to adapt to the new rules published every two weeks, and your human brain will do it subconsciously by just playing the voting game and seeing the rewards coming.
All these concepts are aimed at directly improving d.tube, making it more resilient, and scale both technologically and economically. Having control over the full tech stack required to power our dapp will prevent issues like the one we had with the search engine, where we relied too heavily on a 3rd party tool, and that created a 6-months long bug that basically broke 1/3 of the UI.
While d.tube's UI can now totally run independently from any other entity, we kept everything we could working with STEEM, and the user is now able to transparently publish/vote/comment videos on 2 different chains with one click. This way we can keep on leveraging the generalistic good features of STEEM that our new chain doesn't focuses on doing, such as the dollar-pegged token, the author rewards/donation mechanism, the tribes/communities tokens, and simply the extra exposure d.tube users can get from other website (steemit.com, busy.org, partiko, steempeak, etc), which is larger than the number of people using d.tube directly.
The public testnet has been running pretty well for 3 weeks now, with 6000+ accounts registered, and already a dozen of independant nodes popping up and running for leaders. The majority of the videos are cross-posted on both chains and the daily video volume has slightly increased since the update, despite the added friction of the new 'double login' system and several UI bugs.
If you've read this article, I'm hoping to get some reactions from you in the comments section!
Some even more focused articles about avalon are going to pop on my blog in the following weeks, such as how to get a node running and running for leadewitness, so feel free to follow me to get more news and help me reach 10K followers ;)
submitted by nannal to dtube [link] [comments]

Blowing the lid off the CryptoNote/Bytecoin scam (with the exception of Monero) - Reformatted for Reddit

Original post by rethink-your-strategy on Bitcointalk.org here
This post has been reformatted to share on Reddit. What once was common knowledge, is now gone. You want a quality history lesson? Share this like wildfire.
August 15, 2014, 08:15:37 AM

Preamble

I'd like to start off by stating categorically that the cryptography presented by CryptoNote is completely, entirely solid. It has been vetted and looked over by fucking clever cryptographers/developers/wizards such as gmaxwell. Monero have had a group of independent mathematicians and cryptographers peer-reviewing the whitepaper (their annotations are here, and one of their reviews is here), and this same group of mathematicians and cryptographers is now reviewing the implementation of the cryptography in the Monero codebase. Many well known Bitcoin developers have already had a cursory look through the code to establish its validity. It is safe to say that, barring more exotic attacks that have to be mitigated over time as they are invented/discovered, and barring a CryptoNote implementation making rash decisions to implement something that reduces the anonymity set, the CryptoNote currencies are all cryptographically unlinkable and untraceable.
Two other things I should mention. I curse a lot when I'm angry (and scams like this make me angry). Second, where used my short date format is day/month/year (smallest to biggest).
If you find this information useful, a little donation would go a long way. Bitcoin address is 1rysLufu4qdVBRDyrf8ZjXy1nM19smTWd.

The Alleged CryptoNote/Bytecoin Story

CryptoNote is a new cryptocurrency protocol. It builds on some of the Bitcoin founding principles, but it adds to them. There are aspects of it that are truly well thought through and, in a sense, quite revolutionary. CryptoNote claim to have started working on their project years ago after Bitcoin's release, and I do not doubt the validity of this claim...clearly there's a lot of work and effort that went into this. The story as Bytecoin and CryptoNote claim it to be is as follows:
They developed the code for the principles expressed in their whitepaper, and in April, 2012, they released Bytecoin. All of the copyright messages in Bytecoin's code are "copyright the CryptoNote Developers", so clearly they are one and the same as the Bytecoin developers. In December 2012, they released their CryptoNote v1 whitepaper. In September 2013, they released their CryptoNote v2 whitepaper. In November 2013, the first piece of the Bytecoin code was first pushed to Github by "amjuarez", with a "Copyright (c) 2013 amjuarez" copyright notice. This was changed to "Copyright (c) 2013 Antonio Juarez" on March 3rd, 2014. By this juncture only the crypto libraries had been pushed up to github. Then, on March 4th, 2014, "amjuarez" pushed the rest of the code up to github, with the README strangely referring to "cybernote", even though the code referred to "Cryptonote". The copyrights all pointed to "the Cryptonote developers", and the "Antonio Juarez" copyright and license file was removed. Within a few days, "DStrange" stumbled across the bytecoin.org website when trying to mine on the bte.minefor.co.in pool (a pool for the-other-Bytecoin, BTE, not the-new-Bytecoin, BCN), and the rest is history as we know it. By this time Bytecoin had had a little over 80% of its total emission mined.

Immediate Red Flags

The first thing that is a red flag in all of this is that nobody, and I mean no-fucking-body, is a known entity. "Antonio Juarez" is not a known entity, "DStrange" is not a known entity, none of the made up names on the Bytecoin website exist (they've since removed their "team" page, see below), none of the made up names on the CryptoNote website exist (Johannes Meier, Maurice Planck, Max Jameson, Brandon Hawking, Catherine Erwin, Albert Werner, Marec Plíškov). If they're pseudonyms, then say so. If they're real names, then who the fuck are they??? Cryptographers, mathematicians, and computer scientists are well known - they have published papers or at least have commented on articles of interest. Many of them have their own github repos and Twitter feeds, and are a presence in the cryptocurrency community.
The other immediate red flag is that nobody, and I mean no-fucking-body, had heard of Bytecoin. Those that had heard of it thought it was the crummy SHA-256 Bitcoin clone that was a flop in the market. Bytecoin's claim that it had existed "on the deep web" for 2 years was not well received, because not a single vendor, user, miner, drug addict, drug seller, porn broker, fake ID card manufacturer, student who bought a fake ID card to get into bars, libertarian, libertard, cryptographer, Tor developer, Freenet developer, i2p developer, pedophile, or anyone else that is a known person - even just known on the Internet - had ever encountered "Bytecoin" on Tor. Ever. Nobody.

