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Epic Cash AMA Recap with CryptoDiffer Community
CryptoDiffer teamHello, everyone!We are glad to meet here:Max Freeman (@maxfreeman4), Project Lead at Epic CashYoga Dude (@Yogadude), PR&Marketing at Epic CashXenolink (@Xenolink), Advisor at Epic Cash Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here! Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here! Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us! CryptoDiffer teamLet`s start from the first introduction question:Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash? Yoga Dude PR&Marketing at Epic Cash Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing. I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially. Xenolink Advisor at Epic Cash Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers! Max Freeman Project Lead at Epic Cash I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level. CryptoDiffer team Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:) Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one? Max Freeman Project Lead at Epic Cash I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly. There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos that explain why we believe we have created something truly special here. Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange. Yoga Dude PR&Marketing at Epic Cash Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility. Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved. Xenolink Advisor at Epic Cash To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry. To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone. CryptoDiffer team Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months? Yoga Dude PR&Marketing at Epic Cash Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content. We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money. You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages Max Freeman Project Lead at Epic Cash Our future development roadmap will be published soon and includes 4 tracks: Usability Mining Core Protocol Ecosystem Development Core Protocol Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020 Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020 Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a Usability GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020 Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020 Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a Mining RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin. Ecosystem Development Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a Xenolink Advisor at Epic Cash From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide. CryptoDiffer team Great, thank you for your answers, we now can move to community questions part! Cryptodiffer Community You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC? Max Freeman Project Lead at Epic Cash The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part. Cryptodiffer Community To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from? Xenolink Advisor at Epic Cash Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project. Cryptodiffer Community Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you! Yoga Dude PR&Marketing at Epic Cash First, I must admit that I am still a huge fan and HODLer of Monero. That said: ✅ our blockchain is MUCH lighter than Monero’s ✅ our transaction processing speed is much faster ✅ our address-less blockchain is more private ✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU Cryptodiffer Community
the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community $EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future? Who is Epic Biggest competitors? And what’s makes epic better than competitors? Xenolink Advisor at Epic Cash We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity. Cryptodiffer Community What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Yoga Dude PR&Marketing at Epic Cash Since we are a community project, we have many developers, in addition to the core team. Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks. We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked. Cryptodiffer Community EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges? Xenolink Advisor at Epic Cash In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Max Freeman Project Lead at Epic Cash Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic. With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash. As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability Cryptodiffer Community Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ? Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors? Max Freeman Project Lead at Epic Cash RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware. Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses. Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware. The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved. Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem? Xenolink Advisor at Epic Cash Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic. Cryptodiffer Community I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto? What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ? Yoga Dude Pr&Marketing at Epic Cash Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential. The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers. The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique Cryptodiffer Community Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI? Yoga Dude PR&Marketing at Epic Cash We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on. Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way. Cryptodiffer Community If you could choose one celebrity to promote Epic-cash, who that would be? Max Freeman Project Lead at Epic Cash I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences. I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today. Epic Cash will have its OWN Celebrities Cryptodiffer Community How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it? Xenolink Advisor at Epic Cash Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin. Cryptodiffer Community what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ? Max Freeman Project Lead at Epic Cash There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make. Cryptodiffer Community Q1 : What are your major goals to archive in the next 3–4 years? Q2 : What are your plans to expand and gain more adoption? Yoga Dude Pr&Marketing at Epic Cash Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁 We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting. Cryptodiffer Community It seems to me that EpicCash will have its first Halving, right? Why a halving so soon? Is a mobile version feasible? Max Freeman Project Lead at Epic Cash Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140. Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining. Cryptodiffer Community What markets will you add after that? Yoga Dude PR&Marketing at Epic Cash Well, we are aiming to have ALL markets Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry) We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages. Epic Cash is More than Money and its for Everyone. Cryptodiffer Community Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins? Max Freeman Project Lead at Epic Cash With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can. Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises. Cryptodiffer Community What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment? Xenolink Advisor at Epic Cash Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash. Cryptodiffer Community
You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well. Cryptodiffer Community Do EPICs in 2020 focus more on research and coding, or on sales and implementation? Yoga Dude PR&Marketing at Epic Cash We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy. In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC. Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters. Everyone with skin in the game gets the benefit of advancing the cause. Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content — https://www.youtube.com/watch?v=XtAVEqKGgqY a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this Cryptodiffer Community I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex? Let’s talk about the economic model, can EpicCash comply with the concept of value reserve? Max Freeman Project Lead at Epic Cash In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader. We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166 Max Freeman Project Lead at Epic Cash Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project. Xenolink Advisor at Epic Cash Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash . Yoga Dude Pr&Marketing at Epic Cash Thank you, CryptoDiffer Team, and this wonderful Community!!! Cryptodiffer TEAM Thank you everyone for taking your time and asking great questions Thank you for your time, it was an insightful session Spread the love
I was going through old emails today and came across this one I sent out to family on January 4, 2018. It was a reflection on the 2017 crypto bull market and where I saw it heading, as well as some general advice on crypto, investment, and being safe about how you handle yourself in cryptoland. I feel that we are on the cusp of a new bull market right now, so I thought that I would put this out for at least a few people to see *before* the next bull run, not after. While the details have changed, I don't see a thing in this email that I fundamentally wouldn't say again, although I'd also probably insist that people get a Yubikey and use that for all 2FA where it is supported. Happy reading, and sorry for some of the formatting weirdness -- I cleaned it up pretty well from the original email formatting, but I love lists and indents and Reddit has limitations... :-/ Also, don't laught at my token picks from January 2018! It was a long time ago and (luckliy) I took my own advice about moving a bunch into USD shortly after I sent this. I didn't hit the top, and I came back in too early in the summer of 2018, but I got lucky in many respects. ----------------------------------------------------------------------- Jan-4, 2018 Hey all! I woke up this morning to ETH at a solid $1000 and decided to put some thoughts together on what I think crypto has done and what I think it will do. *******, if you could share this to your kids I’d appreciate it -- I don’t have e-mail addresses, and it’s a bit unwieldy for FB Messenger… Hopefully they’ll at least find it thought-provoking. If not, they can use it as further evidence that I’m a nutjob. 😉 Some history before I head into the future. I first mined some BTC in 2011 or 2012 (Can’t remember exactly, but it was around the Christmas holidays when I started because I had time off from work to get it set up and running.) I kept it up through the start of summer in 2012, but stopped because it made my PC run hot and as it was no longer winter, ********** didn’t appreciate the sound of the fans blowing that hot air into the room any more. I’ve always said that the first BTC I mined was at $1, but looking back at it now, that’s not true – It was around $2. Here’s a link to BTC price history. In the summer of 2013 I got a new PC and moved my programs and files over before scrapping the old one. I hadn’t touched my BTC mining folder for a year then, and I didn’t even think about salvaging those wallet files. They are now gone forever, including the 9-10BTC that were in them. While I can intellectually justify the loss, it was sloppy and underlines a key thing about cryptocurrency that I believe will limit its widespread adoption by the general public until it is addressed and solved: In cryptoland, you are your own bank, and if you lose your password or account number, there is no person or organization that can help you reset it so that you can get access back. Your money is gone forever. On April 12, 2014 I bought my first BTC through Coinbase. BTC had spiked to $1000 and been in the news, at least in Japan. This made me remember my old wallet and freak out for a couple of months trying to find it and reclaim the coins. I then FOMO’d (Fear Of Missing Out”) and bought $100 worth of BTC. I was actually very lucky in my timing and bought at around $430. Even so, except for a brief 50% swing up almost immediately afterwards that made me check prices 5 times a day, BTC fell below my purchase price by the end of September and I didn’t get back to even until the end of 2015. In May 2015 I bought my first ETH at around $1. I sent some guy on bitcointalk ~$100 worth of BTC and he sent me 100 ETH – all on trust because the amounts were small and this was a small group of people. BTC was down in the $250 range at that point, so I had lost 30-40% of my initial investment. This was of the $100 invested, so not that much in real terms, but huge in percentages. It also meant that I had to buy another $100 of BTC on Coinbase to send to this guy. A few months after I purchased my ETH, BTC had doubled and ETH had gone down to $0.50, halving the value of my ETH holdings. I was even on the first BTC purchase finally, but was now down 50% on the ETH I had bought. The good news was that this made me start to look at things more seriously. Where I had skimmed white papers and gotten a superficial understanding of the technology before FOMO’ing, I started to act as an investor, not a speculator. Let me define how I see those two different types of activity:
Investors buy because the price is less than the value they see in the investment. Speculators buy because they think that someone will pay more in the future than they are paying now.
Investors trade on information (The white paper was really well-written, had a clear technical advantage over other alternatives, and addresses a need that I can understand and value.) Speculators trade on sentiment. (Buy the rumor! Sell the news!)
Investors usually look at the investment and themselves and can describe why they purchase in those terms (ABC-Coin provides (service) that isn’t addressed yet and matches (requirements) for an investment.) Speculators usually describe why they bought something in terms of how other people think (I think that other people think that the price will rise, so I want to get ahead of that.)
Investors don’t necessarily check the price every day. The can, and very often I do, but it isn’t required because fundamentals don’t often change on a dime. Speculators need to be glued to a price feed, because sentiment very often changes on a dime.
Investors like ideas, people, business plans, and market opportunities. Good ones are like Spock. Speculators like trends. They are tribal.
Investors have a longer time horizon than speculators. In cryptoland, the notion of a “longer” time horizon is still laughably small (months) compared to traditional markets, but it certainly isn’t weeks or days or hours, which is whre speculators often live.
So what has been my experience as an investor? After sitting out the rest of 2015 because I needed to understand the market better, I bought into ETH quite heavily, with my initial big purchases being in March-April of 2016. Those purchases were in the $11-$14 range. ETH, of course, dropped immediately to under $10, then came back and bounced around my purchase range for a while until December of 2016, when I purchased a lot more at around $8. I also purchased my first ICO in August of 2016, HEAT. I bought 25ETH worth. Those tokens are now worth about half of their ICO price, so about 12.5ETH or $12500 instead of the $25000 they would be worth if I had just kept ETH. There are some other things with HEAT that mean I’ve done quite a bit better than those numbers would suggest, but the fact is that the single best thing I could have done is to hold ETH and not spend the effort/time/cost of working with HEAT. That holds true for about every top-25 token on the market when compared to ETH. It certainly holds true for the many, many tokens I tried to trade in Q1-Q2 of 2017. In almost every single case I would have done better and slept better had I just held ETH instead of trying to be smarter than Mr. Market. But, I made money on all of them except one because the crypto market went up more in USD terms than any individual coin went down in ETH or BTC terms. This underlines something that I read somewhere and that I take to heart: A rising market makes everyone seem like a genius. A monkey throwing darts at a list of the top 100 cryptocurrencies last year would have doubled his money. Here’s a chart from September that shows 2017 year-to-date returns for the top 10 cryptocurrencies, and all of them went up a *lot* more between then and December. A monkey throwing darts at this list there would have quintupled his money. When evaluating performance, then, you have to beat the monkey, and preferably you should try to beat a Wall Street monkey. I couldn’t, so I stopped trying around July 2017. My benchmark was the BLX, a DAA (Digital Asset Array – think fund like a Fidelity fund) created by ICONOMI. I wasn’t even close to beating the BLX returns, so I did several things.
I went from holding about 25 different tokens to holding 10 now. More on that in a bit.
I used those funds to buy ETH and BLX. ETH has done crazy-good since then and BLX has beaten BTC handily, although it hasn’t done as well as ETH.
