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Cash: use it or lose it!

Is this the last decade of cash?

The corona pandemic is not helping. Belgian media is picking up the Australian news about the coronavirus found active 28 days on banknotes, without understanding that the 28 days is on the Australian polymer and paper banknotes, while Euro banknotes are made of cotton fibers on which the coronavirus gets inactive rather quick. https://medicalxpress.com/news/2020-04-euro-banknotes-safe-coronavirus-ecb.html
You are touching so much in shops, including the pay terminals everyone is touching, that cash won't add much risk.

Until this year, I used to not care, and pay everything electronically.

But in March I became the victim of an identity theft. My bank account was frozen, my bank cards and payment app blocked. Opening new bank accounts or credit cards was impossible due to being on a blacklist.

My employer could not pay my salary in cash. For most professions this is forbidden by law since 2016.

Friends lent me cash. But I discovered cash was refused at supermarkets, shops, public transport, parkings, fuel stations, hospital, physiotherapist, online webshops, Uber, Deliveroo, etc. Sometimes because of corona anxiety, but often already from before 2020.

Prepaid cards could be a nice solution. But even while they are debit cards, in Belgium they seem to be refused where credit cards are refused, since they are Visa or Mastercards cards. These are refused in many Belgium places, since merchants don't like the higher costs. Not many prepaid cards allow charging with cash. And their availability is in recent decline: this year at least the following prepaid cards stopped or are announced to stop: Carrefour prepaid Flex card, BNP and Hello. The decline might be due to new very strict EU anti-money laundering laws. The anonymous prepaid cards (and generic gift cards) are now restricted to 100 euro maximum recharge in their lifetime and 50 euro payments.

Cryptocurrencies are also in theory a nice solution. But their acceptance in Belgium is extremely limited. Thanks to Takeaway accepting bitcoin, I could order delivery from many local snack restaurants.
But I discovered that bitcoin and most other cryptocurrencies, while having an "anonymous" reputation, are actually only pseudonymous and extremely open and transparent: for every transaction the origin address, destination address, amount and timestamp are recorded for eternity in a public ledger for everyone open to consult. When I buy something, the merchant can see how many coins I have in my wallet address. Buying, spending or selling coins are activities that can get your name connected to your addresses. Developers try to solve this privacy issue, but I'm afraid the war on anonymity (related to the war on cash) will crush that before cryptocurrency payments become popular.

So, my identity theft experience has awakened me: sharing your personal details in so many places caries a lot of danger. Think about it: while the law became more strict, there are still many (online) shops and restaurants taking knowledge of your credit card number, expiry date, CCV and your name. That's still enough information to do fraudulent payments in many places.

The cashless society is a surveillance society, with every payment traced. And it creates a lot of dependencies: electricity, internet, and permission by the banking and payment system. Once you are on a blacklist, even if you did nothing wrong, but somebody pretended to be you and did fraudulent payments, you are screwed for at least months.

So, now that I'm finally off the blacklist, I opened several bank accounts. That will not help for all issues, but still: having only 1 bank is really dangerous.

And from now on I pay everything possible with cash. Not just to keep my personal details safe, but also to keep the cash usage statistics high. Did you notice that the financial sector is regulary reporting the cash withdrawals decline? They report both the total amount withdrawn and the number of withdrawals.

I learned that the bank and payment processors are fighting a war on cash and they are actively lobbying the government for a reduction of the cash payment limit to 50 euro. Yes, an insane fifty euro! The banks are lazy about cash and want to impose negative rent without risking a bankrun. No cash is no bankrun. The payment processors just love the percentage they get from every payment.

Currently the acceptance of euro banknotes and coins for debts is compulsory by European law. But many merchants violated the law and we had at least one Belgian minister ignoring the enforcement. See e.g. this article from 2019: https://www.bruzz.be/samenleving/no-cash-doet-intrede-brusselse-horeca-2019-05-10.
The law has exceptions, e.g. for security reasons such as a pandemic. After the pandemic I will try to report all cash refusing merchants.
Merchants that refuse to accept cash payments can be reported at https://meldpunt.belgie.be or https://pointdecontact.belgique.be/. But I guess it is better to wait until after the pandemic.

We need to defend the right to use cash. And a crucial action to avoid the end of cash is to keep using it as much as possible.

Every time you pay with a bank card or app, you contribute to a cashless future where:
Use cash or lose it!
submitted by piabxl to belgium [link] [comments]

My story with the Hong Kong entrepreneur girl from Tinder: A failed scam from m.ctfcoin.cc !!

Hello Reddit,
So my story started about a week ago, on Tinder. I matched with a Chinese girl she told me she is an entrepreneur from Hong Kong, after a casual talk she gave me her WhatsApp number. As soon as we started talking on WhatsApp, she started talking about the pandemic and how things aren't good for businesses then she told me that she found a solution to make money while at home. I didn't ask her how, but she started talking about Bitcoin trading and she gave me a link to m.ctfcoin.cc (I didn't ask and I'm really not interested in any shape or form of trading).
I suspected a scam but I wanted to investigate how it works. She sent me two pictures of her in South Korea to gain my trust. Then she started talking about coming to Paris after the outbreak is finished. Then, she started asking about my life details, how much I make, do I live by myself or with my parents (Some classic social engineering question) and I gave her unexpected answers (I told her that I'm rich), I wanted to see what will be her next move. Despite of my answers (Apparently she wasn't prepared for a rich guy on Tinder), she told me she makes more money and I have to join her on Bitcoin trading. I said I'm not interested, she kept insisting, so I told her that I'll think about it.
That evening I've looked at the domain name on Whois, there isn't much information about the owner but what I've seen is the domain creation date, it is recent and she told me she was trading for 6 months on the ctfcoin.cc. So at this point, I'm sure that it is a scam. But, I wanted to continue to see how it works. Maybe, I could save other people's money.
Next day, she asked me to buy Bitcoins, I played as if I don't know how to use a computer. She asked me to do it while I'm working but I told her that I can't do it on my company network since they have security rules (In fact, I wanted to see if she will stay up until I go back home since there are a 6 hours time difference between Hong Kong and France). She was dedicated, she waited until 7 pm (1 am Hong Kong Time) to make sure I buy Bitcoins. Since she didn't precise from where I have to buy Bitcoins, I told her I bought Bitcoins from my banking app. She told me that she will show me how to use ctfcoin.cc and she asked me to create an account and she gave me a code to add it during the sign up (An affiliation code, apparently they pay by quota and the code identify that I came from her). Of course, I used fake information and a temporary email address to register.
The next day, she kept asking if I transferred the money to ctfcoin.cc. I told her that I don't know how to do it and that I can't do it at work. Same as yesterday, she stayed awake until 1 am Hong Kong time. She asked me to send her a screenshot from my banking app (lol) I sent her a photoshopped banking app interface with 1K € Bitcoins inside, she felt for it.
For the next 3 days, she kept asking if I made the transaction to ctfcoin, and as I said I played as if my grandma, I told her that I'll call the bank and that my banking app doesn't allow me to transfer Bitcoins. Then on Friday, she asked me If I'm available on Saturday (She knows I don't work). She told me she will show me how to properly buy bitcoins. So, she gave me a link to localbitcoins.com.
On Saturday, I told her I don't know how to register an account (Just to see how long she could keep cool). I spent around 4 hours with her sending her screenshots and she replies to show me what to do (She was really dedicated, she didn't lose her temper). Then she showed me how to buy bitcoins from traders. I sent her modified screenshots with "inspect elements" and she didn't suspect anything, I told her that I have to call the bank to make an international transaction (I was watching a movie while she was waiting for the bank confirmation lol). And finally, after about 6 hours, I sent her a modified screenshot with "inspect elements" as if I bought 1K € Bitcoins. It was about 3am in Hong Kong time but she wanted to continue until I transfer supposed 1K € Bitcoins to ctfcoin.cc . I told her that we have to continue tomorrow. She insisted. But, I told her that I'm going out.
On Sunday, early in the morning (apparently as soon as she woke up), she sent me a message asking for a screenshot (At this point she forgot to act or maybe she thought she is smart). So, long story short I was my grandma and I sent her screenshots to show me how to make the transfer then she asked for a screenshot from my wallet on ctfcoin.cc to see if the transaction is done. I sent her a modified screenshot with "inspect elements" as usual with around 1.4K $ (Surprise surprise !!). I asked her if I could start trading. She said it is too dangerous right now and that she will tell me when it's safe to trade.
Today (Monday), she texted me asking for a screenshot from ctfcoin.cc (Apparently they told her that there was no money lol). I told her to wait until I go back home. She waited... She kept asking If I'm home... 1 am Hong Kong time she told me she can't sleep and that there is something wrong with my account. I asked her why she said that the transaction fees were too high. Anyway, I sent her a modified screenshot (I knew it is the last day). She said I modified the screenshot. I told her that I didn't and that I don't trust her anymore, and I asked her to send me a photo with a specific hand gesture to ensure that she was the girl in the first pictures that she sent me. She did but with no faces. But anyway I'm sure that she is a girl. Then, "Game over" time has come.
She thought I was playing her game by her rules. In the end, I did it just to know how the scam works, and I've learned more about the mind of a scammer. You see the biggest problem with scammers is that they think they are smart, they are always in control of the situation. Even when I surprised her with what was happening since the beginning she denied and kept saying "I don't know what you are talking about" then when I started talking about Interpol and I asked her about who manages the scam. she blocked me...
Anyway, that was my story maybe It will help someone because I looked for ctfcoin.cc and there is nothing about it on Google... Finally, please be aware of crypto coins trading scams. They chose crypto money for a reason since it is untraceable. There are many more safe ways to trade. Do your search before putting money on a website. If you find nothing it is not trustworthy.
submitted by Ferouk to Scams [link] [comments]

How TheRealRC Stole from Me 8100 EURO. WITH FULL PROOFS.

How TheRealRC Stole from Me 8100 EURO. WITH FULL PROOFS.
How TheRealRC Stole from Me 8100 EURO. WITH FULL PROOFS -
Their website is: www.therealrc.com
Hey there everyone, today I am going to share with you how TheRealRC scammed my ass. All proof are here. I really recommend everyone not to deal with those idiots.
To make it easy I will share with you the steps of the scam with photo proofs. Here we are –
So, first thing I turned to TheRealRC and asked them if they could ship 500 grams of Etizolam to Canada with Express directly from the Netherlands. They said they could if Etizolam was still legal in Canada and the media and they would declare the product in customs, and I would pay taxes on it. I have agreed to the condition if it does not take more than 5 days for the product to reach me. Their price was quite excessive, 8100 euros not including taxes, but because they were the only ones willing to ship with Express I agreed to pay them the amount. Here is the message before they sent me their bitcoin wallet address for payment:
https://preview.redd.it/x52zx877olz41.jpg?width=933&format=pjpg&auto=webp&s=64d2acc16153744ed9d099876cc93c69c6553347
They accepted my payment of 8100 Euro and they agreed to ship it Express from NL day after. I said “Thank you” and ask them to provide tracking number once it shipped. Day after I contacted them and asked them to provide the tracking number. They told me “Im getting this errors in the system. I think its a problem because off the virtual office. I can also ship it express from the factory in hong kong if you want?”. (Note: just to be clear, we provide them real address and not virtual office) Here is their message:
https://preview.redd.it/pzi7c399olz41.jpg?width=910&format=pjpg&auto=webp&s=b4018a6fa1c7588a34d3682570a00e63d3248956
And I told them “No bro. We need it express. This is the reason I asked and was agree to pay more. Usually we take it from china but not shipping is very slow. If it can't reach Canada in 4-5 days I will ask you to refund my payment. Thanks.” Here is my message:
https://preview.redd.it/32t41tkaolz41.jpg?width=920&format=pjpg&auto=webp&s=d500bb14dc8ba8680efa501530608aa61345a7ea
And he didn’t answered me so I sent one more email “If you can guarantee it shipped express in 4-5 days from Hong Kong, we can go with it. But seriously, from China there is no express no days, and we need it asap. Thanks.” Here:
https://preview.redd.it/lkztn3geolz41.jpg?width=932&format=pjpg&auto=webp&s=4b79d59a2f1dcbaffae77fdcb2914275ce67e163
And they confirmed they can ship it express from Hong Kong:
https://preview.redd.it/ujd37pggolz41.jpg?width=932&format=pjpg&auto=webp&s=2dc9c850f4a9a3736b05ffad8cd9a651a1294a09
Day after I asked them for the tracking number:
https://preview.redd.it/11ag43qiolz41.jpg?width=925&format=pjpg&auto=webp&s=feabbd756dac0f5670a5a11ddb11f658dab9b7bd
And he sent me an email and told me there is delay and the shipper told him on Monday:
https://preview.redd.it/hm0cr7dkolz41.jpg?width=928&format=pjpg&auto=webp&s=f6ecf627087916619e321ae2b122c10ba3f8c675
I asked him to refund the payment because it’s already 4 days since I paid and I told him clearly I need it in maximum 5-6 days! Here:
https://preview.redd.it/qh4l4d2molz41.jpg?width=931&format=pjpg&auto=webp&s=2457484c5425df5452bcd481b2c20fa520987ed5
And then he provided the tracking number (6 days after my payment, when I asked him clearly to ship it only if it can reach in 5-6 days from my payment), I checked the tracking number and he shipped it with China Post. Not Express. The same shit I can buy for 4000 euro less with any Chinese vendor. And he told the shipper not follow his instructions and he ships it with the wrong shipping service -
https://preview.redd.it/xunxvpepolz41.jpg?width=929&format=pjpg&auto=webp&s=0cb2fbeba1c7411f0ce3de7f41d900de1f4aa474
And after that I asked him to refund me, he said he cannot refund –
https://preview.redd.it/62st97ysolz41.jpg?width=922&format=pjpg&auto=webp&s=7bf49d379d1d4a82210ef1a43371a2946548d4ca
100% scammers. They knew from the beginning they not going to ship it with express. Just stole my money and my time. Please guys do not use their service. Very bad people and Karma. Really bad people. It's a shame this kind of people deal with Research Chemicals.
submitted by RythmUp to scambounty [link] [comments]

InterCasino 200 free spins on Fire Joker + 100% bonus!