Indisputable Facts

Before I start with some conjecture and educated guesswork, I'd like to focus on an indisputable fact that obliterates any trust in both Bytecoin's and CryptoNote's bullshit story. Note, again, that I do not doubt the efficacy of the mathematics and cryptography behind CryptoNote, nor do I think there are backdoors in the code. What I do know for a fact is that the people behind CryptoNote and Bytecoin have actively deceived the Bitcoin and cryptocurrency community, and that makes them untrustworthy now and in the future. If you believe in the fundamentals in CryptoNote, then you need simply use a CryptoNote-derived cryptocurrency that is demonstrably independent of CryptoNote and Bytecoin's influence. Don't worry, I go into this a little later.
So as discussed, there were these two whitepapers that I linked to earlier. Just in case they try remove them, here is the v1 whitepaper and the v2 whitepaper mirrored on Archive.org. This v1/v2 whitepaper thing has been discussed at length on the Bytecoin forum thread, and the PGP signature on the files has been confirmed as being valid. When you open the respective PDFs you'll notice the valid signatures in them:
signature in the v1 whitepaper
signature in the v2 whitepaper
These are valid Adobe signatures, signed on 15/12/2012 and 17/10/2013 respectively. Here's where it gets interesting. When we inspect this file in Adobe Acrobat we get a little more information on the signature
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Notice the bit that says "Signing time is from the clock on the signer's computer"? Now normally you would use a Timestamp Authority (TSA) to validate your system time. There are enough public, free, RFC 3161 compatible TSAs that this is not a difficult thing. CryptoNote chose not do this. But we have no reason to doubt the time on the signature, right guys? crickets
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See these references from the v1 whitepaper footnotes? Those two also appear in the v2 whitepaperth. Neither of those two footnotes refer to anything in the main body of the v1 whitepaper's text, they're non-existent (in the v2 whitepaper they are used in text). The problem, though, is that the Bitcointalk post linked in the footnote is not from early 2012 (proof screenshot is authentic: https://bitcointalk.org/index.php?topic=196259.0)
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May 5, 2013. The footnote is referencing a post that did not exist until then. And yet we are to believe that the whitepaper was signed on 12/12/2012! What sort of fucking fools do they take us for?
A little bit of extra digging validates this further. The document properties for both the v1 whitepaper as well as the v2 whitepaper confirms they were made in TeX Live 2013, which did not exist on 12/12/2012. The XMP properties are also quite revealing
XMP properties for the v1 whitepaper
XMP properties for the v2 whitepaper
According to that, the v1 whitepaper PDF was created on 10/04/2014, and the v2 whitepaper was created on 13/03/2014. And yet both of these documents were then modified in the past (when they were signed). Clearly the CryptoNote/Bytecoin developers are so advanced they also have a time machine, right?
Final confirmation that these creation dates are correct are revealed those XMP properties. The properties on both documents confirm that the PDF itself was generated from the LaTeX source using pdfTeX-1.40.14 (the pdf:Producer property). Now pdfTeX is a very old piece of software that isn't updated very often, so the minor version (the .14 part) is important.
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pdfTeX 1.40.14 pushed to source repo on Feb 14, 2014
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This version of pdfTeX was only pushed to the pdfTeX source repository on February 14, 2014, although it was included in a very early version of TeX Live 2013 (version 2013.20130523-1) that was released on May 23, 2013. The earliest mentions on the Internet of this version of pdfTeX are in two Stack Exchange comments that confirm its general availability at the end of May 2013 (here and here).
The conclusion we draw from this is that the CryptoNote developers, as clever as they were, intentionally deceived everyone into believing that the CryptoNote whitepapers were signed in 2012 and 2013, when the reality is that the v2 whitepaper was created in March, 2014, and the v1 whitepaper haphazardly created a month later by stripping bits out of the v2 whitepaper (accidentally leaving dead footnotes in).
Why would they create this fake v2 whitepaper in the first place? Why not just create a v1 whitepaper, or not even version it at all? The answer is simple: they wanted to lend credence and validity to the Bytecoin "2 years on the darkweb" claim so that everyone involved in CryptoNote and Bytecoin could profit from the 2 year fake mine of 82% of Bytecoin. What they didn't expect is the market to say "no thank you" to their premine scam.

