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Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?

Crypto Banking Wars: Will Coinbase or Binance Become The Bank of The Future?
Can the early success of major crypto exchanges propel them to winning the broader consumer finance market?
https://reddit.com/link/i48t4q/video/v4eo10gom7f51/player
This is the first part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this powerful technology to reach the masses. We believe a crypto-native company, like Genesis Block, will become the bank of the future.
In an earlier series, Crypto-Powered, we laid out arguments for why crypto-native companies have a huge edge in the market. When you consider both the broad spectrum of financial use-cases and the enormous value unlocked through these DeFi protocols, you can see just how big of an unfair advantage blockchain tech becomes for companies who truly understand and leverage it. Traditional banks and fintech unicorns simply won’t be able to keep up.
The power players of consumer finance in the 21st century will be crypto-native companies who build with blockchain technology at their core.
The crypto landscape is still nascent. We’re still very much in the fragmented, unbundled phase of the industry lifecycle. Beyond what Genesis Block is doing, there are signs of other companies slowly starting to bundle financial services into what could be an all-in-one bank replacement.
So the key question that this series hopes to answer:
Which crypto-native company will successfully become the bank of the future?
We obviously think Genesis Block is well-positioned to win. But we certainly aren’t the only game in town. In this series, we’ll be doing an analysis of who is most capable of thwarting our efforts. We’ll look at categories like crypto exchanges, crypto wallets, centralized lending & borrowing services, and crypto debit card companies. Each category will have its own dedicated post.
Today we’re analyzing big crypto exchanges. The two companies we’ll focus on today are Coinbase (biggest American exchange) and Binance (biggest global exchange). They are the top two exchanges in terms of Bitcoin trading volume. They are in pole position to winning this market — they have a huge existing userbase and strong financial resources.
Will Coinbase or Binance become the bank of the future? Can their early success propel them to winning the broader consumer finance market? Is their growth too far ahead for anyone else to catch up? Let’s dive in.
https://preview.redd.it/lau4hevpm7f51.png?width=800&format=png&auto=webp&s=2c5de1ba497199f36aa194e5809bd86e5ab533d8

Binance

The most formidable exchange on the global stage is Binance (Crunchbase). All signs suggest they have significantly more users and a stronger balance sheet than Coinbase. No other exchange is executing as aggressively and relentlessly as Binance is. The cadence at which they are shipping and launching new products is nothing short of impressive. As Tushar Jain from Multicoin argues, Binance is Blitzscaling.
Here are some of the products that they’ve launched in the last 18 months. Only a few are announced but still pre-launch.
Binance is well-positioned to become the crypto-powered, all-in-one, bundled solution for financial services. They already have so many of the pieces. But the key question is:
Can they create a cohesive & united product experience?

Binance Weaknesses

Binance is strong, but they do have a few major weaknesses that could slow them down.
  1. Traders & Speculators Binance is currently very geared for speculators, traders, and financial professionals. Their bread-and-butter is trading (spot, margin, options, futures). Their UI is littered with depth charts, order books, candlesticks, and other financial concepts that are beyond the reach of most normal consumers. Their product today is not at all tailored for the broader consumer market. Given Binance’s popularity and strength among the pro audience, it’s unlikely that they will dumb down or simplify their product any time soon. That would jeopardize their core business. Binance will likely need an entirely new product/brand to go beyond the pro user crowd. That will take time (or an acquisition). So the question remains, is Binance even interested in the broader consumer market? Or will they continue to focus on their core product, the one-stop-shop for pro crypto traders?
  2. Controversies & Hot Water Binance has had a number of controversies. No one seems to know where they are based — so what regulatory agencies can hold them accountable? Last year, some sensitive, private user data got leaked. When they announced their debit card program, they had to remove mentions of Visa quickly after. And though the “police raid” story proved to be untrue, there are still a lot of questions about what happened with their Shanghai office shut down (where there is smoke, there is fire). If any company has had a “move fast and break things” attitude, it is Binance. That attitude has served them well so far but as they try to do business in more regulated countries like America, this will make their road much more difficult — especially in the consumer market where trust takes a long time to earn, but can be destroyed in an instant. This is perhaps why the Binance US product is an empty shell when compared to their main global product.
  3. Disjointed Product Experience Because Binance has so many different teams launching so many different services, their core product is increasingly feeling disjointed and disconnected. Many of the new features are sloppily integrated with each other. There’s no cohesive product experience. This is one of the downsides of executing and shipping at their relentless pace. For example, users don’t have a single wallet that shows their balances. Depending on if the user wants to do spot trading, margin, futures, or savings… the user needs to constantly be transferring their assets from one wallet to another. It’s not a unified, frictionless, simple user experience. This is one major downside of the “move fast and break things” approach.
  4. BNB token Binance raised $15M in a 2017 ICO by selling their $BNB token. The current market cap of $BNB is worth more than $2.6B. Financially this token has served them well. However, given how BNB works (for example, their token burn), there are a lot of open questions as to how BNB will be treated with US security laws. Their Binance US product so far is treading very lightly with its use of BNB. Their token could become a liability for Binance as it enters more regulated markets. Whether the crypto community likes it or not, until regulators get caught up and understand the power of decentralized technology, tokens will still be a regulatory burden — especially for anything that touches consumers.
  5. Binance Chain & Smart Contract Platform Binance is launching its own smart contract platform soon. Based on compatibility choices, they have their sights aimed at the Ethereum developer community. It’s unclear how easy it’ll be to convince developers to move to Binance chain. Most of the current developer energy and momentum around smart contracts is with Ethereum. Because Binance now has their own horse in the race, it’s unlikely they will ever decide to leverage Ethereum’s DeFi protocols. This could likely be a major strategic mistake — and hubris that goes a step too far. Binance will be pushing and promoting protocols on their own platform. The major risk of being all-in on their own platform is that they miss having a seat on the Ethereum rocket ship — specifically the growth of DeFi use-cases and the enormous value that can be unlocked. Integrating with Ethereum’s protocols would be either admitting defeat of their own platform or competing directly against themselves.