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It’s Intertaining

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For its first ten years of operation, US players were welcomed into the InterCasino family, but since 2006, when the government forcefully drove US casinos out of the picture, United States residents can no longer register or use the service. Malaysia, China, and Hong Kong are also explicitly restricted from this website.

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The black and gold combination can go horribly wrong if it isn’t done well. But, in this case, the InterCasino web developers did a terrific job of putting forth a well-designed and easy to use online experience. The full site is welcoming and comfortable to use, and the mobile experience is just as first-rate.

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The Banking Bases Are Covered

The financial end of things is rather simple. There’s no long list of options, but the variety more than makes up for the quantity. Credit and debit cards, prepaid, e-wallets, and traditional banking are all offered to players without fees or a lot of hoops to jump through. Credit card withdrawals are posted as having a 3-5 day turnaround, but e-wallets should speed things up at least by a few days.

30 Software Companies

We identified quite a few of the “big guys” in the casino software industry used to create the full InterCasino gaming experience. Microgaming, NetEnt, Playtech, IGT… their products are just the tip of the iceberg. The casino is more than 800 games in total, and most of those are variations on slot games that should cater to even the most discriminating slot player.

Bonuses & Promotions

If you’re a player who wants endless bonuses, reload matches, contests, and sweepstakes, you may be disappointed in InterCasino. It’s not an over the top casino with bonus programs, and its VIP program is by invitation only.
That’s not to say that you won’t receive some offers via email, because a casino always has the discretion to do that, but there are very few guaranteed promotional programs listed on the site.
The welcome offer is a three-tier program and includes some free spins as well as the deposit match.
There is a limited-time promotion that incorporates a few different incentives all into one. It’s in honor of the casino’s 24st birthday and combines free spins with prize drawings, including a top £1,000 amount.
The birthday celebration is a one-off, but it’s also typical of other limited time offers that this casino provides. Through the archive, you can even take a peek at some of their most popular games and incentives so that you know that there will be more to come.
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Leading the way for more than two decades, InterCasino is one of the most experienced, award-winning online casinos. Always putting players first with the widest range of Slots, Blackjack, Roulette, live 5-star casino and tailor-made promotions.
Featuring bespoke tournaments and promotions, and a Loyalty Shop loaded with great deals, we want you to feel like you’re dressed up to the nines and ready to walk down the red carpet when you play at InterCasino.
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InterVIP

InterCasino’s VIP/Loyalty Club is called InterVIP, but whereas most casinos automatically opt all registered players into a program, this one is by invitation only.
The more high rolling of players will be asked to participate and will receive the royal treatment from personal Account Managers to the private invitation to trips and vacation experiences. There is an option to request that you be accepted, but it will be based on your amount of wagering.
Final Bonus Notes
We always urge players to be diligent and read the fine print when it comes to any bonus or incentive offered by an online operator, and it does not just regard the rollover requirements. While the wagering requirement is the big issue, there are other things to note like what games you can or can’t play when trying to meet the rollover.
Also, on this site, players from the United Kingdom or Norway are exempt from bonuses if they use Neteller, Skrill or Paysafecard to fund their betting account.

Banking

While it’s not the most extended list of options we’ve seen, it does cover all bases except Bitcoin. You’ve got the option of credit and debit cards, e-wallets, prepaid, and online banking, so it’s a case of variety over quantity.
Just a reminder that players from Norway and the United Kingdom are unable to collect a deposit bonus if they use Skrill, Neteller or Paysafecards.
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submitted by freespinsgaming to u/freespinsgaming [link] [comments]

Right Place Right Time?

[Free Affiliate Training](www.driverfunnel.com/vid) Through my life I have believed that the good things that have happened to me, I have been in the right place at the right time — Just been lucky.
It's only recently after talking with another entrepreneur that I realised that its not the fact.
When I was 19 I was offered a job as an electricians mate for the summer when I was off collage.
I had quit my first apprentice as a mechanic and started and accountancy course.
The first week I was in Manchester the second week I was in Luxenberg and through that summer I was all around Europe. I was working for a DC power company based in Sweden, and being paid to travel all over.
I worked hard and wanted to learn, so after summer I was offered an apprenticeship as an electrician.
It didn’t stop there — for the 4 years I was working at that company I travelled all over the world, Hong Kong, Miami, Australia, Japan, so many great places.
I was getting paid to travel the world — living the dream!! I believe the opportunity I had back then, made me who I am today.
Was I lucky? NO! It was me who took that opportunity and each time was chosen to work in these different places, If I hadn’t of said yes — Someone else would of took the same opportunity I was given and that would be their past.
Life is all about the choices you take.
Don’t get me wrong I have also made some wrong decisions and although mistakes I have learnt from them on what NOT to do.
Now I don’t talk about this much because of the stigma round it, and I definitely don’t promote it, in my market its seen as a big scam.😓
But back in 2017 I had a friend that started to mine Bitcoin, I didn’t understand it too much so had to ask 1000 questions just because he was a friend.
To cut a long story short, I bought 2 bitcoin at £3200 each and just kept them in crypto wallet.
Today a bitcoin is worth £9400!
Was I lucky? NO! I took a chance, I gave it a go and it paid off!
The point i'm trying to get to is that you are on this big green and blue earth once in your life! You spend most of your time trying to earn as much money as possible.
Take chances, try new things and if your not happy with your current situation then you are the only one who is going to change it!
submitted by brpservices to u/brpservices [link] [comments]

Transcript of discussion between an ASIC designer and several proof-of-work designers from #monero-pow channel on Freenode this morning

