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Epic Cash AMA Recap with CryptoDiffer Community

CryptoDiffer team Hello, everyone! We are glad to meet here: Max Freeman (@maxfreeman4), Project Lead at Epic Cash Yoga Dude (@Yogadude), PR&Marketing at Epic Cash Xenolink (@Xenolink), Advisor at Epic Cash
Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here!
Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here!
Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us!
CryptoDiffer team Let`s start from the first introduction question: Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash?
Yoga Dude PR&Marketing at Epic Cash
Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing.
I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially.
Xenolink Advisor at Epic Cash
Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers!
Max Freeman Project Lead at Epic Cash
I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level.
CryptoDiffer team
Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:)
Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one?
Max Freeman Project Lead at Epic Cash
I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble
We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly.
There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos
that explain why we believe we have created something truly special here.
Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange.
Yoga Dude PR&Marketing at Epic Cash
Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility.
Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved.
Xenolink Advisor at Epic Cash
To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry.
To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone.
CryptoDiffer team
Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months?
Yoga Dude PR&Marketing at Epic Cash
Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content.
We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money.
You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages
Max Freeman Project Lead at Epic Cash
Our future development roadmap will be published soon and includes 4 tracks:
Usability
Mining
Core Protocol
Ecosystem Development
Core Protocol
Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020
Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020
Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a
Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a
Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a
Usability
GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020
Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020
Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a
Mining
RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a
The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin.
Ecosystem Development
Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a
Xenolink Advisor at Epic Cash
From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide.
CryptoDiffer team
Great, thank you for your answers, we now can move to community questions part!
Cryptodiffer Community
You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC?
Max Freeman Project Lead at Epic Cash
The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part.
Cryptodiffer Community
To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from?
Xenolink Advisor at Epic Cash
Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project.
Cryptodiffer Community
Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you!
Yoga Dude PR&Marketing at Epic Cash
First, I must admit that I am still a huge fan and HODLer of Monero. That said:
✅ our blockchain is MUCH lighter than Monero’s
✅ our transaction processing speed is much faster
✅ our address-less blockchain is more private
✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU
Cryptodiffer Community
  1. the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
  2. On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
  1. This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
  2. The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community
$EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future?
Who is Epic Biggest competitors?
And what’s makes epic better than competitors?
Xenolink Advisor at Epic Cash
We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity.
Cryptodiffer Community
What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Yoga Dude PR&Marketing at Epic Cash
Since we are a community project, we have many developers, in addition to the core team.
Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks.
We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked.
Cryptodiffer Community
EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges?
Xenolink Advisor at Epic Cash
In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Max Freeman Project Lead at Epic Cash
Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic.
With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash.
As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability
Cryptodiffer Community
Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ?
Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors?
Max Freeman Project Lead at Epic Cash
RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware.
Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses.
Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware.
The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved.
Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem?
Xenolink Advisor at Epic Cash
Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic.
Cryptodiffer Community
I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto?
What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ?
Yoga Dude Pr&Marketing at Epic Cash
Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential.
The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers.
The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique
Cryptodiffer Community
Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI?
Yoga Dude PR&Marketing at Epic Cash
We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on.
Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way.
Cryptodiffer Community
If you could choose one celebrity to promote Epic-cash, who that would be?
Max Freeman Project Lead at Epic Cash
I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences.
I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today.
Epic Cash will have its OWN Celebrities
Cryptodiffer Community
How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it?
Xenolink Advisor at Epic Cash
Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin.
Cryptodiffer Community
what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Max Freeman Project Lead at Epic Cash
There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make.
Cryptodiffer Community
Q1 : What are your major goals to archive in the next 3–4 years?
Q2 : What are your plans to expand and gain more adoption?
Yoga Dude Pr&Marketing at Epic Cash
Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁
We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting.
Cryptodiffer Community
It seems to me that EpicCash will have its first Halving, right? Why a halving so soon?
Is a mobile version feasible?
Max Freeman Project Lead at Epic Cash
Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140.
Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining.
Cryptodiffer Community
What markets will you add after that?
Yoga Dude PR&Marketing at Epic Cash
Well, we are aiming to have ALL markets
Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry)
We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages.
Epic Cash is More than Money and its for Everyone.
Cryptodiffer Community
Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins?
Max Freeman Project Lead at Epic Cash
With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can.
Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Xenolink Advisor at Epic Cash
Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash.
Cryptodiffer Community
  1. You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
  2. How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash
Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well.
Cryptodiffer Community
Do EPICs in 2020 focus more on research and coding, or on sales and implementation?
Yoga Dude PR&Marketing at Epic Cash
We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy.
In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC.
Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters.
Everyone with skin in the game gets the benefit of advancing the cause.
Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content —
https://www.youtube.com/watch?v=XtAVEqKGgqY
a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this
Cryptodiffer Community
I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex?
Let’s talk about the economic model, can EpicCash comply with the concept of value reserve?
Max Freeman Project Lead at Epic Cash
In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader.
We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166
Max Freeman Project Lead at Epic Cash
Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project.
Xenolink Advisor at Epic Cash
Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash .
Yoga Dude Pr&Marketing at Epic Cash
Thank you, CryptoDiffer Team, and this wonderful Community!!!
Cryptodiffer TEAM
Thank you everyone for taking your time and asking great questions
Thank you for your time, it was an insightful session
Spread the love
submitted by EpicCashFrodo to epiccash [link] [comments]

Large-scale updates of Tkeycoin. What’s next? — listing on the crypto exchange. Are you with us?

Large-scale updates of Tkeycoin. What’s next? — listing on the crypto exchange. Are you with us?

https://preview.redd.it/ojtx6mauve151.png?width=700&format=png&auto=webp&s=8dd727076d495d4b624a307775e64ae83ce31c76
Hello, everyone, It’s been a long time since you heard our team, someone thought we were gone, someone was waiting, and someone disappeared himself.
All this time we have worked hard to bring you good news. We will tell you what we have prepared for you, what events will be soon, what you can use right now and what else will be new in the year. And so, let’s go!

Preparing for listing on the exchange

The pandemic period played into the hands of the entire team and we managed to build beauty in our services. In anticipation of the exchange, the team tidied up the sites and services and connected new tools. First of all, we paid attention to the preparation of all services for a foreign audience, taking into account its mentality.
New sections, localizations, nice things, and much more to ensure the most efficient use of the TKEY resource. In addition to the new tabs, the services that we will talk about in this material, there is a special page for representatives of the exchange with the necessary documentation for listing — https://tkeycoin.com/en/documentation/.

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Full localization

Already today the official website tkeycoin.com available in 5 languages: Russian, English, Korean, Chinese (Simplified), Chinese (Traditional).

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We made adjustments to the Russian and English versions of the site, including support for Korean and Chinese for each section of the site. Professionals in their field, native speakers translated and adapted the information as it should be, and we, in turn, structured and framed it properly. So welcome!

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We will update language support for the site, and soon it will include support for all languages that are available in the mobile app.

QR Codes for Asian Audience


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Our friends and residents of Asian countries actively use QR codes in their lives, both when paying in stores and when working with websites. QR codes are used almost everywhere when renting a car or bike, we just open the phone, scan and the mode of transport becomes available for use, anything is available for rent, even a battery, even an umbrella.
“It was a hot May day. Seven-year-old Wang Jiaozui came out of school and saw his grandfather, who came to pick him up. He was standing in the sun, and his shirt was soaked with sweat. Jiaozui invited the grandfather to buy a cold Cola in the shop, but he forgot her purse at home. It turned out that this is not important — the boy took his grandfather’s smartphone and called the payment app with a QR code on the screen.” ©
What to say if QR codes are used even to identify entire farms. By pasting QR codes on farm buildings and then scanning them, government inspectors can quickly figure out who owns the building and whether its owners are violating any laws.

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We must be on the trend! Now a special library generates QR codes for the desired page, any tab on the site tkeycoin.com in Chinese and Korean-accompanied by a QR code that leads to the requested page: fast, convenient, and simple.
https://preview.redd.it/73rscop3we151.png?width=700&format=png&auto=webp&s=c83229e56d612450370b43b06910225701454c60
Providing this opportunity to our colleagues and future users of Tkeycoin from Asia is a friendly approach and most importantly, a strategic step on our part. After implementing QR codes, we are undoubtedly drawn into the convenience of this function, which we recommend to You:) If you like it, we will make QR codes on the Russian and English versions of the site.

Buying and withdrawing cryptocurrency to a Bankcard


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On the site, you can now buy Bitcoin for pound, dollars, euro, and any other currency. This is a powerful automated service for instant exchange of fiat currencies for cryptocurrencies. The system works around the clock and seven days a week, allowing everyone to conduct exchanges at any time of the day and in the shortest possible time.
Withdrawal to a Bank card will be available until the end of the month, we finish the details, the page is available now, and the withdrawal itself will be activated during this week. You can buy Bitcoin, Ethereum, or any other currency right now.

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These features are the future for the function of purchasing any product or service for TKEY at any point of sale, which will form the basis of the mobile app, quickly, conveniently, and most importantly, observing the letter of the law.
All we do is build an Empire that is being built before your eyes. Every service and product is connected, so any update promises the appearance of even more cool and effective features than before.

Buying cryptocurrency for pound, dollars, euros, and other currencies

At the end of February, we told you that we are working on building a payment service that will include the provision of services: buy cryptocurrencies, sell a cryptocurrency, withdraw cryptocurrency to Bank cards, etc.
This day has come, now you can buy Bitcoin (BTC), Ethereum (ETH), Tether USDT, Basic Attention Token (BAT), Algorand (ALGO), Tron (TRX), OKB (Token Okex.com).

https://preview.redd.it/1pm2cnv8we151.png?width=700&format=png&auto=webp&s=69473d2e5ed1b8dc75189362b46906752be29895
The purchase is available in any currency: Russian ruble, US Dollar, Euro, British pound, Ukrainian hryvnia, Indonesian rupiah, South Korean won, Japanese yen, Turkish Lira, Argentine peso.
As you can see, the currency corridors are quite extensive, which allows you to make exchanges fast and at a favorable rate. Just choose the right pair to exchange or buy, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies: BTC, ETH, BAT, USDT, ALGO, TRX, OKB.
Even if this wide list does not include the currency you want to buy, such as Bitcoin or USDT, it’s okay — the service will automatically convert your currency into the payment currency and the Bank will make the exchange. Exchanges take place within 1–3 minutes, it is enough to pass quick verification once, which allows you to work with a volume of > 15,000 euros per month.

https://preview.redd.it/0ln5uttawe151.png?width=700&format=png&auto=webp&s=35de9e413db35bb53f39332aa4197cd54a3e211c

Exchange of cryptocurrencies for pound, dollars, euros, and withdrawal of Bankcard

In addition to the fact that you can now easily buy a cryptocurrency for fiat currencies, pound, dollars or any other, during this week we will finish work on the withdrawal to a Bank card and you can easily withdraw your profit to the card, the most important thing is that this is a completely legal method, and all operations pass through banks and jurisdictions where work with digital assets is legalized.
This means that when you buy or make a withdrawal to the card, you get legal funds that are credited to you by the Bank or payment system.
If you are used to working with effective tools that work in a new way, or rather correctly and legally, then this service is for you. Fast crediting, easy exchange, a large selection of currency pairs, that’s what the company is betting on.
We work with the most reliable third-party partners to make your cryptocurrency process easy and convenient, and most importantly safe for You. The service supports plastic and virtual Bank cards VISA, MasterCard, MIR, and other payment systems for fast payment processing.

https://preview.redd.it/x1jnm1ccwe151.png?width=700&format=png&auto=webp&s=f86fc353ad5f207db8d233821204b521ba0b3d0e
On the exchange page, you can choose any currency pair to exchange in the opposite direction, for example, GBP to BTC or USD to BTC. Choose a suitable pair for exchange, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies for exchange: BTC, ETH, BAT, USDT, ALGO, TRX, OKB.
How it works
When buying cryptocurrency for the first time, your Bank reserves (holds) the requested amount, then this amount is transferred to the authorization waiting state. As soon as the Bank freezes the fiat funds, the service fixes the exchange rate at the time of creating the application, reserves the cryptocurrency, and provides you with 30–40 minutes to complete verification. After successful verification, the service charges cryptocurrency to the wallet.