And Now for Some Conjecture

As I mentioned earlier, the Bytecoin "team" page disappeared. I know it exists, because "AtomicDoge" referred to it as saying that one of the Bytecoin developers is a professor at Princeton. I called them out on it, and within a week the page had disappeared. Fucking cowards.
That was the event that triggered my desire to dig deeper and uncover the fuckery. As I discovered more and more oddities, fake accounts, trolling, and outright falsehoods, I wondered how deep the rabbit hole went. My starting point was DStrange. This is the account on Bitcointalk that "discovered" Bytecoin accidentally a mere 6 days after the first working iteration of the code was pushed to Github, purely by chance when mining a nearly dead currency on a tiny and virtually unheard of mining pool. He has subsequently appointed himself the representative of Bytecoin, or something similar. The whole thing is so badly scripted it's worse than a Spanish soap opera...I can't tell who Mr. Gonzales, the chief surgeon, is going to fuck next.
At the same time as DStrange made his "fuck me accidental discovery", another Bitcointalk account flared up to also "accidentally discover this weird thing that has randomly been discovered": Rias. What's interesting about both the "Rias" and "DStrange" accounts are their late 2013 creation date (October 31, 2013, and December 23, 2013, respectively), and yet they lay dormant until suddenly, out of the blue, on January 20th/21st they started posting. If you look at their early posts side by side you can even see the clustering: Rias, DStrange.
At any rate, the DStrange account "discovering" Bytecoin is beyond hilarious, especially with the Rias account chiming in to make the discovery seem natural. Knowing what we unmistakably do about the fake CryptoNote PDF dates lets us see this in a whole new light.
Of course, as has been pointed out before, the Bytecoin website did not exist in its "discovered" form until sometime between November 13, 2013 (when it was last captured as this random picture of a college girl) and February 25, 2014 (when it suddenly had the website on it as "discovered"). This can be confirmed by looking at the captures on Wayback Machine: https://web.archive.org/web/*/http://bytecoin.org
The CryptoNote website, too, did not exist in its current form until after October 20, 2013, at which time it was still the home of an encrypted message project by Alain Meier, a founding member of the Stanford Bitcoin Group and co-founder of BlockScore. This, too, can be confirmed on Wayback Machine: https://web.archive.org/web/*/http://cryptonote.org
~It's hard to ascertain whether Alain had anything to do with CryptoNote or Bytecoin. It's certainly conceivable that the whitepaper was put together by him and other members of the Stanford Bitcoin Group, and the timeline fits, given that the group only formed around March 2013. More info on the people in the group can be found on their site, and determining if they played a role is something you can do in your own time.~
Update: Alain Meier posted in this thread, and followed it up with a Tweet, confirming that he has nothing to do with CryptoNote and all the related...stuff.

Batshit Insane

The Bytecoin guys revel in creating and using sockpuppet accounts. Remember that conversation where "Rias" asked who would put v1 on a whitepaper with no v2 out, and AlexGR said "a forward looking individual"? The conversation took place on May 30, and was repeated verbatim by shill accounts on Reddit on August 4 (also, screenshot in case they take it down).
Those two obvious sockpuppet/shill accounts also take delight in bashing Monero in the Monero sub-reddit (here are snippets from WhiteDynomite and cheri0). Literally the only thing these sockpuppets do, day in and day out, is make the Bytecoin sub-reddit look like it's trafficked, and spew angry bullshit all over the Monero sub-reddit. Fucking batshit insane - who the fuck has time for that? Clearly they're pissy that nobody has fallen for their scam. Oh, and did I mention that all of these sockpuppets have a late January/early February creation date? Because that's not fucking obvious at all.
And let's not forget that most recently the sockpuppets claimed that multi-sig is "a new revolutionary technology, it was discovered a short time ago and Bytecoin already implemented it". What the actual fuck. If you think that's bad, you're missing out on the best part of all: the Bytecoin shills claim that Bytecoin is actually Satoshi Nakamoto's work. I'm not fucking kidding you. For your viewing pleasure...I present to you...the Bytecoin Batshit Insane Circus:
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https://bitcointalk.org/index.php?topic=512747.msg8354977#msg8354977
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Seriously. Not only is this insulting as fuck to Satoshi Nakamoto, but it's insulting as fuck to our intelligence. And yet the fun doesn't stop there, folks! I present to you...the centerpiece of this Bytecoin Batshit Insane Circus exhibit...
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Of course! How could we have missed it! The clues were there all along! The CryptoNote/Bytecoin developers are actually aliens! Fuck me on a pogostick, this is the sort of stuff that results in people getting committed to the loony bin.
One last thing: without doing too much language analysis (which is mostly supposition and bullshit), it's easy to see common grammar and spelling fuck ups. My personal favorite is the "Is it true?" question. You can see it in the Bytecoin thread asking if it's Satoshi's second project, in the Monero thread asking if the Monero devs use a botnet to fake demand, and in the Dashcoin thread confirming the donation address (for a coin whose only claim is that they copy Bytecoin perfectly, what the fuck do they need donations for??).