Binance Wrap Up

I don’t believe Binance is likely to succeed with a homegrown product aimed at the consumer finance market. Their current product — which is focused heavily on professional traders and speculators — is unlikely to become the bank of the future. If they wanted to enter the broader consumer market, I believe it’s much more likely that they will acquire a company that is getting early traction. They are not afraid to make acquisitions (Trust, JEX, WazirX, DappReview, BxB, CoinMarketCap, Swipe).
However, never count CZ out. He is a hustler. Binance is executing so aggressively and relentlessly that they will always be on the shortlist of major contenders.
https://preview.redd.it/mxmlg1zqm7f51.png?width=800&format=png&auto=webp&s=2d900dd5ff7f3b00df5fe5a48305d57ebeffaa9a

Coinbase

The crypto-native company that I believe is more likely to become the bank of the future is Coinbase (crunchbase). Their dominance in America could serve as a springboard to winning the West (Binance has a stronger foothold in Asia). Coinbase has more than 30M users. Their exchange business is a money-printing machine. They have a solid reputation as it relates to compliance and working with regulators. Their CEO is a longtime member of the crypto community. They are rumored to be going public soon.

Coinbase Strengths

Let’s look at what makes them strong and a likely contender for winning the broader consumer finance market.
  1. Different Audience, Different Experience Coinbase has been smart to create a unique product experience for each audience — the pro speculator crowd and the common retail user. Their simple consumer version is at Coinbase.com. That’s the default. Their product for the more sophisticated traders and speculators is at Coinbase Pro (formerly GDAX). Unlike Binance, Coinbase can slowly build out the bank of the future for the broad consumer market while still having a home for their hardcore crypto traders. They aren’t afraid to have different experiences for different audiences.
  2. Brand & Design Coinbase has a strong product design team. Their brand is capable of going beyond the male-dominated crypto audience. Their product is clean and simple — much more consumer-friendly than Binance. It’s clear they spend a lot of time thinking about their user experience. Interacting directly with crypto can sometimes be rough and raw (especially for n00bs). When I was at Mainframe we hosted a panel about Crypto UX challenges at the DevCon4 Dapp Awards. Connie Yang (Head of Design at Coinbase) was on the panel. She was impressive. Some of their design philosophies will bode well as they push to reach the broader consumer finance market.
  3. USDC Stablecoin Coinbase (along with Circle) launched USDC. We’ve shared some stats about its impressive growth when we discussed DeFi use-cases. USDC is quickly becoming integrated with most DeFi protocols. As a result, Coinbase is getting a front-row seat at some of the most exciting things happening in decentralized finance. As Coinbase builds its knowledge and networks around these protocols, it could put them in a favorable position to unlock incredible value for their users.
  4. Early Signs of Bundling Though Coinbase has nowhere near as many products & services as Binance, they are slowly starting to add more financial services that may appeal to the broader market. They are now letting depositors earn interest on USDC (also DAI & Tezos). In the UK they are piloting a debit card. Users can now invest in crypto with dollar-cost-averaging. It’s not much, but it’s a start. You can start to see hints of a more bundled solution around financial services.

Coinbase Weaknesses

Let’s now look at some things that could hold them back.
  1. Slow Cadence In the fast-paced world of crypto, and especially when compared to Binance, Coinbase does not ship very many new products very often. This is perhaps their greatest weakness. Smaller, more nimble startups may run circles around them. They were smart to launch Coinbase Ventures where tey invest in early-stage startups. They can now keep an ear to the ground on innovation. Perhaps their cadence is normal for a company of their size — but the Binance pace creates quite the contrast.
  2. Lack of Innovation When you consider the previous point (slow cadence), it’s unclear if Coinbase is capable of building and launching new products that are built internally. Most of their new products have come through acquisitions. Their Earn.com acquisition is what led to their Earn educational product. Their acquisition of Xapo helped bolster their institutional custody offering. They acqui-hired a team to help launch their staking infrastructure. Their acquisition of Cipher Browser became an important part of Coinbase Wallet. And recently, they acquired Tagomi — a crypto prime brokerage. Perhaps most of Coinbase’s team is just focused on improving their golden goose, their exchange business. It’s unclear. But the jury is still out on if they can successfully innovate internally and launch any homegrown products.
  3. Talent Exodus There have been numerous reports of executive turmoil at Coinbase. It raises a lot of questions about company culture and vision. Some of the executives who departed include COO Asiff Hirji, CTO Balaji Srinivasan, VP & GM Adam White, VP Eng Tim Wagner, VP Product Jeremy Henrickson, Sr Dir of Eng Namrata Ganatra, VP of Intl Biz Dan Romero, Dir of Inst Sales Christine Sandler, Head of Trading Hunter Merghart, Dir Data Science Soups Ranjan, Policy Lead Mike Lempres, Sr Compliance Vaishali Mehta. Many of these folks didn’t stay with Coinbase very long. We don’t know exactly why it’s happening —but when you consider a few of my first points (slow cadence, lack of innovation), you have to wonder if it’s all related.
  4. Institutional Focus As a company, we are a Coinbase client. We love their institutional offering. It’s clear they’ve been investing a lot in this area. A recent Coinbase blog post made it clear that this has been a focus: “Over the past 12 months, Coinbase has been laser-focused on building out the types of features and services that our institutional customers need.” Their Tagomi acquisition only re-enforced this focus. Perhaps this is why their consumer product has felt so neglected. They’ve been heavily investing in their institutional services since May 2018. For a company that’s getting very close to an IPO, it makes sense that they’d focus on areas that present strong revenue opportunities — as they do with institutional clients. Even for big companies like Coinbase, it’s hard to have a split focus. If they are “laser-focused” on the institutional audience, it’s unlikely they’ll be launching any major consumer products anytime soon.