Quick verification

Verification takes 2–3 minutes and requires only one time to perform operations every day. The “Know Your Customer” (KYC) procedure is necessary to exchange cryptocurrencies for fiat currencies.

https://preview.redd.it/3y0pmzrdwe151.png?width=597&format=png&auto=webp&s=01a92651b67f2df70f83082cfcd3d1fdee5491b4
As you understand, you need to pass verification 1 time, regardless of whether you withdraw funds or buy currency, after passing verification, all services are available to You without any further confirmation.

New currency

Support for other currencies, including TKEY, will be added gradually and highlighted through service updates. As for the TKEY exchange, it will become available in exchange services after listing on the exchange. Listing on an exchange allows you to automate the exchange process, link the necessary services, and most importantly, the exchange provides liquidity, which is key when we talk about exchanging for a particular currency.
We will tell you more about the operation of the service and its advantages, chips, in a separate material dedicated to the withdrawal and purchase of cryptocurrencies for fiat currencies, as well as touch on various banking issues and tell you how you can combine the SWAP service for more efficient exchange and withdrawal to the card.

Charitable activity

By making an exchange or purchase of cryptocurrency, you help children and people who need our help. We deduct 0.1% of the profit from each transaction to charity funds.
This is the fastest and most comfortable way of charity, which allows you to bring together people who are not indifferent to other people’s problems. TKEY enables people to do good deeds, and the resulting turnover profit of 0.1% is sent to charity funds every month. Together with You, we create new opportunities for people in need who need help — “Big things have small beginnings”.
How does it work?
You have made an exchange or purchase operation, the company has accumulated the volume of these operations for a month->the company has chosen a charity Fund->sent funds to the charity Fund’s account. Priority charity funds are children’s aid funds. You can always suggest a candidate for a particular Fund by sending a message to [[email protected]](mailto:[email protected]).
Why do we write Funds and not a Fund?
This is the first launch of the service, so depending on the monthly volume, we will focus on distributing funds to one charity or several. For example, if we have accumulated $ 10,000, we can distribute $ 5,000 to 2 funds. if we have accumulated $ 100, it is logical that we will only send this amount to 1 Fund. With the development of the service, we will be able to focus on several funds, which we will actively help due to the received volume.

New sections, improvements for existing services

Menu logic and site structure

The menu logic has been revised. now more items are available on the menu and they are divided into sections. Navigation through the sections has become much easier and more convenient. for some sections, QR codes are available for Russian and English-speaking audiences, and for representatives of Asian countries, all sections are available by QR code.

https://preview.redd.it/d9ntj1hfwe151.png?width=700&format=png&auto=webp&s=6c068daa450e5f824829a9457bc1bc183615f466

TKEYSPACE Promo Page

New blocks were added, the entire page was fully localized and is available in Chinese, Korean, English and Russian, and QR codes were added for easy navigation for the Asian audience.

Documentation for the exchange

We have already mentioned that there is a section for exchanges with the necessary documentation for listing, now it is available in English. In the next updates, it will be translated into Russian, Chinese (Traditional and Simplified), and Korean.

Market Data (Coin Data)

The market data section has been optimized for mobile apps. Charts are expanded and optimized page borders for most mobile devices, and you can search for cryptocurrencies and tokens that interest you.

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FAQ

Added answers to frequently asked questions in various sections of the site, You can find the information directly on the section page, for example, TKEY-QT, SWAP or Core. Right on the page there is a FAQ section, in which we disclose answers to questions, for example: How are You going to solve the scalability problem, or why did you choose Phoenix as the logo and symbol of the project, or how do you exchange cryptocurrency for pound or dollars? As you can see, you can get answers to different questions, depending on the topic of the site section.

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Footer

For convenience, the site’s footer has been expanded and new sections (quick tabs) are included, which are also available in the QR-code format. In addition to various details, the footer is now accompanied by the company’s coat of arms — the Phoenix, which is the symbol of the entire community, the Phoenix Alliance.

https://preview.redd.it/xija83vjwe151.png?width=700&format=png&auto=webp&s=dd7ce476b53ebe2a891d32231725650bac7ba181

Page 404

Added page 404, which is also an integral part of the site. now when you go to a non-existent site page, all the necessary menu items are fully available to us, which will quickly Orient You and direct you to the desired section.

https://preview.redd.it/i8f7qi9lwe151.png?width=700&format=png&auto=webp&s=02449b35c631bcb0667336edb4f912cbcf1dfb58

What is waiting for us in the nearest future?

In addition to various improvements, connecting services, our team has been working every day on other main areas of the Tkeycoin project, which are already being prepared for the next release and we will tell you what updates, what plans, events, and what else will be interesting this year.

Online conference with management

An online conference in question-answer format will be organized. The main task of the conference, in addition to questions and answers, is to discuss plans, talk about new directions, touch on issues of legislation, and analyze current issues of users.
The online meeting format will allow you to get feedback and discuss a large number of issues in a short time. Questions related to technical support and other questions that can be answered through the administration will not be discussed.
The meeting involves the development, constructive, and suggestions from users for further development of the Tkeycoin project. If you are interested in participating in the conference, you can also make business proposals during it, please use the time to your advantage. We work for you.

New content: reports, new categories, useful information

Based on user feedback, we introduce new categories to our content plan:
Reports This section will be accompanied by information about the work done by the team for the month, the format of submission — abstracts, highlights. This format will help establish feedback between users and developers.
Question-answer
In addition to the content that we produce ourselves, users have questions that arise during the process of working with the project’s services, as well as during interaction with the project itself. To avoid making guesses and making up stories, we have introduced the question-answer category.
Users ask questions in comments, and the company prepares answers based on the questions and they are published in the post. Depending on the number of questions, the post generates all the answers, or the post is divided into parts if the number of questions for the past period was the largest. In addition to asking questions, you can make suggestions to the project, for example, about new features or directions.
This format also builds feedback and helps to improve all services. the most important thing is that it can not only help us but also you, as the offer and questions will help you focus on the tasks that the end-user wants to see.

TKEY-POOL (Tkeycoin pool)

We are completing the work and debugging of the official pool for Tkeycoin, this is a completely new approach for mining Tkeycoin. The pool will feature higher performance and stable architecture, a light interface, and objective commissions.
A pool is a highly loaded system that works 24/7/365, it turns out that such a product hides a sufficient number of lines of code and, most importantly, is built on a reliable architecture that can withstand +50000–100000 miners, not to mention the number of connected devices for this number of miners.
A cryptocurrency pool is a combination of the hardware power of many miners at once to increase the probability of finding a block. The reward for a block obtained by the pool is distributed among all participants.
The TKEY pool is developed taking into account the features of the Tkeycoin blockchain, including multi-blockchain, transaction model, hashing, blocks, and other nuances that are an upgrade of the blockchain among others. Together with the pool, the TKEY network is being tested: high loads, attacks, and other tests that show positive results, proving that the TKEY blockchain can work under any loads and is protected from attacks.
Our task was to: 1. Stable system for handling high loads; 2. Adaptation pool for any software; 3. Connecting any hardware for mining cryptocurrency Tkeycoin; 4. Fair remuneration calculation; 5. Security.
The main goal is for any user, regardless of the software and hardware used, to be able to connect to Tkeycoin mining via a pool. The first releases will be accompanied by a simple user-friendly interface, easy connection, instructions for various mining programs that can be connected.
In future releases, we will optimize the operation of the pool, add new features, as well as tracking functions and other nice things. any suggestions from miners and the community are interesting to us and will be implemented, so do not hesitate to send your suggestions after the launch.

TKEYSPACE updates


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Work on the TkeySpace mobile app is also not standing still. We will soon release updates for TkeySpace on Android and iOS.
This release is a complete transition to the most stable version of the mobile wallet. This means that after the update, even with the largest changes, the user will not need to completely reinstall or restore to use the new features, as before, just update the app via the AppStore or GooglePlay.
Between the previous update has been a sufficient amount of time, on average, updates are released once a month. This update will be one of the major ones. We are finishing work on the code to prepare the app for the new features that will be available this year. Besides, we are improving the app’s logic, data processing speed, optimizing the code, restoring order, and preparing for the global market.

Exchange, purchase of cryptocurrency and withdrawal to the Debit/Credit Card


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In addition to pleasant optimizations, the app will display the exchange and withdrawal to a Bankcard, tab with an optimized page for exchange, withdrawal, and the purchase will be available directly in the mobile app. This upgrade will also capture the cryptocurrency exchange SWAP page, which can be evaluated after the update. Other features and new features will be announced by the developers immediately after the release.

SWAP Update

The development team is finishing work on optimizing the SWAP service. Regardless of updates, it is available in working mode 24/7/365. The team is working on improving the operation, optimizing the page, changing the interfaces, improving navigation, and speeding up query processing. This update is also among the upcoming ones, along with the pool, mobile wallets, and other news that will excite.