I used some of those funds to set up an arbitrage operation.
The arbitrage operation is why I kept the 11 tokens that I have now. All but a couple are used in an ETH/token pair for arbitrage, and each one of them except for one special case is part of BLX. Why did I do that? I did that because ICONOMI did a better job of picking long-term holds than I did, and in arbitrage the only speculative thing you must do is pick the pairs to trade. My pairs are (No particular order):
I also hold PLU, PLBT, and ART. These two are multi-year holds for me. I have not purchased BTC once since my initial $200, except for a few cases where BTC was the only way to go to/from an altcoin that didn’t trade against ETH yet. Right now I hold about the same 0.3BTC that I held after my first $100 purchase, so I don’t really count it. Looking forward to this year, I am positioning myself as follows:
ETH will still be my core holding. It is the “deepest in the stack” crypto investment that I have. “Deep in the stack” is a programming term that gets at the idea that most software is built on other software. If you just think about your notebook, you have your OS, and programs run on that. But even inside the OS there is a stack. The bottom of your stack is the kernel, and on top of that are the drivers, protocols, and other layers that allow the programs to talk to the OS, the hard drive, the screen, the mouse, your printer, etc. You can change your mouse or printer easily. Changing things deeper in the stack becomes harder and harder. ETH is deep in the crypto stack, so is very hard to dislodge – Around 60 of the top 100 cryptocurrencies by market cap run on top of Ethereum, so getting rid of Ethereum is something that would take a long time to do.
DNT, QTUM, ZRX, and OMG are all, to varying degrees, “deep in the stack” tokens that, once established, will be very hard to dislodge.
That said, I am peeling away some of my holdings into USD right now, because big changes are afoot and they are going to cause market disruptions. I’m going to come right out and admit that this is speculative, but I’m also going to back it up with some non-speculative facts.
The SEC has been sending out hundreds of subpoenas to cryptocurrency organizations over the past 3-4 months. These subpoenas are simply asking for information and nobody has been charged with any crimes or misdoings, but it is clear that the SEC is getting together information so that they can begin to regulate cryptoland. When that happens, other countries will follow, and that means:
Some tokens will be deemed outright scams and people will be prosecuted.
Some tokens will be deemed securities and will be regulated.
Some tokens will not be deemed scams or securities and will continue as they have.
Looking at this, it is clear to me that the tokens that escape prosecution and regulation should do better, but the short-term impact will be brutal and ugly. It would not surprise me at all to see a 50% drop in overall market cap within Q1-Q2, with Q1 being more likely.
Cryptoland has always been a bit nuts, but it is more nuts now than I have ever seen it. Back in 2011-2014 it was a freaks-n-geeks show where people were all about the technology and I would sit around for a 3-day weekend installing a *nix VM on my Windows machine so that I could compile the most recent source and run a CUDA SHA-256 routine rather than thrash my CPU. If that doesn’t make sense to you, you wouldn’t have even thought about being involved.
Now, people see Bitcoin advertisements in their Facebook feed and think “I gotta get on the BTC train!” before going to Coinbase and buying some with a credit card. They don’t know anything about crypto, and they are getting eaten alive – It is no coincidence that BTC peaked after the Thanksgiving holidays when people sat around the table and Janice got Uncle Mike and Cousin Bob all excited as she talked about going to Cancun for Christmas because of her crypto winnings. Huge amounts of fiat got transferred from newbies to BTC whales during this period, and once the whales were done, BTC had dropped from $20,000 to $12,000. It’s now back at $15,000, but for people who bought at a higher level, this sucks. As a result many have moved from BTC to ETH, with the single biggest money flow in crypto in December being the BTC à ETH flow. As a result, it’s no coincidence that ETH is at all-time highs now. The thing is, though, that even most people that moved from BTC to ETH really have no idea what they are doing. They are acting on buzzwords and emotion. They are speculators and are going to get crushed.
The stock market is quite high right now, but people are starting to worry that it is too high and that we are going to enter into a period of inflation again. This has caused gold to go up a lot the last quarter and is likely also responsible a bit for the rise in cryptos. If this view is correct, then cryptos stay stronger than if that pressure wasn’t there. If wrong, then cryptos will swing down as money exits cryptoland for more traditional markets.
I am spending most of my time and money on the arbitrage effort. The nice thing about arbitrage is that it works as the markets go up, and it works as the markets go down. When markets are too volatile, however, arbitrage can get very messy and dangerous, with each trade generating a loss instead of a profit, so I am working right now to tune the algorithms to take into account rate-of-change and add in some circuit breaker triggers. Once this is done I will expand those operations.
I am getting much more serious about systems security.
I have a Nano Ledger and recommend that anyone with >$1000 of crypto have one. The Trezor is also supposed to be good, but I haven’t used it.
I will set up a dedicated *nix notebook that is used for nothing except my crypto work. All it takes is one keylogger to get on your PC/Mac and your crypto is gone. What is on your Nano Ledger will be OK, but they will sweep out your exchange account or Coinbase account faster than you can type. A standard Linux installation with Chrome and nothing else is as about as secure as you can get in the civilian world.
If you don’t use LastPass or a similar password manager yet, you need to do that. Your password to LastPass should be at least 16 characters long and should not have a recognizable English word in it. If you think that “Iluvu4evah” is a secure password, you’re wrong.
Hackers know that “4”=”for” and “u”=”you”. Writing a script to substitute those in is trivial if they want to write the script, but it’s much easier for them to download one of the many, many programs out there that already do this.
If your password contains any string of numbers from anything that can be associated with you at any time in your life, it is insecure. Take those numbers out of the character count because they are an insignificant barrier to cracking your account.
The good news is that you probably won’t be targeted, but if you ever mention online that you are doing anything significant in crypto, that chance increased enormously.
*Never* talk with *anyone* about how much you have in crypto. You’ll notice that I haven’t here. There is no reason to tell even a family member how much you have unless you are sharing a tax form. Sure, you may trust them, but all it takes if for someone to overhead someone else mention at a party that a relative got into crypto a long time ago and made a bunch of money. That person can also then be subjected to the $10 hack and force you to send all your crypto to them.
Your password to LastPass (Or equivalent.) should look something like this -> 6k0jQMoziX&D#4W8
Yes, it’s a headache. Imagine your headache, though, were you to open your account one day and find all of your money gone.
Looking at my notes, I have two other things that I wanted to work into this email that I didn’t get to, so here they are:
Just like with free apps and other software, if you are getting something of value and you didn’t pay anything for it, you need to ask why this is. With apps, the phrase is “If you didn’t pay for the product, you are the product”, and this works for things such as pump groups, tips, and even technical analysis. Here’s how I see it.
Technical analysis (TA) is something that has been argued about for longer than I’ve been alive, but I think that it falls into the same boat. In short, TA argues that there are patterns in trading that can be read and acted upon to signal when one must buy or sell. It has been used forever in the stock and foreign exchange markets, and people use it in crypto as well. Let’s break down these assumptions a bit.
i. First, if crypto were like the stock or forex markets we’d all be happy with 5-7% gains per year rather than easily seeing that in a day. For TA to work the same way in crypto as it does in stocks and foreign exchange, the signals would have to be *much* stronger and faster-reacting than they work in the traditional market, but people use them in exactly the same way. ii. Another area where crypto is very different than the stock and forex markets centers around market efficiency theory. This theory says that markets are efficient and that the price reflects all the available information at any given time. This is why gold in New York is similar in price to gold in London or Shanghai, and why arbitrage margins are easily <0.1% in those markets compared to cryptoland where I can easily get 10x that. Crypto simply has too much speculation and not enough professional traders in it yet to operate as an efficient market. That fundamentally changes the way that the market behaves and should make any TA patterns from traditional markets irrelevant in crypto. iii. There are services, both free and paid that claim to put out signals based on TA for when one should buy and sell. If you think for even a second that they are not front-running (Placing orders ahead of yours to profit.) you and the other people using the service, you’re naïve. iv. Likewise, if you don’t think that there are people that have but together computerized systems to get ahead of people doing manual TA, you’re naïve. The guys that I have programming my arbitrage bots have offered to build me a TA bot and set up a service to sell signals once our position is taken. I said no, but I am sure that they will do it themselves or sell that to someone else. Basically they look at TA as a tip machine where when a certain pattern is seen, people act on that “tip”. They use software to see that “tip” faster and take a position on it so that when slower participants come in they either have to sell lower or buy higher than the TA bot did. Remember, if you are getting a tip for free, you’re the product. In TA I see a system when people are all acting on free preset “tips” and getting played by the more sophisticated market participants. Again, you have to beat that Wall Street monkey.
If you still don’t agree that TA is bogus, think about it this way: If TA was real, Wall Street would have figured it out decades ago and we would have TA funds that would be beating the market. We don’t.
If you still don’t agree that TA is bogus and that its real and well, proven, then you must think that all smart traders use them. Now follow that logic forward and think about what would happen if every smart trader pushing big money followed TA. The signals would only last for a split second and would then be overwhelmed by people acting on them, making them impossible to leverage. This is essentially what the efficient market theory postulates for all information, including TA.
OK, the one last item. Read this weekly newsletter – You can sign up at the bottom. It is free, so they’re selling something, right? 😉 From what I can tell, though, Evan is a straight-up guy who posts links and almost zero editorial comments. Happy 2018.
0xBitcoin (0xBTC) nVidia CUDA Miner, Pre-Built for Windows and Instructions. Newbie-friendly!
** PLEASE READ THE README! See the end of this post for more troubleshooting tips! Thanks! ** NOTE: I've retracted build TOFU-RC1.1 because of an issue communicating shares to the pool. I'll put another build together for Windows X64, and any info you will need to run it, once we figure out what the issue is. Thanks for your patience! RC1 does not show a hashrate report, but you can verify your approx. hashrate on the TMP pool's stats page. ** This build brings CUDA mining functionality from Linux to Windows X64 users. I tried to make it as easy to set up as possible. This is still software in-the-works, so please report any problems you might have here or at the Discord so we can figure them out! Thanks! ** Here's my attempt at making the CUDA miner work on Windows, and making it as painless as I can! Hopefully this is fairly "plug and play". :) I also added some functionality. I hope you guys like it! The enclosed README.txt should explain how to run and use it and solutions to some common problems. Build Mag517-RC1 for Windows X64: https://drive.google.com/open?id=1QWF_S7mfLGDk2YARC1ZZBYkmpqILLr0h I am going to commit my changes to the GitHub, once I set it up. Hurrah to the whole OPEN SOURCE 0xBitcoin miner team on the Discord! Including Infernal Toast, Mikers, @0x1d00ffff, developers of code this project is based on, coder of the original CPU miner and 1000x "Kaio-Ken" version... plus everyone else who knows who they are! Good Luck! May I suggest we join forces and point our miners at the TMP pool for the time being: http://tokenminingpool.com:8586 so that we can get some blocks and give PizzaPool some competition, with lower-fee pools and open-source, community supported miners. Let's take back the game! ;) Donations [ETH/0xBTC] welcome! Help my broke ass buy groceries. 0xa8b8ea4C083890833f24817b4657888431486444 TROUBLESHOOTING TIPS:
Is your machine's GUI too slow when mining? Try reducing intensity with the Block and Thread settings (Read on), turn off Hardware Acceleration in Windows and applications like FireFox, Chrome and Discord to make them draw with the CPU more, not the busy GPU. If you want it buttery-smooth, boot up with your monitor connected to a separate graphics card and mine on the non-display adapter. If your CPU has on-chip graphics, you can probably hook up to your motherboard's video output (not your graphics card's). Make sure the processor or onboard graphics are enabled and set as default in your BIOS/UEFI setup. THE WINDOW CLOSES IMMEDIATELY This is a command-line miner, so you must run it in a command prompt / powershell to see any output if it closes prematurely. Most often, the error you're looking at is the next one:
I GET A WEIRD DEPENDENCY ERROR, LOTS OF .JS STUFF
Make sure you have CUDA v9.1 or latest installed. Install the patches that are on the same download page after you install the main package. Make sure the paths have been added to your Environment Variables in the System Control Panel, Advanced Settings. Reboot or at least log out and back in to apply the new paths before running the miner.