Coinbase Wrap Up

At Genesis Block, we‘re proud to be working with Coinbase. They are a fantastic company. However, I don’t believe that they’ll succeed in building their own product for the broader consumer finance market. While they have incredible design, there are no signs that they are focused on or capable of internally building this type of product.
Similar to Binance, I think it’s far more likely that Coinbase acquires a promising young startup with strong growth.

Honorable Mentions

Other US-based exchanges worth mentioning are Kraken, Gemini, and Bittrex. So far we’ve seen very few signs that any of them will aggressively attack broader consumer finance. Most are going in the way of Binance — listing more assets and adding more pro tools like margin and futures trading. And many, like Coinbase, are trying to attract more institutional customers. For example, Gemini with their custody product.

Wrap Up

Coinbase and Binance have huge war chests and massive reach. For that alone, they should always be considered threats to Genesis Block. However, their products are very, very different than the product we’re building. And their approach is very different as well. They are trying to educate and onboard people into crypto. At Genesis Block, we believe the masses shouldn’t need to know or care about it. We did an entire series about this, Spreading Crypto.
Most everyone needs banking — whether it be to borrow, spend, invest, earn interest, etc. Not everyone needs a crypto exchange. For non-crypto consumers (the mass market), the differences between a bank and a crypto exchange are immense. Companies like Binance and Coinbase make a lot of money on their crypto exchange business. It would be really difficult, gutsy, and risky for any of them to completely change their narrative, messaging, and product to focus on the broader consumer market. I don’t believe they would ever risk biting the hand that feeds them.
In summary, as it relates to a digital bank aimed at the mass market, I believe both Coinbase and Binance are much more likely to acquire a startup in this space than they are to build it themselves. And I think they would want to keep the brand/product distinct and separate from their core crypto exchange business.
So back to the original question, is Coinbase and Binance a threat to Genesis Block? Not really. Not today. But they could be, and for that, we want to stay close to them.
------
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submitted by mickhagen to genesisblockhq [link] [comments]

Crypto / Bitcoin / Mentorship ! -get professional advice and assistance in this wild west

Why Having a MENTOR in Crypto is Very Important
For the past couple of years I have been sharing the exorbitant costs of the elite cryptocurrency Palm Beach newsletter services with a few other people. But what started off as a simple share of the costs of these publications has actually turned into me being a teacher or counselor in the space to many who are completely new to the world of cryptocurrency.
A bit about me:
As someone who has been buying bitcoin since early 2014 I became the ipso facto ‘crypto expert’ among my friends and new newsletter shares. People came to me with all types of questions which I had taken for granted since I had long ago been through the learning curve required to make me highly proficient at navigating the complex waters of cryptocurrency.
It was at this time that I realized just how difficult crypto currency can be for most people. Many things I took for granted are not actually that simple. I’ve gotten questions all over the board over the years: “how do I buy bitcoin?” - or “How do I send it now that I have it”. “What’s a crypto wallet?” “what are the best exchanges to use?”, “what does ERC-20 mean?” …and on and on and on. I realized that things that I took for granted were actually very real concerns and struggles for people. So I became a teacher of sorts to those who needed help getting their footing established in the wild west of crypto, and instead of being someone who simply shared the costs of pricey publications I ended up being a mentor, an ally, and a friend to many of these people.
Here are a few things I’ve noticed over the years:
Most of the mistakes people make are done early on as they are trying to get set up. There are many traps out there to part you with your money. Fly by night exchanges…or even bogus exchanges, people promising you educational courses that turn out to be worthless drivel and many people online telling you which coins to buy hyping things so much because they want YOU to buy their bags - not to make you rich. I once had a friend google a crypto exchange customer service number. The number wasn’t real but a spoof website in a paid search result which connected her to a scammer who proceeded to steal her $8,000 worth of bitcoin in about 30 seconds. Poof! Gone!
What’s important when you are first new to crypto is to realize that everyone has an agenda and most of the time it’s not a mutually beneficial one. This is the wild wild west! You better have your wits about you, and be quick on the draw - otherwise you’ll blink and suddenly find yourself penniless.
But even good guys have an agenda. I know I do! But mine is more altruistic and designed to be “mutually beneficial”. See, I’m hoping to gain some of your trust to have a conversation so that you’ll allow me to be your ally and mentor in the space - giving me the chance to share both my knowledge and the publications you may already want. Like most value adding things in life it starts with a profit motive; capitalism at its purest. But the best business is also the business which helps solve problems. And that is what I am attempting to do here - to connect with a few people that I can add value and insights to and have your back in the wild wild west of cryptocurrency.