Network Statistics

In the network statistics section, there are several sections that will be fixed — this is the hash rate of the network and the volume of Tkeycoin. Now the volume of Tkeycoin is displayed by mTKEY, and the graph itself indicates M TKEY, the user may incorrectly understand the volume of transactions in the network, so, given the current volume, it is advisable to switch the display to TKEY, and in the future switch to mTKEY for large volumes.
TKEY is divided into cryptograms (CryptoGramm, cgr), uTKEY (keys), and mTKEY. 1 TKEY = 100 000 000 cryptograms. 1 mTKEY = 100,000 cryptograms. 1 TKEY contains 1000 mTKEY. 1 mTKEY = 0.00100000 TKEY 1 uTKEY =100 cryptograms 1 TKEY contains 1,000,000 utkeys. 1 uTKEY (keys) = 0.00000100 TKEY 1 cgr = 0.00000001 TKEY

Cryptocurrency Exchange

This issue has become the cause of mass discussions, disputes, investigations, the subject of memes, kitchen, and online conversations, that just did not happen, that TKEY is not taken anywhere, someone made guesses that we are waiting for everyone to run away, or TKEY is a world conspiracy and around some actors, you can write a book or shoot a great series, not worse than Breaking Bad.
Jokes, jokes, but the question is serious. Since the 4th quarter of last year, the company has been actively working on the issue of listing, prepared the necessary platform for this, held several meetings, negotiations, released the necessary products, figured out various transfers of funds to the blockchain, worked out many small things, many major issues that were behind the scenes. Everything is ready, and it’s time to start soon. This will be a surprise, believe it or not, and we will meet you on the stock exchanges :)

What other plans does the company have?

Enabling payment at retail outlets

After entering the exchange, we will actively engage in connecting payments to implement them and link them to TKEY. The plan, strategy, and legal component are ready.

Payment development

This implies the development of payments and services that will expand the use of digital currencies in the commercial sphere. Application on the territory of Russia will depend on the Federal law on the CFA, in any case, we plan to analyze the law, after its release, to find a legal way to implement payments based on blockchain and digital assets. Therefore, until the law is released, we are keeping this initiative in the future, and we will work on other jurisdictions that will support it.
We left some plans behind the scenes, because they will make the greatest impact on the market and the value of our asset, and this — likes silence.

What useful materials will be released soon?

How to effectively use the SWAP service together with the exchange and purchase of cryptocurrency from a Bank card?

We will tell you in detail how to use these 2 services, how to save on payments and purchases, how to exchange tokens that are very difficult to exchange, how to quickly get money for them to the card, and much more.

The law CFA

Our opinion about the law of cryptocurrencies in Russia, what to pay attention to, what to prepare for, how to act if there is a complete ban. Let’s talk about legal nuances and banking practices.

TKEY blockchain

In this material, we will talk about the blockchain, analyze the issues of the system, expand the questions on attacks, payment processing, and touch on the system of multiple chains. The article suggests your suggestions, perhaps someone will have ideas that we will implement in the chain.
At the end,
Don’t forget to ask questions in the comments or send suggestions to [[email protected]](mailto:[email protected]) we will be happy to respond and consider your requests for any of our services. Collaboration, feedback, help us make the whole platform better.
Thank you for being with us! Until new meetings, stay tuned for news, updates, because the most unexpected news comes spontaneously.
submitted by tkeycoin to Tkeycoin_Official [link] [comments]

Bitcoin Mining {Hardware} Market COVID 19 Impression aggressive View (current BTC/USD price is $9,565.87)

Latest Bitcoin News:
Bitcoin Mining {Hardware} Market COVID 19 Impression aggressive View
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

[Researh] In 2017 bitcoin network consumed 5 TWh of energy, in 2018 – 29 TWh, in 2019 – 43 TWh. Banking industry consumes 74 TWh per year.

[Researh] In 2017 bitcoin network consumed 5 TWh of energy, in 2018 – 29 TWh, in 2019 – 43 TWh. Banking industry consumes 74 TWh per year.
Electricity consumed by bitcoin network has been constantly and noticeably increasing. During the past years the consumption reached such big a scale, that it can be compared to electricity consumption of some countries, according to BlockchainAnalytics.pro research.
The world’s first cryptocurrency is steadily becoming more popular and expensive every year. This motivates more individuals and companies to enter the mining business to earn a bitcoin share.

More miners, more efficient equipment

To validate a block of transactions and receive a reward, miners compete with each other by solving a deliberately complicated mathematical task, or puzzle. Those miners who own more computing power (hashrate) have more chances to win the competition. This incentivizes miners to buy more powerful equipment that consumes more electricity.
At the same time, mining equipment efficiency is constantly improving, and with time less electricity is required to produce the same hashrate. This factor allows to slow down the increasing demand for electricity.
For example, in 2016 Bitmain, world’s largest manufacturer of mining equipment, launched the legendary Antminer S9, which consumed 100 watts to produce one terahash per second, or 100 W/TH/s. The best modification of Antminer S15, released in 2018, consumed 57 W/TH/s. Currently, the most efficient Antminer S17 consumes only 40 W/TH/s.
https://preview.redd.it/gh343l3p09j41.png?width=930&format=png&auto=webp&s=e350c1e7832e37c1e3c3aeac974428cca7f0f874
It is assumed that the market competition compels manufacturers to keep up with each other in developing more efficient hardware. If some manufacturer brings next-generation chips to market, other manufacturers start to produce chips with the same characteristics at about the same time.
On the other hand, new miners are joining the network, thus increasing the hashrate. So the demand for electricity continues to grow. Also, it can be noticed later that the electricity consumption chart is similar to that of hashrate chart.
https://preview.redd.it/3k32ci6q09j41.png?width=930&format=png&auto=webp&s=e70f600419bcbc9e7e82506b5f12bf4da6f00584

Calculations

The incremental volume of electricity consumption is calculated by multiplying newly added hashrate by the best mining efficiency available at that moment.
The sum of incremental volumes represents cumulative amount of electricity consumed by bitcoin network. The metric is expressed in terawatt-hours (TWh). To get annualized volume in terawatt-hours we multiply the consumption by 24 hours and 365 days.
A 100-day moving average was applied to hashrate to make the final result less dependent on the short-term hashrate fluctuations.
Assumptions, used in this study, are very conservative. It means that the results are in the lower limit of the range of possible volumes, and the actual electricity consumption can be higher.
A detailed explanation and interactive charts are provided here: https://www.blockchainanalytics.pro/btc/electricity-consumption/
https://preview.redd.it/jol3703r09j41.png?width=929&format=png&auto=webp&s=252d4d67ff6882bb32ad63238537a41305719f05

Results

Currently, annualized electricity consumption in bitcoin network is 57 TWh. To help readers get an idea of how much electricity the bitcoin network consumes, a comparison with some countries is provided alongside.
Portugal consumes 49 TWh per year, Romania – 50 TWh, Czech Republic – 59 TWh.
Some more numbers for comparison:
https://preview.redd.it/hka7lcwr09j41.png?width=930&format=png&auto=webp&s=92d6d0b25f922a1e6f0c45c6f994e78aded6f920
According to conservative estimates, the bitcoin network will consume more than 70 TWh in 2020. This is on a par with Chile, a country with 18 million population.

More thoughts (estimations of how much energy banking industry consumes)

Some information from official reports:
Taking into account the information above, we can assume that, on average, banks spend ~20 kWh per customer per year.
Some information on world population:
  • 69% of adults around the world have a banking account (source)
  • 70% of the world population are adults (source)
  • World population is 7.7 billion (source)
Finally: 7.7 billion people * 70% * 69% * 20 kWh per year = ~74 TWh per year
So, we can assume, that banking industry consumes ~74 TWh per year
submitted by answer__42 to btc [link] [comments]

Bitcoin 11 Years - Achievements, Lies, and Bullshit Claims So Far - Tooootally NOT a SCAM !!!!