[08:07:01] lukminer contains precompiled cn/r math sequences for some blocks: https://lukminer.org/2019/03/09/oh-kay-v4r-here-we-come/
[08:07:11] try that with RandomX :P
[08:09:00] tevador: are you ready for some RandomX feedback? it looks like the CNv4 is slowly stabilizing, hashrate comes down...
[08:09:07] how does it even make sense to precompile it?
[08:09:14] mine 1% faster for 2 minutes?
[08:09:35] naturally we think the entire asic-resistance strategy is doomed to fail :) but that's a high-level thing, who knows. people may think it's great.
[08:09:49] about RandomX: looks like the cache size was chosen to make it GPU-hard
[08:09:56] looking forward to more docs
[08:11:38] after initial skimming, I would think it's possible to make a 10x asic for RandomX. But at least for us, we will only make an ASIC if there is not a total ASIC hostility there in the first place. That's better for the secret miners then.
[08:13:12] What I propose is this: we are working on an Ethash ASIC right now, and once we have that working, we would invite tevador or whoever wants to come to HK/Shenzhen and we walk you guys through how we would make a RandomX ASIC. You can then process this input in any way you like. Something like that.
[08:13:49] unless asics (or other accelerators) re-emerge on XMR faster than expected, it looks like there is a little bit of time before RandomX rollout
[08:14:22] 10x in what measure? $/hash or watt/hash?
[08:14:46] watt/hash
[08:15:19] so you can make 10 times more efficient double precisio FPU?
[08:16:02] like I said let's try to be productive. You are having me here, let's work together!
[08:16:15] continue with RandomX, publish more docs. that's always helpful.
[08:16:37] I'm trying to understand how it's possible at all. Why AMD/Intel are so inefficient at running FP calculations?
[08:18:05] midipoet ([email protected]/web/irccloud.com/x-vszshqqxwybvtsjm) has joined #monero-pow
[08:18:17] hardware development works the other way round. We start with 1) math then 2) optimization priority 3) hw/sw boundary 4) IP selection 5) physical implementation
[08:22:32] This still doesn't explain at which point you get 10x
[08:23:07] Weren't you the ones claiming "We can accelerate ProgPoW by a factor of 3x to 8x." ? I find it hard to believe too.
[08:30:20] sure
[08:30:26] so my idea: first we finish our current chip
[08:30:35] from simulation to silicon :)
[08:30:40] we love this stuff... we do it anyway
[08:30:59] now we have a communication channel, and we don't call each other names immediately anymore: big progress!
[08:31:06] you know, we russians have a saying "it was smooth on paper, but they forgot about ravines"
[08:31:12] So I need a bit more details
[08:31:16] ha ha. good!
[08:31:31] that's why I want to avoid to just make claims
[08:31:34] let's work
[08:31:40] RandomX comes in Sep/Oct, right?
[08:31:45] Maybe
[08:32:20] We need to audit it first
[08:32:31] ok
[08:32:59] we don't make chips to prove sw devs that their assumptions about hardware are wrong. especially not if these guys then promptly hardfork and move to the next wrong assumption :)
[08:33:10] from the outside, this only means that hw & sw are devaluing each other
[08:33:24] neither of us should do this
[08:33:47] we are making chips that can hopefully accelerate more crypto ops in the future
[08:33:52] signing, verifying, proving, etc.
[08:34:02] PoW is just a feature like others
[08:34:18] sech1: is it easy for you to come to Hong Kong? (visa-wise)
[08:34:20] or difficult?
[08:34:33] or are you there sometimes?
[08:34:41] It's kind of far away
[08:35:13] we are looking forward to more RandomX docs. that's the first step.
[08:35:31] I want to avoid that we have some meme "Linzhi says they can accelerate XYZ by factor x" .... "ha ha ha"
[08:35:37] right? we don't want that :)
[08:35:39] doc is almost finished
[08:35:40] What docs do you need? It's described pretty good
[08:35:41] so I better say nothing now
[08:35:50] we focus on our Ethash chip
[08:36:05] then based on that, we are happy to walk interested people through the design and what else it can do
[08:36:22] that's a better approach from my view than making claims that are laughed away (rightfully so, because no silicon...)
[08:36:37] ethash ASIC is basically a glorified memory controller
[08:36:39] sech1: tevador said something more is coming (he just did it again)
[08:37:03] yes, some parts of RandomX are not described well
[08:37:10] like dataset access logic
[08:37:37] RandomX looks like progpow for CPU
[08:37:54] yes
[08:38:03] it is designed to reflect CPU
[08:38:34] so any ASIC for it = CPU in essence
[08:39:04] of course there are still some things in regular CPU that can be thrown away for RandomX
[08:40:20] uncore parts are not used, but those will use very little power
[08:40:37] except for memory controller
[08:41:09] I'm just surprised sometimes, ok? let me ask: have you designed or taped out an asic before? isn't it risky to make assumptions about things that are largely unknown?
[08:41:23] I would worry
[08:41:31] that I get something wrong...
[08:41:44] but I also worry like crazy that CNv4 will blow up, where you guys seem to be relaxed
[08:42:06] I didn't want to bring up anything RandomX because CNv4 is such a nailbiter... :)
[08:42:15] how do you guys know you don't have asics in a week or two?
[08:42:38] we don't have experience with ASIC design, but RandomX is simply designed to exactly fit CPU capabilities, which is the best you can do anyways
[08:43:09] similar as ProgPoW did with GPUs
[08:43:14] some people say they want to do asic-resistance only until the vast majority of coins has been issued
[08:43:21] that's at least reasonable
[08:43:43] yeah but progpow totally will not work as advertised :)
[08:44:08] yeah, I've seen that comment about progpow a few times already
[08:44:11] which is no surprise if you know it's just a random sales story to sell a few more GPUs
[08:44:13] RandomX is not permanent, we are expecting to switch to ASIC friendly in a few years if possible
[08:44:18] yes
[08:44:21] that makes sense
[08:44:40] linzhi-sonia: how so? will it break or will it be asic-able with decent performance gains?
[08:44:41] are you happy with CNv4 so far?
[08:45:10] ah, long story. progpow is a masterpiece of deception, let's not get into it here.
[08:45:21] if you know chip marketing it makes more sense
[08:45:24] linzhi-sonia: So far? lol! a bit early to tell, don't you think?
[08:45:35] the diff is coming down
[08:45:41] first few hours looked scary
[08:45:43] I remain skeptical: I only see ASICs being reasonable if they are already as ubiquitous as smartphones
[08:45:46] yes, so far so good
[08:46:01] we kbew the diff would not come down ubtil affter block 75
[08:46:10] yes
[08:46:22] but first few hours it looks like only 5% hashrate left
[08:46:27] looked
[08:46:29] now it's better
[08:46:51] the next worry is: when will "unexplainable" hashrate come back?
[08:47:00] you hope 2-3 months? more?
[08:47:05] so give it another couple of days. will probably overshoot to the downside, and then rise a bit as miners get updated and return
[08:47:22] 3 months minimum turnaround, yes
[08:47:28] nah
[08:47:36] don't underestimate asicmakers :)
[08:47:54] you guys don't get #1 priority on chip fabs
[08:47:56] 3 months = 90 days. do you know what is happening in those 90 days exactly? I'm pretty sure you don't. same thing as before.
[08:48:13] we don't do any secret chips btw
[08:48:21] 3 months assumes they had a complete design ready to go, and added the last minute change in 1 day
[08:48:24] do you know who is behind the hashrate that is now bricked?
[08:48:27] innosilicon?
[08:48:34] hyc: no no, and no. :)
[08:48:44] hyc: have you designed or taped out a chip before?
[08:48:51] yes, many years ago
[08:49:10] then you should know that 90 days is not a fixed number
[08:49:35] sure, but like I said, other makers have greater demand
[08:49:35] especially not if you can prepare, if you just have to modify something, or you have more programmability in the chip than some people assume
[08:50:07] we are chipmakers, we would never dare to do what you guys are doing with CNv4 :) but maybe that just means you are cooler!
[08:50:07] and yes, programmability makes some aspect of turnaround easier
[08:50:10] all fine
[08:50:10] I hope it works!
[08:50:28] do you know who is behind the hashrate that is now bricked?
[08:50:29] inno?
[08:50:41] we suspect so, but have no evidence
[08:50:44] maybe we can try to find them, but we cannot spend too much time on this
[08:50:53] it's probably not so much of a secret
[08:51:01] why should it be, right?
[08:51:10] devs want this cat-and-mouse game? devs get it...
[08:51:35] there was one leak saying it's innosilicon
[08:51:36] so you think 3 months, ok
[08:51:43] inno is cool
[08:51:46] good team
[08:51:49] IP design house
[08:51:54] in Wuhan
[08:52:06] they send their people to conferences with fake biz cards :)
[08:52:19] pretending to be other companies?
[08:52:26] sure
[08:52:28] ha ha
[08:52:39] so when we see them, we look at whatever card they carry and laugh :)
[08:52:52] they are perfectly suited for secret mining games
[08:52:59] they made at most $6 million in 2 months of mining, so I wonder if it was worth it
[08:53:10] yeah. no way to know
[08:53:15] but it's good that you calculate!
[08:53:24] this is all about cost/benefit
[08:53:25] then you also understand - imagine the value of XMR goes up 5x, 10x
[08:53:34] that whole "asic resistance" thing will come down like a house of cards
[08:53:41] I would imagine they sell immediately
[08:53:53] the investor may fully understand the risk
[08:53:57] the buyer
[08:54:13] it's not healthy, but that's another discussion
[08:54:23] so mid-June
[08:54:27] let's see
[08:54:49] I would be susprised if CNv4 ASICs show up at all
[08:54:56] surprised*
[08:54:56] why?
[08:55:05] is only an economic question
[08:55:12] yeah should be interesting. FPGAs will be near their limits as well
[08:55:16] unless XMR goes up a lot
[08:55:19] no, not *only*. it's also a technology question
[08:55:44] you believe CNv4 is "asic resistant"? which feature?
[08:55:53] it's not
[08:55:59] cnv4 = Rabdomx ?
[08:56:03] no
[08:56:07] cnv4=cryptinight/r
[08:56:11] ah
[08:56:18] CNv4 is the one we have now, I think
[08:56:21] since yesterday
[08:56:30] it's plenty enough resistant for current XMR price
[08:56:45] that may be, yes!
[08:56:55] I look at daily payouts. XMR = ca. 100k USD / day
[08:57:03] it can hold until October, but it's not asic resistant
[08:57:23] well, last 24h only 22,442 USD :)
[08:57:32] I think 80 h/s per watt ASICs are possible for CNv4
[08:57:38] linzhi-sonia where do you produce your chips? TSMC?
[08:57:44] I'm cruious how you would expect to build a randomX ASIC that outperforms ARM cores for efficiency, or Intel cores for raw speed
[08:57:48] curious
[08:58:01] yes, tsmc
[08:58:21] Our team did the world's first bitcoin asic, Avalon
[08:58:25] and upcoming 2nd gen Ryzens (64-core EPYC) will be a blast at RandomX
[08:58:28] designed and manufactured
[08:58:53] still being marketed?
[08:59:03] linzhi-sonia: do you understand what xmr wants to achieve, community-wise?
[08:59:14] Avalon? as part of Canaan Creative, yes I think so.
[08:59:25] there's not much interesting oing on in SHA256
[08:59:29] Inge-: I would think so, but please speak
[08:59:32] hyc: yes
[09:00:28] linzhi-sonia: i am curious to hear your thoughts. I am fairly new to this space myself...
[09:00:51] oh
[09:00:56] we are grandpas, and grandmas
[09:01:36] yet I have no problem understanding why ASICS are currently reviled.
[09:01:48] xmr's main differentiators to, let's say btc, are anonymity and fungibility
[09:01:58] I find the client terribly slow btw
[09:02:21] and I think the asic-forking since last may is wrong, doesn't create value and doesn't help with the project objectives
[09:02:25] which "the client" ?
[09:02:52] Monero GUI client maybe
[09:03:12] MacOS, yes
[09:03:28] What exactly is slow?
[09:03:30] linzhi-sonia: I run my own node, and use the CLI and Monerujo. Have not had issues.
[09:03:49] staying in sync
[09:03:49] linzhi-sonia: decentralization is also a key principle
[09:03:56] one that Bitcoin has failed to maintain
[09:04:39] hmm
[09:05:00] looks fairly decentralized to me. decentralization is the result of 3 goals imo: resilient, trustless, permissionless
[09:05:28] don't ask a hardware maker about physical decentralization. that's too ideological. we focus on logical decentralization.
[09:06:11] physical decentralization is important. with bulk of bitnoin mining centered on Chinese hydroelectric dams
[09:06:19] have you thought about including block data in the PoW?
[09:06:41] yes, of course.
[09:07:39] is that already in an algo?
[09:08:10] hyc: about "centered on chinese hydro" - what is your source? the best paper I know is this: https://coinshares.co.uk/wp-content/uploads/2018/11/Mining-Whitepaper-Final.pdf
[09:09:01] linzhi-sonia: do you mine on your ASICs before you sell them?
[09:09:13] besides testing of course
[09:09:45] that paper puts Chinese btc miners at 60% max
[09:10:05] tevador: I think everybody learned that that is not healthy long-term!
[09:10:16] because it gives the chipmaker a cost advantage over its own customers
[09:10:33] and cost advantage leads to centralization (physical and logical)
[09:10:51] you guys should know who finances progpow and why :)
[09:11:05] but let's not get into this, ha ha. want to keep the channel civilized. right OhGodAGirl ? :)
[09:11:34] tevador: so the answer is no! 100% and definitely no
[09:11:54] that "self-mining" disease was one of the problems we have now with asics, and their bad reputation (rightfully so)
[09:13:08] I plan to write a nice short 2-page paper or so on our chip design process. maybe it's interesting to some people here.
[09:13:15] basically the 5 steps I mentioned before, from math to physical
[09:13:32] linzhi-sonia: the paper you linked puts 48% of bitcoin mining in Sichuan. the total in China is much more than 60%
[09:13:38] need to run it by a few people to fix bugs, will post it here when published
[09:14:06] hyc: ok! I am just sharing the "best" document I know today. it definitely may be wrong and there may be a better one now.
[09:14:18] hyc: if you see some reports, please share
[09:14:51] hey I am really curious about this: where is a PoW algo that puts block data into the PoW?
[09:15:02] the previous paper I read is from here http://hackingdistributed.com/2018/01/15/decentralization-bitcoin-ethereum/
[09:15:38] hyc: you said that already exists? (block data in PoW)
[09:15:45] it would make verification harder
[09:15:49] linzhi-sonia: https://the-eye.eu/public/Books/campdivision.com/PDF/Computers%20General/Privacy/bitcoin/meh/hashimoto.pdf
[09:15:51] but for chips it would be interesting
[09:15:52] we discussed the possibility about a year ago https://www.reddit.com/Monero/comments/8bshrx/what_we_need_to_know_about_proof_of_work_pow/
[09:16:05] oh good links! thanks! need to read...
[09:16:06] I think that paper by dryja was original
[09:17:53] since we have a nice flow - second question I'm very curious about: has anyone thought about in-protocol rewards for other functions?
[09:18:55] we've discussed micropayments for wallets to use remote nodes
[09:18:55] you know there is a lot of work in other coins about STARK provers, zero-knowledge, etc. many of those things very compute intense, or need to be outsourced to a service (zether). For chipmakers, in-protocol rewards create an economic incentive to accelerate those things.
[09:19:50] whenever there is an in-protocol reward, you may get the power of ASICs doing something you actually want to happen
[09:19:52] it would be nice if there was some economic reward for running a fullnode, but no one has come up with much more than that afaik
[09:19:54] instead of fighting them off
[09:20:29] you need to use asics, not fight them. that's an obvious thing to say for an asicmaker...
[09:20:41] in-protocol rewards can be very powerful
[09:20:50] like I said before - unless the ASICs are so useful they're embedded in every smartphone, I dont see them being a positive for decentralization
[09:21:17] if they're a separate product, the average consumer is not going to buy them
[09:21:20] now I was talking about speedup of verifying, signing, proving, etc.
[09:21:23] they won't even know what they are
[09:22:07] if anybody wants to talk about or design in-protocol rewards, please come talk to us
[09:22:08] the average consumer also doesn't use general purpose hardware to secure blockchains either
[09:22:14] not just for PoW, in fact *NOT* for PoW
[09:22:32] it requires sw/hw co-design
[09:23:10] we are in long-term discussions/collaboration over this with Ethereum, Bitcoin Cash. just talk right now.
[09:23:16] this was recently published though suggesting more uptake though I guess https://btcmanager.com/college-students-are-the-second-biggest-miners-of-cryptocurrency/
[09:23:29] I find it pretty hard to believe their numbers
[09:24:03] well
[09:24:09] sorry, original article: https://www.pcmag.com/news/366952/college-kids-are-using-campus-electricity-to-mine-crypto
[09:24:11] just talk, no? rumors
[09:24:18] college students are already more educated than the average consumer
[09:24:29] we are not seeing many such customers anymore
[09:24:30] it's data from cisco monitoring network traffic
[09:24:33] and they're always looking for free money
[09:24:48] of course anyone with "free" electricity is inclined to do it
[09:24:57] but look at the rates, cannot make much money
[09:26:06] Ethereum is a bloated collection of bugs wrapped in a UI. I suppose they need all the help they can get
[09:26:29] Bitcoin Cash ... just another get rich quick scheme
[09:26:38] hmm :)
[09:26:51] I'll give it back to you, ok? ha ha. arrogance comes before the fall...
[09:27:17] maye we should have a little fun with CNv4 mining :)
[09:27:25] ;)
[09:27:38] come on. anyone who has watched their track record... $75M lost in ETH at DAO hack
[09:27:50] every smart contract that comes along is just waiting for another hack
[09:27:58] I just wanted to throw out the "in-protocol reward" thing, maybe someone sees the idea and wants to cowork. maybe not. maybe it's a stupid idea.
[09:29:18] linzhi-sonia: any thoughts on CN-GPU?
[09:29:55] CN-GPU has one positive aspect - it wastes chip area to implement all 18 hash algorithms
[09:30:19] you will always hear roughly the same feedback from me:
[09:30:52] "This algorithm very different, it heavy use floating point operations to hurt FPGAs and general purpose CPUs"
[09:30:56] the problem is, if it's profitable for people to buy ASIC miners and mine, it's always more profitable for the manufacturer to not sell and mine themselves
[09:31:02] "hurt"
[09:31:07] what is the point of this?
[09:31:15] it totally doesn't work
[09:31:24] you are hurting noone, just demonstrating lack of ability to think
[09:31:41] what is better: algo designed for chip, or chip designed for algo?
[09:31:43] fireice does it on daily basis, CN-GPU is a joke
[09:31:53] tevador: that's not really true, especially in a market with such large price fluctuations as cryptocurrency
[09:32:12] it's far less risky to sell miners than mine with them and pray that price doesn't crash for next six months
[09:32:14] I think it's great that crypto has a nice group of asicmakers now, hw & sw will cowork well
[09:32:36] jwinterm yes, that's why they premine them and sell after
[09:32:41] PoW is about being thermodynamically and cryptographically provable
[09:32:45] premining with them is taking on that risk
[09:32:49] not "fork when we think there are asics"
[09:32:51] business is about risk minimization
[09:32:54] that's just fear-driven
[09:33:05] Inge-: that's roughly the feedback
[09:33:24] I'm not saying it hasn't happened, but I think it's not so simple as saying "it always happens"
[09:34:00] jwinterm: it has certainly happened on BTC. and also on XMR.
[09:34:19] ironically, please think about it: these kinds of algos indeed prove the limits of the chips they were designed for. but they don't prove that you cannot implement the same algo differently! cannot!
[09:34:26] Risk minimization is not starting a business at all.
[09:34:34] proof-of-gpu-limit. proof-of-cpu-limit.
[09:34:37] imagine you have a money printing machine, would you sell it?
[09:34:39] proves nothing for an ASIC :)
[09:35:05] linzhi-sonia: thanks. I dont think anyone believes you can't make a more efficient cn-gpu asic than a gpu - but that it would not be orders of magnitude faster...
[09:35:24] ok
[09:35:44] like I say. these algos are, that's really ironic, designed to prove the limitatios of a particular chip in mind of the designer
[09:35:50] exactly the wrong way round :)
[09:36:16] like the cache size in RandomX :)
[09:36:18] beautiful
[09:36:29] someone looked at GPU designs
[09:37:31] linzhi-sonia can you elaborate? Cache size in RandomX was selected to fit CPU cache
[09:37:52] yes
[09:38:03] too large for GPU
[09:38:11] as I said, we are designing the algorithm to exactly fit CPU capabilities, I do not claim an ASIC cannot be more efficient
[09:38:16] ok!
[09:38:29] when will you do the audit?
[09:38:35] will the results be published in a document or so?
[09:38:37] I claim that single-chip ASIC is not viable, though
[09:39:06] you guys are brave, noone disputes that. 3 anti-asic hardforks now!
[09:39:18] 4th one coming
[09:39:31] 3 forks were done not only for this
[09:39:38] they had scheduled updates in the first place
[09:48:10] Monero is the #1 anti-asic fighter
[09:48:25] Monero is #1 for a lot of reasons ;)
[09:48:40] It's the coin with the most hycs.
[09:48:55] mooooo
[09:59:06] sneaky integer overflow, bug squished
[10:38:00] p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has joined #monero-pow
[11:10:53] The convo here is wild
[11:12:29] it's like geo-politics at the intersection of software and hardware manufacturing for thermoeconomic value.
[11:13:05] ..and on a Sunday.
[11:15:43] midipoet: hw and sw should work together and stop silly games to devalue each other. to outsiders this is totally not attractive.
[11:16:07] I appreciate the positive energy here to try to listen, learn, understand.
[11:16:10] that's a start
[11:16:48] <-- p0nziph0ne ([email protected]/vpn/privateinternetaccess/p0nziph0ne) has quit (Quit: Leaving)
[11:16:54] we won't do silly mining against xmr "community" wishes, but not because we couldn'd do it, but because it's the wrong direction in the long run, for both sides
[11:18:57] linzhi-sonia: I agree to some extent. Though, in reality, there will always be divergence between social worlds. Not every body has the same vision of the future. Reaching societal consensus on reality tomorrow is not always easy
[11:20:25] absolutely. especially at a time when there is so much profit to be made from divisiveness.
[11:20:37] someone will want to make that profit, for sure
[11:24:32] Yes. Money distorts.
[11:24:47] Or wealth...one of the two
[11:26:35] Too much physical money will distort rays of light passing close to it indeed.
submitted by jwinterm to Monero [link] [comments]