WANT TO MINE WITH MORE THAN ONE GPU?
Remove an SLI or Crossfire bridge, if present. Disable SLI/Crossfire. Rename the EXE file to something else. Run both instances and use the nVidia Control Panel (right-click Desktop, nVidia option) to configure which card should run which process. This neat trick was discovered by @DigitalApathy on the Discord server!
KERNEL FAILS TO LAUNCH
Investigate the reported error, if any. This is most often caused by too high Block / Thread settings. It can also mean the GPU is busy, as in the miner did not gracefully close and release the device. Reboot or otherwise reset the card via software. POOL NOTE: I strongly recommend the use of TokenMiningPool and 0xPool as of 03.10.2018. This is so that we can build up a large enough hashpower to compete with the Pizza Pool (closed-source mining pool with DevFees.) Right now, PizzaPool is getting most of the blocks and the community pools aren't getting a fair shake. Let's join forces on TMP and 0xPool! Enjoy! - Lt. Tofu
https://seekingalpha.com/article/4152240-amds-growing-cpu-advantage-intel?page=1 AMD's Growing CPU Advantage Over Intel Mar. 1.18 | About: Advanced Micro (AMD) Raymond Caron, Ph.D. Tech, solar, natural resources, energy (315 followers) Summary AMD's past and economic hazards. AMD's Current market conditions. AMD Zen CPU advantage over Intel. AMD is primarily a CPU fabrication company with much experience and a great history in that respect. They hold patents for 64-bit processing, as well as ARM based processing patents, and GPU architecture patents. AMD built a name for itself in the mid-to-late 90’s when they introduced the K-series CPU’s to good reviews followed by the Athlon series in ‘99. AMD was profitable, they bought the companies NexGen, Alchemy Semiconductor, and ATI. Past Economic Hazards If AMD has such a great history, then what happened? Before I go over the technical advantage that AMD has over Intel, it’s worth looking to see how AMD failed in the past, and to see if those hazards still present a risk to AMD. As for investment purposes we’re more interested in AMD’s turning a profit. AMD suffered from intermittent CPU fabrication problems, and was also the victim of sustained anti-competitive behaviour from Intel who interfered with AMD’s attempts to sell its CPU’s to the market through Sony, Hitachi, Toshiba, Fujitsu, NEC, Dell, Gateway, HP, Acer, and Lenovo. Intel was investigated and/or fined by multiple countries including Japan, Korea, USA, and EU. These hazard needs to be examined to see if history will repeat itself. There have been some rather large changes in the market since then. 1) The EU has shown they are not averse to leveling large fines, and Intel is still fighting the guilty verdict from the last EU fine levied against them; they’ve already lost one appeal. It’s conceivable to expect that the EU, and other countries, would prosecute Intel again. This is compounded by the recent security problems with Intel CPU’s and the fact that Intel sold these CPU’s under false advertising as secure when Intel knew they were not. Here are some of the largest fines dished out by the EU 2) The Internet has evolved from Web 1.0 to 2.0. Consumers are increasing their online presence each year. This reduces the clout that Intel can wield over the market as AMD can more easily sell to consumers through smaller Internet based companies. 3) Traditional distributors (HP, Dell, Lenovo, etc.) are struggling. All of these companies have had recent issues with declining revenue due to Internet competition, and ARM competition. These companies are struggling for sales and this reduces the clout that Intel has over them, as Intel is no longer able to ensure their future. It no longer pays to be in the club. These points are summarized in the graph below, from Statista, which shows “ODM Direct” sales and “other sales” increasing their market share from 2009 to Q3 2017. 4) AMD spun off Global Foundries as a separate company. AMD has a fabrication agreement with Global Foundries, but is also free to fabricate at another foundry such as TSMC, where AMD has recently announced they will be printing Vega at 7nm. 5) Global Foundries developed the capability to fabricate at 16nm, 14nm, and 12nm alongside Samsung, and IBM, and bought the process from IBM to fabricate at 7nm. These three companies have been cooperating to develop new fabrication nodes. 6) The computer market has grown much larger since the mid-90’s – 2006 when AMD last had a significant tangible advantage over Intel, as computer sales rose steadily until 2011 before starting a slow decline, see Statista graph below. The decline corresponds directly to the loss of competition in the marketplace between AMD and Intel, when AMD released the Bulldozer CPU in 2011. Tablets also became available starting in 2010 and contributed to the fall in computer sales which started falling in 2012. It’s important to note that computer shipments did not fall in 2017, they remained static, and AMD’s GPU market share rose in Q4 2017 at the expense of Nvidia and Intel. 7) In terms of fabrication, AMD has access to 7nm on Global Foundries as well as through TSMC. It’s unlikely that AMD will experience CPU fabrication problems in the future. This is something of a reversal of fortunes as Intel is now experiencing issues with its 10nm fabrication facilities which are behind schedule by more than 2 years, and maybe longer. It would be costly for Intel to use another foundry to print their CPU’s due to the overhead that their current foundries have on their bottom line. If Intel is unable to get the 10nm process working, they’re going to have difficulty competing with AMD. AMD: Current market conditions In 2011 AMD released its Bulldozer line of CPU’s to poor reviews and was relegated to selling on the discount market where sales margins are low. Since that time AMD’s profits have been largely determined by the performance of its GPU and Semi-Custom business. Analysts have become accustomed to looking at AMD’s revenue from a GPU perspective, which isn’t currently being seen in a positive light due to the relation between AMD GPU’s and cryptocurrency mining. The market views cryptocurrency as further risk to AMD. When Bitcoin was introduced it was also mined with GPU’s. When the currency switched to ASIC circuits (a basic inexpensive and simple circuit) for increased profitability (ASIC’s are cheaper because they’re simple), the GPU’s purchased for mining were resold on the market and ended up competing with and hurting new AMD GPU sales. There is also perceived risk to AMD from Nvidia which has favorable reviews for its Pascal GPU offerings. While AMD has been selling GPU’s they haven’t increased GPU supply due to cryptocurrency demand, while Nvidia has. This resulted in a very high cost for AMD GPU’s relative to Nvidia’s. There are strategic reasons for AMD’s current position: 1) While the AMD GPU’s are profitable and greatly desired for cryptocurrency mining, AMD’s market access is through 3rd party resellers whom enjoy the revenue from marked-up GPU sales. AMD most likely makes lower margins on GPU sales relative to the Zen CPU sales due to higher fabrication costs associated with the fabrication of larger size dies and the corresponding lower yield. For reference I’ve included the size of AMD’s and Nvidia’s GPU’s as well as AMD’s Ryzen CPU and Intel’s Coffee lake 8th generation CPU. This suggests that if AMD had to pick and choose between products, they’d focus on Zen due higher yield and revenue from sales and an increase in margin. 2) If AMD maintained historical levels of GPU production in the face of cryptocurrency demand, while increasing production for Zen products, they would maximize potential income for highest margin products (EPYC), while reducing future vulnerability to second-hand GPU sales being resold on the market. 3) AMD was burned in the past from second hand GPU’s and want to avoid repeating that experience. AMD stated several times that the cryptocurrency boom was not factored into forward looking statements, meaning they haven’t produced more GPU’s to expect more GPU sales. In contrast, Nvidia increased its production of GPU’s due to cryptocurrency demand, as AMD did in the past. Since their Pascal GPU has entered its 2nd year on the market and is capable of running video games for years to come (1080p and 4k gaming), Nvidia will be entering a position where they will be competing directly with older GPU’s used for mining, that are as capable as the cards Nvidia is currently selling. Second-hand GPU’s from mining are known to function very well, with only a need to replace the fan. This is because semiconductors work best in a steady state, as opposed to being turned on and off, so it will endure less wear when used 24/7. The market is also pessimistic regarding AMD’s P/E ratio. The market is accustomed to evaluating stocks using the P/E ratio. This statistical test is not actually accurate in evaluating new companies, or companies going into or coming out of bankruptcy. It is more accurate in evaluating companies that have a consistent business operating trend over time. “Similarly, a company with very low earnings now may command a very high P/E ratio even though it isn’t necessarily overvalued. The company may have just IPO’d and growth expectations are very high, or expectations remain high since the company dominates the technology in its space.” P/E Ratio: Problems With The P/E I regard the pessimism surrounding AMD stock due to GPU’s and past history as a positive trait, because the threat is minor. While AMD is experiencing competitive problems with its GPU’s in gaming AMD holds an advantage in Blockchain processing which stands to be a larger and more lucrative market. I also believe that AMD’s progress with Zen, particularly with EPYC and the recent Meltdown related security and performance issues with all Intel CPU offerings far outweigh any GPU turbulence. This turns the pessimism surrounding AMD regarding its GPU’s into a stock benefit. 1) A pessimistic group prevents the stock from becoming a bubble. -It provides a counter argument against hype relating to product launches that are not proven by earnings. Which is unfortunately a historical trend for AMD as they have had difficulty selling server CPU’s, and consumer CPU’s in the past due to market interference by Intel. 2) It creates predictable daily, weekly, monthly, quarterly fluctuations in the stock price that can be used, to generate income. 3) Due to recent product launches and market conditions (Zen architecture advantage, 12nm node launching, Meltdown performance flaw affecting all Intel CPU’s, Intel’s problems with 10nm) and the fact that AMD is once again selling a competitive product, AMD is making more money each quarter. Therefore the base price of AMD’s stock will rise with earnings, as we’re seeing. This is also a form of investment security, where perceived losses are returned over time, due to a stock that is in a long-term upward trajectory due to new products reaching a responsive market. 4) AMD remains a cheap stock. While it’s volatile it’s stuck in a long-term upward trend due to market conditions and new product launches. An investor can buy more stock (with a limited budget) to maximize earnings. This is advantage also means that the stock is more easily manipulated, as seen during the Q3 2017 ER. 5) The pessimism is unfounded. The cryptocurrency craze hasn’t died, it increased – fell – and recovered. The second hand market did not see an influx of mining GPU’s as mining remains profitable. 