That's right folks, it's that time again for the annual review of how Bitcoin is going: all of those claims, predictions, promises .... how many have turned out to be true, and how many are completely bogus ???
Please post / link this on Bitcoin (I am banned there for speaking the truth, so I cannot do it) ... because it'a way past time those poor clueless mushrooms were exposed to the truth.
Anyway, without further ado, I give you the Bitcoin's Achievements, Lies, and Bullshit Claims So Far ...
.
Bitcoin Achievements so far:
  1. It has spawned a cesspool of scams (2000+ shit coin scams, plus 100's of other scams, frauds, cons).
  2. Many 1,000's of hacks, thefts, losses.
  3. Illegal Use Cases: illegal drugs, illegal weapons, tax fraud, money laundering, sex trafficking, child pornography, hit men / murder-for-hire, ransomware, blackmail, extortion, and various other kinds of fraud and illicit activity.
  4. Legal Use Cases: Steam Games, Reddit, Expedia, Stripe, Starbucks, 1000's of merchants, cryptocurrency conferences, Ummm ????? The few merchants who "accept Bitcoin" immediately convert it into FIAT after the sale, or require you to sell your coins to BitPay or Coinbase for real money, and will then take that money. Some of the few who actually accept bitcoin haven't seen a customer who needed to pay with bitcoin for the last six months, and their cashiers no longer know how to handle that.
  5. Contributing significantly to Global Warming.
  6. Wastes vasts amounts of electricity on useless, do nothing work.
  7. Exponentially raises electricity prices when big miners move into regions where electricity was cheap.
  8. It’s the first "currency" that is not self-sustainable. It operates at a net loss, and requires continuous outside capital to replace the capital removed by miners to pay their costs. It’s literally a "black hole currency."
  9. It created a new way for people living too far from Vegas to gamble all their life savings away.
  10. Spawned "blockchain technology", a powerful technique that lets incompetent programmers who know almost nothing about databases, finance, programming, or blockchain scam millions out of gullible VC investors, banks, and governments.
  11. Increased China's foreign trade balance by a couple billion dollars per year.
  12. Helped the FBI and other law enforcement agents easily track down hundreds of drug traffickers and drug users.
  13. Wasted thousands if not millions of man-hours of government employees and legislators, in mostly fruitless attempts to understand, legitimize, and regulate the "phenomenon", and to investigate and prosecute its scams.
  14. Rekindled the hopes of anarcho-capitalists and libertarians for a global economic collapse, that would finally bring forth their Mad Max "utopia".
  15. Added another character to Unicode (no, no, not the "poo" 💩 character ... that was my first guess as well 🤣)
  16. Provides an easy way for malware and ransomware criminals to ply their trade and extort hospitals, schools, local councils, businesses, utilities, as well as the general population.
.
Correct Predictions:
  1. 2015-12: "1,000 dollar in 2015", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/ (Technically, this prediction is WRONG because the highest price reached in 2015 was $495.56 according to CMC. Yes, Bitcoin reached $1,000 in 2013 and 2014, but that's NOT what the prediction says).
  2. 2017-12: "10,000 in 2017", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  3. 2018-04: $10,000 (by April 2018), Mike Novogratz, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.bloomberg.com/news/articles/2017-11-21/mike-novogratz-says-bitcoin-will-end-the-year-at-10-000
  4. 2018-12: $10,000 (by 2018), Tim Draper, link #1: https://www.bitcoinprice.com/predictions/, link #2: https://www.youtube.com/watch?v=3AW5s6QkRRY
  5. Any others ? (Please tell me).
.
Bitcoin Promises / Claims / Price Predictions that turned out to be lies and bullshit:
  1. ANONYMOUS
  2. CENSORSHIP RESISTANT
  3. FRICTIONLESS
  4. TRUSTLESS
  5. UNCENSORABLE
  6. UNTRACEABLE
  7. SAFE
  8. SECURE
  9. YOU CANNOT LOSE
  10. NOT A SCAM
  11. PERMISSIONLESS
  12. GUARANTEED PRIVACY
  13. CANNOT BE SEIZED
  14. CANNOT BE CONFISCATED
  15. Be your own bank
  16. Regulation-proof
  17. NO MIDDLEMEN
  18. DECENTRALIZED
  19. Instantaneous transactions
  20. Fast transactions
  21. Zero / No transaction fees
  22. Low transaction fees
  23. A store of value
  24. A deflationary digital asset
  25. "A deflationary digital asset that no single human being can destroy."
  26. "an asset that is equally as dual use as a car, water, or any other traditional element that has existed."
  27. "Digital gold"
  28. Easy to use
  29. Cannot be stolen
  30. Cannot be hacked
  31. Can be mined by anyone
  32. Can be mined by anyone, even with an old computer or laptop
  33. Cannot be centralized
  34. Will return power back to the people.
  35. Not a Ponzi scam
  36. Not a Pyramid scam
  37. Never pay tax again
  38. Your gains cannot be taxed
  39. A currency
  40. An amazing new class of asset
  41. An asset
  42. A means to economic freedom
  43. A store of value
  44. The best investment the word has ever seen
  45. A great investment
  46. Efficient
  47. Scalable
  48. Stable
  49. Resilient
  50. Reliable
  51. Low energy
  52. Low risk
  53. Redistribute wealth to everybody
  54. No more have's and have not's
  55. No more US and THEM
  56. No more disadvantaged people
  57. No more RICH and POOR
  58. No more poor people
  59. Uses amazing new technology
  60. Uses ingenious new technology
  61. Satishi Nakamoto invented ...
  62. Segwit will solve all of Bitcoin's woes
  63. Lightning Network will solve all of Bitcoin's woes
  64. Limited by scarcity
  65. Can only go up in value
  66. Price cannot crash
  67. Has intrinsic value
  68. Value will always be worth more than cost to mine
  69. Adoption by investors is increasing exponentially
  70. Adoption by investors is increasing
  71. Adoption by merchants is increasing exponentially
  72. Adoption by merchants is increasing
  73. You are secure if you keep your coins on an exchange
  74. You are secure if you keep your coins in a hardware wallet
  75. You are secure if you keep your coins in an air-gapped Linux PC
  76. Will change the world
  77. "the next phase in human evolution"
  78. "Blockchain is more encompassing than the internet"
  79. Blockchain can solve previously unsolvable problems.
  80. "The only regulation we need is the blockchain"
  81. "Bank the unbanked"
  82. "To abolish financial slavery and the state's toxic monopoly on money."
  83. "To have better tools in the fight against the state violence and taxation."
  84. "To stamp information on a blockchain forever so we can bypass state censorship, copyrights, patents(informational monopolies) etc."
  85. Will destroy / overthrow FIAT
  86. Will destroy / overthrow the world's governments
  87. Will destroy / overthrow the banking system
  88. Will destroy / overthrow the world economies
  89. Will free people from tyranny
  90. Will give people financial freedom
  91. Will bring world peace
  92. Never going below $19K again
  93. Never going below $18K again
  94. Never going below $17K again
  95. Never going below $16K again
  96. Never going below $15K again
  97. Never going below $14K again
  98. Never going below $13K again
  99. Never going below $12K again
  100. Never going below $11K again
  101. Never going below $10K again
  102. Never going below $9K again
  103. Never going below $8K again
  104. Never going below $7K again
  105. Never going below $6K again
  106. Never going below $5K again
  107. Never going below $4K again
  108. Is NOT a Scam
  109. Hashing Power secures the Bitcoin network
  110. Untraceable, private transactions
  111. Guaranteed privacy
  112. Not created out of thin air
  113. Not created out of thin air by unregulated, unbacked entities
  114. Totally NOT a scam
  115. Is not used primarily by crimonals, drug dealers, or money launderers.
  116. 100% secure
  117. 2010 will be the "Year of Crypto"
  118. 2011 will be the "Year of Crypto"
  119. 2012 will be the "Year of Crypto"
  120. 2013 will be the "Year of Crypto"
  121. 2014 will be the "Year of Crypto"
  122. 2015 will be the "Year of Crypto"
  123. 2016 will be the "Year of Crypto"
  124. 2017 will be the "Year of Crypto"
  125. 2018 will be the "Year of Crypto"
  126. 2019 will be the "Year of Crypto"
  127. 2010: MASS ADOPTION any day now"
  128. 2011: MASS ADOPTION aany day now"
  129. 2012: MASS ADOPTION aaany day now"
  130. 2013: MASS ADOPTION aaaany day now"
  131. 2014: MASS ADOPTION aaaaany day now"
  132. 2015: MASS ADOPTION aaaaaany day now"
  133. 2016: MASS ADOPTION aaaaaaany day now"
  134. 2017: MASS ADOPTION aaaaaaaany day now"
  135. 2018: MASS ADOPTION aaaaaaaaany day now"
  136. 2019: MASS ADOPTION aaaaaaaaany day now"
  137. "Financial Freedom, bro."
  138. no single entity, government or individual, can alter or reverse its transactions
  139. insurance against the tyranny of state
  140. Bitcoin has come to destroy all governments and bring about the libertarian utopia of my dreams.
  141. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 2+ years.
  142. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 5+ years.
  143. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 7+ years.
  144. The major issues in Bicoin's network will be fixed. This is still early days, Bitcoin has only been around for 9+ years.
  145. 1,000's of predictions of skyrocketing and/or never falling prices
  146. Escape the petty rivalries of warring powers and nation states by scattering control among the many. The Bitcoin Cash debacle proves that even the most cryptographically secure plans of mice and men often go awry. Ref: https://www.reddit.com/Buttcoin/comments/9zfhb6/like_theres_only_one_flaw_with_buttcoin_crash/ea8s11m
  147. People will NEVER be able to welch out of bets or deals again. Nov-2018, Ref: https://www.reddit.com/Buttcoin/comments/9zvpl2/the_guy_who_made_the_1000_bet_that_btc_wouldnt/
  148. "Everything will be better, faster, and cheaper.", Brock Pierce, EOS.io shill video.
  149. "Everything will be more connected.", Brock Pierce, EOS.io shill video.
  150. "Everything will be more trustworthy.", Brock Pierce, EOS.io shill video.
  151. "Everything will be more secure.", Brock Pierce, EOS.io shill video.
  152. "Everything that exists is no-longer going to exist in the way that it does today.", Brock Pierce, EOS.io shill video.
  153. "Everything in this world is about to get better.", Brock Pierce, EOS.io shill video.
  154. You are a slave to the bankers
  155. The bankers print money and then you pay for it
  156. Bitcoin is The Peoples Money
  157. Bitcoin will set you free
  158. Bitcoin will set you free from the slavery of the banks and the government Ref: https://www.reddit.com/Bitcoin/comments/cd2q94/bitcoin_shall_set_you_free/
  159. ~~Bitcoin is "striking fear into the hearts of bankers, precisely because Bitcoin eliminates the need for banks. ~~, Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  160. "When transactions are verified on a Blockchain, banks become obsolete.", Mark Yusko, billionaire investor and Founder of Morgan Creek Capital, https://www.bitcoinprice.com/predictions/
  161. SnapshillBot quotes from delusional morons:
  162. "A bitcoin miner in every device and in every hand."
  163. "All the indicators are pointing to a huge year and bigger than anything we have seen before."
  164. "Bitcoin is communism and democracy working hand in hand."
  165. "Bitcoin is freedom, and we will soon be free."
  166. "Bitcoin isn't calculated risk, you're right. It's downright and painfully obvious that it will consume global finance."
  167. "Bitcoin most disruptive technology of last 500 years"
  168. "Bitcoin: So easy, your grandma can use it!"
  169. "Creating a 4th Branch of Government - Bitcoin"
  170. "Future generations will cry laughing reading all the negativity and insanity vomited by these permabears."
  171. "Future us will thank us."
  172. "Give Bitcoin two years"
  173. "HODLING is more like being a dutiful guardian of the most powerful economic force this planet has ever seen and getting to have a say about how that force is unleashed."
  174. "Cut out the middleman"
  175. "full control of your own assets"
  176. "reduction in wealth gap"
  177. "no inflation"
  178. "cannot print money out of thin air"
  179. "Why that matters? Because blockchain not only cheaper for them, it'll be cheaper for you and everyone as well."
  180. "If you are in this to get rich in Fiat then no. But if you are in this to protect your wealth once the current monetary system collapse then you are protected and you'll be the new rich."
  181. "Theres the 1% and then theres the 99%. You want to be with the rest thats fine. Being different and brave is far more rewarding. No matter your background or education."
  182. "NO COINERS will believe anything they are fed by fake news and paid media."
  183. "I know that feeling (like people looking at you as in seeing a celebrity and then asking things they don't believe until their impressed)."
  184. "I literally walk round everyday looking at other people wondering why they even bother to live if they don't have Bitcoin in their lives."
  185. "I think bitcoin may very well be the best form of money we’ve ever seen in the history of civilization."
  186. "I think Bitcoin will do for mankind what the sun did for life on earth."
  187. "I think the constant scams and illegal activities only show the viability of bitcoin."
  188. "I think we're sitting on the verge of exponential interest in the currency."