Swimming with Sharks or the Land of Milk and Honey?:
With that said cypto is full of some of the slimiest people on earth. Scammers and frauds in boiler rooms in India or Pakistan or China trying to take advantage of your naiveté. It is what it is. Welcome to crypto. But crypto is also the new land of opportunity- a land where you can stake a claim and strike gold, or watch oil just gushing out of the ground. So, yes it can be a wonderful place too! Some of the best people I know I’ve met through my cryptocurrency connections and projects I have become passionate about. Many of these are freedom loving people acutely aware that many things aren’t right in the world and many things need to be changed. We love profit combined with the ideological purity of what crypto is at its core, and usually find agreement in the fact that crypto offers many solutions to a world begging for a paradigm shift towards more honesty and integrity in a broken world full of corrupt systems and cronyism.
But where do you turn for the advice if you are an outsider looking into this fascinating new world and the possibilities that it presents? Do you go to youtube? Do you run to a computer and start googling bitcoin? Will your smart Uncle Joe be able to help you? Certainly, there is a lot of information you can glean our there on your own if you are industrious and persistent. But these are also shark infested waters, and as I said earlier - nearly everyone has an agenda. Usually, as a newbie in crypto you are the “mark” - or as poker players would say; “the fish” at the table. Everyone will welcome you to grab a seat and offer you a smoke… getting you extremely comfortable, before taking your money leaving you wondering what the hell just happened?!
Are you the Customer or “the mark”?
Sadly, many of the latest and greatest crypto publications have also gone the route of the hustler at the poker table. They get you to empty your pockets to enter into the game - and then later they hold you by your ankles and shake you until anything left comes spilling out onto the ground. It’s a brutal world for sure. How many of you are aware that the moment you sign up for Palm Beach (for one example) the next week or even day they will be hitting you up to sign up for yet another multi-thousand dollar subscription service with them or one of their partners like Bonner and Associates or Legacy Research Group? Don’t believe me? Sign up and find out!
To me this is greed at its highest and most perverse level. They claim to want to “help” you become one of the nouveau rich - and they charge a literally boat load of money for the information to do so. The information is very good even! But then just days later you will find out that your information is “incomplete” - and that what you really need to do is to buy this “other” publication which shows you a more nuanced (and shhhh, also secret formula ) to really getting those profits you crave sooner - only even much bigger profits this time - in another sector - oh by the way this will only cost you another $2,500 or $1,500. Really? Are they looking out for their customers or more interested in bleeding them out like pigs? I’d say clearly the latter.
Time for a more Holistic Approach:
For the reasons above I have committed myself to being a crypto mentor and friend in the space - but as a business. As a bonus to signing up with me as your friend and mentor in the space I’ll share with you the publications. This way you help me cover the costs and I help you get what you want; the pricey information. Only I do better by you - in offering you my hand in expertise and kinship and getting your cost greatly reduced at the same time. It’s a no brainer for you really.
Keep in mind I have ALL the Palm Beach publications you could want; (Palm Beach Confidential, Crypto Income Quarterly (the "Tech Royalty" programs), Palm Beach Trader, Alpha Edge, Palm Beach Quant ) and also the lesser known and unrelated Crypto Vigilante of Dollar Vigilante fame (a very underrated publication imo). And you get someone who understands crypto and the crypto markets at a fairly high level - someone with the 10,000+ hours put into the space since 2014 to make me not only highly proficient - but arguably a distinct “expert” in the field.
If you were going to get the $75 rib-eye - wouldn’t the same steak taste even better at $25 - $50 while also having 3 sides (and fancy drinks) included? Your choice. This is what I’m offering you.
I have a videos showing me in all my splendor (lol) and trying to communicate who I am, and what I can do for you. I am currently offering a few levels of memberships to my mentorship and expertise and the publications and info you want. So why not have a brief talk about it? Drop me a line in direct message here (not in the public thread below) - and I’ll get you over the full monty of details regarding signing up with me and getting immediate access to the publications and my brain. ; )
You can also email me at: [[email protected]](mailto:[email protected])
I’ll even send you that private video of me first so you can decide if I’m the type of person you might want to do business with. I look forward to hearing from you! Drop me that message and please leave a brief note of what exactly you might be interested in. Thanks!
Proverbs 15:22 - Without counsel purposes are disappointed: but in the multitude of counsellors they are established.
submitted by remotelyfun to u/remotelyfun [link] [comments]