6) Blockchain is an emerging market, that will eclipse the gaming market in size due to the wide breath of applications across various industries. Vega is a highly desired product for Blockchain applications as AMD has retained a processing and performance advantage over Nvidia. There are more and rapidly growing applications for Blockchain every day, all (or most) of which will require GPU’s. For instance Microsoft, The Golem supercomputer, IBM, HP, Oracle, Red Hat, and others. Long-term upwards trend AMD is at the beginning of a long-term upward trend supported by a comprehensive and competitive product portfolio that is still being delivered to the market, AMD referred to this as product ramping. AMD’s most effective products with Zen is EPYC, and the Raven Ridge APU. EPYC entered the market in mid-December and was completely sold out by mid-January, but has since been restocked. Intel remains uncompetitive in that industry as their CPU offerings are retarded by a 40% performance flaw due to Meltdown patches. Server CPU sales command the highest margins for both Intel and AMD. The AMD Raven Ridge APU was recently released to excellent reviews. The APU is significant due to high GPU prices driven buy cryptocurrency, and the fact that the APU is a CPU/GPU hybrid which has the performance to play games available today at 1080p. The APU also supports the Vulcan API, which can call upon multiple GPU’s to increase performance, so a system can be upgraded with an AMD or Nvidia GPU that supports Vulcan API at a later date for increased performance for those games or workloads that been programmed to support it. Or the APU can be replaced when the prices of GPU’s fall. AMD also stands to benefit as Intel confirmed that their new 10 nm fabrication node is behind in technical capability relative to the Samsung, TSMC, and Global Foundries 7 nm fabrication process. This brings into questions Intel’s competitiveness in 2019 and beyond. Take-Away • AMD was uncompetitive with respect to CPU’s from 2011 to 2017 • When AMD was competitive, from 1996 to 2011 they did record profit and bought 3 companies including ATI. • AMD CPU business suffered from: • Market manipulation from Intel. • Intel fined by EU, Japan, Korea, and settled with the USA • Foundry productivity and upgrade complications • AMD has changed • Global Foundries spun off as an independent business • Has developed 14nm &12nm, and is implementing 7nm fabrication • Intel late on 10nm, is less competitive than 7nm node • AMD to fabricate products using multiple foundries (TSMC, Global Foundries) • The market has changed • More AMD products are available on the Internet and both the adoption of the Internet and the size of the Internet retail market has exploded, thanks to the success of smartphones and tablets. • Consumer habits have changed, more people shop online each year. Traditional retailers have lost market share. • Computer market is larger (on-average), but has been declining. While Computer shipments declined in Q2 and Q3 2017, AMD sold more CPU’s. • AMD was uncompetitive with respect to CPU’s from 2011 to 2017. • Analysts look to GPU and Semi-Custom sales for revenue. • Cryptocurrency boom intensified, no crash occurred. • AMD did not increase GPU production to meet cryptocurrency demand. • Blockchain represents a new growth potential for AMD GPU’s. • Pessimism acts as security against a stock bubble & corresponding bust. • Creates cyclical volatility in the stock that can be used to generate profit. • P/E ratio is misleading when used to evaluate AMD. • AMD has long-term growth potential. • 2017 AMD releases competitive product portfolio. • Since Zen was released in March 2017 AMD has beat ER expectations. • AMD returns to profitability in 2017. • AMD taking measureable market share from Intel in OEM CPU Desktop and in CPU market. • High margin server product EPYC released in December 2017 before worst ever CPU security bug found in Intel CPU’s that are hit with detrimental 40% performance patch. • Ryzen APU (Raven Ridge) announced in February 2018, to meet gaming GPU shortage created by high GPU demand for cryptocurrency mining. • Blockchain is a long-term growth opportunity for AMD. • Intel is behind the competition for the next CPU fabrication node. AMD’s growing CPU advantage over Intel About AMD’s Zen Zen is a technical breakthrough in CPU architecture because it’s a modular design and because it is a small CPU while providing similar or better performance than the Intel competition. Since Zen was released in March 2017, we’ve seen AMD go from 18% CPU market share in the OEM consumer desktops to essentially 50% market share, this was also supported by comments from Lisa Su during the Q3 2017 ER call, by MindFactory.de, and by Amazon sales of CPU’s. We also saw AMD increase its market share of total desktop CPU’s. We also started seeing market share flux between AMD and Intel as new CPU’s are released. Zen is a technical breakthrough supported by a few general guidelines relating to electronics. This provides AMD with an across the board CPU market advantage over Intel for every CPU market addressed. 1) The larger the CPU the lower the yield. - Zen architecture that makes up Ryzen, Threadripper, and EPYC is smaller (44 mm2 compared to 151 mm2 for Coffee Lake). A larger CPU means fewer CPU’s made during fabrication per wafer. AMD will have roughly 3x the fabrication yield for each Zen printed compared to each Coffee Lake printed, therefore each CPU has a much lower cost of manufacturing. 2) The larger the CPU the harder it is to fabricate without errors. - The chance that a CPU will be perfectly fabricated falls exponentially with increasing surface area. Intel will have fewer high quality CPU’s printed compared to AMD. This means that AMD will make a higher margin on each CPU sold. AMD’s supply of perfect printed Ryzen’s (1800X) are so high that the company had to give them away at a reduced cost in order to meet supply demands for the cheaper Ryzen 5 1600X. If you bought a 1600X in August/September, you probably ended up with an 1800X. 3) Larger CPU’s are harder to fabricate without errors on smaller nodes. -The technical capability to fabricate CPU’s at smaller nodes becomes more difficult due to the higher precision that is required to fabricate at a smaller node, and due to the corresponding increase in errors. “A second reason for the slowdown is that it’s simply getting harder to design, inspect and test chips at advanced nodes. Physical effects such as heat, electrostatic discharge and electromagnetic interference are more pronounced at 7nm than at 28nm. It also takes more power to drive signals through skinny wires, and circuits are more sensitive to test and inspection, as well as to thermal migration across a chip. All of that needs to be accounted for and simulated using multi-physics simulation, emulation and prototyping.“ Is 7nm The Last Major Node? “Simply put, the first generation of 10nm requires small processors to ensure high yields. Intel seems to be putting the smaller die sizes (i.e. anything under 15W for a laptop) into the 10nm Cannon Lake bucket, while the larger 35W+ chips will be on 14++ Coffee Lake, a tried and tested sub-node for larger CPUs. While the desktop sits on 14++ for a bit longer, it gives time for Intel to further develop their 10nm fabrication abilities, leading to their 10+ process for larger chips by working their other large chip segments (FPGA, MIC) first.” There are plenty of steps where errors can be created within a fabricated CPU. This is most likely the culprit behind Intel’s inability to launch its 10nm fabrication process. They’re simply unable to print such a large CPU on such a small node with high enough yields to make the process competitive. Intel thought they were ahead of the competition with respect to printing large CPU’s on a small node, until AMD avoided the issue completely by designing a smaller modular CPU. Intel avoided any mention of its 10nm node during its Q4 2017 ER, which I interpret as bad news for Intel shareholders. If you have nothing good to say, then you don’t say anything. Intel having nothing to say about something that is fundamentally critical to its success as a company can’t be good. Intel is on track however to deliver hybrid CPU’s where some small components are printed on 10nm. It’s recently also come to light that Intel’s 10nm node is less competitive than the Global Foundries, Samsung, and TSMC 7nm nodes, which means that Intel is now firmly behind in CPU fabrication. 4) AMD Zen is a new architecture built from the ground up. Intel’s CPU’s are built on-top of older architecture developed with 30-yr old strategies, some of which we’ve recently discovered are flawed. This resulted in the Meltdown flaw, the Spectre flaws, and also includes the ME, and AMT bugs in Intel CPU’s. While AMD is still affected by Spectre, AMD has only ever acknowledged that they’re completely susceptible to Spectre 1, as AMD considers Spectre 2 to be difficult to exploit on an AMD Zen CPU. “It is much more difficult on all AMD CPUs, because BTB entries are not aliased - the attacker must know (and be able to execute arbitrary code at) the exact address of the targeted branch instruction.” Technical Analysis of Spectre & Meltdown * Amd Further reading Spectre and Meltdown: Linux creator Linus Torvalds criticises Intel's 'garbage' patches | ZDNet FYI: Processor bugs are everywhere - just ask Intel and AMD Meltdown and Spectre: Good news for AMD users, (more) bad news for Intel Cybersecurity agency: The only sure defense against huge chip flaw is a new chip Kernel-memory-leaking Intel processor design flaw forces Linux, Windows redesign Take-Away • AMD Zen enjoys a CPU fabrication yield advantage over Intel • AMD Zen enjoys higher yield of high quality CPU’s • Intel’s CPU’s are affected with 40% performance drop due to Meltdown flaw that affect server CPU sales. AMD stock drivers 1) EPYC • -A critically acclaimed CPU that is sold at a discount compared to Intel. • -Is not affected by 40% software slow-downs due to Meltdown. 2) Raven Ridge desktop APU • - Targets unfed GPU market which has been stifled due to cryptocurrency demand - Customers can upgrade to a new CPU or add a GPU at a later date without changing the motherboard. • - AM4 motherboard supported until 2020. 3) Vega GPU sales to Intel for 8th generation CPU’s with integrated graphics. • - AMD gains access to the complete desktop and mobile market through Intel. 4) Mobile Ryzen APU sales • -Providing gaming capability in a compact power envelope. 5) Ryzen and Threadripper sales • -Fabricated on 12nm in April. • -May eliminate Intel’s last remaining CPU advantage in IPC single core processing. • -AM4 motherboard supported until 2020. • -7nm Ryzen on track for early 2019. 6) Others: Vega, Polaris, Semi-custom, etc. • -I consider any positive developments here to be gravy. Conclusion While in the past Intel interfered with AMD's ability to bring it's products to market, the market has changed. The internet has grown significantly and is now a large market that dominates when in computer sales. It's questionable if Intel still has the influence to affect this new market, and doing so would most certainly result in fines and further bad press. AMD's foundry problems were turned into an advantage over Intel. AMD's more recent past was heavily influenced by the failure of the Bulldozer line of CPU's that dragged on AMD's bottom line from 2011 to 2017. AMD's Zen line of CPU's is a breakthrough that exploits an alternative, superior strategy, in chip design which results in a smaller CPU. A smaller CPU enjoys compounded yield and quality advantages over Intel's CPU architecture. Intel's lead in CPU performance will at the very least be challenged and will more likely come to an end in 2018, until they release a redesigned CPU. I previously targeted AMD to be worth $20 by the end of Q4 2017 ER. This was based on the speed that Intel was able to get products to market, in comparison AMD is much slower. I believe the stock should be there, but the GPU related story was prominent due to cryptocurrency craze. Financial analysts need more time to catch on to what’s happening with AMD, they need an ER that is driven by CPU sales. I believe that the Q1 2018 is the ER to do that. AMD had EPYC stock in stores when the Meltdown and Spectre flaws hit the news. These CPU’s were sold out by mid-January and are large margin sales. There are many variables at play within the market, however barring any disruptions I’d expect that AMD will be worth $20 at some point in 2018 due these market drivers. If AMD sold enough EPYC CPU’s due to Intel’s ongoing CPU security problems, then it may occur following the ER in Q1 2018. However, if anything is customary with AMD, it’s that these things always take longer than expected.
(Speedup) Bidirectional Rotation: State values rotated right rather than left resulting in a rotation by a magnitude of 32 or less. Ex. rotate right by 1 instead of left by 63, right by 20 instead of left by 44. This also means a simpler, shorter version of ROTL64/ROTR64 can be used.
(Speedup) New minimal ROTL64/ROTR64 functions in ASM/PTX utilizing Funnel Shifter instead of Shifts/OR. (Seems to be a little faster than the previous idiom/default compiler optimization on Pascal arch.)