  189. "I'm not using hyperbole when I say Satoshi found the elusive key to World Peace."
  190. "If Jesus ever comes back you know he's gonna be using Bitcoin"
  191. "If this idea was implemented with The Blockchain™, it would be completely flawless! Flawless I tell you!"
  192. "If you're the minimum wage guy type, now is a great time to skip food and go full ramadan in order to buy bitcoin instead."
  193. "In a world slipping more and more into chaos and uncertainty, Bitcoin seems to me like the last solid rock defeating all the attacks."
  194. "In this moment, I am euphoric. Not because of any filthy statist's blessing, but because I am enlightened by own intelligence."
  195. "Is Bitcoin at this point, with all the potential that opens up, the most undervalued asset ever?"
  196. "It won't be long until bitcoin is an everyday household term."
  197. "It's the USD that is volatile. Bitcoin is the real neutral currency."
  198. "Just like the early Internet!"
  199. "Just like the Trojan Horse of old, Bitcoin will reveal its full power and nature"
  200. "Ladies if your man doesnt have some bitcoin then he cant handle anything and has no danger sex appeal. He isnt edgy"
  201. "let me be the first to say if you dont have bitcoin you are a pussy and cant really purchase anything worldwide. You have no global reach"
  202. "My conclusion is that I see this a a very good thing for bitcoin and for users"
  203. "No one would do such a thing; it'd be against their self interests."
  204. "Ooh lala, good job on bashing Bitcoin. How to disrespect a great innovation."
  205. "Realistically I think Bitcoin will replace the dollar in the next 10-15 years."
  206. "Seperation of money and state -> states become obsolete -> world peace."
  207. "Some striking similarities between Bitcoin and God"
  208. "THANK YOU. Better for this child to be strangled in its crib as a true weapon for crypto-anarchists than for it to be wielded by toxic individuals who distort the technology and surrender it to government and corporate powers."
  209. "The Blockchain is more encompassing than the internet and is the next phase in human evolution. To avoid its significance is complete ignorance."
  210. "The bull run should begin any day now."
  211. "The free market doesn't permit fraud and theft."
  212. "The free market will clear away the bad actors."
  213. "The only regulation we need is the blockchain."
  214. "We are not your slaves! We are free bodies who will swallow you and puke you out in disgust. Welcome to liberty land or as that genius called it: Bitcoin."
  215. "We do not need the bankers for Satoshi is our saviour!"
  216. "We have never seen something so perfect"
  217. "We must bring freedom and crypto to the masses, to the common man who does not know how to fight for himself."
  218. "We verified that against the blockchain."
  219. "we will see a Rennaisnce over the next few decades, all thanks to Bitcoin."
  220. "Well, since 2006, there has been a infinite% increase in price, so..."
  221. "What doesn't kill cryptocurrency makes it stronger."
  222. "When Bitcoin awake in normally people (real people) ... you will have this result : No War. No Tax. No QE. No Bank."
  223. "When I see news that the price of bitcoin has tanked (and thus the market, more or less) I actually, for-real, have the gut reaction "oh that’s cool, I’ll be buying cheap this week". I never knew I could be so rational."
  224. "Where is your sense of adventure? Bitcoin is the future. Set aside your fears and leave easier at the doorstep."
  225. "Yes Bitcoin will cause the greatest redistribution of wealth this planet has ever seen. FACT from the future."
  226. "You are the true Bitcoin pioneers and with your help we have imprinted Bitcoin in the Canadian conscience."
  227. "You ever try LSD? Perhaps it would help you break free from the box of state-formed thinking you have limited yourself..."
  228. "Your phone or refrigerator might be on the blockchain one day."
  229. The banks can print money whenever they way, out of thin air, so why can't crypto do the same ???
  230. Central Banks can print money whenever they way, out of thin air, without any consequences or accounting, so why can't crypto do the same ???
  231. It's impossible to hide illegal, unsavory material on the blockchain
  232. It's impossible to hide child pornography on the blockchain
  233. Fungible
  234. All Bitccoins are the same, 100% identical, one Bitcoin cannot be distinguished from any other Bitcoin.
  235. The price of Bitcoin can only go up.
  236. "Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  237. Scarcity
  238. The price of Bitcoin can only go up because of scarcity / 21 million coin limit. (Bitcoin is open source, anyone can create thir own copy, and there are more than 2,000+ Bitcoin copies / clones out there already).
  239. immune to government regulation
  240. "a world-changing technology"
  241. "a long-term store of value, like gold or silver"
  242. "To Complex to Be Audited."
  243. "Old Auditing rules do not apply to Blockchain."
  244. "Old Auditing rules do not apply to Cryptocurrency."
  245. "Why Bitcoin has Value: SCARCITY.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  246. "Bitcoin is the first scarce digital object the world has ever seen, it is scarce like silver & gold, and can be sent over the internet, radio, satellite etc.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  247. "Surely this digital scarcity has value.", PlanB, Coin Shill, 22-Mar-2019, https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
  248. Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else", John McAfee, 7 Dec 2017 @ 5:09 PM,https://mobile.twitter.com/officialmcafee/status/938938539282190337
  249. "May 2018 will be the last time we ever see $bitcoin under $10,000", Charlie Shrem, bitcoin advocate and convicted felon, 11:31 AM 3-May-2018, https://twitter.com/CharlieShrem/status/992109375555858433
  250. "Last dip ever.", AngeloBTC, 14 Oct 2018, https://mobile.twitter.com/AngeloBTC/status/1051710824388030464/photo/1
  251. "Bitcoin May Have Just Experienced its Final Shakeout Before a Big Rally", Joseph Young, coin shill, October 15, 2018 22:30 CET, https://www.ccn.com/bitcoin-may-have-just-experienced-its-final-shakeout-before-a-big-rally/
  252. Bitcoin would be a buy if the price fell under $5,000., Mohamed El-Erian, chief economic advisor at Allianz, 29-Jun-2018, https://www.ccn.com/bitcoin-a-buy-below-5000-says-allianz-chief-economic-adviso
  253. 2013-11-27: ""What is a Citadel?" you might wonder. Well, by the time Bitcoin became worth 1,000 dollar [27-Nov-2013], services began to emerge for the "Bitcoin rich" to protect themselves as well as their wealth. It started with expensive safes, then began to include bodyguards, and today, "earlies" (our term for early adapters), as well as those rich whose wealth survived the "transition" live in isolated gated cities called Citadels, where most work is automated. Most such Citadels are born out of the fortification used to protect places where Bitcoin mining machines are located. The company known as ASICminer to you is known to me as a city where Mr. Friedman rules as a king.", u/Luka_Magnotta, aka time traveler from the future, 31-Aug-2013, https://www.reddit.com/Bitcoin/comments/1lfobc/i_am_a_timetraveler_from_the_future_here_to_beg/
  254. 2018-02: Bitcoin price to hit $27,000 by February 2018, Trace Mayer, host of the Bitcoin Knowledge Podcast, and self-proclaimed entrepreneur, investor, journalist, monetary scientist and ardent defender, Link #1: https://mobile.twitter.com/TraceMayestatus/917260836070154240/photo/1, Link #2: https://www.bitcoinprice.com/predictions/
  255. 2018-06: "Bitcoin will surpass $15,000 in June [2018]." John McAfee, May 25, 2018, https://bitcoinist.com/john-mcafee-says-bitcoin-will-surpass-15000-in-june/
  256. 2018-07: Bitcoin will be $28,000 by mid-2018, Ronnie Moas, Wall Street analyst and founder of Standpoint Research, http://helpfordream.com/2018/12/23/5-bitcoin-price-predictions-gone-wrong/.
  257. 2018-12: Bitcoin to reach a price of between 40,000 and 110,000 US dollars by the end of the 2017 bull run ... sometime before 2019, Masterluc, 26-May-2017, an anonymous "legendary" Bitcoin trader, Link #1: https://www.tradingview.com/chart/BTCUSD/YRZvdurN-The-target-of-current-bubble-lays-between-40k-and-110k/, Link #2: https://www.bitcoinprice.com/predictions/
  258. 2018-12: "There is no reason why we couldn’t see Bitcoin pushing $50,000 by December [2018]", Thomas Glucksmann, head of APAC business at Gatecoin, Link #1: https://www.bitcoinprice.com/predictions/
  259. 2018-12: Listen up you giggling cunts... who wants some?...you? you want some?...huh? Do ya? Here's the deal you fuckin Nerds - Butts are gonna be at 30 grand or more by next Christmas [2018] - If they aren't I will publicly administer an electronic dick sucking to every shill on this site and disappear forever - Until then, no more bans or shadow bans - Do we have a deal? If Butts are over 50 grand me and Lammy get to be mods. Deal? Your ole pal - "Skully" u/10GDeathBoner, 3-Feb-2018 https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/
  260. 2018-12: 1 bitcoin = 1 Lambo. Remind me on Christmas eve [2018] u/10GDeathBoner, 3-Feb-2018, https://www.reddit.com/Buttcoin/comments/7ut1ut/listen_up_you_giggling_cunts_who_wants_someyou/dtn2pna
  261. 2018-12: Been in BTC since 2014 and experienced many "deaths" of BTC... this too shall pass... $10k end of the year. [2018] u/Exxe2502, 30-Jun-2018 https://reddit.com/Bitcoin/comments/8uur27/_/e1ioi5b/?context=1
  262. 2018-12: "Yale Alumni prediction - 30 Grand by Christmas [2018] - and you my friend... you will be the one eating Mcafee's dick in 2020. :) -:", u/SirNakamoto, 15-Jun-2018, https://www.reddit.com/Buttcoin/comments/8r0tyh/fdic_agrees_to_cover_bitcoin_losses_in_event_of/e0nzxq7
  263. 2018-12: "Impossible For Bitcoin Not to Hit $10,000 by This Year (2018)", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 22-Sep-2018, https://www.newsbtc.com/2018/09/22/billionaire-novogratz-impossible-for-bitcoin-not-to-hit-10000-by-this-yea
  264. 2018-12: "[Bitcoin] between $13,800 and $14,800 [by end of 2018]", Fundstrat's Tom Lee, 13-Dec-2018, https://www.cnbc.com/2018/12/13/wall-streets-bitcoin-bull-tom-lee-we-are-tired-of-people-asking-us-about-target-prices.html
  265. 2018-12: "Bitcoin is going to be $15k-$20k by the end of the year (2018)", Didi Taihuttu, 1-Nov-2018, https://www.wsj.com/video/series/moving-upstream/the-bitcoin-gamble/85E3A4A7-C777-4827-9A3F-B387F2AB7654
  266. 2018-12: 2018 bitcoin price prediction reduced to $15,000 [was $25,000], Fundstrat's Tom Lee, 16-Nov-2018, https://www.cnbc.com/2018/11/16/wall-streets-crypto-bull-tom-lee-slashes-year-end-forecast-by-10000.html
  267. 2018-12: "I want to be clear, bitcoin is going to $25,000 by year end (2018)", Fundstrat's Tom Lee, 5-Jul-2018, https://www.cnbc.com/video/2018/07/05/tom-lee-i-want-to-be-clear-bitcoin-is-going-to-25000-by-year-end.html
  268. 2018-12: "Bitcoin could be at $40,000 by the end of 2018, it really easily could", Mike Novogratz, a former Goldman Sachs Group Inc. partner, ex-hedge fund manager of the Fortress Investment Group and a longstanding advocate of cryptocurrency, 21-Sep-2018, https://www.youtube.com/watch?v=6lC1anDg2KU
  269. 2018-12: "Bitcoin will be priced around $50,000 by the end of the year (2018)", Bitcoin bull Arthur Hayes, co-founder and CEO of BitMEX, 29-Jun-2018, https://www.cnbc.com/2018/06/29/bitcoin-will-reach-50000-in-2018-says-founder-of-bitcoin-exchange.html
  270. 2018-12: "Bitcoin could definitely see $50,000 in 2018", Jeet Singh, cryptocurrency portfolio manager, speaking in January 2018 at the World Economic Forum in Davos, https://www.dcforecasts.com/new-prediction-says-bitcoin-hit-50000-2018/
  271. 2018-12: "Bitcoin will hit $100,000 this year (2018)", Kay Van-Petersen, an analyst at Saxo Bank, 17-Jan-2018, https://www.cnbc.com/2018/01/16/bitcoin-headed-to-100000-in-2018-analyst-who-forecast-2017-price-move.html
  272. 2018-12: "Bitcoin price to surpass the $100,000 mark by the end of 2018", Tone Vays, 21-Sep-2017, https://www.ccn.com/prominent-bitcoin-trader-price-is-heading-towards-100000-in-2018/
  273. 2018-12: "Bitcoin’s Price Will Surpass the $100,000 Mark by the End of 2018", Anonymous ("author" obviously too embarrassed to put his name to such bullshit "articles"), Oct-2018, https://investingpr.com/bitcoin-price-predictions-for-2018/
  274. 2018-12: "Our [2018] year-end bitcoin target is $7700.", James Stefurak, Founder at Monarch Research. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  275. 2018-12: "... we’ll see the price rally reaching its all-time of high of around $20K before the end of 2018", Khaled Khorshid, Co-Founder at Treon ICO. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  276. 2018-12: Bitcoin will end 2018 at the price point of $50,000, Ran Neuner, host of CNBC’s show Cryptotrader and the 28th most influential Blockchain insider according to Richtopia,https://www.bitcoinprice.com/predictions/
  277. Plus a whole host of wrong 2019 predictions (could not be included here because of post character limit issues), so please see my earlier post from 4 days ago: Ummm, remember those "Expert" Bitcoin Price Predictions for 2019 ..... ohhhhh dear ....., https://www.reddit.com/Buttcoin/comments/eiqhq3/ummm_remember_those_expert_bitcoin_price/
.
But it's NOT all bad news, some claims and promises are yet to be determined:
  1. Never going below $3K again
  2. Never going below $2K again
  3. Never going below $1K again
  4. Any others ? Please let me know.
submitted by Crypto_To_The_Core to Buttcoin [link] [comments]