Layer After Layer

One of the things that happened soon after the Bytecoin "big reveal" was a string of forks popping up. The first was Bitmonero on April 18. Fantomcoin was launched May 6. Quazarcoin was launched May 8. HoneyPenny was announced on April 21, although only launched as Boolberry on May 17. duckNote was launched on May 30. MonetaVerde as launched June 17.
Now for some reason unbeknownst to anyone with who isn't a retarded fuckface, the Bytecoin code was pushed up to SourceForge on 08/04/2014 (the "Registered" date is at the bottom of the page). I have no idea why they did this, maybe it's to try and lend credence to their bullshit story (oh hey, look how old Bytecoin is, it's even on Sourceforge!)
Coincidentally, and completely unrelated (hurr durr), Quazarcoin, Fantomcoin, and Monetaverde are all also on Sourceforge. This gives us a frame of reference and a common link between them - it's quite clear that at least these three are run by the same team as CryptoNote. There is further anecdotal evidence that can be gathered by looking at the shill posts in the threads (especially the way the Moneteverda shills praise merge mining, in a way that is nearly fucking indistinguishable from the Bytecoin praise for multi-sig technology).
QuazarCoin is a special case and deserves a little attention. Let's start with OracionSeis, who launched it. He's well known on Bitcointalk for selling in-game currencies. In that same thread you'll notice this gem right at the end from Fullbuster: "Hey,OracionSeis is no longer under my use so please https://bitcointa.lk/threads/selling-most-of-the-game-currencies.301540/#post-5996983 come into this thread! thank you !" Click through to his new link and Fullbuster clarifies: "Hello, I may look new around here but i've sold my first account and created new one and i have an intention to keep the same services running as my first account did." So now that we know that OracionSeis is a fucking bought account, we can look at his actions a little more critically.
On May 7, just when Monero was being taken back by the community (see below), OracionSeis out of the blue decided to take it overelaunch it himself. This included a now-defunct website at monero.co.in, and a since-abandoned Github. The community pushed back hard, true to form, with hard-hitting statements such as "To reiterate, this is not the original devs, and thus not a relaunch. OP, fuck you for trying this. This should warrant a ban." A man after my own heart. OracionSeis caved and decided to rename it to...QuazarCoin, which launched on May 8. To recap: bought account, launched by trying to "relaunch" Monero, got fucked up, renamed it to QuazarCoin. Clearly and undeniably goes in our pile of fuckface coins.
The other three are a little more interesting. Let's start with ~fuckNote~duckNote. It's hard to say if duckNote is a CryptoNote/Bytecoin project. The addition of the HTML based wallet is a one-trick pony, a common thread among most of the CryptoNote/Bytecoin controlled coins, but that could also be the result of a not-entirely-retarded developer. Given the shill posts in the duckNote thread I'm going to flag it as possibly-controlled-by-the-fuckface-brigade.
And now we come to ~HoneyPenny~ ~MoneyPenny~ ~HoneyBerry~ ~Boolean~ Boolberry. This is an interesting one. This was "pre-announced" on April 21, although it was only released with the genesis block on May 17. This puts it fourth in line, after Fantomcoin and Quazarcoin, although fucktarded proponents of the shittily-named currency insist that it was launched on April 21 because of a pre-announcement. Fucking rejects from the Pool of Stupidity, some of them. At any rate, "cryptozoidberg" is the prolific coder that churned out a Keccak-derived PoW (Wild Keccak) in a month, and then proceeded to add completely fucking retarded features like address aliasing that requires you to mine a block to get an address (lulz) and will never cause any issues when "google" or "obama" or "zuckerberg" want their alias back. Namecoin gets around this by forcing you to renew every ~200 - 250 days, and besides, nobody is making payments to microsoft.bit. This aliasing system is another atypical one-trick-pony that the CryptoNote developers push out and claim is monumental and historical and amazing.
There's also the matter of cryptozoidberg's nickname. In the Bytecoin code there's the BYTECOIN_NETWORK identifiert, which according to the comment is "Bender's nightmare" (hurr durr, such funny, 11100111110001011011001210110110 has a 2 in it). Now this may be a little bit of conjecture, yo, but the same comment appears twice in the "epee" contributed library, once in the levin signature, and again in the portable storage signature. The contexts are so disconnected and different that it would be a fucking stretch to imagine that the same person did not write both of these. We can also rule out this being a Bytecoin-specific change, as the "Bender's nightmare" comments exist in the original epee library on githubw (which is completely unused anywhere on the planet except in Bytecoin, most unusual for a library that has any usefulness, and was first committed to github on February 9, 2014).
We know from the copyright that Andrey N. Sabelnikov is the epee author, and we can say with reasonable certainty that he was involved in Bytecoin's creation and is the dev behind Boolberry. Sabelnikov is quite famous - he wrote the Kelihos botnet code and worked at two Russian security firms, Microsoft took him to court for his involvement (accusing him of operating the botnet as well), and then settled with him out of court on the basis of him not running the botnet but just having written the code. Kelihos is a botnet that pumped out online pharmacy spam (you know the fucking annoying "Y-ou Ne3D Vi-4Gra!?" emails? those.) so it's good to see he transitioned from that to a cryptocurrency scam. Regardless of BBR's claim to have "fixed" CryptoNote's privacy (and the fake fight on Bitcointalk between the "Bytecoin devs" and cryptozoidberg), it's clear that the link between them is not transparent. BBR is either the brainchild of a spam botnet author that worked on Bytecoin, or it's the CryptoNote developers trying to have one currency distanced from the rest so that they have a claim for legitimacy. I think it's the second one, and don't want to enter into a fucking debate about it. Make up your own mind.
Which brings us to the oddest story of the bunch: Bitmonero. It's pretty clear, given its early launch date and how unfamiliar anyone was with creating a genesis block or working in completely undocumented code, that thankful_for_today is/was part of the CryptoNote developers. He made a fatal error, though: he thought (just like all the other cryptocurrencies) that being "the dev" made him infallible. Ya know what happened? He tried to force his ideas, the community politely said "fuck you", and Bitmonero was forked into Monero, which is leading the pack of CryptoNote-based coins today. Let me be perfectly fucking clear: it doesn't matter that the Bytecoin/CryptoNote developers know their code and can push stuff out, and it doesn't matter that Sabelnikov can shovel bullshit features into his poorly named cryptocurrency, and it doesn't matter that Monetaverde is "green" and has "merged mining". Nobody working behind these cryptocurrencies is known in the cryptocurrency community, and that alone should be a big fucking red flag. Monero is streets ahead, partly because of the way they're developing the currency, but mostly because the "core devs" or whatever they're called are made up of reasonably well-known people. That there are a bunch of them (6 or 7?) plus a bunch of other people contributing code means that they're sanity checking each other.
And, as we saw, this has fucking infuriated the Bytecoin/CryptoNote developers. They're so angry they waste hours and hours with their Reddit accounts trawling the Monero sub-reddit, for what? Nobody has fallen for their scam, and after my revelation today nobody fucking will. Transparency wins, everything else is bullshit.
As pointed out by canonsburg, when the Bytecoin/CryptoNote people realised they'd lost the fucking game, they took a "scorched earth" approach. If they couldn't have the leading CryptoNote coin...they'd fucking destroy the rest by creating a shit-storm of CryptoNote coins. Not only did they setup a thread with "A complete forking guide to create your own CryptoNote currency", but they even have a dedicated website with a fuckton of JavaScript. Unfortunately this plan hasn't worked for them, because they forgot that nobody gives a fuck, and everyone is going to carry on forking Bitcoin-based coins because of the massive infrastructure and code etc. that works with Bitcoin-based coins.
There are a bunch of other useless CryptoNote coins, by the way: Aeon, Dashcoin, Infinium-8, OneEvilCoin. We saw earlier that Dashcoin is probably another CryptoNote developer driven coin. However, this entire group is not really important enough, nor do they have enough potential, for me to give a single fuck, so make up your own mind. New CryptoNote coins that pop up should be regarded with the utmost caution, given the bullshit capabilities that we've already seen.