Crypto / Bitcoin / Mentorship ! -get professional advice and assistance in this wild west

Why Having a MENTOR in Crypto is Very Important
For the past couple of years I have been sharing the exorbitant costs of the elite cryptocurrency Palm Beach newsletter services with a few other people. But what started off as a simple share of the costs of these publications has actually turned into me being a teacher or counselor in the space to many who are completely new to the world of cryptocurrency.
A bit about me:
As someone who has been buying bitcoin since early 2014 I became the ipso facto ‘crypto expert’ among my friends and new newsletter shares. People came to me with all types of questions which I had taken for granted since I had long ago been through the learning curve required to make me highly proficient at navigating the complex waters of cryptocurrency.
It was at this time that I realized just how difficult crypto currency can be for most people. Many things I took for granted are not actually that simple. I’ve gotten questions all over the board over the years: “how do I buy bitcoin?” - or “How do I send it now that I have it”. “What’s a crypto wallet?” “what are the best exchanges to use?”, “what does ERC-20 mean?” …and on and on and on. I realized that things that I took for granted were actually very real concerns and struggles for people. So I became a teacher of sorts to those who needed help getting their footing established in the wild west of crypto, and instead of being someone who simply shared the costs of pricey publications I ended up being a mentor, an ally, and a friend to many of these people.
Here are a few things I’ve noticed over the years:
Most of the mistakes people make are done early on as they are trying to get set up. There are many traps out there to part you with your money. Fly by night exchanges…or even bogus exchanges, people promising you educational courses that turn out to be worthless drivel and many people online telling you which coins to buy hyping things so much because they want YOU to buy their bags - not to make you rich. I once had a friend google a crypto exchange customer service number. The number wasn’t real but a spoof website in a paid search result which connected her to a scammer who proceeded to steal her $8,000 worth of bitcoin in about 30 seconds. Poof! Gone!
What’s important when you are first new to crypto is to realize that everyone has an agenda and most of the time it’s not a mutually beneficial one. This is the wild wild west! You better have your wits about you, and be quick on the draw - otherwise you’ll blink and suddenly find yourself penniless.
But even good guys have an agenda. I know I do! But mine is more altruistic and designed to be “mutually beneficial”. See, I’m hoping to gain some of your trust to have a conversation so that you’ll allow me to be your ally and mentor in the space - giving me the chance to share both my knowledge and the publications you may already want. Like most value adding things in life it starts with a profit motive; capitalism at its purest. But the best business is also the business which helps solve problems. And that is what I am attempting to do here - to connect with a few people that I can add value and insights to and have your back in the wild wild west of cryptocurrency.
Swimming with Sharks or the Land of Milk and Honey?:
With that said cypto is full of some of the slimiest people on earth. Scammers and frauds in boiler rooms in India or Pakistan or China trying to take advantage of your naiveté. It is what it is. Welcome to crypto. But crypto is also the new land of opportunity- a land where you can stake a claim and strike gold, or watch oil just gushing out of the ground. So, yes it can be a wonderful place too! Some of the best people I know I’ve met through my cryptocurrency connections and projects I have become passionate about. Many of these are freedom loving people acutely aware that many things aren’t right in the world and many things need to be changed. We love profit combined with the ideological purity of what crypto is at its core, and usually find agreement in the fact that crypto offers many solutions to a world begging for a paradigm shift towards more honesty and integrity in a broken world full of corrupt systems and cronyism.
But where do you turn for the advice if you are an outsider looking into this fascinating new world and the possibilities that it presents? Do you go to youtube? Do you run to a computer and start googling bitcoin? Will your smart Uncle Joe be able to help you? Certainly, there is a lot of information you can glean our there on your own if you are industrious and persistent. But these are also shark infested waters, and as I said earlier - nearly everyone has an agenda. Usually, as a newbie in crypto you are the “mark” - or as poker players would say; “the fish” at the table. Everyone will welcome you to grab a seat and offer you a smoke… getting you extremely comfortable, before taking your money leaving you wondering what the hell just happened?!
Are you the Customer or “the mark”?
Sadly, many of the latest and greatest crypto publications have also gone the route of the hustler at the poker table. They get you to empty your pockets to enter into the game - and then later they hold you by your ankles and shake you until anything left comes spilling out onto the ground. It’s a brutal world for sure. How many of you are aware that the moment you sign up for Palm Beach (for one example) the next week or even day they will be hitting you up to sign up for yet another multi-thousand dollar subscription service with them or one of their partners like Bonner and Associates or Legacy Research Group? Don’t believe me? Sign up and find out!
To me this is greed at its highest and most perverse level. They claim to want to “help” you become one of the nouveau rich - and they charge a literally boat load of money for the information to do so. The information is very good even! But then just days later you will find out that your information is “incomplete” - and that what you really need to do is to buy this “other” publication which shows you a more nuanced (and shhhh, also secret formula ) to really getting those profits you crave sooner - only even much bigger profits this time - in another sector - oh by the way this will only cost you another $2,500 or $1,500. Really? Are they looking out for their customers or more interested in bleeding them out like pigs? I’d say clearly the latter.
Time for a more Holistic Approach:
For the reasons above I have committed myself to being a crypto mentor and friend in the space - but as a business. As a bonus to signing up with me as your friend and mentor in the space I’ll share with you the publications. This way you help me cover the costs and I help you get what you want; the pricey information. Only I do better by you - in offering you my hand in expertise and kinship and getting your cost greatly reduced at the same time. It’s a no brainer for you really.
Keep in mind I have ALL the Palm Beach publications you could want; (Palm Beach Confidential, Crypto Income Quarterly (the "Tech Royalty" programs), Palm Beach Trader, Alpha Edge, Palm Beach Quant ) and also the lesser known and unrelated Crypto Vigilante of Dollar Vigilante fame (a very underrated publication imo). And you get someone who understands crypto and the crypto markets at a fairly high level - someone with the 10,000+ hours put into the space since 2014 to make me not only highly proficient - but arguably a distinct “expert” in the field.
If you were going to get the $75 rib-eye - wouldn’t the same steak taste even better at $25 - $50 while also having 3 sides (and fancy drinks) included? Your choice. This is what I’m offering you.
I have a videos showing me in all my splendor (lol) and trying to communicate who I am, and what I can do for you. I am currently offering a few levels of memberships to my mentorship and expertise and the publications and info you want. So why not have a brief talk about it? Drop me a line in direct message here (not in the public thread below) - and I’ll get you over the full monty of details regarding signing up with me and getting immediate access to the publications and my brain. ; )
You can also email me at: [[email protected]](mailto:[email protected])
I’ll even send you that private video of me first so you can decide if I’m the type of person you might want to do business with. I look forward to hearing from you! Drop me that message and please leave a brief note of what exactly you might be interested in. Thanks!
Proverbs 15:22 - Without counsel purposes are disappointed: but in the multitude of counsellors they are established.
submitted by remotelyfun to u/remotelyfun [link] [comments]

Move Paper Wallet To Secure Long-Term Solution

Hi, I got into Bitcoin mining a long time ago, eventually sold half my coins and kept half on a paper wallet made from a popular online wallet service. For a few reasons I want to move this to a modern and secure way to store the coins.
My idea is to make a VM on my Macbook in VMware of macOS and keep it virtually "air gapped" by uninstalling the virtual network card and disallowing copy & paste as well as shared folders. On this VM install the Electrum software as the main wallet and generate a new public and private key pair. Export the wallet in encrypted form and store on a NAS as well as AWS S3. Print the mnemonic (12 word backup phrase? I assume Electrum can help with this?) and store in a safe at home. Buy a Ledger Nano X or Nano S and hook up to this air-gapped wallet, so this would basically be a second backup, and could be used to spend the coins without the use of the air-gapped VM.
Then install the Electrum software on my actual Macbook's user-space, import the public key and the private key from the legacy Bitcoin address on the paper wallet (yeah, long-time old paper wallet...) and send all the coins to the air-gapped wallet address, set up as a watch-only address on this Electrum client. Basically use this to empty all the coins from the old legacy address to the new address generated on the air-gapped computer.
Does this sound safe/sane? Am I missing something/is there a better or easier way? Any experience with the Ledger Nano X/S and is it actually trustworthy?
I really appreciate feedback on this. It has been a _looooong_ time and the BTC world has changed a _lot_.
submitted by thejestre to Bitcoin [link] [comments]

Are Pricey Crypto Publications like Palm Beach a substitution for a Crypto Mentor?