What you should know about the bitcoin halving

What you should know about the bitcoin halving
https://preview.redd.it/wl6l09melkv41.png?width=1025&format=png&auto=webp&s=67a72ac734ae8dc39452143ac9c4ec5d58c34eac
Whether you’re a crypto faithful or just a passer-by who happened to notice a bitcoin headline, you’ve likely come across the halving.
The roughly quadrennial event is arguably an important one in the progression of the bitcoin network. For all the adjustments and changes to bitcoin’s code since its launch – and the evolution of the ecosystem and industry around it – the issuance cycle and bitcoin’s predetermined supply have never been altered.
The halving is, perhaps, emblematic of both bitcoin’s philosophical basis as well as its technical progression. It’s also a heck of a lot of fun, with past halvings inspiring celebrations and watch-parties for those counting down each block until the halving officially kicks in.
So, let’s get into it.

What is the bitcoin halving?

First, some basics. Each bitcoin block brings three things with it: transactions, newly-created bitcoins and fees.
For example, block number 625875 included 1,478 transactions worth 4899.23684782 BTC. The block was created by BTC.com. In exchange for making that block, BTC.com earned 12.5 BTC and 0.08439752 BTC in fees.
When bitcoin first launched, each block had a subsidy of 50 BTC. In 2012, that amount fell to 25 BTC per block, and in 2016 it was further reduced to 12.5 BTC per block. With upcoming halving – currently estimated to take place in or around May 12, when the network hits its 630,000th block – that amount will drop to 6.25 BTC per block.
To date, roughly 18.3 million bitcoins have been minted out of a total of 21 million that will ever be created.

Wait, what’s a miner?

Miners create the blocks of transactions that make sending BTC throughout the distributed bitcoin network possible. They append new blocks to the ever-growing chain – that’s the blockchain – and are rewarded with new bitcoins for doing so.
To create block 625875, BTC.com ran its miners and sought to be the first to create the next block. Mining is resource-intensive by design, and while some have described the process as an effort to solve a complex mathematical problem, a more apt description might be that miners rapidly try forming different numbers until they land on the right one.
Mining is a key element of Bitcoin’s security. As more blocks are added, it becomes more difficult to rewind the transactional clock and undo transactions from earlier blocks.
The generation of new BTC is how miners make money; their profits come from the sale price minus the cost of electricity, labor and everything else it takes to keep their legions of mining machines humming. The block reward is also the bedrock incentive for miners to keep the block production process – and, as a result, the transaction history – honest. By getting paid in bitcoin, they have an interest in seeing its price stay steady. A transaction history prone to manipulation or tampering would have no value.
The cycle of block reward or subsidy halvings is baked into bitcoin’s code. The reward reduction underpins bitcoin’s controlled supply, serving as a kind of digital parallel to finite natural resources.
So miners create new bitcoins, and with the halving, they’ll create fewer new bitcoins.
Yes. As The Block highlighted on Monday, miners currently make an estimated $13.4 million per day in new bitcoin and fees. Once the halving kicks in, that’ll drop to about $6.7 million total in the even that prices remain steady.
Of course, that number may very well fluctuate depending on the market reaction in the hours, days, weeks and months ahead. For a deeper look, check out The Block’s Larry Cermak by-the-charts column on the halving published on Monday.
I heard that the price is going to go up with the halving. Is that true?
Much digital ink has been spilled in recent months on the question of whether bitcoin’s price will rise as a result of the halving.
There are varying theories as to why: the halving will bring new market entrants, the tightening of issuance will spur more buying, or history will basically repeat itself. For example, bitcoin’s price rose above $1,000 a year after its 2012 halving. The July 2016 halving saw bitcoin’s price around $660 – a year later, the price had soared above $2,000.
But those were, arguably, different times, and next month’s halving is the first to occur after the parabolic craziness of early 2018.
A price increase isn’t a foregone conclusion – though, to be sure, neither is a drop or a continuation of the status quo.
Okay…so the number isn’t going up?
Nobody knows. And this isn’t investment advice, so quit asking me.

Who will be affected by this?

One can expect that major portions of the bitcoin-facing industry could be impacted in one way or another.
As noted above, miners will see the primary element of their income – new bitcoins – be cut in half. That’s bad news for miners who are operating older, less efficient hardware or borrowed significant sums of money to get new equipment – especially those hit by the recent turbulence in crypto markets. Bitcoin’s hash rate – a measure of the network’s computational power – could slip as some operations find themselves unable to make a profit and thus are forced to power down.
Exchanges will be affected because they’ll be front-and-center for any market response. It could prove to be a boon for exchanges as they’ll arguably be in the best position to benefit from any positive market moves.

Where can I watch the halving take place?

The best vantage point would a block explorer, where live updates for new transaction blocks can be found.
Given that the vast majority of countries are currently in the midst of social distancing because of the coronavirus pandemic, it’s unlikely that in-person parties will be held.
But with everyone stuck at home, it’s virtually certain that those with a stake or interest in crypto will be online – from Twitter to Telegram to IRC – waiting for the third-ever bitcoin reward halving to take place.
Written By: Ben
Edited By: Mosun
Graphics By: Jacobite
submitted by Telos4africa to u/Telos4africa [link] [comments]

Bitcoin Mining Hardware Maker Reports $148M Net Loss in 2019 (current BTC/USD price is $7,293.11)

Latest Bitcoin News:
Bitcoin Mining Hardware Maker Reports $148M Net Loss in 2019
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

Decred is insanely undervalued - A Confluence of Blockchain mechanics and Raw Scarcity

Decred is insanely undervalued - A Confluence of Blockchain mechanics and Raw Scarcity
Decred has caught a burst of long overdue wind today.
Below is my thesis on recent price action drivers and why I think Decred is insanely undervalued right now from an on-chain/blockchain mechanics perspective.
This is an expansion on a tweet I put out here https://twitter.com/_Checkmatey_/status/1190349477120552961
Fundamentally, the project is one of the most undervalued assets in the market and I believe the largest information asymmetry next to Bitcoin. The smart money know this. They have been accumulating. Looking at the volume of DCR moving on-chain, we can see a significant amount of DCR moving in 2019 at the current support range. We know that DCR is always on the move due to tickets so when we see high volume nodes like this, it supports the notion of actual accumulation in addition to the usual transaction flow. We have seen similar growth in the median and mean transaction sizes throughout 2019. Larger wallets, larger DCR purchases.
Update: Note how the 2019 volume node, if just looking at USD chart could be attributed to Dec-Apr period or the recent drawdown. However looking against the BTC chart confirms that the dominant accumulation has occurred during the recent period as the BTC price probes the lows. This is what I consider a high volume zone of support characterised by a large transfer of coins (miners selling, accumulating buyers).
On-chain DCR volume profile plotted against price for BTC (black) and USD (blue)
The recent price action drawdown in my opinion is a result of Miners going too hard to fast. ASICs were introduced in early 2018 and we see an explosion in PoW Difficulty. Mining is a leveraged play for DCR and in this case is unlike what occurred for BTC in that it was almost four years until ASICs were on the scene for Bitcoin. This means that Bitcoins naturally high early inflation had time to disperse before ASICs and serious hardware investment came online. ASICs are capital intensive, not hobbyist grade meaning coins mined must necessarily become coins sold.
We can compare the insane growth in Decred mining since Jan 2018 against the market to see this on a relative scale. Mind you, this is a bullish signal. Miners are committing heavy capital to the Decred chain security. They have done their due diligence and have high conviction. That is not something to ignore.
Full tweet on this here https://twitter.com/_Checkmatey_/status/1177650799050133504
Normalised difficulty growth (left) since Jan 2018 and (right) 2019 Year to Date
As miners over-extend without support of price appreciation, they must sell more coins to pay bills. Eventually the weak miners have to capitulate and difficulty ribbon squeezes as mining equipment is switched off. We have seen this play out for Bitcoin where squeezing of the difficulty ribbon indicates a valuable period for accumulation. Willy Woo talks about this here https://woobull.com/introducing-the-difficulty-ribbon-the-best-times-to-buy-bitcoin/.
What happens next is that the strong miners gain an increasing share of the hashrate. Their energy is thus rewarded with more DCR and so they can sell less of their income and Hodl more. This effectively begins to constrain supply rather than the oversaturation during capitulation. Over time this leads to a reversal in price action which further perpetuates the effect.
Price of a scarce asset must appreciate with reduced circulating supply assuming demand relatively remains stable or increases.
Decred total cumulative block subsidy paid (price x block reward DCR) and Difficulty ribbon
This is actually very healthy for Decred. Coins are being distributed by miners en-mass right now, nullifying the risk of miners holding too high of a supply within the staking system leading to centralisation. I would argue that this distribution of coins is one of the most important and bullish signals long term. We know that miners stake as well and thus they are able to generate income on Hodled coins. I expect this to actually soften the degree of miner capitulation as they can turn off power whilst still generating income.
For this reason, I do not suspect we will see photos of mountains of Decred ASICs being thrown out as we saw for Bitcoin in 2018. The machines are simply put on hold until price reverses to justify power consumption. This is a valuable business feasibility case for miners and a feature of long term sustainability in the chain security.
Decred Resilience
This is where the elegance of Decred resilience steps in.
As miners slow, supply saturates, price drops.
DCR Tickets become cheaper.
Stakeholders step in and accumulation begins.
The Ticket Price hit an ATH of 140+ DCR as Stakeholders begin accumulating and commit capital to secure the chain. The Hybrid PoW/PoS system works as a counter balance. When price is in a strong uptrend, stakeholders are provided an exit to capitalise on gains as miners have a strong case for expanding their operations (PoW dominant security). During price drawdowns, miners drop out and the cheap DCR stimulates Hodlers buying and locking capital which locks down available supply from attackers. An attack would thus drive price higher and the cycle repeats.
As above, showing the total DCR locked in tickets hits an ATH as price drops due to miner capitulation
PermabullNino made the observation that Decred functions as an elegant yet robust accounting system. His discussion on block subsidies are shown in the charts above and linked here https://medium.com/@permabullnino/decred-on-chain-a-look-at-block-subsidies-6f5180932c9b.Decred has a has past, present and future cash flows distributed to those who support it most. This puts Decred security in good hands- Miners 60%- Stakeholders 30%- Builders 10%
Price is currently hovering around the PoW total subsidy paid (red line) and means miners are indeed feeling the squeeze as this is the cost basis of all DCR paid to date. Once you factor in overheads and capital costs, it makes sense we are seeing DCR supply distribution. The last time we saw price dip to this line was early in Decreds history and was followed by a rapid repricing.
We now have three mechanisms at play which will act to constrain supply
  • Miners are distributing heavily but eventually will switch to hodling as the strong miners hash share grows.
  • Stakeholder are absorbing supply en mass and locking in tickets due to relatively cheap prices
  • Inflation rate is in a state of constant reduction
Scarcity
My recent work looking at the Decred stock-to-flow model (which does exist and is convincing, contrary to what the Bitcoin maxi community may want to believe), suggests that DCR is in the oversold range. It has deviated by 1.5 standard deviations from the S2F model mean which is near identical to Bitcoin at 50% supply mined. Historically for Bitcoin and Decred, this has been an opportune period for accumulation. More on this discussion in my tweet here https://twitter.com/_Checkmatey_/status/1184159137564889089
Note that Decred, likely due to the smooth issuance and difference in market awareness, is less volatile than Bitcoin. The significant undervaluation of Bitcoin at 50% mined was due to the first 2012 halving where it was a very different and far smaller market. I would expect DCR to be repriced sooner rather than later as the smart money steps in having now developed Bitcoin hindsight.
Standard deviations of DCR and BTC price from the respective stock-to-flow linear regression models
As a final note, if we look at Decred and Bitcoin market valuations plotted against ratio of 21M coins issued, which normalises for coin age, we see a fascinating similarity in these coins trajectory. Bitcoin was worth $127M at 50% coins mined and Decred was worth $180M. Considering we are in a log scale market, this is practically the same. Decred has achieved this value both benefiting from market awareness and size, but also in the face of heavy (albeit generally ill-equipped) alt-coin competition, quite remarkable.
Decred and Bitcoin Market and Realised Caps and S2F models plotted against ratio of 21M coins mined
Given that Decred has such insanely strong fundamentals, has developed a convincing monetary premium in it's short life and traverses the same stock-to-flow path as Bitcoin, I believe there is immense value flying under the markets radar.
The recent price action drawdown can reasonably be attributed to miners over-extending. However based on both prior Decred behaviour and drawing comparisons to Bitcoin history, there is a strong argument to be made that supply will soon be constrained on multiple fronts and the current value is both highly undervalued and being absorbed by the smart money.
Feedback, counter-points and discussions welcome.
Cheers,
CM.
submitted by __checkmatey__ to decred [link] [comments]