All Tied Up in a Bow

I want to cement the relationship between the major CryptoNote shitcoins. I know that my previous section had a lot of conjecture in it, and there's been some insinuation that I'm throwing everyone under the bus because I'm raging against the machine. That's not my style. I'm more of a Katy Perry fan..."you're going to hear me roar". There were some extra links I uncovered during my research, and I lacked the time to add it to this post. Thankfully a little bit of sleep and a can of Monster later have given me the a chance to add this. Let's start with an analysis of the DNS records of the CN coins.
If we look at the whois and DNS records for bytecoin.org, quazarcoin.org, fantomcoin.org, monetaverde.org, cryptonote.org, bytecoiner.org, cryptonotefoundation.org, cryptonotestarter.org, and boolberry.com, we find three common traits, from not-entirely-damming to oh-shiiiiiiit:
  1. There's a lot of commonality with the registrar (NameCheap for almost all of them), the DNS service (HurricaneElectric's Free DNS or NameCheap's DNS), and with the webhost (LibertyVPS, QHosteSecureFastServer.com, etc.)
  2. All of the CN domains use WhoisGuard or similar private registration services.
  3. Every single domain, without exception, uses Zoho for email. The only outlier is bitmonero.org that uses Namecheap's free email forwarding, but it's safe to disregard this as the emails probably just forward to the CryptoNote developers' email.
The instinct may be to disregard this as a fucking convenient coincidence. But it isn't: Zoho used to be a distant second go Google Apps, but has since fallen hopelessly behind. Everyone uses Google Apps or they just use mail forwarding or whatever. With the rest of the points as well, as far-fetched as the link may seem, it's the combination that is unusual and a dead giveaway of the common thread. Just to demonstrate that I'm not "blowing shit out of proportion" I went and checked the records for a handful of coins launched over the past few months to see what they use.
darkcoin.io: mail: Namecheap email forwarding, hosting: Amazon AWS, open registration through NameCheap monero.cc: mail: mail.monero.cc, hosting: behind CloudFlare, open registration through Gandi xc-official.com: mail: Google Apps, hosting: MODX Cloud, hidden registration (DomainsByProxy) through GoDaddy blackcoin.io: mail: Namecheap email forwarding, hosting: behind BlackLotus, open registration through NameCheap bitcoindark.org: mail: no MX records, hosting: Google User Content, open registration through Wix viacoin.org: mail: mx.viacoin.org, hosting: behind CloudFlare, closed registration (ContactPrivacy) through Hostnuke.com neutrinocoin.org: mail: HostGator, hosting: HostGator, open registration through HostGator
There's no common thread between them. Everyone uses different service providers and different platforms. And none of them use Zoho.
My next check was to inspect the web page source code for these sites to find a further link. If you take a look at the main CSS file linked in the source code for monetaverde.org, fantomcoin.org, quazarcoin.org, cryptonotefoundation.org, cryptonote-coin.org, cryptonote.org, bitmonero.org, and bytecoiner.org, we find a CSS reset snippet at the top. It has a comment at the top that says "/* CSS Reset /", and then where it resets/sets the height it has the comment "/ always display scrollbars */". Now, near as I can find, this is a CSS snipped first published by Jake Rocheleau in an article on WebDesignLedger on October 24, 2012 (although confusingly Google seems to think it appeared on plumi.de cnippetz first, but checking archive.org shows that it was only added to that site at the beginning of 2013). It isn't a very popular CSS reset snippet, it got dumped in a couple of gists on Github, and translated and re-published in an article on a Russian website in November, 2012 (let's not go full-blown conspiritard and assume this links "cryptozoidberg" back to this, he's culpable enough on his own).
It's unusual to the point of being fucking impossible for one site to be using this, let alone a whole string of supposedly unrelated sites. Over the past few years the most popular CSS reset scripts have been Eric Meyer's "Reset CSS", HTML5 Doctor CSS Reset, Yahoo! (YUI 3) Reset CSS, Universal Selector ‘’ Reset, and Normalize.css, none of which contain the "/ CSS Reset /" or "/ always display scrollbars */" comments.
You've got to ask yourself a simple question: at what point does the combination of all of these fucking coincidental, completely unusual elements stop being coincidence and start becoming evidence of a real, tenable link? Is it possible that bytecoin.org, quazarcoin.org, fantomcoin.org, monetaverde.org, cryptonote.org, bytecoiner.org, cryptonotefoundation.org, cryptonotestarter.org, and boolberry.com just happen to use similar registrars/DNS providers/web hosts and exactly the fucking same wildly unpopular email provider? And is it also possible that monetaverde.org, fantomcoin.org, quazarcoin.org, cryptonotefoundation.org, cryptonote-coin.org, cryptonote.org, and bytecoin.org just happen to use the same completely unknown, incredibly obscure CSS reset snippet? It's not a conspiracy, it's not a coincidence, it's just another piece of evidence that all of these were spewed out by the same fucking people.