Why Having a MENTOR in Crypto is Very Important
For the past couple of years I have been sharing the exorbitant costs of the Palm Beach newsletter services with a few other people. But what started off as a simple share of the costs of these publications has actually turned into me being a teacher or counselor in the space to many who are completely new to the world of cryptocurrency.
A bit about me:
As someone who has been buying bitcoin since early 2014 I became the ipso facto ‘crypto expert’ among my friends and new newsletter shares. People came to me with all types of questions which I had taken for granted since I had long ago been through the learning curve required to make me highly proficient at navigating the complex waters of cryptocurrency.
It was at this time that I realized just how difficult crypto currency can be for most people. Many things I took for granted are not actually that simple. I’ve gotten questions all over the board over the years: “how do I buy bitcoin?” - or “How do I send it now that I have it”. “What’s a crypto wallet?” “what are the best exchanges to use?”, “what does ERC-20 mean?” …and on and on and on. I realized that things that I took for granted were actually very real concerns and struggles for people. So I became a teacher of sorts to those who needed help getting their footing established in the wild west of crypto, and instead of being someone who simply shared the costs of pricey publications I ended up being a mentor, an ally, and a friend to many of these people.
Here are a few things I’ve noticed over the years:
Most of the mistakes people make are done early on as they are trying to get set up. There are many traps out there to part you with your money. Fly by night exchanges…or even bogus exchanges, people promising you educational courses that turn out to be worthless drivel and many people online telling you which coins to buy hyping things so much because they want YOU to buy their bags - not to make you rich. I once had a friend google a crypto exchange customer service number. The number wasn’t real but a spoof website in a paid search result which connected her to a scammer who proceeded to steal her $8,000 worth of bitcoin in about 30 seconds. Poof! Gone!
What’s important when you are first new to crypto is to realize that everyone has an agenda and most of the time it’s not a mutually beneficial one. This is the wild wild west! You better have your wits about you, and be quick on the draw - otherwise you’ll blink and suddenly find yourself penniless.
But even good guys have an agenda. I know I do! But mine is more altruistic and designed to be “mutually beneficial”. See, I’m hoping to gain some of your trust to have a conversation so that you’ll allow me to be your ally and mentor in the space - giving me the chance to share both my knowledge and the Palm Beach publications (quarterly or confidential - or others) that you want. Like most value adding things in life it starts with a profit motive; capitalism at its purest. But the best business is also the business which helps solve problems. And that is what I am attempting to do here - to connect with a few people that I can add value and insights to.
Swimming with Sharks or the Land of Milk and Honey?:
With that said cypto is full of some of the slimiest people on earth. Scammers and frauds in boiler rooms in India or Pakistan or China trying to take advantage of your naiveté. It is what it is. Welcome to crypto. But crypto is also the new land of opportunity- a land where you can stake a claim and strike gold, or watch oil just gushing out of the ground. So, yes it can be a wonderful place too! Some of the best people I know I’ve met through my cryptocurrency connections and projects I have become passionate about. Many of these are freedom loving people acutely aware that many things aren’t right in the world and many things need to be changed. We love profit combined with the ideological purity of what crypto is at its core, and usually find agreement in the fact that crypto offers many solutions to a world begging for a paradigm shift towards more honesty and integrity in a broken world full of corrupt systems and cronyism.
But where do you turn for the advice if you are an outsider looking into this fascinating new world and the possibilities that it presents? Do you go to youtube? Do you run to a computer and start googling bitcoin? Will your smart Uncle Joe be able to help you? Certainly, there is a lot of information you can glean our there on your own if you are industrious and persistent. But these are also shark infested waters, and as I said earlier - nearly everyone has an agenda. Usually, as a newbie in crypto you are the “mark” - or as poker players would say; “the fish” at the table. Everyone will welcome you to grab a seat and offer you a smoke… getting you extremely comfortable, before taking your money leaving you wondering what the hell just happened?!
Are you the Customer or “the mark”?
Sadly, many of the latest and greatest crypto publications have also gone the route of the hustler at the poker table. They get you to empty your pockets to enter into the game - and then later they hold you by your ankles and shake you until anything left comes spilling out onto the ground. It’s a brutal world for sure. How many of you are aware that the moment you sign up for Palm Beach (for one example) the next week or even day they will be hitting you up to sign up for yet another multi-thousand dollar subscription service with them or one of their partners like Bonner and Associates or Legacy Research Group? Don’t believe me? Sign up and find out!
To me this is greed at its highest and most perverse level. They claim to want to “help” you become one of the nouveau rich - and they charge a literally boat load of money for the information to do so. The information is very good even! But then just days later you will find out that your information is “incomplete” - and that what you really need to do is to buy this “other” publication which shows you a more nuanced (and shhhh, also secret formula ) to really getting those profits you crave sooner - only even much bigger profits this time - in another sector - oh by the way this will only cost you another $2,500 or $1,500. Really? Are they looking out for their customers or more interested in bleeding them out like pigs? I’d say clearly the latter.
Time for a more Holistic Approach:
For the reasons above I have committed myself to being a crypto mentor and friend in the space - but as a business. As a bonus to signing up with me as your friend and mentor in the space I’ll share with you the publications. This way you help me cover the costs and I help you get what you want; the pricey information. Only I do better by you - in offering you my hand in expertise and kinship and getting your cost greatly reduced at the same time. It’s a no brainer for you really.
Keep in mind I have ALL the Palm Beach publications you could want; (Palm Beach Confidential, Crypto Income Quarterly, Palm Beach Trader, Alpha Edge, Palm Beach Quant ) and also the lesser known and unrelated Crypto Vigilante of Dollar Vigilante fame (a very underrated publication imo). And you get someone who understands crypto and the crypto markets at a fairly high level - someone with the 10,000+ hours put into the space since 2014 to make me not only highly proficient - but arguably an “expert” in the field.
If you were going to get the $75 rib-eye - wouldn’t the same steak taste even better at $25 - $50 while also having 3 sides (and fancy drinks) included? Your choice. This is what I’m offering you.
I have a videos showing me in all my splendor (lol) and trying to communicate who I am, and what I can do for you. I am currently offering a few levels of memberships to my mentorship and expertise and the publications and info you want. So why not have a brief talk about it? Drop me a line in direct message here (not in the public thread below) - and I’ll get you over the full monty of details regarding signing up with me and getting immediate access to the publications and my brain. ; )
I’ll even send you that private video of me first so you can decide if I’m the type of person you might want to do business with. I look forward to hearing from you! Drop me that message and please leave a brief note of what exactly you might be interested in. Thanks!
Proverbs 15:22 - Without counsel purposes are disappointed: but in the multitude of counsellors they are established
submitted by remotelyfun to CoinBase [link] [comments]