What Will the Halving Do with the Bitcoin Price?

By now, bitcoin is a word that most of the people on this planet have heard before. It has transformed from being an exclusive innovation for a select group of people to sparking true revolutions in developing countries. One of the main factors of bitcoin being so special is the scarcity of the asset. There can only be 21 million bitcoins to ever be mined. The protocol is built in a way that every 210,000 blocks the reward for mining bitcoin is cut in half. In practice, this happens approximately every four years. At this point, the mining rewards sit at 12.5 bitcoin per block that is mined. The upcoming bitcoin halving is expected to occur around the 12th of May this year when the mining reward will be reduced to 6.25 bitcoin per block. What does that mean for the future of bitcoin and how will this affect the price? Let’s look at a few factors and analyze the possible outcomes.
Increased scarcity
One clear fact is increased scarcity. Right now, there are around 980 bitcoins that are produced every single day. When that number is cut in half, it becomes more unique to own bitcoin as the asset becomes more scarce. This is one of the main reasons people compare bitcoin to gold. Whenever it becomes evident the gold supply is running low and there’s less available in the ground than before, gold becomes more scarce and the interest grows. It’s embedded within human nature to react to scarcity and feel the urge to possess the scarce asset. We’ve seen it happen before with gold and possibly the same will happen with bitcoin. After the bitcoin halving, it will become more difficult to own bitcoin. It will play into the fear of missing out (FOMO), which plays a big role in the cryptocurrency industry.
Increase in mining costs
Another factor that should not be underestimated is the increase in costs for mining bitcoin. With the current reward for mining, the bitcoin price should be above roughly $4,000 to break even for miners. Anything above that would mean the miners make a profit in comparison to the costs of mining. Note that a mining operation requires large initial investments with hardware, electricity costs, and logistics. When the mining reward is cut in half, it will become more expensive for new and existing miners to achieve profitability. This will incentivize the miners to pump up the price to higher levels in order to make a profit. It’s in everyone’s interest to have enough people mining bitcoin to keep the network stable, so a higher price to keep all the miners on board would be a win-win for anyone. Of course, this does not refer to the individual with a mining rig in their garage box, it concerns the large mining pools that can be seen in the graph above. Those parties that collaboratively control a major part of the bitcoin network. They have enough influence to impact the bitcoin price as well.
History repeats
There have been two Bitcoin halvings before the one that is just around the corner. When you look at the chart above, we could just see history repeat itself. History shows that especially in the months gearing up towards the halving, the price is slowly increasing. After that, the price remains stagnant for a couple of months to then grow even further. Right now, we’ve seen prices slowly move up again after the lowest point of around $3,500 last year.
What are the experts saying?
We can draw a few scenarios that we see happening surrounding the bitcoin halving, but before we do this, we would like to have a look at what the experts are saying.
Anthony Pompliano, the co-founder of Morgan Creek Digital and a prominent figure in the industry, shared the following in an interview: “The halving will be a big moment for Bitcoin. I don’t think that the price will shoot up the day after it, but I do think that from the day we are right now, we will see Bitcoin’s price at $100,000 by December 2021.”
Another prediction comes from the Winklevoss twins, two prominent figures in the industry that are known for being the founders of Gemini and being the original founders of what we now know as Facebook. “The halvening in May will be big for bitcoin“, Cameron Winklevoss said. “It’s rarely priced in”. They do not call for a specific price to aim for, but they are convinced we are bound for another spike in price with the upcoming halving.
To conclude
We are no fortune tellers and we do not want to create any illusions here, but the bitcoin halving is an important factor in the crypto sphere as a whole. The entire industry has been discussing it for the past couple of months and will have been doing so for the upcoming months. If the bitcoin halving already had its impact on the bitcoin price is something we can only tell in a couple of months. One thing is for sure: bitcoin will become more scarce. So, if you have the opportunity to do so, now is your time to benefit from the period with the current mining reward. The future is looking bright for bitcoin, are you joining that future?

SwapSpace team is always ready for discussion. You can drop an email with your suggestions and questions to [[email protected]](mailto:[email protected]) Join our social networks: Twitter, Medium, Facebook The best rates on https://swapspace.co/ Why is SwapSpace https://blog.swapspace.co/2019/09/17/why-is-swapspace/
submitted by SwapSpace_co to CryptoCurrencies [link] [comments]

The 8 Skills to Be a Good Miner

Many people may feel quite confused about their low profit now. Maybe you forget to think about the small details when you are mining. Small little details will make big difference in your final income.
Now, i want to share you the 8 skills to improve your benefits.
1, Get a cheaper power
Everyone knows the power is the most charge in mining, if we can find a cheaper electricity, it will be good. So, how to get a cheaper electricity?
55% of the mining is in China, and 40% of the mining is in Sichuan China. Why? Because there are many hydroelectric power station in there. So, you can find a place near the station and get a cheaper electricity from them.
If you can find free electricity, it is the best anyway
2, Choose low w/t machine
As you know, low comsuption machine is very popular those days, like S17 pro 53t, T17 42t. They are 7nm technical, the w/t is low and it can even overclock, it maybe a good choice. Also, we need to consider the price of machine.
Cheap price machine means fast ROI, But low W/T machine has a bright future.
3, Buy miner when BTC begin to raise after long drop
When BTC price keep falling, of course the machine will be cheaper and cheaper. When the BTC price begin to raise, we can buy miner at that time, because the price is the cheapset and you can earn money back soon.
Normally at that time, the good machine will be sold out quickly, when the market feedback that those machine are good, you may be late to get the chance. So, make your plan for purchasing before, when price down, get them.
4, Do not forget BCH, BSV, ZEN coin
Do remember SHA-256 Algorithm can mining BCH and BSV as well. Sometimes those coin may get even a better profits than BTC.
Some miner has auto setting for BTC, but you can choose BSV and BCH mining if you set it,
5, Notice the half reward period information
Because the half reward time is coming in 2020, there will be a chance or a risk for it. Many low hashrate machine may be out of the style and high hashrate will be more competitive.
Low your risk and not to buy those cheap machine now
6, Choose a good future crypto currency
There are many coins in this field now, we need to analyse and find a better direction for mining. Like Z11, many people use it for ZEN mining nowadays, and their benefits is top now.
Also, people buy many S17, it can earn money back before next year half reward time. And they believe the BTC price will increase creazily as last two times.
7, Make plan for your selling of coin or machine
As you know, the price of the BTC changes everytime, we can mining the BTC first and keep it in hand, do not sell it every day. It is very stupid. Just sell it when price high, you do not need to take any risk if you do not buy BTC directy. We do not need to care about the low price situation, we only need to wait. When chance come, get it.
Same for machine
8. Don't be fooled by the mining calculator
Many sites calculate mining profits based on hardware and electricity prices. If you've never mined before, you might be happy to see the numbers provided by these websites and calculators and think, "I'll make a fortune!"
However, these websites don't tell you: in addition to the cost of electricity, there may be other current costs, such as maintenance, cooling, rent, labor, etc. Generally, the hash rate and power consumption of the device are slightly different from what the factory says.
This difference is more common in unpopular brands. You can better understand the actual hash rate and the actual power consumption by watching the miner test video on YouTube. In addition, depending on the distance from the meter to the device and the type of cable used, the power loss from the meter to the device can be as high as 200 watts.
In addition to the cost of mining machines, some initial costs are required to prepare the infrastructure, such as cooling and venting, cabling and distribution, shelves, network and monitoring equipment, safety measures, etc.
The network difficulty is constantly changing and increasing at a significant speed, which directly affects the mining revenue. You can check the bitcoin network difficulty chart to see its growth rate, but your miner will not always be 100% active.
Due to maintenance, network problems, ore pool problems, power problems and many other problems, the miner may be offline for several hours. I suggest that you consider setting the normal operation time of the miner to less than 97% when calculating. We have rich mining experience in professional ore pools, and the normal operation time of these mining machines will not exceed 97-98%.
Thats all, hope those information will help you become a good mining investor.
submitted by 15Ansel to BitcoinMining [link] [comments]

What Will the Halving Do with the Bitcoin Price?