(Speedup) Midstate filled out in gpu_mine kernel and passed to keccak() as function argument to avoid the 100+ cycle penalty in accessing Constant memory (see: intMid)
(Speedup) Applied threading approach from pre-SM 5.2 control path for SM 5.2+ devices (Azlehria)
(Speedup) Slightly faster device initialization w/ bidirectional rotation, other tweaks
(Speedup) Used immediates to reduce reads from RC in Constant memory by ~8.33%
(Fix) Stabilized hashrate somewhat (now 0 spilled registers in SM 6.x)
(Fix) Rolled back LOP3 chi() function due to register spillage - replacement forthcoming
(Fix) Private keys should no longer be stored in plaintext in Vault file (Azlehria)
(General) Somewhat different randomization approach in initialization
(General) User interface changes including device identifier, available CUDA version (GPU+driver)
Please let me know your results along with your hardware configuration so that I can customize the next builds for as wide a range of hardware as possible! On my Pascal card (GTX1060-3GB w/ +122 MHz Core, -150 MHz VRAM), I am getting ~515 MH/s with this build. Enjoy and Happy Hashing! - Lt. Tofu a.k.a. Mag517 p.s. How do you like the nickname for our community miner? Also, expect HB V1.1 in the next day or two.
boldninjaLet's all give a warm welcome to @synth from SkyCoin.net and for taking the time to do this AMA synth *hello mike Hi Synth jakethepanda Hey @synth thrice.pi Hey synth dr10 Hi boldninja I think we can start - you guys know the drill. Give him some time to respond (no more than 2-3 questions on backlog so he can catch up) dr10 How would you - shortly & in easy words - sum-up the advantages of SkyCoin to magazines and non-crypto people? mgaruccio Can you explain a bit about the mesh net? Is it just an mpls network between nodes or is there something deeper going on? michaelthecryptoguy Whassup @synth tranzer hi synth. I have a question - are those coins that are not in circulation in any cold wallets since only a portion is currently available according to CMC? What would you say is the 1 unique feature that Skycoin has? synth It is very difficult, because Skycoin is a very large project and already has +6 years of development. Different parts of the project have different objectives. The cryto, coin part is about solving the problems with the existing consensus algorithms. Being able to do +300 transactions a second, transactions in seconds instead of minutes (faster than credit cards), eliminating miners, eliminating block rewards (eliminating inflation) and eliminating 51% attack and the other problems with mining. then there are other repos and experimental projects under github.com/skycoin such as a meshnet and distributed VPN prototype, where people will be paid coins for forwarding traffic. Also prototypes of distributed social media application, with peer to peer data replication and different experimental projects. Research into immutable data structures for next generation internet. Some of them are very radical. dr10 How does the Network consensus algorithm Obelisk work and differ from widely known algorithms like Proof of Work and Proof of Stake? mgaruccio So how much exists today? Could I build an app on the platform if I wanted to? mike In terms of the rate of progress, what is currently your greatest limiting factor - like funding, manpower, currently available technology? synth
Can you explain a bit about the mesh net? Is it just an mpls network between nodes or is there something deeper going on?
It is not actually a meshnet. It is software defined networking, it is much more powerful than just meshnet. Its a new type of networking and new completely new protocol and networking namespace, independent of the existing internet. It supports source routing, while the existing internet does hot potato routing, so never achieves optimal latencies. It supports multi-homing, which IPv6 does not (Which is critical for when we have gigabit or terabit networking and multi-redundant bandwidth paths) It has default oppurunistic crypto, both link layer and end to end; so everything is encrypted by default, unlike the current internet. It has store and forward networking and will operate in Africa or even under conditions where latencies are in the minutes or hours and packet loss is excessive. Where existing protocols cannot operate reliability. It is much more robust than IPv4/IPv6 or TCP/ip It has improved privacy. If a packet takes a route that is 10 hops, each hop only knows the previous node in the route and the next node in the route. It is not like IPv4 where each packet gives the source and destination. The privacy level is something that does not exist on the current internet. IP addresses are replaced by public key and no one can read traffic to a destination, without knowing the private key of the public key that identifies the destination. The system does not need 3rd parties or certificate authorities. The design is a revolution.
are those coins that are not in circulation in any cold wallets since only a portion is currently available according to CMC?
The coins are locked into 100 addresses, each with 1 million coins each. And they are released sequentially. There is a complicated locking procedure and releasing new coins requires unamious consent and a shared secret among a group of developers. Anyone in the shared secret group can block distribution of more coins (to stop the problem that killed NXT). So by design the coins were supposed to be difficult to distribut, there had to be a good reason or justification before a distribution would be approved. mike What are the hardware requirements to operate a wireless Skywire (the name for the protocol described above) Node? arc-over-water nxt i think is doing ok.. synth
How does the Network consensus algorithm Obelisk work and differ from widely known algorithms like Proof of Work and Proof of Stake?
PoS and PoW use miners. Miners receive new coins every block as a block reward. So miners are making money and will fight to control the network. An everyone will suffer because the newly created coins represent inflation. Skycoin was designed to eliminate mining and eliminate the inflation. No block rewards, no new coins. And we needed to develop a new consensus algorithm to do that and there are only a few methods that work, for these constraints. The consensus algorithm is based upon Ben-Or's randomization procedure for achieving consensus in a distributed system, with some improvements for detecting adversarial or malicious nodes who are trying to prevent the consensus process. There are white papers on skycoin.net about the specifics. I would call it "network consensus" and it uses a sort of Web of Trust (WoT), where if the people creating blocks are doing a bad job or attacking the network, then the community can get rid of them. At the same time, the people who control the network, do not have any real power to attack the network except by slowing down transactions and being annoying, so even if they become malicious the only issue is how to get rid of them and select new people. mike Any idea when Skywire will be released and ready to test on hardware nodes (testnet or mainnet)? mgaruccio So if there is no block reward what is the incentive to run a node? vega What will be the actual function of Skycoin (the coin itself)? Will the coin be used as currency, as transfer of value in and between all these various developing functionalities, semi-separate projects to tie them all together or it's function will be more limited? michaelthecryptoguy Do you have an idea on the specs of a node that would be required? In the beginning? What about with 10,000 users? (edited) synth
nxt i think is doing ok..
There were three people that each owned 30% of the coin. One decided he wanted out and began dumping. NXT was over 150 million I think. When he started dumping, it basicly killed NXT. Skycoin's distribution was designed to stop dumping by the founders and early people. After Skycoin gets to 30% of the total coins distributed, there will probably a hard time lock on the remaining coins, so that a maximum of 5% of the remaining coins can be released per year. So the distribution for the other 70% of the coins will take a minimum of 14 years (and could be longer). We cannot even sell the rest of the coins, because if we sold 10% of the total now at $5 per coin, it would be 50 million or something and we cannot spend or even use that amount of money. Not at this stage. Ethereum spent 30 million or 70 million in their first year or two after the ICO and then nearly went bankrupt. Silicon Valley wages and offices etc. We have been very conservative and have kept costs down and kept them responsible. Now we have coins like EOS and they want to raise a billion dollars and have not produced anything yet, do not hav a blockchain and I have no idea what they would spend that money on, but they are throwing $350,000 parties in time square for marketing/PR etc... arc-over-water what prevents you from selling? anybody can spend that amount of money? nxt is a newer platform than sky, market value is $220 million plus $166 million, I get what you are saying but the evidence is wrong. Community is huge and active in Nxt. But you say it is killed, i dont get it? synth
What will be the actual function of Skycoin (the coin itself)? Will the coin be used as currency, as transfer of value in and between all these various developing functionalities, semi-separate projects to tie them all together or it's function will be more limited?
Yes. Bitcoin has no purpose. An altcoin does two things - check your balance - send money to other people Two features - check balance - send For a coin to have value, people need to be forced to buy it to consume specific services. There has to be stuff for people to spend the coin on, that there is demand for. So Bitcoin is really just a purely speculative asset. It generates no cashflow and its value is determined by perception or social convention. Ideally, Skycoin would start off as a "better Bitcoin" (faster, more secure, new algorithm, simplier, etc), then over time we would build up an ecosystem and have some type of backing and tie the coin's value into the network and usebase. The mesh netork (skywire) is good, because it gives something for people to do to get coins and it allows people to consume the coins. You can run your internet traffic through a VPN that tunnels over Skywire and maybe it will be a nominal amount (actually absurdly small amount of money), but there would be real economic activity and a real userbase and community using the coin. Not just speculation. Later on the scope is much wider. arc-over-water So the skycoin wallet will be a VPN for our internet usage? synth
nxt is a newer platform than sky, market value is $220 million plus $166 million, I get what you are saying but the evidence is wrong. Community is huge and active in Nxt. But you say it is killed, i dont get it?
What I am saying, is that NXT would be a lot further along than it is now and probably around where Ethereum is, except for that mistake in the distribution and keeping it too concentrated. It set them back by years. They did not consider what the impact on the price would be, over the long term, when one of the early whales started selling off or decided he wanted out. arc-over-water But they did the same again with IOTA, same lead dev.. Its over a $Billion they released and let the market price distribute synth
So the skycoin wallet will be a VPN for our internet usage?
The VPN is just one application, that uses bandwidth over Skywire. There are several things in development. This is a BBS like 4chan, that is completely distributed, with CXO. https://github.com/skycoin/bbs It will run over Skywire also, This is like building a whole new internet from scratch. The apps that run on it are going to specialized and privacy focused, etc GitHub skycoin/bbs Contribute to bbs development by creating an account on GitHub. mike So Skycoin is a Proof of Resource coin where its value is actually backed by provision of a useful service, in this case private and secure networking? Are there plans to add decentralized storage and even distributed processing to it? arc-over-water so these 100 separate million coin accounts will be 100 ICOs or how is the distribution patterned? is it written into the code or up to the devs? rockyj !calculate slackbot Custom Responsehttps://docs.google.com/spreadsheets/d/1FGo3FkC3uSWXGHatPQyny2brMWjAIJsHFCR-Lhkl_m0/edit#gid=0 synth
So if there is no block reward what is the incentive to run a node?
running a consensus node does not cost anything. You can run it on a raspberry pi. The important thing is that if the people doing consensus are doing a bad job, that the community can get rid of them and replace them. The other important thing, is that they can be audited and determined automatically if they are obeying the protocol. the miners in skycoin are not very powerful and cannot do anything except slow down transactions. They are unable to spend other people's money without their private keys, so the consensus/mining nodes are almost irrelevent. It is not like Bitcoin where the miners can hold the network hostage or act selfishly (driving up the transactions fees for their own personal benefit and delaying any innovations that would improve bitcoin for everyone, etc).
So Skycoin is a Proof of Resource coin where its value is actually backed by provision of a useful service, in this case private and secure networking? Are there plans to add decentralized storage and even distributed processing to it?
We have decentralized storage, which is called CXO. But only the bandwidth is monetized by Skywire. We do not nickle and dime and try to attach a coin cost to every API call. Everything that should be free is free. So its a different philosphy. On top of CXO we also have distributed social media applications (simmilar to Steemit) CXO is very similar to IFPS, but simplier and designed for our internal infrastructure and with our crypto standards, instead of being a mismash. mike Is it possible for Skycoin to choose the best paths and route around bad or slow nodes as damage to the network, in effect reducing their impact on consensus? looks like you answered the question above while I was typing... tranzer How many tx/s can skycoin handle? What are block times? thrice.pi 300 right? ^ arc-over-water on your website it says you will have a NON- Turing complete lisp language? synth
so these 100 separate million coin accounts will be 100 ICOs or how is the distribution patterned? is it written into the code or up to the devs?