Why Having a MENTOR in Crypto is Very Important

Why Having a MENTOR in Crypto is Very Important
For the past couple of years I have been sharing the exorbitant costs of the Palm Beach newsletter services with a few other people. But what started off as a simple share of the costs of these publications has actually turned into me being a teacher or counselor in the space to many who are completely new to the world of cryptocurrency.
A bit about me:
As someone who has been buying bitcoin since early 2014 I became the ipso facto ‘crypto expert’ among my friends and new newsletter shares. People came to me with all types of questions which I had taken for granted since I had long ago been through the learning curve required to make me highly proficient at navigating the complex waters of cryptocurrency.
It was at this time that I realized just how difficult crypto currency can be for most people. Many things I took for granted are not actually that simple. I’ve gotten questions all over the board over the years: “how do I buy bitcoin?” - or “How do I send it now that I have it”. “What’s a crypto wallet?” “what are the best exchanges to use?”, “what does ERC-20 mean?” …and on and on and on. I realized that things that I took for granted were actually very real concerns and struggles for people. So I became a teacher of sorts to those who needed help getting their footing established in the wild west of crypto, and instead of being someone who simply shared the costs of pricey publications I ended up being a mentor, an ally, and a friend to many of these people.
Here are a few things I’ve noticed over the years:
Most of the mistakes people make are done early on as they are trying to get set up. There are many traps out there to part you with your money. Fly by night exchanges…or even bogus exchanges, people promising you educational courses that turn out to be worthless drivel and many people online telling you which coins to buy hyping things so much because they want YOU to buy their bags - not to make you rich. I once had a friend google a crypto exchange customer service number. The number wasn’t real but a spoof website in a paid search result which connected her to a scammer who proceeded to steal her $8,000 worth of bitcoin in about 30 seconds. Poof! Gone!
What’s important when you are first new to crypto is to realize that everyone has an agenda and most of the time it’s not a mutually beneficial one. This is the wild wild west! You better have your wits about you, and be quick on the draw - otherwise you’ll blink and suddenly find yourself penniless.
But even good guys have an agenda. I know I do! But mine is more altruistic and designed to be “mutually beneficial”. See, I’m hoping to gain some of your trust to have a conversation so that you’ll allow me to be your ally and mentor in the space - giving me the chance to share both my knowledge and the publications you want. Like most value adding things in life it starts with a profit motive; capitalism at its purest. But the best business is also the business which helps solve problems. And that is what I am attempting to do here - to connect with a few people that I can add value and insights to.
Swimming with Sharks or the Land of Milk and Honey?:
With that said cypto is full of some of the slimiest people on earth. Scammers and frauds in boiler rooms in India or Pakistan or China trying to take advantage of your naiveté. It is what it is. Welcome to crypto. But crypto is also the new land of opportunity- a land where you can stake a claim and strike gold, or watch oil just gushing out of the ground. So, yes it can be a wonderful place too! Some of the best people I know I’ve met through my cryptocurrency connections and projects I have become passionate about. Many of these are freedom loving people acutely aware that many things aren’t right in the world and many things need to be changed. We love profit combined with the ideological purity of what crypto is at its core, and usually find agreement in the fact that crypto offers many solutions to a world begging for a paradigm shift towards more honesty and integrity in a broken world full of corrupt systems and cronyism.
But where do you turn for the advice if you are an outsider looking into this fascinating new world and the possibilities that it presents? Do you go to youtube? Do you run to a computer and start googling bitcoin? Will your smart Uncle Joe be able to help you? Certainly, there is a lot of information you can glean our there on your own if you are industrious and persistent. But these are also shark infested waters, and as I said earlier - nearly everyone has an agenda. Usually, as a newbie in crypto you are the “mark” - or as poker players would say; “the fish” at the table. Everyone will welcome you to grab a seat and offer you a smoke… getting you extremely comfortable, before taking your money leaving you wondering what the hell just happened?!
Are you the Customer or “the mark”?
Sadly, many of the latest and greatest crypto publications have also gone the route of the hustler at the poker table. They get you to empty your pockets to enter into the game - and then later they hold you by your ankles and shake you until anything left comes spilling out onto the ground. It’s a brutal world for sure. How many of you are aware that the moment you sign up for Palm Beach (for one example) the next week or even day they will be hitting you up to sign up for yet another multi-thousand dollar subscription service with them or one of their partners like Bonner and Associates or Legacy Research Group? Don’t believe me? Sign up and find out!
To me this is greed at its highest and most perverse level. They claim to want to “help” you become one of the nouveau rich - and they charge a literally boat load of money for the information to do so. The information is very good even! But then just days later you will find out that your information is “incomplete” - and that what you really need to do is to buy this “other” publication which shows you a more nuanced (and shhhh, also secret formula ) to really getting those profits you crave sooner - only even much bigger profits this time - in another sector - oh by the way this will only cost you another $2,500 or $1,500. Really? Are they looking out for their customers or more interested in bleeding them out like pigs? I’d say clearly the latter.
Time for a more Holistic Approach:
For the reasons above I have committed myself to being a crypto mentor and friend in the space - but as a business. As a bonus to signing up with me as your friend and mentor in the space I’ll share with you the publications. This way you help me cover the costs and I help you get what you want; the pricey information. Only I do better by you - in offering you my hand in expertise and kinship and getting your cost greatly reduced at the same time. It’s a no brainer for you really.
Keep in mind I have ALL the Palm Beach publications you could want; (Palm Beach Confidential, Crypto Income Quarterly, Palm Beach Trader, Alpha Edge, Palm Beach Quant ) and also the lesser known and unrelated Crypto Vigilante of Dollar Vigilante fame (a very underrated publication imo). And you get someone who understands crypto and the crypto markets at a fairly high level - someone with the 10,000+ hours put into the space since 2014 to make me not only highly proficient - but arguably an “expert” in the field.
If you were going to get the $75 rib-eye - wouldn’t the same steak taste even better at $25 - $50 while also having 3 sides (and fancy drinks) included? Your choice. This is what I’m offering you.
I have a videos showing me in all my splendor (lol) and trying to communicate who I am, and what I can do for you. I am currently offering a few levels of memberships to my mentorship and expertise and the publications and info you want. So why not have a brief talk about it? Drop me a line in direct message here (not in the public thread below) - and I’ll get you over the full monty of details regarding signing up with me and getting immediate access to the publications and my brain. ; )
I’ll even send you that private video of me first so you can decide if I’m the type of person you might want to do business with. I look forward to hearing from you! Drop me that message and please leave a brief note of what exactly you might be interested in. You can do that here on Reddit or at: [[email protected]](mailto:[email protected]) Thanks!
Proverbs 15:22 - Without counsel purposes are disappointed: but in the multitude of counsellors they are established.