By now, bitcoin is a word that most of the people on this planet have heard before. It has transformed from being an exclusive innovation for a select group of people to sparking true revolutions in developing countries. One of the main factors of bitcoin being so special is the scarcity of the asset. There can only be 21 million bitcoins to ever be mined. The protocol is built in a way that every 210,000 blocks the reward for mining bitcoin is cut in half. In practice, this happens approximately every four years. At this point, the mining rewards sit at 12.5 bitcoin per block that is mined. The upcoming bitcoin halving is expected to occur around the 12th of May this year when the mining reward will be reduced to 6.25 bitcoin per block. What does that mean for the future of bitcoin and how will this affect the price? Let’s look at a few factors and analyze the possible outcomes.
Increased scarcity
One clear fact is increased scarcity. Right now, there are around 980 bitcoins that are produced every single day. When that number is cut in half, it becomes more unique to own bitcoin as the asset becomes more scarce. This is one of the main reasons people compare bitcoin to gold. Whenever it becomes evident the gold supply is running low and there’s less available in the ground than before, gold becomes more scarce and the interest grows. It’s embedded within human nature to react to scarcity and feel the urge to possess the scarce asset. We’ve seen it happen before with gold and possibly the same will happen with bitcoin. After the bitcoin halving, it will become more difficult to own bitcoin. It will play into the fear of missing out (FOMO), which plays a big role in the cryptocurrency industry.
Increase in mining costs
Another factor that should not be underestimated is the increase in costs for mining bitcoin. With the current reward for mining, the bitcoin price should be above roughly $4,000 to break even for miners. Anything above that would mean the miners make a profit in comparison to the costs of mining. Note that a mining operation requires large initial investments with hardware, electricity costs, and logistics. When the mining reward is cut in half, it will become more expensive for new and existing miners to achieve profitability. This will incentivize the miners to pump up the price to higher levels in order to make a profit. It’s in everyone’s interest to have enough people mining bitcoin to keep the network stable, so a higher price to keep all the miners on board would be a win-win for anyone. Of course, this does not refer to the individual with a mining rig in their garage box, it concerns the large mining pools that can be seen in the graph above. Those parties that collaboratively control a major part of the bitcoin network. They have enough influence to impact the bitcoin price as well.
History repeats
There have been two Bitcoin halvings before the one that is just around the corner. When you look at the chart above, we could just see history repeat itself. History shows that especially in the months gearing up towards the halving, the price is slowly increasing. After that, the price remains stagnant for a couple of months to then grow even further. Right now, we’ve seen prices slowly move up again after the lowest point of around $3,500 last year.
What are the experts saying?
We can draw a few scenarios that we see happening surrounding the bitcoin halving, but before we do this, we would like to have a look at what the experts are saying.
Anthony Pompliano, the co-founder of Morgan Creek Digital and a prominent figure in the industry, shared the following in an interview: “The halving will be a big moment for Bitcoin. I don’t think that the price will shoot up the day after it, but I do think that from the day we are right now, we will see Bitcoin’s price at $100,000 by December 2021.”
Another prediction comes from the Winklevoss twins, two prominent figures in the industry that are known for being the founders of Gemini and being the original founders of what we now know as Facebook. “The halvening in May will be big for bitcoin“, Cameron Winklevoss said. “It’s rarely priced in”. They do not call for a specific price to aim for, but they are convinced we are bound for another spike in price with the upcoming halving.
To conclude
We are no fortune tellers and we do not want to create any illusions here, but the bitcoin halving is an important factor in the crypto sphere as a whole. The entire industry has been discussing it for the past couple of months and will have been doing so for the upcoming months. If the bitcoin halving already had its impact on the bitcoin price is something we can only tell in a couple of months. One thing is for sure: bitcoin will become more scarce. So, if you have the opportunity to do so, now is your time to benefit from the period with the current mining reward. The future is looking bright for bitcoin, are you joining that future?

SwapSpace team is always ready for discussion. You can drop an email with your suggestions and questions to [[email protected]](mailto:[email protected]) Join our social networks: Twitter, Medium, Facebook The best rates on https://swapspace.co/ Why is SwapSpace https://blog.swapspace.co/2019/09/17/why-is-swapspace/
submitted by SwapSpace_co to CryptoMarkets [link] [comments]

What Will the Halving Do with the Bitcoin Price?

By now, bitcoin is a word that most of the people on this planet have heard before. It has transformed from being an exclusive innovation for a select group of people to sparking true revolutions in developing countries. One of the main factors of bitcoin being so special is the scarcity of the asset. There can only be 21 million bitcoins to ever be mined. The protocol is built in a way that every 210,000 blocks the reward for mining bitcoin is cut in half. In practice, this happens approximately every four years. At this point, the mining rewards sit at 12.5 bitcoin per block that is mined. The upcoming bitcoin halving is expected to occur around the 12th of May this year when the mining reward will be reduced to 6.25 bitcoin per block. What does that mean for the future of bitcoin and how will this affect the price? Let’s look at a few factors and analyze the possible outcomes.
Increased scarcity
One clear fact is increased scarcity. Right now, there are around 980 bitcoins that are produced every single day. When that number is cut in half, it becomes more unique to own bitcoin as the asset becomes more scarce. This is one of the main reasons people compare bitcoin to gold. Whenever it becomes evident the gold supply is running low and there’s less available in the ground than before, gold becomes more scarce and the interest grows. It’s embedded within human nature to react to scarcity and feel the urge to possess the scarce asset. We’ve seen it happen before with gold and possibly the same will happen with bitcoin. After the bitcoin halving, it will become more difficult to own bitcoin. It will play into the fear of missing out (FOMO), which plays a big role in the cryptocurrency industry.
Increase in mining costs
Another factor that should not be underestimated is the increase in costs for mining bitcoin. With the current reward for mining, the bitcoin price should be above roughly $4,000 to break even for miners. Anything above that would mean the miners make a profit in comparison to the costs of mining. Note that a mining operation requires large initial investments with hardware, electricity costs, and logistics. When the mining reward is cut in half, it will become more expensive for new and existing miners to achieve profitability. This will incentivize the miners to pump up the price to higher levels in order to make a profit. It’s in everyone’s interest to have enough people mining bitcoin to keep the network stable, so a higher price to keep all the miners on board would be a win-win for anyone. Of course, this does not refer to the individual with a mining rig in their garage box, it concerns the large mining pools that can be seen in the graph above. Those parties that collaboratively control a major part of the bitcoin network. They have enough influence to impact the bitcoin price as well.
History repeats
There have been two Bitcoin halvings before the one that is just around the corner. When you look at the chart above, we could just see history repeat itself. History shows that especially in the months gearing up towards the halving, the price is slowly increasing. After that, the price remains stagnant for a couple of months to then grow even further. Right now, we’ve seen prices slowly move up again after the lowest point of around $3,500 last year.
What are the experts saying?
We can draw a few scenarios that we see happening surrounding the bitcoin halving, but before we do this, we would like to have a look at what the experts are saying.
Anthony Pompliano, the co-founder of Morgan Creek Digital and a prominent figure in the industry, shared the following in an interview: “The halving will be a big moment for Bitcoin. I don’t think that the price will shoot up the day after it, but I do think that from the day we are right now, we will see Bitcoin’s price at $100,000 by December 2021.”
Another prediction comes from the Winklevoss twins, two prominent figures in the industry that are known for being the founders of Gemini and being the original founders of what we now know as Facebook. “The halvening in May will be big for bitcoin“, Cameron Winklevoss said. “It’s rarely priced in”. They do not call for a specific price to aim for, but they are convinced we are bound for another spike in price with the upcoming halving.
To conclude
We are no fortune tellers and we do not want to create any illusions here, but the bitcoin halving is an important factor in the crypto sphere as a whole. The entire industry has been discussing it for the past couple of months and will have been doing so for the upcoming months. If the bitcoin halving already had its impact on the bitcoin price is something we can only tell in a couple of months. One thing is for sure: bitcoin will become more scarce. So, if you have the opportunity to do so, now is your time to benefit from the period with the current mining reward. The future is looking bright for bitcoin, are you joining that future?

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DIY Bitcoin Mining: Hardware (part1) China Controls 50% of Bitcoin Mining While US Hits 14% — New Survey The Best Bitcoin Mining Hardware Reviewed 2020 Bitcoin mining - YouTube What Do YOU Need to MINE ONE BITCOIN In 2020?! UPDATED!

See also: Non-specialized hardware comparison Below are statistics about the Bitcoin Mining performance of ASIC hardware and only includes specialized equipment that has been shipped.. GPUs, CPUs and other hardware not specifically designed for Bitcoin mining can be found in the Non-specialized_hardware_comparison.. Notes: Prominingrig - World's Leading Bitcoin Cloud Mining! The Faster, Safer Platform To Mining Bitcoin! New User Get 5TH/S Bitcoin Hash Rate For Free! What is Bitcoin Mining Hardware. The right bitcoin mining hardware is a necessity if you want to earn during bitcoin mining. Before, miners used a central processing unit (CPU) to mine, but it wasn’t fast enough.. So, miners moved on to using graphical processing unit (GPU) in computer graphics cards as they have data 50 to 100 times faster and consume less power per unit of work. The Republic of Abkhazia is witnessing a surge in crypto mining activities despite crypto-related activities being illegal since 2018. Customs Bitcoin mining software is actually the tool that hooks your hardware into your desired mining pool. With the help of the mining software the miner tells the pool which Bitcoin address the payouts have to be sent. Bitcoin Mining calculator software displays statistics like the hash rate, speed of your miner, temperature and the fan speed.

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DIY Bitcoin Mining: Hardware (part1)

bitcoin mining software, bitcoin mining software 2019, bitcoin mining software for pc, bitcoin, bitcoin mining, bitcoin miner, free bitcoin mining software, how to earn free bitcoin in coinbase ... How to BitCoin mine using fast ASIC mining hardware - Duration: 27:15. Barnacules Nerdgasm 1,689,342 views. 27:15. How To Earn Passive Income with your CPU and GPU ... How to mine Bitcoin is a top question, and it is more difficult than ever to mine an entire Bitcoin since the Bitcoin BTC blockchain recently halved, reducing the block reward from 12.5 Bitcoins ... DIY Bitcoin Mining: Hardware (part1) by Fred Yen. 7:45. ANTMINER S9 HOW TO SETUP COMPLETE GUIDE by GenicsTheCrypto. 7:56. Language: English Location: United States The Best Bitcoin Mining Hardware 2018 Reviewed: ASIC Litecoin, Ethereum Miner Rig 2020 - Duration: 1:56. 5Reviewed.com 220 views

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