Rebalancing Crypto Portfolio: What is BAT, Brave, PAY & TenX?


I just sold off my entire PAY holdings to buy BAT tokens. My average cost for PAY tokens was around $0.90 and I bought 502 of them (current price is around $0.30). I had around 200 initially but added on another 300 late last year in Dec 2018. The reason is that the company is issuing a 1-to-1 new TenX token for every PAY token you hold. TenX token is a reward token that would be issued out in Q2 2019 and rewards (in the form of PAY) are expected to come in Q3 2019. The snapshot has already happened, meaning that I would receive 502 TenX tokens in a few months time, regardless of whether I sold my PAY tokens or not. You can read more about TenX token from their official blog post.
PAY will be the reward we receive starting from Q3 2019 and the payout will be made every quarterly depending on the company’s financial performance. My cost price for getting 502 PAY is around $458, which means I would need to get around $23 annually for a yield on cost of 5%. I will write a new post about TenX when I receive the new tokens and when the first rewards payout is distributed. Everything will happen in 2019, so stay tuned.
Who is TenX?
TenX is actually a crypto card company and their goal is simply to allow cryptocurrencies to be spent anywhere in the world. Here is actually a video of my first transaction buying Mac in bitcoin a few months back.
The experience was pretty cool, liberating and surreal I would say. You got to try it for yourself. For the first time in history, products and services can be bought with a currency that is not controlled by ANYONE or any intermediary. There won’t be bank bailouts, political issues, government failures, quantitative easing and that sort of stuff. The note in your wallet is basically an IOU, something the bank owes you, but the BTC in your wallet is solely yours and nobody can take it away from you, as long as you keep your private key safe.
We don’t really face all these problems in a first-world developed country, but the people who really need this are those from countries such as Venezuela. The country faces corruption and their notes are denominated in millions due to hyper-inflation. These worthless paper money are being dumped everywhere on the streets. I would not go too in-depth about this and you can read more about the inflationary impact of money from my previous post.
If you are interested, you can order a card from Tenx as the cards are available in Singapore, Malaysia, Hong Kong, Australia, New Zealand and recently Thailand. They are rolling out the cards in other regions progressively and their banking license in Europe is still in the process of happening. The orders for their Tenx card is insane. They are growing at around 10-15% every week I think.
Reason for Selling PAY Tokens
I sold off my PAY tokens because it was originally a reward token that gives out rewards from the pool of transaction fees when people spend using TenX card to all PAY token holders. However, they run into regulatory issues with this as “Securities Token” is an extremely sensitive topic in the regulatory arena. Hence, the TenX token was created with an added feature known as the ERC-1462. The rationale behind this is simply for compliance reasons; to comply with securities regulations and legal enforceability.
Utility of PAY Tokens
Now that TenX token has replaced the original utility of PAY as a “reward token”, you might ask what’s the function of PAY tokens now. This is a good question and the answer is: “nobody knows yet”. The team behind TenX is currently working on the utility of PAY tokens and no conclusive information is available at the moment. However, some of the possible ideas that were suggested include things like rebate fees, lower transaction fees when spending crypto or other specific uses for TenX services.
Since TenX token has already replaced PAY token as the reward paying coin, then it does not make sense for me to keep PAY tokens anymore. I am more interested in holding and buying the goose rather than keeping the eggs. Unless there is a strong utility function or incentive for me to hold the eggs, I really don’t see the rationale to hold my PAY tokens in the short-term. My investment philosophy in crypto is towards staking and rewards tokens that distribute some form of dividends one way or another. I believe the pool of money would work harder for me if I allocate it somewhere else.
What is Basic Attention Token (BAT) Token?
And where did I put it? I reallocated all my PAY tokens towards BAT tokens. So what is BAT? It’s not some kind of scammy, bs project. I don’t invest for the sake of quick random gains. I am actually grateful for the crypto winter as a “massive cleansing” is needed to drive out all the frauds and shitty projects that fail to make the cut. Those who survived will rebound even more resiliently and I am really looking forward to seeing the progress and adoption coming in. As the saying goes, “I’d rather lose money in crypto and end up being wrong than potentially miss the greatest investment opportunity of our generation.”
In my opinion, there are 2 things that would massively change in the next 5-10 years. One is China and the second is Blockchain. The latter has already become the most commonly discussed topics in World Economic Forums and these large giant monopolies are getting into the game. They have to because technological disruption is inevitable. You see Facebook, Tencent, Samsung, Microsoft, PwC, Deloitte, IBM, Walmart, Maersk, JP Morgan, Fidelity, Bakkt and the list goes on. They are all coming in. It’s only a matter of time. To find out more about institution money in crypto or how I got started, you can read about it in detail from my previous post.
Anyway, let’s cut the chase short.
So what’s BAT? To understand BAT, we must first understand the Brave Browser. BAT and Brave Browser work hand-in-hand and they are both founded by Brendan Eich, the person who created Javascript and Mozilla Firefox. I shall let the father of Javascript do the introduction rather than me writing all about it.
Problems of the Current Advertising Model
Problem #1: Our browsers are filled with countless trackers and Ads that are annoying and invasive. I am sure you have experienced the case where you researched something, and the ads related to what you are reading on started popping up everywhere the next moment. These are all run by trackers and the internet is attempting to build a digital profile about you so that they can sell you stuff.
Problem #2: Publishers are earning pennies. Well-known famous bloggers in Singapore can vouch to this. They don’t earn much from ad revenues on their sites. The problem with our current digital advertising industry is it is run by monopoly companies such as Google Ad sense and Facebook Ads. They take a huge cut of revenue (73%) from the publishers because they can. They have earned monopoly status.
Problem #3: There is a huge load of middlemen and intermediaries between the marketer and publisher. For a single ad unit to pass through to the publisher, it has to go through all these data aggregators, data management platform, data suppliers, analytics, verification and the list goes on. Money is being leaked out to all these central intermediaries and it adds up to a high transaction cost to brand ad campaigns.
Problem #4: Users often use ad blockers and over 600 million users and phones run ad-blocking to block off unwanted annoying ads. The result of this affects advertisers and publishers as their “ads” are not being directed towards users. Targetting is poor and users are ignoring ads.
Problem #5: The whole advertising ecosystem is plagued with frauds, malware, ransom-ware and some marketers are being fooled by bogus websites. There are tons of fraud bots going around the internet and our browser is vulnerable to all these hacks & viruses.
How can Brave & BAT solve the problems?
I will not go too in-depth with the elaborations as this post is meant to document the recent transaction I made on my crypto portfolio. Basically, Brave is a browser that is designed to block off ALL trackers and Ads. This result in a browser that is faster, more secure and more private. The BAT token is a utility token for 3 groups of people: Users, Publishers and Advertisers. Users are being paid with BAT tokens to view ads if they choose to opt-in for the option to view ads. Advertisers are required to purchase BAT tokens to advertise. Publishers are being paid based on the attention time users spent on the sites. Users can choose to make micro-contributions to tip their favourite content creators and websites. Publishers can offer premium content to users and payments can be in the form of BAT tokens. To read more about how the Brave Browser and BAT tokens work, you can read up about it over here.
How does it look like?
Here is an example of using the Brave browser. I have been using Brave for about 1 month and have since replaced Brave as the default browser over Google Chrome. You can see the number of Ads and trackers that are being blocked. Youtube and FB have a ton of all these trackers and ads. It’s really surprising to see the statistics. Not only that, the browser load time is faster, more secure and the best part? You are being PAID to view Ads. I don’t see any reasons not to like Brave. They actually did a test to compare between Chrome, Brave and Firefox. The results are 2x faster in desktop and 2-8x faster on mobile.
It would look something like this, where you can opt-in to receive BAT rewards for viewing Ads. If you don’t want these annoying Ads, you can disable the Brave Rewards function and no ads would pop up on your screen. Unfortunately, Ads are currently not available in Singapore yet, but they will be rolling out to the whole world by end of 2019. Countries such as the US, Canada, UK, France and Germany are already using it now. This feature was just released 3 weeks ago on 25 April 2019. People from these countries have already received their first payout of BAT tokens just from viewing ads on their browsers as of 8 May 2019. I would write a new post on this when ads are available in Singapore. Can’t wait for it.
Are you a Content Creator, Blogger, Youtuber, Website Owner?
If you fit into any of the above categories. Good news for you! Content creators form an integral part of the entire ecosystem and there is a huge opportunity for you to earn BAT tokens in the future. You are being paid for the content that you publish on the web. The more people visit your sites, the more time they spent on your sites, the more revenue you earn from their attention. Essentially, you are being paid by your audience based on the attention they spent on your site rather than relying on menial ad revenues. I would highly recommend that you sign up as a verified publisher on their web page. I have already verified my website. \This is not an affiliate link and I don’t earn any commissions*. It’s really up to you whether you want to be a verified publisher and earn BAT tokens in the future.
Why BAT Tokens?
The reason why I replaced PAY with BAT into my portfolio is because of the following charts which I am about to show you now.
The estimated download for Brave browser on Android is 25 million and an estimated 2 million downloads are being hit every month. The growth and adoption of Brave browser are turning parabolic as you can see from the charts above.
What Drives the Value of BAT Tokens?
Why is that so? The entire value of Brave and BAT comes from the network effect. It’s just like Grab, Uber or Airbnb. The more people use it, the more valuable the company will be. It starts with getting publishers onboard. After which, YouTubers, bloggers and publishers would spread the word out to their thousands and millions of subscribers and followers because they can earn 5 BAT tokens for every active download. There is an incentive for users to use Brave browser because it’s ad-free, faster, more secure and they are being PAID to view ads. This positive loop cycle compounds over time and it would eventually lead to an exponential growth of adoption in a short span of time. Do note that we are just talking about countries like the US, Canada, UK, France and Germany, when ads are available in other regions, especially when it comes to Asia, this thing will explode.
So why does having more people using Brave browser increase the value of BAT tokens? Well, this is because as mentioned earlier, advertisers have to use BAT tokens to advertise. If I told you that there are 500 million users on Brave and your ads are targeted to users based on their profile match and they are willing to view your ads voluntarily because they are being paid to do so, would you be interested in it? Brendan Eich has confirmed that there are 1,300 advertisers on Brave ads which are on the waiting list right now. When the floodgate opens, it would be interesting to see how the market reacts to it.
Dethroning Google’s Ad Business?
If you are vested on Alphabet or Google, this is something you should watch out real close. Their advertising revenue takes up a huge chunk of the group’s total revenue and its recent Q1 2019 earnings have declined due to lower contribution from ads. The switching cost between browsers is practically zero. If a growing number of users, publishers and advertisers are migrating from Google Chrome to Brave Browser, which is already happening now, Google’s advertising business would inevitably take a hit and this is perhaps the essence of what blockchain is all about. To decentralise monopolistic power and transfer them to individual users.
Potential Risks and Competition
The biggest risk just as in any other crypto companies is always regulations. Regulation is always a pain in the ass, for the right reasons. But an overly-regulated country can stifle innovation and development of new technologies. When crypto first took off, regulators couldn’t be bothered as it does not pose a systematic risk to their financial systems. But the technology has grown so fast that it is too big to ignore. Hence, regulators have to play catch up in understanding the benefits and risks of the technology. Tax is another big issue. Because of this time lag between the early adopters and regulators, the whole area is still developing and it’s pretty much in the grey area. It reminds me of the quote by Mahatma Gandhi.
“First they ignore you, then they laugh at you, then they fight you, then you win.”
Facebook is rumoured to be launching their own FB coin soon and they have recently removed their ban on cryptocurrency ads. There might be competition from the monopolies if they ever decided to go into crypto. But the good thing is that Brave has already gotten the first-mover advantage.
Using Kyber Swap to swap PAY to BAT
For the above reasons and logical reasoning, I have concluded to myself that PAY has no clear direction on the utility of its tokens (at the moment) and it does not make sense for me to hold them. Furthermore, I am more interested in the TenX tokens (goose) rather than the PAY tokens (eggs). BAT, on the other hand, is showing promising potentials and I can see how value is being derived in the long-term. As such, I have decided to swap ALL my PAY tokens into BAT tokens.
In the past, whenever we want to exchange one altcoin for another, the process would be to transfer your alts into an exchange, sell it for BTC, use that BTC to buy the other alt and transfer them back to your wallet. This whole process incurs gas fees, withdrawal fees, exchange rate fluctuations and the transactions can take hours to be verified if the network is congested. It is slow, inefficient and costly.
Fortunately, Kyber Network has introduced an innovative application tool known as the Kyber Swap. All you have to do is to connect your Metamask and swap your tokens instantly in a decentralized manner. Decentralized meaning that you are exchanging your tokens with the other party directly without going through a middleman such as an exchange. The liquidity providers are usually the market makers, token holders and token projects. The best part? Whenever you are doing a token-to-token swap, Kyber network will process the BEST conversion rate from all the reserves so that the most competitive rate is being carried out.
Conclusion
In conclusion, I can’t guarantee that I made the right choice. After all, I am selling PAY when it’s at its all-time low and buying BAT when it’s near its all-time high. My decision is based on the logical reasoning that I have made. Nevertheless, both TenX and BAT/Brave are equally solid projects which are growing at a rapid pace. I am waiting for TenX to release their TenX tokens by Q2 2019 and ads to be available in Singapore. When TenX tokens are issued out, PAY would probably spike up and all the short-term traders would get in. There is an opportunity to do an arbitrage here, but I wouldn’t take that risk.
I actually received my first payout in BAT when some random stranger decided to tip me. If you are interested in trying out the new Brave browser, here is the download link for it. Do give it a shot, play around with it and if you like it, remember to set the browser as your default.
The loading page is much FASTER and your browser will have ZERO ads and trackers. Furthermore, when ads are available in Singapore, you will be getting PAID to view ads in the future. The payout will be made to you on the 8th of May every month. \There is a referral fee of 5 BAT tokens for every active download (using the browser for at least 30 days)* If you are a blogger or you own a website, do consider this and I would really recommend you to verify your website. It is a potential alternative source of income for yourself. Click here to find out more if you are a content creator.
This is really the next generation of internet browser and it really makes us rethink the way users, advertisers and publishers interact in the digital advertising industry. The current rate of growth is exponential and I do see this taking off in the long-term, so sit tight! Revolution is coming. Keep a lookout for the next post when TenX tokens are distributed and when ads are available in Singapore.
https://brave.com/old707
submitted by older_many to u/older_many [link] [comments]