The Conclusion of the Matter

Don't take the last section as any sort of push for Monero. I think it's got potential (certainly much more than the other retarded "anonymous" coins that "developers" are popping out like street children from a cheap ho), and I hold a bit of XMR for shits and giggles, so take that tacit endorsement with a pinch of fucking salt.
The point is this: Bytecoin's 82% premine was definitely the result of a faked blockchain. CryptoNote's whitepaper dates were purposely falsified to back up this bullshit claim. Both Bytecoin and CryptoNote have perpetuated this scam by making up fake website data and all sorts. They further perpetuate it using shill accounts, most notably "DStrange" and "Rias" among others.
They launched a series of cryptocurrencies that should be avoided at all cost: Fantomcoin, Quazarcoin, and Monetaverde. They are likely behind duckNote and Boolberry, but fuck it, it's on your head if you want to deal with scam artists and botnet creators.
They developed amazing technology, and had a pretty decent implementation. They fucked themselves over by being fucking greedy, being utterly retarded, being batshit insane, and trying to create legitimacy where there was none. They lost the minute the community took Monero away from them, and no amount of damage control will save them from their own stupidity.
I expect there to be a fuck-ton of shills posting in this thread (and possibly a few genuine supporters who don't know any better). If you want to discuss or clarify something, cool, let's do that. If you want to have a protracted debate about my conjecture, then fuck off, it's called conjecture for a reason you ignoramus. I don't really give a flying fuck if I got it right or wrong, you're old and ugly enough to make up your own mind.
tl;dr - CryptoNote developers faked dates in whitepapers. Bytecoin faked dates in fake blockchain to facilitate an 82% premine, and CryptoNote backed them up. Bytecoin, Fantomcoin, Quazarcoin, Monetaverde, Dashcoin are all from the same people and should be avoided like the fucking black plague. duckNote and Boolberry are probably from them as well, or are at least just fucking dodgy, and who the fuck cares anyway. Monero would have been fucking dodgy, but the community saved it. Make your own mind up about shit and demand that known people are involved and that there is fucking transparency. End transmission.
Just a reminder that if you found this information useful, a little donation would go a long way. Bitcoin address is 1rysLufu4qdVBRDyrf8ZjXy1nM19smTWd.
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The Evolution of Cryptocurrency Roles