We will have a distribution page, up on the website soon. Its complicated. Skywire, is designed to pull coins out of circuation, through a sort of tithe on network activity and it does automatic buy backs effectively. So the distribution will actually peak and then decline. But one distribution is from the locked coins, and the locked coins are freed, then circulate, then end up at the foundation (from the skywire tithe are pulled out of circulation), but still count towards the free float. The coin holders also receive a coinhour dividend and there will be a market rate conversion between coin hours and Skycoins and coinhours are the actual currency for the Skywire network. If you do not have enough coin hours, then you sell Skycoin for CoinHour at the market rate, to purchase bandwidth; but if you have a lot of coins then you have enough coin hours for downloading movies or VPN or whatever you are doing and it is essentially free. So there is a dual level economic structure. Both with coin buybacks to pull coins out of circulation and with a dividend or incentive to encourage users to hold the coin if they are using the network. arc-over-water so there will be two currencies, holding one reserves the other synth
Is it possible for Skycoin to choose the best paths and route around bad or slow nodes as damage to the network
Yes. This is very important. The person dialing a connection, chooses the path of the connection! You can choose the lowest latency path for video games or Skype, and choose highest throughput paths for video downloads etc. Or can choose paths through specific nodes or facilities or countries, for security concerns and to minimize the number of points that the traffic could be intercepted at. mike Will Skycoin still have the node subsidy plan for setting up and registering the mesh nodes like originally planned? dr10 When do you plan to be able to present your planned technology and services to the masses? When can they use what you try do accomplish? synth
on your website it says you will have a NON- Turing complete lisp language?
That is probably an error. LOL. We will have a new website soon. There is no scripting language on the skycoin blockchain. Each transaction is constant time (for efficiency and security and to achieve the highest transaction rate and to keep the coin simple). However, we have a language called CX in development, which is a next generation language that is beyond "smart contracts" and the toy things on ethereum. It uses immutable datastructures and is something completely new. Most of the skycoin "smart contracts" will probably be off blockchain or in personal blockchains and we do not want to shove all the data onto the main chain, because forcing everyone to download everyone one elses contracts it the world is just spamming the blockchain to death. There are better ways to do it.
Will Skycoin still have the node subsidy plan for setting up and registering the mesh nodes like originally planned?
Yes. We are going to get from 20% to 30% distributno of the coins, through network incentives for people running Skywire nodes, consensus nodes and services. I think this is going to be massive for marketing. And it is the best way to get the coins out to the users, instead of all the coins being held by whales samuelvihollandia I read how you suggest Skycoin could be used for VPN connections, is this the largest use case you see? arc-over-water Maidsafe has been working on the redesign of the net for about ten years, what are you doing the same and what different? synth
I read how you suggest Skycoin could be used for VPN connections, is this the largest use case you see?
No. This is just something easy, that we have working. Its not the largest applicatoin at all. 80% of internet traffic right now is bitorrent and the bitorrent sites are being systematically shutdown and driven off the internet. They wont go away, but will jut go underground. What.cd (largest music tracker, with 800k people) was just shut down, bakabt (largest anime tracker) has gone closed registration, Nyantorrent etc... User communities of millions of people will be migrating from the clearnet (the existing corporate shit-net) to the "new internet". We are going to see people migrating by the millions, whole user communities of millions of people. arc-over-water Are you a corporation or foundation or charity? Registered? I am not sure i have seen anything about who you are? What is the dev team size? Background? - Maidsafe is open and clear so is IOTA and Stellar etc. Can you let us know who you and your team are? Especially you are talking about 15 year and up obligations.. techbytes Do we need to hold skycoin to run Skywire nodes or consensus nodes like masternodes from other coins? synth
Maidsafe has been working on the redesign of the net for about ten years, what are you doing the same and what different?
Maidsafe is in version 2 or 3. Maidsafe will not have a real coin until version 9. Each version takes them about two or three years. Maidsafe will not be "done" or ready for atleast 18 years at this rate. Skycoin has been in development for ~6 years and the meshnet for 4 years and it will be finished in a few months. To the poin that people can start using it. Skycoin is similar to maidsafe in the objective, but has a different approach and architecture and primitives. We did not try to do everything, but focused on a smaller, tractable core and got that done. There will be multiple projects in this space, but few teams are able to plan on the time horizon necisary for building a new internet or able to design each of the components of a system this large, or figure out how to do it so that it is useful at each stage of construction of a project that may take a decade. (edited) mike Can you see a way for Ark and Skycoin to build on each other in a synergistic manner? I'm all for not reinventing the wheel, especially when it looks like it will be replaced with antigravity like Skycoin. I see Skycoin as essentially replacing TCP/IP and providing mesh network type functionality at the hardware level, Ark would run on top of it as a top level application layer. arc-over-water are you up to date on Maidsafe, they are nearly out of Alpha and its more like release early next year? But that being said, Maidsafe says once it is released it is like a virus or AI type, so does Tau Chain, and also Autonomic by HunterMinerCrafter, are we heading towards AI with Maid, Sky Tau and Autonomic? dr10 smartbridge now! :kappa: mike So Skycoin would act as a sort of global decentralized cloud server to build on top of. To communicate, it is more like sharing encrypted files to selected recipients than it is sending messages or hosting sites on a specific server. synth
Are you a corporation or foundation or charity? Registered? I am not sure i have seen anything about who you are? What is the dev team size? Background?
I think there are over ~60 people who have worked on Skycoin or have made major contributions. Its really a project from the darknet. Many of the contributors are anonymous. Some of them have security clearances and were in the military industrial complex and one of them worked at the San Diego Naval Defence Research Lab and a lot of the idea for the networking protocols came out of public sector academic researched, funded from there. We also have a lot of very very early Bitcoin people, hardcore crypto people that predate Bitcoin and an Ethereum core developer, etc.. On the Chinese side we have an early investor in Alibaba and telecom investor. And are doing pilot with china aviation group (owns four publicly traded airline companies) and apparently now Sinopec (which is 2nd largest publicly traded corporation in world). Then we have people who are part of israeli and US intelligence and are probably doing some sort of money laundering or phychological operations background, who just showed up for some reason. This group seems very interested in the "applications" of these coins and how to improve tranaction privacy and the specifics of the CoinJoin protocol implementation. We got a lot of advice from people experienced in forensic accounting and what they wanted to see and where they felt Bitcoin was deficient and where it leaked metadata. Then a bunch of PHD level people doing research into distributed database consensus algorithms and another group doing programming language research. Then a lot of people from the deep darknet, anon, frog twitter and cipher punks and bitorrent communities. (really should be listed as two seperate groups). And people from the Russian darknet community. We have like eight Ivans. (edited)
I see Skycoin as essentially replacing TCP/IP and providing mesh network type functionality at the hardware level, Ark would run on top of it as a top level application layer.
Yes. The key functionality is two things - connecting to people by public key (networking) - distributing self validating, immutble data peer to peer (transactions, blocks etc... content addressible storage) And you can build almost anything on those two building blocks. The whole internet will eventually be rewritten on top of those primitives and it will replace many of the existing protocols. arc-over-water Who is the entity that is funding this? I think you have done 2 ICOs? How much did you receive? The first was 10c and the second was @ 50c per coin, released 6 million, is that correct? samuelvihollandia Are you planning to enter a different exchange market soon? arc-over-water Have you personally been in Sky from the start? What members have? Who allocates the ICO money etc... I hope you understand that decentralization with investment is a two edged sword, we invest in people but we cannot know these people.... So... we question.. (edited) thrice.pi with all these outside parties that helped to build skycoin and bring it where it is today who are the main core team who will help to keep all these cool features running. Will these outside parties be recruited for the long haul? synth
Who is the entity that is funding this? I think you have done 2 ICOs? How much did you receive? The first was 10c and the second was @ 50c per coin, released 6 million, is that correct?
The people who funded the project for the first four years, were early bitcoin and deep crypto people; who were unhappy with the fact that Bitcoin and the other alts did not seem concerned about the core issues at all. They gave us over 1200 bitcoin I think, over several years and did not ask for anything in return. The early Skycoin devs were doing academic research, architecture and new algorithms. Prototyping and simulation. The later stage people were more project managers and doing implementation. We did four ICOs for small amounts, to fund development and to allow developers working on the project to buy in. The first ICO I remember was at $0.10 per coin and the price now is about $4.00 per coin, so its up ~35x or 40x, but when you consider the Bitcoin price going from $100 to $3000, the increase has not been so much. lol (edited) arc-over-water With the price up 35x in about 1 year, is it not now time to cool the run up and release another ICO? At what amount of coins released and what procedure? mike Would Intel Edison or Joule, or Samsung Artik 10 work well as a Skywire wireless node? They have 2 Gb-8 Gb RAM, 8-64 Gg eMMC storage, 802.11n wireless, bluetooth, and some with Zigbee? synth
Have you personally been in Sky from the start? What members have? Who allocates the ICO money etc... I hope you understand that decentralization with investment is a two edged sword, we invest in people but we cannot know these people.... So... we question.
I think there wer three different groups that merged together in first three years, that had similar objectives. Because the code was in different language. There was python, C code and then eventually golang and the golang code became the basis for the current codebase. The way the coin allocations work, is that it requires unamimious consent for releasing coins and it has to be for a specific, ear marked purpose and can be blocked by any of the devs. Then there is a pool of coins in bitcoin for various project managers to allocate. And that is an operational fund for paying developers, contractors, marketing etc. Then different people have different responsibilities. Then we also have corporate funding and sponsorship and some companies paying our full time devs etc, which helps a lot. arc-over-water Silicon Valley (TV SHOW) recently had their decentralized web running on a network or refrigerators? So i would guess, smart phones, smart gadgets? Home gadgets etc could add services and receive rewards from Sky? mike best would be a totally open source and publicly audited manufactured system on a chip for the nodes to prevent any backdoors. Even chip designers now don't really know what they're putting into the chips since they just drag and drop black boxes known as IP cores into the ASIC designs. synth
With the price up 35x in about 1 year, is it not now time to cool the run up and release another ICO? At what amount of coins released and what procedure?