Ripple (XRP) Analysis (quite thorough)

NOTE: I did not write this article below. I simply copy and pasted the article. Please click the following link to view the entire article. The article includes charts and images which were not transferred to the text below.
https://steemit.com/cryptocurrency/@lennartbedrage/the-ripple-xrp-effect-fundamental-analysis
The Ripple(XRP) Effect - Fundamental Analysis: lennartbedrage44 in cryptocurrency ripple.jpg
Lately, there’s been a tremendous amount of buzz around Ripple(XRP), but is it only because of the massive growth we’ve seen in the past few 30 days, or is there something more?
In this article, I’ll dive into a brief back ground of Ripple, objectively examine the arguments for and against it, explore its potential from a economic standpoint, then close with potential threats to your investment and a summary.
Meet Ripple(XRP)-
Released in 2012, Ripple aims to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks” through their real-time gross settlement system (RTGS) and currency exchange and remittance network. Ripples distributed open-source internet protocol consensus ledger was created as basic technology for interbank and regulated financial institutions to integrate Ripple into their own systems. This differs from the Bitcoin full node and other crowdsourced altcoin consensus networks in several ways:
Ripples common shared ledger is a network of independent validating servers which compare their transaction records, rather than the full network of nodes coming to consensus prior to each transaction, enabling faster transaction speeds. Although their protocol is open source, it was not created as a plug & play solution, like bitcoins full-node software, nor does it rely on crowd-sourced support. Unlike Bitcoin, Litecoin, Ethereum, and other Alt-coins, Ripple is recognized as legal tender by several governments, which gives it instant liquidity via financial institution, as well as purchasing power over material goods. Because of this, it cannot be evaluated in the same ways as other coins, which are largely evaluated based on assumptions & speculation. In terms of value, it’s more like cash than a commodity. Because of this, it is evaluated in a much different way than Ethereum(ETH) and other alt-coins with intrinsic value, but is accepted much more rapidly because it’s easy for the mass-market to understand. Remember: without market acceptance, there is not value, regardless of how innovative something may be.
Just 4 short years after its release, on 01MAY17, Ripple announced that a consortium of 47 banks have successfully completed a pilot implementation of Ripple in Japan, making it the first country in the world to enable domestic and international real time money transfers via the cryptocurrency. This event lead the XRP value to sky-rocket from $0.051580 USD to an all-time high of $0.430085 in just 16 days… but why? Is it 100% speculation, or is there something else going on here?
“It’s not a real cryptocurrency!” Or is it? Well, those whom bring this argument to the table are probably referencing facts that I’ve mention during my introduction to Ripple: Its a centralized and regulated crypto-currency which does not need global consensus for transfers, and it is built specifically for (and potentially by) financial institutions. Though a lot of the Anarcho-Capitalists may want to steer clear of this one due to its highly regulated nature, regular capitalist may believe these core differences to be its greatest strengths:
Regulated - As I mentioned in my analysis on Ethereum(ETH), Bitcoin’s lack of regulation was likely he reason (or at least, that’s what they told us) that the proposed ETF failed to pass the SEC’s evaluation several months ago. If adhering to some sort of trusted regulatory standards, this could drive federal confidence, which in turn drive bank and lending institution faith…trickling all the way down to the consumers. This insures rapid mass market acceptance. Consensus - As mentioned before this is much different process than Bitcoin’s global consensus, which means that transaction times are nearly instant regardless of volume transferred. Additionally, all transfers adhere to distributive ledgers DLT standards, which is a requirement for many financial institutions to be insurable. Institutional Management - You’ve probably guessed this one already. Although the demand and speculative value is driven at some capacity by ‘the people’, this currency is about as close to the World bank and SWIFT as you can get. This is largely due to the amount Deliberate - It feels like a big bank, because it is. Ripple was built specifically for the financial markets, which is why they specifically targeted regulatory compliance. shutterstock_289877267_long_read_cover_large.jpg
Economic Value As mentioned in the last point, Its easy to see that Ripple offers tremendous value to financial-institutions and retail investors. These two groups make up 358 billion (numbers from 2013) non-cash cross-country annual transactions, and the FOREX market which sees more than $5.1 trillion $USD each day. Per a report released by Capgemini and The Royal Bank of Scotland, this is growing at an average rate of about 7.5% each year globally, though China and other Emerging Asian economies have been leading the charge at around 21%.
Seems like a lot, right? Well, for sake of uncovering the immediate value of XRP, we will zoom into the recent adopters of the distributed ledger technology: Japan, India, and the Central Europe, Middle East & Africa(CEMEA) regions.
Japan.jpg
Japan is the third largest economy in the world by nominal GDP ($6.11 trillion), fourth by purchasing power parity(PPP) and second largest developed economy. Currently, their GDP per capita is roughly $48,412 (vs $56,430 in US) and their major trade partners include the US, China, Hong Kong, Australia and South Korea.
Japan GDP.png
Aside from the speculation that they maybe soon pressure their trade partners (excluding the US and China) to adopt a system which allows for instant, near free transfers of funds, here’s where it gets interesting for the immediate future: Japan has already started accepting Ripple(XRP) as legal tender. If Ripple raises to just 25% of the overall transaction volume of P2P, P2B & B2B within Japan itself (represented in the chart by Other Services, Real Estate, Retail, Transport, Communications, Finance & Utilities) which is equal to about 20% of their overall economy, Ripple would be handling roughly $1.27 trillion USD in Japan – alone - every year. To put that in perspective, the current (at the time of writing) market capitalization of Bitcoin(BTC) is $30.7 billion USD (or >0.4%). Unlike Bitcoin, Ripple is legal tender which means that it can be exchanged for material goods and services, which means that it’s likely to have explosive acceptance in the local area.
India.jpg
India-based Axis Bank announced in April that they will soon begin leveraging distributed ledger tech for cross-border transactions and to make banking simple and convenient for their customers. About 15 days’ prior, another large financial institution, Yes Bank, also announced that they would be adopting Ripples ledger for the same reasons. If Ripple continues to grow in acceptance at this rate in India, we could see another economy, roughly 1/3 the size of Japan’s ($2.074 trillion USD) add to Ripples annual transaction value. Now, from an economic stand point, this is most interesting because agriculture represents more than 50% of India’s employment, which means that India would be the 2nd case of consumer trading Ripple for staple foods.
India GDP.png
It is likely that Ripple will not handle as large of a percentage of overall transaction volumes in India because only two major banks have adopted this currency and it is not the only Crypto. The latter is probably one of the most important variables, as this means that Ripple will be duking it out for market dominancy. As all of my projections are fairly conservative, I would estimate that Ripple will handle roughly 10% of India’s over all transaction volume in the next 365 days, equal to roughly $311.1 billion USD.
One last thing that I would like to mention is that India is literally the ‘I’ in BRIC and roughly 13% of the BRIC countries total output. If the BRIC comes to fruition, India may be able to convince it’s other close trade partners to jump on the XRP-Train as well.
Dubai.jpg
Abu Dhabi Bank, the National and largest bank of the UAE, has already begun offering cross-border transaction services with Ripples distributive ledger technology as well. As they deal extensively with their middle eastern neighbors, such as Saudi Arabia, and Qatar, the UAE is likely to set a trend for other CEMEA countries to follow.
UAE GDP.png
This might be a surprise to some people, but Dubai’s largest industry is the energy sector (shocker!) followed closely by Real Estate and their Finance industry (double shocker!). Although their GPD is much smaller than Japan and India’s (about $370 billion USD), I am anticipating Ripple to handle a larger percent of the UAE’s transaction volume (31.11%), especially in the finance, Real Estate, Retail and Logistics industries. This is due largely to the fact that their population is only roughly 9.157 million, but most Abu Dhabi nationals are very financially inclined (or at least heavy spenders).
Potential Threats As this threatens SWIFT (unless they are completely on board) and the US dollars’ supremacy in the economic & financial markets, I would not be surprised to see a false flag attack, in which the NSA attacks Ripple and blames it on North Korea or China. Frankly, this would be a cake walk compared to Stuxnet or WannaCry and they could probably hand the task to an MIT intern. Where semi-centralization is Ripples strength in terms of transaction speed and regulation, it is also the biggest security flaw and may open it’s user to some heart ache, hair loss and heavy drinking over the next several years.
Possibility So, what is possible in terms of value over the next few years? Well, if we consider the following scenario:
XRP accounts for roughly 20% of Japan, India full GDP, but 31.1% UAE’s GDP ($7.152 Trillion USD) total exchange volume in the next 2 years Max XRP Supply stays at 100 billion No other countries adopt XRP (not likely) No hacks or other catastrophic events remove confidence Exclude speculation, demand, rallies, and GDP growth projections for each country Then we’re looking at each Ripple(XRP) market capitalization over ~$1.75 Trillion USD, making each coin $17.52 in real value. This means that if you were to invest today at $0.362794, your ROI would be about 4,989%. That said, I think that it’s likely it will go over $30 in the next 2 years, due to speculators flooding the markets and other countries signing up. Again, these are conservative numbers are based on total transaction value in USD equivalent.
For those whom subscribe, I will update as new variables are available to my appraisal
Bottom Line Although it was most definitely created by an insider of the banking industry and does not ‘feel like a crypto’, I personally feel that due to its rapid market acceptance, liquidity and position as legal tender in 3 large economies, Ripple(XRP) is both primed for explosive growth in the near future and likely to be one of the safest value based Crypto-investments we can make today.
Another thing, China is the anchor of the West Pacific, so we should all watch their evaluation of Ripple, very closely. If they were to jump on the XRP-Train, you are likely to see Australia, South Korea, Indonesia and Singapore do the same.
If you enjoyed this article, be sure to share & subscribe, as I have kept my proprietary models and will update as major events and additional countries begin to adopt this currency. If you feel that I have missed something or am just flat out wrong, please be sure to let me know in the comments below!
Planned articles for the next 14 days:
ICO advice from a Venture Capitalist (Follower Request) Paper Wallets (Follower Request) VIVA Analysis (Follower Request) Segregated Witness(Segwit) : Friend or Foe? A Kraken ate my gains... Fundamental Analysis: Stellar Lumens(XLM) Dual-Citizenship and Banking in Panama Rich vs. Wealthy All analysis, numbers and projections are my own. Core information was gathered from reliable sources, such as the World Bank, IMF, CIA world fact book, eia.gov and more.
submitted by ripcurldog to Ripple [link] [comments]

Bitcoin Drama: BitFinex, one of the largest trading platforms, was hacked. Approx. $70million of user funds stolen. Is the exchange liable? Discuss!