Hello! Iam Daniil Kapran, a sales manager at Platinum. Our team of professionals offers a complete set of services for your successful ICO or STO. We are self-confident because of our huge experience in ICO and STO advertising and promotion. Besides, there are more than 700 successful companies’ promotions behind us. See for yourself: Platinum.fund We also launched the best online institution in teaching crypto economics! You will know everything about best security tokens in 2019, learn all about ICO and STO promotion and become real professionals after finishing our courses! How the original roles in the blockchain industry have evolved up to this day? Read this article to get the answer!
Cryptocurrency Miners
When people first hear about mining cryptocurrency it is natural to think of big drills and rock crushers. Of course it is different than that.
What happens in cryptocurrency mining?
Bitcoins exist in a protocol design, but the bitcoins need to be brought to light, or brought into being through a series of mathematical computations. This is similar to gold existing underground, but if we want it we need to explore for it, find it, and then dig it out. Another similarity to gold and gold mining is the scarcity of bitcoin. There are only 21 million Bitcoins which can possibly exist.
Why would someone want to mine cryptocurrencies?
The simple answer is for a reward, which is paid in the form of Bitcoins. A miner must run what is called a “node” in order to do the mining and earn the reward. A node is a powerful computer that runs the bitcoin software and helps keep the blockchain network functioning by participating in the relay of information. Anyone is able to run a node. A miner simply needs to download the free software and leave a certain port open. Mining nodes solve complex mathematical functions and add the correct answer to the block. Miners are rewarded for their ability to solve and complete blocks as well as verify transactions on the network. It is far more complex than this, but this is the general principle. “ “Cryptocurrency Miners §2
How has the role of miners changed?
Mining bitcoin is an extremely energy-intensive process. In the very beginning miners would work to solve cryptographic puzzles for blocks, and to confirm transactions on their own. Bitcoin was not very popular, and most people simply mined for leisure or intellectual interest. No one really knew how much bitcoin would appreciate in the future.
Maybe you remember the story about James Howells, who mined 7,500 bitcoins and forgot about them on his hard disk. The hard disk ended up in the trash can and later into a landfill in Newport, under tons of garbage. Other home miners did not care much about how they stored their BTC before the coin gained such massive popularity and value.
What caused this change?
As more and more bitcoins have been mined, the computations have gotten harder and harder, meaning more and more energy is required to perform the computations. This has led to the emergence of pool mining and the decline of home mining. The popularity of bitcoin has soared, and the difficulty of the problems needing to be solved has increased dramatically.
What does the future look like for miners?
Home mining is likely to remain a thing of the past. Larger commercial scale mining setups are likely to become more common place as the industry consolidates further. Tremendous scale is required to endure the volatility of the cryptocurrency industry. Home miners are not likely able to scale up for the intensity of this kind of competition. “ “The Emergence of New Roles in Cryptocurrency Industry
The blockchain industry has evolved from the simpler early days with some people mining and verifying transactions, and some other people investing in cryptocurrency. Now there are thousands of professionals working in a much more complicated industry. These professionals can be broadly grouped into ten key roles.
We have already discussed the basic roles that exist in the cryptocurrency space from the perspective of Bitcoin and other fundamental tokens. Now we will move on to a more focused discussion about the entire spectrum of roles in the blockchain industry today. The roles that facilitate everything from ICOs, to market making, to exchanges; from where they are now, and to where they will be in the future
Ethereum, Smart Contracts and Dapps
In order to understand the roles that have developed in the blockchain industry, we need to examine the underlying technology again. Ethereum is second only to Bitcoin from the perspective of market capitalization and popularity. Like many other altcoins created to address inherent weaknesses in Bitcoin, Ethereum was created to be better and faster.
In the words of Ethereum co-founder, Vitalik Buterin:
I thought [those in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.”
Ever since Ethereum was developed in 2015, the role of the underlying blockchain technology and potential applications upon that technology have been absolutely amazing. We will now discuss some of those applications. “ “Ethereum, Smart Contracts and Dapps §2
The Ethereum Virtual Machine
One of Ethereum’s core innovations is that its software enables developers to run programs with any programming language on the network. This makes the process of creating blockchain applications much easier, faster, and more efficient than before. Developers had to build an entirely new blockchain to run their application before, but now they can develop different applications on the Ethereum blockchain. These applications are referred to as Dapps.
Developers using the Ethereum Virtual Machine can build and deploy numerous decentralized applications, hence decentralizing many services across many sectors.
This development has made the work of developers in the cryptocurrency space more efficient and quite rapid too. As a result, the majority of new cryptocurrencies are now built on the Ethereum network.
Other than Dapps, the Ethereum blockchain has also been used to create decentralized autonomous organizations (DAO).
A DAO consists of one or more contracts and could be funded by a group of like-minded individuals. A DAO operates completely transparently and completely independently of any human intervention, including its original creators. A DAO will stay on the network as long as it covers its survival costs and provides a useful service to its customer base” Stephen Tual, Slock.it Founder, former CCO Ethereum
“ “Ethereum, Smart Contracts and Dapps §3
Other than Dapps, the Ethereum blockchain has also been used to create decentralized autonomous organizations (DAO).
A DAO consists of one or more contracts and could be funded by a group of like-minded individuals. A DAO operates completely transparently and completely independently of any human intervention, including its original creators. A DAO will stay on the network as long as it covers its survival costs and provides a useful service to its customer base” Stephen Tual, Slock.it Founder, former CCO Ethereum
How has the Ethereum network changed the role of developers in the cryptocurrency space?
It is obvious from the above quote that Ethereum has made it very easy for developers to build and launch Dapps, DAOs and Smart Contracts on the network. You can say that it now takes less genius to create a cryptocurrency, thanks to Ethereum.
What are we likely to see in the future?