I think the Skycoin price has been doubling every 40 days, for as long as I can remember. However, it will still be years before it is in the top 20, its still a long way to climb. It took bitcoin years to go from 0 to $1, even though it was growing at 1% per day the whole time for six years.
best would be a totally open source and publicly audited manufactured system on a chip for the nodes to prevent any backdoors.
we are going to use arm arc-over-water IOTA is also working on their own hardware for nodes etc, Trinary asset is JINN synth all intel and AMD systems have remote management engine backdoors. So they are not safe for storing large amounts of coins. We also have alpine linux and special version of linux, that is 6 MB and has everything that is needed for running our toolchain. It will not have any binary blobs in the kernel or anything that we cant compile from source. It does not have systemd and does not have gli, but uses musl. And does not have openssl. mike so looks like the Samsung Artik 5 and 10 can run it no problem, they're ARM based. 25x35x4mm package for the Artik 10, Artik 5 is smaller, less powerful but has 2 separate antenna ports, nice for mesh networking with an omni and a directional antenna. earlyarkinvestor how does Ark compare to Lisk? synth uploaded this image: 1923810435.jpg Add Comment earlyarkinvestor isn't Lisk trying to achieve interoperability between blockchains as well synth uploaded this image: 1433594905.jpg Add Comment synth uploaded this image: 1432540863.jpg Add Comment synth uploaded this image: 2049465686.jpg Add Comment mike nice! looks like an ARM based server rack let me know if you need any help with it, see you're on solidworks, which I run as well. synth this is the skycoin cluster; it has 8 CPU boards; 4 cores per CPU, 2 GB of ram per CPU and 64 bit ARM processor. Only one program will run on each individual board, so there is compartmentalization and a physical gap so that compromising one process on a system does no allow all other processes on the system to be compromised mike looks like 2 ethernet ports per board. synth and the hardware does not have the qualcom backdoors and is actually chinese equipment; and the backdoors are normally at the kernel level because they are not at hardware backdoors yet lol mike do they have SATA ports, maybe M.2 for storage? synth and we will hav an ARM openwrt router eventually too this model does not have SATA, but we have a model with SATA; you could hook up 16 2 TB drives, lol and download half the piratebay to your cluster (edited) the skycoin infrastructure is cluster based and designed for running across +300 computers, with one "node" deployed per computer. Eithe a CXO storage node, or a skywire SDN/meshnet node, or a VPN end point node or a consensus network, or skycoin node, etc. We have multiple node/application types. so this is a "personal cloud' by itself its not like StoreJ where you have other people storing your stuff; you are going to have ~5 clusters and 300 computers and can store your own files, on your own internet, on your own hardware. You do not need to go outside of your own network. mike Have thought it'd be nice to have a board with an array of M.2 sockets to run SSD arrays without all the cables, have the busses shielded in circuit board. synth yes, i think there will be m.2 eventually these actually use a microSSD for storage, and its 48MB/s mike any idea on the pricing on your ARM boards in quantity? We are looking at Intel for Bitseed V3, but ARM would be good to stay with, especially using your boards if there is SATA. arc-over-water Do you have a general idea of usable functions to be released next in what order? The first release was the Coin and wallet, then the ICOs and can you give a general future with dates if you can synth the boards are $30 each and the memory for solid state, is actually more than the the cost of the CPU/RAM/board now. Which is sort of insane. mike so you have microSSD, what's maximum size? we shipping 1with Tb hard drives right now synth Bitseed mike is going to help with this; so we can pool the boards and do a custom PCB mike yes, that's where we see the price jumps, is in RAM and eMMC costs. and it's hard to find low cost boards with SATA synth try the orange pi the price goes up 30% for SATA mike yes, very nice specs. synth eventually, we will make one that has custom PCB and is a pluggable blade server, I think. mike I like the Samsung Artiks for the tiny form factor for drone routers, cubesat/picosat possibilities. but like the fact that you are controlling much deeper down the supply chain with your boards. synth we only need ram, CPU, then microSD slot; and that is it. so the wifi and all this other stuff is just crap and its junk. We only have communication, storage and computation. So should be minimialist.
I have been in the Bitcoin space for a while now. Not exactly an old hat but definitely not exactly a “fledgling” either. I have a couple things to say about the Bitcoin ecosystem, at the moment, that I feel haven’t been talked about enough. Who doesn’t right? You know the old adage, opinions and assholes. I will start with some of the more recent developments because everyone seems to be up in arms about it. Covert ASICBOOST. Is it good? Should it be killed with software fire? More importantly, cui bono? IMO, attackers. There is no proof that Bitmain is currently running Covert ASICBOOST to get a competitive advantage over other miners. Sure they did implement the chips and/or use ASICBOOST on testnet, but from a hardware development standpoint it makes sense. You want your hardware to be as robust and effective as possible. I want an Intel 6950X to run Speedrunners (2D racing platformer game with low processing need for those not in the know). Sweet hardware, but I would probably never use it to its full potential. You have to be aware of every possible efficiency gain and trick there is to survive this cutthroat world. And I think it’s great there is some unspoken agreement between miners to not use this technique. The covert operation is the bad part. The fact that you can get some sort of advantage in mining without people knowing about it is the problem. That is why we have the open ledger that isn’t completely obfuscatedcoughzCashcough. The only way trustless ecosystems work is if everyone can tell what is going on in that ecosystem at all times. Sometimes I don’t think people take seriously the risk of state sponsored attacks against Bitcoin. The whole point of the PoW system, AFAIK, was to make attacks against the network not worth the money they would cost. A 20% reduction in this cost is monumental. Huge. Currently, most of us are just gigantic nerds with a new toy to play with to the rest of the world. Not scoffing at what has been accomplished in this space but that is the case. Sure not many people care now, but eventually, if Bitcoin takes off like we all want it to, people are going to start caring. Some of the reasons Bitcoin was even started is a spit in the face of a lot of powerful groups. Not now, but down the line, attacks are almost guaranteed in some way. On a long enough timeline, everyone’s life expectancy hits 0. Look at Venezuela, I believe it is still illegal to own and/or use Bitcoin. Sure that doesn’t affect most of us but that is just one attack. If I remember correctly, the EU is looking to place heavy restrictions on Cryptocurrency. Limiting potential attack vectors such as ASICBOOST is paramount. I’m not done though. Get that hook away from me. Scaling. I will always prefer an efficiency gain over a supply gain. I cannot stand the argument that since hardware has been scaling so much that efficient software just gets thrown out the window. Some of the best programming was developed in a time when the hardware wasn’t there yet, and out of that came some software that did amazing things to circumvent the hardware’s shortcomings. We’ve lost that. Video games (I’m a gamer, can’t you tell?) as an example that has lost that. Though not entirely popular, Doom 3 was a marvel technically. It was optimized to the (g)ore. Years later, the graphics of that game held up because it was just so far ahead of its time. Then I play something else and it looks like crap and my beast of a machine can’t run it at 60 frames per second consistently. Optimize your shit fam. SegWit is a very ingenious piece of a solution. It fixes a couple of very important issues in a fairly uncomplicated way. Even I understand the whitepaper. I have little professional programming experience but I know enough to get it. What I don’t like is it being packaged as a “safe” soft fork. It isn’t really that safe. It changes the way transactions are processed and recorded on the blockchain. Enough to where if something were to go wrong, or if something better were to come along, it would be very hard to roll back, if possible at all. That seems dangerous to me. Possibly helpful to the development of Bitcoin, but decidedly not safe. That being said, a safe hard fork just isn’t possible for Bitcoin anymore. ETC came out and didn’t really do much. But they could sell it. It was still worth a lot of money for people who already held a lot of Ethereum. It is still traded today. People are still making money on it. As long as that is still happening, it will still be around. Even if a change is unanimously accepted, to think people won’t mine the old chain is ignorant. Bitcoin is supposed to be immutable but, hey, all of a sudden I can have double my Bitcoin? Would you just look at it? EB/AD seems overly complicated. Just look at the current scaling debate. While mainly politically and economically based, everyone has different opinions on what should be done. To think that “eventually” the ecosystem will come to a majority consensus is foolish. Even if it did, the ability to game the system seems too possible for me. Another possible attack vector. TBH I haven’t read enough into Extension Blocks so fully understand them, same as most people I’m sure. From what I have read, I don’t really trust how complicated it seems. At least even if Lightning Network takes off, the layer 1 blockchain is still available in its basic and efficient glory. To top this all off we have an issue with Developer Centralization. This should be a genuine concern to everyone. Any sort of centralization is concerning when it comes to this decentralized ledger. We have one not so large group of people who are doing the main programming recently for Bitcoin. The amount of power this entails in the long term is staggering, again assuming Bitcoin gets to the point we all want it to get to. But then here is the issue with this. No one is putting out consistently improving, quality, and innovative code like Core is doing. Classic and XT seems to have stagnated in their innovation department. BU seems like a joke. I read the BUIP001 and it looked like something I wrote. Core put out a roadmap for Schnorr Signatures and I was blown away at the quality of the writing and the future thinking of it, and it was just a roadmap. Some BIPs put out by core are amazing. Sure not all are the best but they definitely try to overthink it on purpose. And for right now, maybe Core being centralized isn’t a bad thing. I haven’t seen anything that would make me believe they were actively trying to hurt Bitcoin. They want it to succeed just as much as we do. Open Source projects are very hard to coordinate. Not all projects have someone like Linus Torvalds who headed the direction of the Linux kernel and probably saved it from falling into obscurity as people fought over what should be included in it. Maybe we need a leader right now. And I haven’t seen anyone step up anywhere close to how Core has. I thank you for listening to me and my ramblings. I look forward to the discussion this may fuel. I feel I need to do something for Bitcoin, even if it is just this stupid post. I truly believe Crypto is the future, and I’m just excited to be a part of it. TL;DR IMO: Covert ASICBOOST is a possible attack vector and should be a concern. SegWit is not everything some people make it out to be, but is still better than other solutions. EB/AD would never come to a consensus. More research is required on Extension Blocks. Development being centralized is a concern but, let’s be honest, who else is putting out so much useful and high quality coding? If you don’t agree, fight me. Edits: I have been corrected that Flexible Transactions came from Bitcoin Classic. Another piece of tech I will have to familiarize myself with. Also, side note, I'm against UASF.
I found out this link: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-June/008810.html, Gavin, you said: [But even before stepping down as Lead I was starting to wonder if there are ANY successful open source projects that didn't have either a Benevolent Dictator or some clear voting process to resolve disputes that cannot be settled with "rough consensus."]. I think you are quite right. Wladimir’s roll is hard, huge responsibility with unfitting return. However, that’s not the reason for demanding unanimous support for changes to take place, allowing one-vote veto. What’s the different between having Wladimir and a robot then? My question is: Other than trying to be “decentrilized”, is it also because that you found the leading dev roll with too much responsibility but too little return, so that you gave up your power? After that, realizing the 5-dev-group (the devs with commit access) need to be somehow centralized, have you ever tried to abolish one-vote veto, and change it to a majority rule. If it was changed to majority rule now, we might need another leading dev. Are you willing to lead the development again? A: I think I am much better at writing and communicating and thinking about ‘the big picture’ than I am at managing and keeping track of hundreds of small details. People have encouraged me to be “the Linus Torvalds of Bitcoin,” but I looked at what Linus actually does and I don’t think I would be very good at it or enjoy it. He spends a lot of time with the details of pulling in changes to the Linux kernel, and that is the kind of thing a lead developer needs to spend time doing. Wladimir is good at that. Even if the Core project changed from “overwhelming consensus-- one or two people can veto a change” to “majority rule” I don’t think I want the lead developer role. If there was nobody else to do it, I would return, but I think there are now lots of people who would be good lead developers. Some of them are leading projects like Bitcoin Unlimited or btcd or Bitcoin Classic, and that is great!
Q: Lots of people say that “Bitcoin is dead”. What’s your opinion on this? Does Bitcoin still have a future? A: Bitcoin absolutely has a future. It has been declared dead dozens of time, and I am sure it will be declared dead dozens of times more before people get tired of saying that it is dead.
Q: Bitcoin has been stably running for seven years, why not the core developers act like Satoshi, just watch it, so as to avoid development centralization? A: Good developers always want to make things better! And there are changes that must be made as more people use Bitcoin.
Q: What’s your opinion on Dogecoin? Is it possible that Dogecoin becomes one of Bitcoin’s sidechains, so that it can helps the traffic on Bitcoin mainchain? A: I like the 21-million bitcoin limit. I think it makes sense for there to be a limited, predictable supply of money. So I don’t like altcoins that create even more money; you can think of it as a sneaky way of increasing the 21-million coin limit. If Dogecoin was just a sidechain, without its own currency, then I would like it more.
Q: Gavin, what’s your opinion on Ethereum? Any comment on the trend that the industry started to talk about blockchain without mentioning Bitcoin? A: I answered another question about Ethereum. As for “we like Blockchain” instead of “we like Bitcoin” : I don’t have a strong opinion about that. I answered another question about private blockchains; I think they make sense for some things, and not for others.