Ok, so here's a summary of events thus far, as I understand them:
BitFinex.com, one of the largest cryptocurrency trading platforms by volume, was hacked. The hacker made off with approximately $70million worth of bitcoin. That much is known and confirmed.
BitFinex, as I mentioned, handled a huge chunk of trading volume. They also allowed margin trading and margin lending (the latter of which they referred to as "swaps" until the CFTC recently told them to knock that off).
Customer "wallets" on BitFinex were handled by a third party company (supposedly for security purposes) called BitGo, who advertises "100% security" on their website.
The wallets managed by BitGo were "multi-sig wallets", which basically means that everyone involved in the transaction (BitFinex, BitGo, and the individual user) must 'verify' a transaction with their key for it to be processed. Somehow, this hacker managed to bypass this or exploit something to be able to drain customer accounts. Presumably this is due to the hacker somehow manipulating BitFinex's wallet system to "tell" BitGo that the customer's key was valid, and use BitFinex's key to validate the transaction, similar to how a bank will process a transaction on a stolen debit card if you know the owner's PIN number. BitGo's system saw these transactions as valid as a result and processed them accordingly, emptying hundreds or thousands of user accounts per the hacker's request.
Now comes the fun part.
These users are understandably upset. BitFinex had individual users as well as corporate clients. Some accounts likely lost millions. Many, many accounts likely lost tens of thousands of USD equivalent.
BitFinex is proposing bringing the site back online so users can see whether or not their accounts fell victim to the hacker and eventually allowing those who weren't to withdraw their bitcoin. No one knows what will happen to those whose accounts were drained though.
To make this even more interesting, BitFinex seems to be domiciled in either Hong Kong or The British Virgin Islands, depending on which corporate entity you're looking at (according to what I've heard, anyway. I have no idea what the truth is there or how their organization is structured).
Here are some articles about this fiasco:
http://insidebitcoins.com/news/bitfinex-hack-means/36353
http://www.coindesk.com/bitfinex-bitcoin-hack-know-dont-know/
http://www.nytimes.com/2016/08/04/business/dealbook/bitcoin-bitfinex-hacked.html?_r=0
http://hackingdistributed.com/2016/08/03/how-bitfinex-heist-could-have-been-avoided/
Here are some of the other Reddit threads:
https://np.reddit.com/Bitcoin/comments/4vtuxo/bitfinex_security_breach_trading_will_be_halted/
https://np.reddit.com/Bitcoin/comments/4vupa6/p2shinfo_shows_movement_out_of_multisig_wallets/d61oe33
https://np.reddit.com/Bitcoin/comments/4vztlv/bitfinex_update/
The guy in charge of BitFinex's community outreach and PR is zanetackett and his post history gives an interesting glimpse into the situation as well (and honestly, I commend him for busting his ass to answer everyone's questions and concerns, even if they hate the answers. I know I would hate to be in his shoes right now). I'm sure if I'm wrong on any of these facts, he will come in here to correct me, since I've usertagged him here.
Now for the questions and discussion points:
-Is BitFinex legally liable for customer losses here?
-Is BitGo legally liable for customer losses here?
-What, if any, recourse do customers who had their bitcoin stolen have, and against who?
-Should BitFinex "socialize losses" by making every remaining account take a loss in order to contribute to a fund intended to return some of the lost bitcoin to the victims, as some users without much legal knowledge have proposed?
To me, this whole thing is fascinating. I have no horse in this race, and I did not lose anything as a result of this hack, but this area is so new, law wise, that it creates several very unique issues due to the lack of regulation (even though there is some now, at least in some countries), the jurisdictional issues, and the confusion surrounding liability.
I'd love to see a serious legal discussion ensue here and hear everyone's thoughts.
Hopefully we can avoid the "har har, that's what you get for playing with fake money" comments and stick to the legitimate legal discussion.
Enjoy!
UPDATE: Regarding the jurisdiction issues, according to their VP of business development, Bitfinex operates under a Hong Kong corporation, Renrenbee Limited (holder of the MSO license), which is wholly owned by a BVI corporation, iFinex Ltd. (the holding company). The information released by the CFTC, however, is a bit different: "BFXNA Inc. d/b/a Bitfinex is a corporation formed and existing under the laws of the British Virgin Islands, and has its principal place of business [in Hong Kong]."
UPDATE #2: BitGo has made an official announcement.
As you know, a large amount of Bitcoin has been taken from Bitfinex, and Bitfinex utilized BitGo software as part of its security solution. While we have worked tirelessly with the team at Bitfinex to investigate the theft, the Bitcoin is gone. Our focus now is to protect the remainder of Bitfinex coins and all of our other customers’ coins.
Our job is to protect your Bitcoin and continue to improve the security of the service. BitGo systems were not breached in this attack and our software functioned correctly. This may seem like an inadequate explanation, because everyone wants to know “what needs to change to avoid what happened in this case,” and we understand that. Fortunately, the Bitfinex configuration was unique and other BitGo customers do not need immediate changes.
UPDATE #3: zanetackett just posted this update:
We are still working out the details so nothing is set in stone, however we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions. The numbers being quoted are erroneous as nothing has been decided as of yet and we are still in the process of settling positions and balances. More details are to follow tomorrow. Furthermore, tomorrow we will be posting a FAQ on the blog that will answer most of the questions we have been asked over the past couple days.
Presumably they are being advised by counsel, but this just sounds crazy to me. Not only did the users never agree to a socialized loss system for losses resulting from a hack, but that seems to be implying that they accept liability for the loss. Personally I feel this puts them in the worst possible scenario, one where they are likely liable for all losses, and the users who are not made 100% whole will likely be able to successfully sue for the difference between what they are paid back and what they lost. Yikes.
UPDATE #4: BitFinex has announced how they plan to move forward and compensate for losses.
Following the theft on August 2nd, the Bitfinex team has been working tirelessly towards bringing the platform back online in a secure and controlled manner. We have finalized the accounting of losses incurred and are currently coordinating strategic plans for compensating customers.
We intend to come online within 24-48 hours with limited platform functionality. Additional announcements will be made as we progressively enable more platform features and return to full operations. We appreciate that our customers and the public want this handled quickly, but it needs to be done a way in which all assets are secure and immune from vulnerabilities. Every resource is being leveraged to make that happen in a safe and optimal way.
As disclosed in earlier announcements, all withdrawals, open orders, and open funding offers have been canceled and all financed positions have been settled. Exact settlement prices were published on August 3rd.
After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.
We are actively discussing various strategic options with numerous potential investors as part of our strategy to fully compensate our customers. Such discussions, however, are in early stages and will likely take time to play out. In the meantime, In place of the loss in each wallet, we are crediting a token labeled BFX to record each customer’s discrete losses. Tokens will be distributed without release or waiver. The BFX tokens will remain outstanding until redeemed in full by Bitfinex or possibly exchanged—upon the creditor’s request and Bitfinex’s acceptance—for shares of iFinex Inc. We are still sorting out many details on this; we will post further updates in the coming days.
Thank you for your continued patience and for the many generous offers of support that we have received over the last several days. Notwithstanding this attack, we continue to believe in the possibilities associated with bitcoin. We will continue to update our customers and the public as and when we can.
Maybe it's just me, but between converting customer funds to compensate other customers, and issuing an unregistered security, this sounds like horrible ideas all around and I'm surprised any legitimate lawyer would sign off on such a plan.
submitted by grasshoppa1 to legaladviceofftopic [link] [comments]

Legal Reason Why Foreign Cryptocurrency Exchanges, etc. Fall Under U.S./Foreign Laws.

First let me issue a disclaimer. This is not directed at any specific company or exchange and is intended for educational purposes only. This is not legal advice and as such I cannot be held liable accordingly. Always consult with a licensed attorney or legal representative concerning your local laws regarding what may or may not be applicable in your jurisdiction.
 
The U.S. regulatory agency, S.E.C., regularly works with foreign countries governments and regulatory agencies when enforcing laws on foreign companies. There is more than ample case law and literature that will verify this. That does not apply to all, or even most U.S. or other countries laws. Most laws do not give jurisdiction to one country over another. We will use the example of KimDotCom.
 
As a New Zealand citizen, the U.S.'s Department of Justice does not have the jurisdiction to send their agents to New Zealand to arrest him. They must legally have New Zealand extradite him. This is obvious, or should be to most people. Which is exactly why he is still in New Zealand and not in the U.S. either in court or jail. He has been able to fight extradition for the last 6 years, and hopefully that's how it stays. However, there are certain things which does fall under the jurisdiction of foreign countries. I'm not even going to try to list them here as that isn't important.
 
The most important thing however is how the U.S. extends it's jurisdiction when they should have absolutely no legal grounds. Specifically this falls under the Dodd-Frank Act. "Under the Dodd-Frank Act, U.S. courts have jurisdiction over claims of securities violations brought by the SEC or DOJ that involve: 1) Significant steps in furtherance of a violation that occurred in the United States even if the transaction took place outside the United States; or 2) Conduct outside the United States that has a “foreseeable substantial effect” within the United States."
 
Currently the U.S. has on more than occasion claimed jurisdiction over a foreign cryptocurrency exchange. Once for a civil claim against /Mt. Gox/(Japan) from 2014, in U.S. Federal court. I haven't fully looked in to all the details of this particular case in the State of Illinois. More details can be found here.
 
This was used more specifically last year when the U.S. SEC and DOJ sought charges against BTC-e, a Russian Exchange, and it's owner Alexander Vinnik. Accordingly BTC-e's assests including domain, etc. was seized by the U.S. and charged with operating an unlicensed money service business, money laundering, and related crimes. Details of this case can be found here.
 
To make sure that I'm not wrong and offer evidence showing that it is being taken that seriously, all you have to do is look at Tether and Bitfinex. NOTE: all information regarding the following companies is not my opinion but are the facts that have been released in accordance with the leaked Paradise Papers and other information. Whatever the financial status of any and all parties involved does not imply any guilt and should not be taken as such. For the purpose of this article, it is used only as an educational tool.
 
Most exchanges pair the USDT and not USD. This is done so foreign exchanges don't have to worry about reporting and banking laws that any company dealing with USD is legally obligated to do but they are still able to pair things against the US dollar which we all see it listed as USDT/BTC. A vast majority of people will never notice nor even give this a second thought. Exchanges do this specifically because using the USD would subject them to U.S. banking laws but since Tether "USDT" is a coin and not money, exchanges don't have to follow U.S. banking laws. This creates an extra layer of protection for exchanges and they are able to operate much easier without accidentally breaking those or other U.S. money-laundering, know your customer, etc. laws.
 
Many in the community remember last year when Bitfinex announced they announced they were stopping all user activity for U.S. citizen accounts. This was done for a very specific reason, and if you research what Bitfinex did after the last hack of $70 million USD, you will understand why. I'm sure a lot of people that weren't around when the hack occurred wouldn't believe what the exchange did to their customers. Long story short, Tether lost U.S. banking relations which caused people to question what was really going on. That's why we have the information we do now.
 
Anyway back to subject on hand. Including using the aforementioned way that exchanges protect themselves by pairing with USDT and not USD; Tether further protects itself by separating itself into multiple entities; Tether Limited (“TLTD“) for U.S. citizens, Tether International Limited (“TIL“) for all Non U.S. citizens for the purpose of issuing, use, etc. of the Tether coin. Tether "TIL", Tether "TLTD" and Bitfinex (owned by iFinex Inc.) are incorporated in Hong Kong. Last but not least, and most important. "Tether Holdings" founded in 2014, and iFinex Inc. are both based in British Virgin Islands. These are the only parts of Tether and Bitfinex that receive real money, actual US dollars, Euro's, Yen, etc.
 
Any exchange, wallet, etc. that accepts actual money payments dealing with cryptocurrency knows that by accepting real money they must follow AML/CTF laws of whichever jurisdiction that would apply. Hence why most all exchanges pair with USDT and not USD. Furthermore, most people are also aware that the British Virgin Islands, Cayman Islands, etc. are considered tax havens and the U.S. can't do a damn thing. No government can. There is much more about Tether if anyone wants to look further, it should be easy for anyone following along to see the possible implications. For our purpose, all we need is know how the companies are structured.
 
Now this part is not asking anyone to make any loose connections, or even try to connect all the dots together. We are going to look at this from a dumbed down point of view. If you didn't know what company it was that was structured in the exact same way with multiple sister corps, parent corps, locations, etc. most people would be baffled as to why any company would go through all that trouble. What practical reason could a cryptocurrency company, in a unregulated world, have to do that in the first place?
 