The roles of developers in the cryptocurrency space will keep evolving and perhaps become less complex with time. There are numerous online courses offering training for developers, as the remuneration for this function is becoming increasingly lucrative. But like with many other things, it is also a question of survival of the fittest. The competition will be fierce, and the urge to survive will be intense. The best developers may come up with something we cannot even imagine now, and better than what we currently have.
“ “Notable Personalities within the Cryptocurrency Industry
Vitalik Buterin – Programmer and Entrepreneur
The well-known genius behind the Ethereum project is a young scientist and entrepreneur named Vitalik Buterin. His unique contribution, through the Ethereum project, has transformed the blockchain industry since the project took off in 2015.
Ethereum has allowed for the development of Dapps and smart contracts which have revolutionized many blockchain projects. It is currently the second largest cryptocurrency in terms of transaction volumes.
Nick Szabo
He has been referred to as the secret cryptocurrency pioneer. He is responsible for coining the term “smart contracts” in 1996, and he is also behind an earlier blockchain innovation – Bitgold. He first came to attention in 1996 after his publication of Smart contracts: Building blocks for digital free markets.
John McAfee
He is both hated and loved in the cryptocurrency industry in equal measure. McAfee, a software tycoon, is heavily invested in cryptocurrencies, and was for a while, the “voice of judgement” to determine which ICOs or coins to invest in. Investors waited for his tweet before they invested their money. John McAfee’s tweets have played an outsized role in shaping the cryptocurrency space, especially in promoting ICOs and popularizing certain coins. “ “Notable Personalities within the Cryptocurrency Industry §2
Hal Finney
He is second only to Satoshi Nakamoto when it comes to using bitcoin as a payment method, having actually received the first bitcoin payment from Satoshi himself. He has also been “accused” of being the real identity of Satoshi Nakamoto. Hal Finney has made milestone contributions to the development of cryptocurrencies. Finney was a cryptography activist and regularly posted on cypherpunks. In 2004, he created the first reusable proof of work system, before bitcoin.
The DAO hacker
This anonymous person (or group) has made a significant impact on cryptocurrency by managing to hack into the Ethereum network. The DAO hack resulted in the split of the Ethereum network, leading to the emergence of Ethereum classic. As much as this was a bad thing for several reasons, it has also served as a learning experience for the future; smart contracts are not infallible if a flaw can be introduced into the code.
Contrasts between Blockchain & Traditional Roles
The disruptive technology behind cryptocurrency is making an impact across diverse industries, affecting jobs in different ways. We will examine some traditional roles to see how they have evolved to function inside the blockchain industry. And we will see how some other traditional-world roles simply cannot exist in the blockchain space at all.
“ “Traditional Roles which will evolve
Realtors
Once they get a willing buyer or seller to service, the bulk of work that a realtor does is paper work. With Blockchain technology, the paperwork will be largely eliminated.
The role of realtors is likely to change in many ways similar to that of stockbrokers. Their role will become focused on facilitating or assisting individuals make complex decisions as opposed to just facilitating the transaction.
SMARTRealty is a blockchain startup that is transitioning the real estate business to the blockchain. To the degree that paperwork is eliminated or significantly reduced, the process of buying and selling a house will be made much faster. The verification and transfer process will be swift and secure with records immutably stored on the blockchain.
The blockchain will also allow for a trustless system where potential home buyers and sellers can interact directly without the need for a trusted intermediary.
“ “Traditional Roles which will evolve §2
Banking Roles
Research has shown that millions of people in the undeveloped world remain largely unbanked. Many developing nations suffer from unstable governments which lead to unstable national currencies and unreliable legal frameworks. This may in fact be the population group that needs cryptocurrencies more than anyone.
Banking roles have largely become digitized in the modern globalized economy. All roles in the banking industry will likely further become focused upon the specific value added by each role. There will be less of a focus on pushing paperwork and a greater focus on providing a unique and discernable service to their customers.
In third world countries with multitudes of unbanked individuals, the blockchain technology will allow those countries to start fresh, leapfrog ahead, and remove many of the grievances and friction points which presently plague their financial systems. “ “Traditional Roles which will evolve §3
Supply Chain Management
In the past, it has been the duty of supply chain managers to record and track goods or services through the entire process from creation to their ultimate destination. This has been an arduous task, especially when the supply chain is prolonged, complicated and indirect. Blockchain startups have been created to tackle this challenge. The blockchain offers indisputably superior supply chain management as it greatly reduces delays, eliminates human error, is cheaper to use, and much easier to monitor.
This role will therefore be forced to evolve to one of mostly management and troubleshooting issues along the supply journey.
Records Management
Records Management is a supportive yet vital role in many institutions. Record managers are tasked with responsibility to ensure the integrity of records both manually and electronically. The blockchain is one large immutable and tamper proof ledger. What better record could anyone possibly ask for? As more and more industries integrate blockchain into their operations, there will be less and less need to employ record managers to maintain records and ensure their integrity.
Record Managers are likely to be one of the roles actually made obsolete as a result of the blockchain technology. The value they currently add to a business transaction will be rendered useless, and there does not appear to be any similar or adjacent role for these people to fill. “ “Traditional Roles which will evolve §3 Retail Roles
The Retail business contains many roles from the front to the back end. The front end of the retail business should survive because they provide a special face-to-face service to customers. The back end of the retail operation however is a different story. Everything from supply chain management to accounts is likely to become obsolete. Blockchain technology will not only fundamentally redefine those roles but it will also dramatically reduce the workforce required to carry out the remaining functions.
Openbazaar is one blockchain startup that is trying to create a trustless system that will allow manufacturers and buyers to connect without a middleman.
The roles in the retail industry are likely to further move toward providing personal service and creating unique value-added experiences. Roles which are largely administrative and indistinguishable from one firm to another will become obsolete or at least dramatically leaner with time.
What are current expectations for each role in the cryptocurrency industry? Read the full lesson of the UBAI Intermediate Course to get better understanding of blockchain industry:
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