Q: Can you explain why it is not possible to solve the congestion problem by reducing block generation time? Is reducing block generation time the same as increasing blocksize? A: It would be even more controversial to reduce the block generation time than it is to increase the block size limit. It is technically more difficult to safely reduce the generation time, and would require more changes to more software. In particular, lightweight wallets that just download block headers might have to download many more headers, increasing their bandwidth usage.
Q: Hi, Gavin, I‘m curious why you always change your idea in the size of block limit? Why not insist on one hard fork solution? I think you did not think about it carefully on how to increase the limit, what’s your opinion? A: I have been trying very hard for a long time to find a solution that most people can agree on, and have made just two proposals (BIP101 and BIP109). I have thought very carefully about how to safely increase the limit. Part of the problem is it can be done in many ways, and it really doesn’t matter which way is chosen-- it is more important that SOMETHING is chosen. Those are the decisions that are the hardest to make, because it is easy for people to have different opinions about what way is best.
Q: Sure, I’m gonna ask something other than blocksize and Classic vs. Core. Gavin I just want to ask you a question as an ordinary trader. Do you believe that Bitcoin can serve as a good store of value? Because you said on bitcontalk that Bitcoin cannot become a significant instrument for storing value https://bitcointalk.org/index.php?topic=204.msg1714#msg1714. Do you still think so? A: That feels like a very long time ago I said that… I still think that the best store of value is in diversified investments that are investing in people that are working hard to make the world a better place. So the part of my personal savings that is not Bitcoin is mostly invested in diversified stock mutual funds. Having some of your savings in a very safe investment makes a lot of sense; something like precious metals is probably the safest investment right now. Hopefully some day Bitcoin will be safer than gold, and it will make sense to hold Bitcoin as part of your “safe from stock market craziness” money. Today, I think it makes sense to hold some Bitcon as part of your “high risk but maybe high future reward” money. But please don’t invest all of your money in any one thing!
Q: I just want to ask that, Gavin, you have a title “Chief Scientist at the Bitcoin Foundation”, what does it mean? What’s the main responsibility, and who assigned it to you? A: There was a meeting in Seattle where we created the Foundation. I don’t remember who suggested the “Chief Scientist” title, but it seemed better than the rest of the possible titles we were thinking of. I am fortunate to have very few responsibilities. I am given the freedom to do what I think will be best for Bitcoin. I tell people I have almost no gray hair (I should have gray hair, I will be 50 years old at the end of the year) because I organize my life so that I do not need to manage people and almost never have to talk with lawyers.
Q: How did you know Satoshi at the very beginning, did he come to you, or you were attacted by the Bitcoin project and contacted him? A: I contacted Satoshi on the bitcointalk forums. Here is my first message to him: Hey Satoshi: I want to help make Bitcoin a success. I've started by creating freebitcoins.appspot.com, and plan on doing a couple of other small projects like it. But I think I might be able to help in lots of other ways. I was the chief architect of the VRML 3D-graphics-on-the-web standardization effort (which is STILL a solution in search of a problem, unfortunately), and had the unpleasant experience of taking it through the ISO standardization process. I've also written a lot of C++ code (I'm very proud of the code I wrote as part of the Open Inventor team at Silicon Graphics), although it's been a while (I've switched to Python). I'm very curious to hear more about you-- how old are you? Is Satoshi your real name? Do you have a day job? What projects have you been involved with before? Anyway, Bitcoin is a brilliant idea, and I want to help. What do you need? -- Gavin Andresen
Q: Gavin, last time when you were in Beijing, what did you say in that meeting? *A: *The first and only time I’ve been in China was the end of last month (March). The purpose of the trip was to meet with some of the mining pools and miners, to better understand what they are thinking about the block size limit, segregated witness, the halving, and anything else that is an issue right now. I did not say a lot-- just made clear some technical points about BIP109, and explained what I have been hearing from large and small companies in the West.
Q: Gavin, what do you think is the best way to introduce / explain Bitcoin to an average Joe? A: I usually start by saying that Bitcoin is one of those ideas that sounds crazy when you first hear it. And then I describe it as “money for the Internet, that is designed to be like the Internet-- with no single person or government or company in control.” Then I let them steer the conversation and ask questions if they are interested. Some people want to talk about what governments think, some people want to know about the technology, some people want to know if they should invest or how easy it is to use… there are lots of things to talk about!
Q: Gavin, you’re working for bitcoin as a career, is there anyone around try to deride or attact you about what you’re doing? How did you move on and continue your work? What do you think about the current situation of bitcoin development? *A: *There are always people on the Internet who seem to like attacking other people. I don’t know if it is better or worse with Bitcoin; probably worse, because people care so much about it. I get many more people thanking me for the work I do on Bitcoin than people attacking me, so usually it is easy to move on and continue my work. I am most hurt when I am attacked by people I have worked with in the past; that is discouraging. I think overall Bitcoin development is stronger than it has ever been. There are more people contributing, not just to Core but to other projects, and more innovation happening. But moving from there being just one implementation of the protocol to multiple competing implementations is necessary, but difficult. I wish developers did not see that transition as being some sort of personal attack.
Q: Hi Gavin, SegWig had a PR a couple of days ago, however, the blocksize limit is still 1MB, the amount of transactions can be processed are still the same per block. I really want to know that when we can benefit from SegWig, and when can we actually have blocks that can process more transactions? A: If everything goes perfectly, we might see a significan number of SegWit transactions in three months. I would guess it will take six months for the miners to adopt segwit and then wallets to start producing segwit transactions, but it could take a year. Unfortunately, transaction volume was growing more quickly than that, so even if Segwit helps, it will not help quickly enough.
Q: Hi Gavin, you said in 2015 that having 1-minute block generation time is a good idea. Do you still believe so? If yes, can you share your strategy on dealing with the security issues and the higher orphan rate? https://www.reddit.com/Bitcoin/comments/35hpkt/please_remind_me_once_again_why_we_cant_decrease/cr4wk0g A: Yes, I still believe Bitcoin would work just fine with a one-minute block generation time. I don’t think we should change that right now, though, because it would be a big change that requires changing lots of software. I’m not sure what security issues you are talking about, perhaps you could be more specific. As for higher orphan rates: if everybody has a higher orphan rate, then that is not a problem (unless orphan rates get very high-- say 5-10% or more). Even worries about larger miners having an advantage at higher orphan rates could be addressed with some protocol changes. But, again, all of that is a much longer discussion that I don’t think we should have right now. Increasing or eliminating the block size limit is much simpler.
Q: Hi Gavin, how many hours do spend on working every day? Do you still write code nowadays? *A: *It depends on what you mean by “working” -- does answering email after dinner count? I try not to work too much; I need to get more exercise, and like to spend time with my family (my children will be going to college in just a few years). I am usually at my office maybe seven hours, five days per week, and on good days I do get to still write code.
Q: Hi, Gavin, how many children do you have? :-D How do you balance between your life and bitcoin? A: Two children, a girl and a boy, both teenagers. The trick to balancing life and bitcoin is to say “no” a lot (“no, I’m sorry, I cannot speak at your conference in Botswana”).
Q: Hi Gavin, I’m very worried about bitcoin may split to two coins, which is very bad. So I once posted on 8btc to discuss how to prevent bitcoin from splitting in future. http://8btc.com/thread-30758-1-1.htm. Simply put, we just add all different opinions into one wallet, and the network automatically hard fork based on the vote result of the wallet. In this way, there would be no splitting ever happen. Do you think this idea would work out? (See above image as an illustration of the idea) A: Agreeing how the vote would work would be hard (would transactions vote? For how long? 51% agreement or 75% or 95%?) Only transactions in blocks count as voting? (if not, then somebody could send lots of transactions to vote multiple times) And what if miners decide not to mine transactions that vote for something they disagree with?
Q: Gavin, do you think large institutions wil join in Bitcoin ,like big fund or bank? There are news mentioned about safery regulations and risk factors in bitoin, may they be eliminated? Or will bitcoin be a game for ordinary people forever? A: If Bitcoin continues to grow, then yes, I think large institutions will start to accept Bitcoin. We have already seen some big technology companies like Microsoft work with Bitcoin. Most of the risk with Bitcoin is caused by new, immature companies (like Mt. Gox). The risk is smaller today, because larger, more stable, better funded companies with better engineers are involved, and I expect that will continue. I hope Bitcoin will also be used by ordinary people forever!
Q: What are you most proud of since you've join in Bitcoin development? A: All of the testing infrastructure that I put into place. My first contribution was the Bitcoin testnet, and if I remember correctly I also put the first unit tests in place and the first regression tests.
Q: Hi Gavin, do you mind further share some insights on why you think Bitcoin cannot replace the fiat system and become a true global currency? Bitcoin is a better instrument as store of value, it has better liquidity, also better against counterfeiting, and can even truly make people's wealth inviolable to anyone! (no more confiscation and capital control.) Therefore, Bitcoin obviously is a better currency comparing to fiat. When a better currency appears, people tends to adopt it naturally, and gradually abandon the old currency. (just like how people abandoned shells, when they realized that gold is better form of money with excellent monetary attributes. *A: * It could eventually replace the fiat system, but I don’t think that will happen in my lifetime. I hope I am wrong about that!
Q: Hi, Gavin, welcome to 8btc! I am a altlcoin dev ,do you like one or some altcoins? And what do you think of the coins developed by Chinese Teams, like the VPNCoin、Dacrs(SmartCoin)、Antshares or others projects(these are all high light shown on 8btc.com). Have you ever tried to understand such altcoins? Best Regards! Your fans A: I don’t like altcoins that are created just to create more money, because I like the 21-million bitcoin limit. Altcoins that have some innovative technology in them (like Ethereum or Zerocash) are more interesting, but I would rather they were done as sidechains to the Bitcoin blockchain. I think you should have a very good purpose for creating a new currency, and if you don’t have a good purpose, you should use the Bitcoin currency.
Gavin: Thank you very much for the great questions, and BIG thanks to the translators for their hard work! kcb: Thank you Gavin!! It’s great to have you here!! WangXiaoMeng: Thanks a lot Gavin!!!
Most mining computers that use Nvidia and Linux are built to mine equihash coins. Because of this we will follow a previous tutorial I have written on how to mine Bitcoin Private I will not be going into the details on how to setup the command line configuration, so make sure you follow the tutorial. Initially I did this mining setup with Windows 10, as that is the operating system on my gaming rig. If you want to do Ethereum mining using your GPU, then you really want to use Linux. On Windows the GTX 1070 produced a hashrate of 6 MH/s (megahashes per second) while the same hardware does 25 MH/s on Linux. "The attackers use different techniques to hide the malicious activity, including a malicious Linux kernel module," the EGI security team noted in its advisory. "It is not fully understood how SSH credentials are stolen, although some (but not all) victims have discovered compromised SSH binaries. 3. Best Bitcoin mining software CGminer. Pros: Supports GPU/FPGA/ASIC mining, Popular (frequently updated). Cons: Textual interface. Platforms: Windows, Mac, Linux Going strong for many years, CGminer is still one of the most popular GPU/FPGA/ASIC mining software available. CGminer is a command line application written in C. It’s also cross platform, meaning you can use it with Windows full control of mining program options (you choose your own options, pool and wallet) notifications about offline/online rigs in telegram (popular instant messenger) alerts: missing GPU in rig, too much reboots or too high temperature; creating and assigning rigs to "Group Config" with the same mining options
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