Fraud is rampant and no one seems to ever go to jail. Even if doing the same thing in any other business would likely result in criminal charges. So why would any company go through all that trouble if they had nothing to worry about. Even if their entire goal is to defraud people such as Bitconnect, why would any foreign company dealing with crypto go through that much trouble in such an unregulated market? Number one that is substantially more expensive financially and also much more work that would have to be done. Not including the additional time and cost to hide that stuff
 
So putting aside any thought of Tether committing fraud or whatever else is alleged. Let's just look at the basic facts: If foreign exchanges, etc. aren't subject to outside laws because they are located in a different country. Why would any of them use a coin in place of real money for pairings? Wouldn't it be easier no matter what to just pair listing against the dollar. USD/BTC USD/ETH NZD/BTC NZD/ETH or whatever fiat currency paired against crypto. That would just create more accounting and unnecessary additional steps to convert crypto to fiat? No business would adopt a model like that if there was not a fundamental need for the extra work/cost/etc. Everyone should have no problems understanding why exchages list pairings in USDT and NZDT and not USD and NZD.
 
Alright that was very easy and was not meant to insult anyone's intelligence. We first had to ask that question before we can even ask the next one. So if exchanges are protected from foreign country laws just by using USDT. Why would Tether, Bitfinex, Bitconnect International for that matter, stop doing business with U.S. citizens if they use USDT and are not based in the U.S.? Why would it matter then if they do business with them? Maybe the reason they ensure that no U.S. citizen can do business with them is because U.S. law does still apply to them if they transact with them. By now everyone knows Bitconnect was a ponzy scheme, and if you have paid any attention, the U.S. is going after them tooth and nail. Yes Bitconnect did have U.S. locations however Bitconnect International which is the holding company of the new BitconnectX is already up and running and is unable to be shut down since US citizens are not permitted to use that service now.
 
Finally, to wrap this up, even if you still think I have no clue as to what I'm saying. You only need to explain why a known fraudulent company and another giant clusterfuck, which worst case scenario is possibly the largest theft in human history. Why would they go through that much work? Why would any of the multitude of fraudsters, scammers, criminals, and anyone else looking to take advantage of other people even bother doing extra work or spending more.
 
I hope everyone was able to learn something because this took a while to put together. If anyone wants I can post more information about the Tether issue. I'm sure you'll have no trouble finding plenty on that though.
submitted by PissedOfMiner to Cryptopia [link] [comments]

Educational explanation "US Law & Foreign Entities, Jurisdiction of US extraterritoriality"

First let me issue a disclaimer. This is not directed at any specific company or exchange and is intended for educational purposes only. This is not legal advice and as such I cannot be held liable accordingly. Always consult with a licensed attorney or legal representative concerning your local laws regarding what may or may not be applicable in your jurisdiction.
 
The U.S. regulatory agency, S.E.C., regularly works with foreign countries governments and regulatory agencies when enforcing laws on foreign companies. There is more than ample case law and literature that will verify this. That does not apply to all, or even most U.S. or other countries laws. Most laws do not give jurisdiction to one country over another. We will use the example of KimDotCom.
 
As a Non U.S. citizen, the U.S.'s Department of Justice does not have the jurisdiction to send their agents to New Zealand to arrest him. They must legally have New Zealand extradite him. This is obvious, or should be to most people. Which is exactly why he is still in New Zealand and not in the U.S. either in court or jail. He has been able to fight extradition for the last 6 years, and hopefully that's how it stays. However, there are certain things which does fall under the jurisdiction of foreign countries. I'm not even going to try to list them here as that isn't important.
 
The most important thing however is how the U.S. extends it's jurisdiction when they should have absolutely no legal grounds. Specifically this falls under the Dodd-Frank Act. "Under the Dodd-Frank Act, U.S. courts have jurisdiction over claims of securities violations brought by the SEC or DOJ that involve: 1) Significant steps in furtherance of a violation that occurred in the United States even if the transaction took place outside the United States; or 2) Conduct outside the United States that has a “foreseeable substantial effect” within the United States."
 
Currently the U.S. has on more than occasion claimed jurisdiction over a foreign cryptocurrency exchange. Once for a civil claim against /Mt. Gox/(Japan) from 2014, in U.S. Federal court. I haven't fully looked in to all the details of this particular case in the State of Illinois. More details can be found here.
 
This was used more specifically last year when the U.S. SEC and DOJ sought charges against BTC-e, a Russian Exchange, and it's owner Alexander Vinnik. Accordingly BTC-e's assests including domain, etc. was seized by the U.S. and charged with operating an unlicensed money service business, money laundering, and related crimes. Details of this case can be found here.
 
To make sure that I'm not wrong and offer evidence showing that it is being taken that seriously, all you have to do is look at Tether and Bitfinex. NOTE: all information regarding the following companies is not my opinion but are the facts that have been released in accordance with the leaked Paradise Papers and other information. Whatever the financial status of any and all parties involved does not imply any guilt and should not be taken as such. For the purpose of this article, it is used only as an educational tool.
 
Most exchanges pair the USDT and not USD. This is done so foreign exchanges don't have to worry about reporting and banking laws that any company dealing with USD is legally obligated to do but they are still able to pair things against the US dollar which we all see it listed as USDT/BTC. A vast majority of people will never notice nor even give this a second thought. Exchanges do this specifically because using the USD would subject them to U.S. banking laws but since Tether "USDT" is a coin and not money, exchanges don't have to follow U.S. banking laws. This creates an extra layer of protection for exchanges and they are able to operate much easier without accidentally breaking those or other U.S. money-laundering, know your customer, etc. laws.
 
Many in the community remember last year when Bitfinex announced they announced they were stopping all user activity for U.S. citizen accounts. This was done for a very specific reason, and if you research what Bitfinex did after the last hack of $70 million USD, you will understand why. I'm sure a lot of people that weren't around when the hack occurred wouldn't believe what the exchange did to their customers. Long story short, Tether lost U.S. banking relations which caused people to question what was really going on. That's why we have the information we do now.
 
Anyway back to subject on hand. Including using the aforementioned way that exchanges protect themselves by pairing with USDT and not USD; Tether further protects itself by separating itself into multiple entities; Tether Limited (“TLTD“) for U.S. citizens, Tether International Limited (“TIL“) for all Non U.S. citizens for the purpose of issuing, use, etc. of the Tether coin. Tether "TIL", Tether "TLTD" and Bitfinex (owned by iFinex Inc.) are incorporated in Hong Kong. Last but not least, and most important. "Tether Holdings" founded in 2014, and iFinex Inc. are both based in British Virgin Islands. These are the only parts of Tether and Bitfinex that receive real money, actual US dollars, Euro's, Yen, etc.
 
Any exchange, wallet, etc. that accepts actual money payments dealing with cryptocurrency knows that by accepting real money they must follow AML/CTF laws of whichever jurisdiction that would apply. Hence why most all exchanges pair with USDT and not USD. Furthermore, most people are also aware that the British Virgin Islands, Cayman Islands, etc. are considered tax havens and the U.S. can't do a damn thing. No government can. There is much more about Tether if anyone wants to look further, it should be easy for anyone following along to see the possible implications. For our purpose, all we need is know how the companies are structured.
 
Now this part is not asking anyone to make any loose connections, or even try to connect all the dots together. We are going to look at this from a dumbed down point of view. If you didn't know what company it was that was structured in the exact same way with multiple sister corps, parent corps, locations, etc. most people would be baffled as to why any company would go through all that trouble. What practical reason could a cryptocurrency company, in a unregulated world, have to do that in the first place?
 
Fraud is rampant and no one seems to ever go to jail. Even if doing the same thing in any other business would likely result in criminal charges. So why would any company go through all that trouble if they had nothing to worry about. Even if their entire goal is to defraud people such as "B-Connect", why would any foreign company dealing with crypto go through that much trouble in such an unregulated market? Number one that is substantially more expensive financially and also much more work that would have to be done. Not including the additional time and cost to hide that stuff
 
So putting aside any thought of Tether committing fraud or whatever else is alleged. Let's just look at the basic facts: If foreign exchanges, etc. aren't subject to outside laws because they are located in a different country. Why would any of them use a coin in place of real money for pairings? Wouldn't it be easier no matter what to just pair listing against the dollar. USD/BTC USD/ETH NZD/BTC NZD/ETH or whatever fiat currency paired against crypto. That would just create more accounting and unnecessary additional steps to convert crypto to fiat? No business would adopt a model like that if there was not a fundamental need for the extra work/cost/etc. Everyone should have no problems understanding why exchages list pairings in USDT and NZDT and not USD and NZD.
 
Alright that was very easy and was not meant to insult anyone's intelligence. We first had to ask that question before we can even ask the next one. So if exchanges are protected from foreign country laws just by using USDT. Why would Tether, Bitfinex, "B-Connect" International for that matter, stop doing business with U.S. citizens if they use USDT and are not based in the U.S.? Why would it matter then if they do business with them? Maybe the reason they ensure that no U.S. citizen can do business with them is because U.S. law does still apply to them if they transact with them. By now everyone knows "B-Connect"was a ponzy scheme, and if you have paid any attention, the U.S. is going after them tooth and nail. Yes "B-Connect"did have U.S. locations however "B-Connect"International which is the holding company of the new "B-ConnectX" is already up and running and is unable to be shut down since US citizens are not permitted to use that service now.
 
Finally, to wrap this up, even if you still think I have no clue as to what I'm saying. You only need to explain why a known fraudulent company and another giant clusterfuck, which worst case scenario is possibly the largest theft in human history. Why would they go through that much work? Why would any of the multitude of fraudsters, scammers, criminals, and anyone else looking to take advantage of other people even bother doing extra work or spending more.
 
I hope everyone was able to learn something because this took a while to put together. If anyone wants I can post more information about the Tether issue. I'm sure you'll have no trouble finding plenty on that though.
submitted by PissedOfMiner to btc [link] [comments]

Groestlcoin Release September 2018

Introduction

As always, the past 3 months since 22nd June have been crazy busy. The bears might still be around, but the show must go on and of course has not slowed the Groestlcoin development team in the slightest. Here’s a quick overview of what has already happened since the last release: - Integrated into the bitbns exchange, with the ability to buy Groestlcoin directly with the Indian Rupee. - Groestlcoin Rebrand Vote – Whilst there was much talk and push for a rebrand vote, the overall result was almost unanimously in favour of keeping our unique and conversation-starting name. With just 83 votes to Rebrand, and 2577 votes to No Rebrand. Thank you for all who voted, the funds raised are being used to fund ongoing hosting and development costs. - Integrated into the Cryptobridge exchange. Cryptobridge is a popular decentralised exchange where you always hold the private keys to your funds, only YOU have access to them. - Groestlcoin has been added to SimpleSwap – Groestlcoin can now be swapped with over 100 other cryptocurrencies, without signing up! - Groestlcoin has been added to UnoDax, one of the leading cryptocurrency exchanges in India, with TUSD, BTC and INR trading pairs. - Groestlcoin has been added to SwapLab.cc, where you can buy Groestlcoin using Bitcoin and over 50 other altcoins. Purchasing with VISA/Mastercard is coming VERY SOON. Discussed later: - Groestlcoin has been listed on #3 largest exchange in the world on volume, Huobi Global! More on this to come further on in the announcements. - Groestlcoin has been added to the Guarda Multi-Currency Wallet. - Groestlcoin has been added to Melis Multi-Device, Multi-Account, Multi-Platform, Multi-Signature advanced wallet! Already this list is far more than most other cryptocurrencies have achieved in the past 3 months. But this is just the tip of the iceberg of what has been developed.

What's been Happening?

GRSPay Released

We are so excited for this, that it has it's own separate reddit thread. Head over there now at https://www.reddit.com/groestlcoin/comments/9ikr5m/groestlcoin_releases_grspay/? to see more on this!
https://www.melis.io/assets/logo-navbar-4b6f0d372f15b2446d3fa4c68f346e4fb08ee113941186cee58fd6135f3f8b7d.svg

Melis Wallet

The the most advanced wallet for Bitcoin, Bitcoin Cash, Litecoin and now Groestlcoin.
With Melis you have the complete control of your bitcoins and private keys, you can define spending limits policies and make use of two or more factors authentication. Melis is open source, published on GitHub.

How Melis Works?

You can create as many accounts as you want. An account is a part of your wallet that can be customised to your requirements. You can choose how many co-signers are required to spend funds. The accounts are completely independent and act like separate wallets from each other but can be accessed via the same details. A core feature of Melis is the ability to set a ‘primary’ device. With this you can set an account as ‘Secure’ so it is only viewable (and accessible at all) from the Primary device. You can have a savings account hidden from the outside world whilst also having your ‘spending’ funds available on the go. With Melis you can create a multi-signature account between N people, where up to N signatures are required to sign a transaction, choosing if any of those should be mandatory.
Core Features:
https://guarda.co/assets/images/1PGo4ID.svg?1537791124643

Guarda Wallet

Safer than ever! Desktop Light Wallet - Anonymous and fast!
With Guarda Multi-currency Desktop Light Wallet you don’t need to register. Guarda has no access to your private keys or funds. You can receive, send, store, buy and exchange cryptocurrencies in complete anonymity and safety. All these features are available on Linux, Windows or MacOS. Choose the one that suits you!
More info about Guarda wallet on www.guarda.co
https://holytransaction.com/images/logo.png

Integrated into HolyTransaction

What is HolyTransaction?

HolyTransaction gives users access to the crypto world with a universal cryptocurrency wallet and instant exchange.

Features

For more information, visit Holy Transaction here.
https://www.groestlcoin.org/wp-content/uploads/2018/09/next-grs-groestlcoin.jpg

Integrated into NEXT Wallet

What is NEXT?

NEXT is a modern, next-generation stylish open-source Desktop wallet.

Features

For more information, visit NextWallet here.
https://blockchainfinancial.com/mediaserve2018/09/admin-06143647-bcf_logo_vec_256x256.png

Integrated into Blockchain Financial

What is Blockchain Financial?

Blockchain Financial is a set of web based services for individuals and companies that want to make things happen with the Cryptocurrencies Ecosystem. - For those that don't know anything about cryptocurrencies, we offer tools that will let them receive, send and operate with an assortment of coins. - For those that are already riding the wave, we offer tools that will let them do all those things that they weren't able to do.

Blockchain Financials mission

We're not here to reinvent the wheel. We're here to make it run smoother for you, and we provide some of the most useful services you'll find on the internet, made in a way that is easy to understand and use on a daily basis. In short, we're a bunch of people that claim to be Crypto Evangelists. We strongly believe in cryptocurrencies, and our main promise is to push them up so more people get involved and take all the advantages they offer.

More information from Blockchain Financial

Back in 2014, the world was taken by storm when Facebook approved the first cryptocurrencies tipping apps. The first was for Dogecoin, and the second was for multiple coins.
The project was hosted on whitepuma.net, and persisted for almost two years, built up a massive user community and gave a home to Bitcoin, Litecoin, Dogecoin and dozens of other bitcoin-based altcoins.
After very active months, the tipping hype started to fade away. Then, the developers decided to jump into the next stage: bringing not only tipping, but also mining and a widget that could be embedded on websites to allow everyone to accept payments. Sadly, the work was never completed because the project started to require an unsustainable amount of resources. Then, in a painful decision, a shutdown was announced by December 2015.
A couple of months after whitepuma.net was closed, the source code was released by its creator as Open Source on GitHub. But it wasn't maintained.
Now, some of the original members of the dev and admin teams gathered up with a handful of the WhitePuma's elite users, and decided to make something good with the best pieces of the old source code. That, with fresh new ideas and the power of the BardCanvas engine, synthesized the core of Blockchain Financial.
More info about Blockchain Financial wallet on .
For more information, visit [Blockchain Financial](www.blockchainfinancial.com)
https://www.huobi.com/image/logo.aeb4723.svg

Groestlcoin Listed on Huobi

Who are Huobi?

Huobi was founded in China and is now based in Singapore, with offices in Hong Kong, South Korea, Japan and the North America, currently sitting #3 in volume on Coinmarketcap. Huobi is a great leap forward for our growing presence in Asia and we are very excited to be listed here!
You can find the official Huobi announcement here.

Groestlcoin Core v2.16.3 - Please Update ASAP

A new major Groestlcoin Core version 2.16.3 is now available for download which includes both a Denial of Service component and a critical inflation vulnerability, so it is recommended to upgrade to it if you are running a full Groestlcoin node or a local Groestlcoin Core wallet.
v2.16.3 is now the official release version of Groestlcoin Core. This is a new major version release with a very important security updates. It is recommended to upgrade to this version as soon as possible. Please stop running versions of Groestlcoin Core affected by CVE-2018-17144 ASAP: These are 2.13.3 and 2.16.0.
As a result in this, all exchanges and services have been asked to upgrade to this version, so please be patient if wallets go in to maintenance mode on these services.

What's new in version v2.16.3?

This is a major release of Groestlcoin Core fixing a Denial of Service component and a critical inflation vulnerability (https://nvd.nist.gov/vuln/detail/CVE-2018-17144) exploitable by miners that has been discovered in Groestlcoin Core version 2.13.3 and 2.16.0. It is recommended to upgrade to 2.16.3 as soon as possible. If you only occasionally run Groestlcoin Core, then it's not necessary to run out and upgrade it right this second. However, you should upgrade it before you next run it. If you know anyone who is running an older version, tell them to upgrade it ASAP. Stored funds are not at risk, and never were at risk. At this time we believe over half of the Groestlcoin hashrate has upgraded to patched nodes. We are unaware of any attempts to exploit this vulnerability. However, it still remains critical that affected users upgrade and apply the latest patches to ensure no possibility of large reorganizations, mining of invalid blocks, or acceptance of invalid transactions occurs.

The Technicals

In Groestlcoin Core 2.13.3, an optimization was added (Bitcoin Core PR #9049) which avoided a costly check during initial pre-relay block validation that multiple inputs within a single transaction did not spend the same input twice which was added in 2012 (Bitcoin Core PR #443). While the UTXO-updating logic has sufficient knowledge to check that such a condition is not violated in 2.13.3 it only did so in a sanity check assertion and not with full error handling (it did, however, fully handle this case twice in prior to 2.1.0.6). Thus, in Groestlcoin Core 2.13.3, any attempts to double-spend a transaction output within a single transaction inside of a block will result in an assertion failure and a crash, as was originally reported. In Groestlcoin Core 2.16.0, as a part of a larger redesign to simplify unspent transaction output tracking and correct a resource exhaustion attack the assertion was changed subtly. Instead of asserting that the output being marked spent was previously unspent, it only asserts that it exists. Thus, in Groestlcoin Core 2.16.0, any attempts to double-spend a transaction output within a single transaction inside of a block where the output being spent was created in the same block, the same assertion failure will occur. However, if the output being double-spent was created in a previous block, an entry will still remain in the CCoin map with the DIRTY flag set and having been marked as spent, resulting in no such assertion. This could allow a miner to inflate the supply of Groestlcoin as they would be then able to claim the value being spent twice.
Groestlcoin would like to publicly thank Reddit user u/Awemany for finding CVE-2018-17144 and reporting it (https://lists.linuxfoundation.org/pipermail/bitcoin-core-dev/2018-Septembe000064.html). You deserve gratitude and appreciation from cryptoworld, and you have ours. If you want to support him for his work, please consider donating to him on his bitcoin cash address: bitcoincash:qr5yuq3q40u7mxwqz6xvamkfj8tg45wyus7fhqzug5
http://i.imgur.com/3YhyNZK.png

Groestlcoin Electrum-GRS 3.2.2 - Ledger & Trezor Edition

What is Electrum-GRS?
Electrum-GRS is a lightweight "thin client" groestlcoin wallet Windows, MacOS and Linux based on a client-server protocol. Its main advantages over the original Groestlcoin client include support for multi-signature wallets and not requiring the download of the entire block chain.

Changes:

http://i.imgur.com/3YhyNZK.png

Electrum-GRS Mobile Android

What is Electrum-GRS Mobile?

Electrum-grs is a lightweight "thin client" groestlcoin wallet Android based on a client-server protocol. Its main advantages over the original Groestlcoin client include support for multi-signature wallets and not requiring the download of the entire block chain.

Changes

Groestlcoin EasyVanity Released

Groestlcoin EasyVanity is a Windows app is built from the ground-up in C# and makes it easier than ever before to create your very own bespoke Groestlcoin address(es), even whilst not connected to the internet! You can even generate multiple keys with the same prefix and leave it on overnight whilst your CPU or GPU collects and stores these addresses locally.
If you're tired of the random, cryptic addresses generated by regular groestlcoin clients, then Groestlcoin EasyVanity is the right choice for you to create a more personalized address.

Features

• Ability to continue finding keys after first one is found • Includes warning on startup if connected to the internet • Ability to output keys to a text file (And shows button to open that directory) • Ability to make your match case sensitive (Where possible) • Show and hide the private key with a simple toggle switch, and copy the private key straight to your clipboard • Show full output of commands • Includes statistics whilst the application is running • Ability to choose between Processor (CPU) and Graphics Card (GPU) • Automatically detects 32 or 64 bit systems • Features both a Light and Dark Material Design inspired Themes • EasyVanity's search is probabilistic, and the amount of time required to find a given pattern depends on how complex the pattern is, the speed of your computer, and whether you get lucky. • EasyVanity includes components to perform address searching on your CPU (vanitygen) and your OpenCL-compatible GPU (oclvanitygen). Both can be built from source, and both are included in the Windows binary package. • Prefixes are exact strings that must appear at the beginning of the address. When searching for prefixes, Easyvanity will ensure that the prefix is possible, and will provide a difficulty estimate. • The percentage displayed just shows how probable it is that a match would be found in the session so far. If it finds your address with 5% on the display, you are extremely lucky. If it finds your address with 92% on the display, you are unlucky. If you stop EasyVanity with 90% on the display, restart it, and it finds your address with 2% on the display, your first session was unlucky, but your second session was lucky. • EasyVanity uses the OpenSSL random number generator. This is the same RNG used by groestlcoin and a good number of HTTPS servers. It is regarded as well-scrutinized. Guessing the private key of an address found by EasyVanity will be no easier than guessing a private key created by groestlcoin itself. • To speed up address generation, EasyVanity uses the RNG to choose a private key, and literally increments the private key in a loop searching for a match. As long as the starting point is not disclosed, if a match is found, the private key will not be any easier to guess than if every private key tested were taken from the RNG. EasyVanity will also reload the private key from the RNG after 10,000,000 unsuccessful searches (100M for oclvanitygen), or when a match is found and multiple patterns are being searched for. • Free software - MIT. Anyone can audit the code. • Written in C# - The code is short, and easy to review.

Groestlcoin Sentinel (Android & Blackberry) – Mainnet + Testnet

What is Sentinel?

Groestlcoin Sentinel is the easiest and fastest way to track/receive/watch payments in your offline Groestlcoin Wallets. Groestlcoin Sentinel is compatible with any standard Groestlcoin address, BIP44 XPUB (Extended Public Key) BIP49 YPUB and BIP84 ZPUB
Groestlcoin Sentinel is a great solution for anyone who wants the convenience and utility of a hot wallet for receiving payments directly into their cold storage (or hardware wallets). Sentinel accepts XPUB's, YPUB'S, ZPUB's and individual Groestlcoin address. Once added you will be able to view balances, view transactions, and (in the case of XPUB's, YPUB's and ZPUB's) deterministically generate addresses for that particular wallet.

What's New?

The P2SH paperwallet supports creating P2SH paperwallets in bulk, keypair generation with QR codes and sweeping tool. Groestlcoin believes strongly in privacy, the live version does not collect and store IP or transaction data.
Changes
Features
The BECH32 paperwallet supports creating BECH32 paperwallets in bulk, keypair generation with QR codes and sweeping tool. Groestlcoin believes strongly in privacy, the live version does not collect and store IP or transaction data.
Features
![WebWallet](https://i.imgur.com/Z2oj7bj.png)

Groestlcoin Web Wallet Update 1.4

What is Groestlcoin Web Wallet?
Groestlcoin Webwallet is an open source, multisignature, HD Wallet and more! Webwallet is a a open source browser based Groestlcoin webwallet.
Webwallet is a playground for Groestlcoin in javascript to experiment with. It supports multisig, OP_HODL, RBF and many more. Groestlcoin believes strongly in privacy, the live version does not collect and store IP or transaction data.
Changes:
submitted by Yokomoko_Saleen to groestlcoin [link] [comments]

Altcoin News - Cryptocurrency Market, Litecoin and Cryptos Surging, Bitcoin $40,000? South Korea Helicopter Money Has Arrived - Why That's Extremely Bullish for Bitcoin Bitcoin Halving Dump  Time Magazine Person of the Year Hong Kong Protesters Live In Hong Kong ! Is it Safe to go out? BITCOIN BEARISH $9K NEXT?! Credit Card Debt - ALL TIME HIGH

Permalink. Good day and keep up the good work. Please I omitted step 1 – 3 because I am trying to use my wallet ID to check how secured my wallet is but got stuck on step 4 to 5. Want to find the best Bitcoin Cashwallet? Read our guide and find a top Bitcoin Cash wallet today with the lowest fees and top-rated security, iOs & Android. A bitcoin hardware wallet is the most secure place for you to store bitcoin that you’re not planning to trade. If your plans include spending or trading some of your bitcoin, you should store that on a private mobile wallet. Remember, your mobile wallet is only as secure as the device you store it on. It’s essential to set up 2-factor authentication for your account and for your phone in ... sent them from the wallet of the website where i bought them, to a totally new bitcoin wallet/address I just created (Multibit) Failed to send them to another wallet of mine. I don't understand where the wrong adress comes from, I looked for this adress everywhere but can't find anything. Please help me I'm so disapointed.. Hong Kong Crypto Exchange Launches Hardware Wallet With Fingerprint Recognition WALLETS Oct 14, 2020 3.5 Million+ Crypto Wallets Downloaded in July, Active Users up 110% in the Year

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Altcoin News - Cryptocurrency Market, Litecoin and Cryptos Surging, Bitcoin $40,000? South Korea

#bitcoin #cryptocurrency #crypto #airdrop #theta #eos #airdrops #bitcoin #btc #cardano #dApps #giveaway #hardfork #hirevibes #ethereum #eos #eosbet #betdice #tron #dicebet #ledger #tradingview ... Live in Hong Kong! Everyone is wearing masks and walking on the street !! 👍🏻Subscribe: https://www.youtube.com/c/boxmining 🚀Latest Crypto Updates: https://ww... This is Altcoin news, from the world of Cryptocurrency. Today we look at the cryptocurrency new year ramp up and what this means for 2018. Litecoin is surging. Here is why the cryptocurrency is ... If you are watching bitcoin (Btc) to cash, you probably had your bitcoin in blockchain or jaxx or any other non bitcoin cash wallet. If you have your private keys you can restrieve those bitcoin ... Bitcoin's rise to 11,000 wasn't ... Facebook's Libra will give everyone an electronic wallet, says pro - Duration: 5:55. CNBC Television 7,157 views. 5:55. I Was Wrong About XRP? If You Hold XRP ...

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