palm beach confidential, teeka tiwari, crypto income quarterly, crypto teacher, crypto learning, learn bitcoin, cryptocurrency class
submitted by remotelyfun to u/remotelyfun [link] [comments]

Groestlcoin 6th Anniversary Release

Introduction

Dear Groestlers, it goes without saying that 2020 has been a difficult time for millions of people worldwide. The groestlcoin team would like to take this opportunity to wish everyone our best to everyone coping with the direct and indirect effects of COVID-19. Let it bring out the best in us all and show that collectively, we can conquer anything.
The centralised banks and our national governments are facing unprecedented times with interest rates worldwide dropping to record lows in places. Rest assured that this can only strengthen the fundamentals of all decentralised cryptocurrencies and the vision that was seeded with Satoshi's Bitcoin whitepaper over 10 years ago. Despite everything that has been thrown at us this year, the show must go on and the team will still progress and advance to continue the momentum that we have developed over the past 6 years.
In addition to this, we'd like to remind you all that this is Groestlcoin's 6th Birthday release! In terms of price there have been some crazy highs and lows over the years (with highs of around $2.60 and lows of $0.000077!), but in terms of value– Groestlcoin just keeps getting more valuable! In these uncertain times, one thing remains clear – Groestlcoin will keep going and keep innovating regardless. On with what has been worked on and completed over the past few months.

UPDATED - Groestlcoin Core 2.18.2

This is a major release of Groestlcoin Core with many protocol level improvements and code optimizations, featuring the technical equivalent of Bitcoin v0.18.2 but with Groestlcoin-specific patches. On a general level, most of what is new is a new 'Groestlcoin-wallet' tool which is now distributed alongside Groestlcoin Core's other executables.
NOTE: The 'Account' API has been removed from this version which was typically used in some tip bots. Please ensure you check the release notes from 2.17.2 for details on replacing this functionality.

How to Upgrade?

Windows
If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), then run the installer.
OSX
If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), run the dmg and drag Groestlcoin Core to Applications.
Ubuntu
http://groestlcoin.org/forum/index.php?topic=441.0

Other Linux

http://groestlcoin.org/forum/index.php?topic=97.0

Download

Download the Windows Installer (64 bit) here
Download the Windows Installer (32 bit) here
Download the Windows binaries (64 bit) here
Download the Windows binaries (32 bit) here
Download the OSX Installer here
Download the OSX binaries here
Download the Linux binaries (64 bit) here
Download the Linux binaries (32 bit) here
Download the ARM Linux binaries (64 bit) here
Download the ARM Linux binaries (32 bit) here

Source

ALL NEW - Groestlcoin Moonshine iOS/Android Wallet

Built with React Native, Moonshine utilizes Electrum-GRS's JSON-RPC methods to interact with the Groestlcoin network.
GRS Moonshine's intended use is as a hot wallet. Meaning, your keys are only as safe as the device you install this wallet on. As with any hot wallet, please ensure that you keep only a small, responsible amount of Groestlcoin on it at any given time.

Features

Download

iOS
Android

Source

ALL NEW! – HODL GRS Android Wallet

HODL GRS connects directly to the Groestlcoin network using SPV mode and doesn't rely on servers that can be hacked or disabled.
HODL GRS utilizes AES hardware encryption, app sandboxing, and the latest security features to protect users from malware, browser security holes, and even physical theft. Private keys are stored only in the secure enclave of the user's phone, inaccessible to anyone other than the user.
Simplicity and ease-of-use is the core design principle of HODL GRS. A simple recovery phrase (which we call a Backup Recovery Key) is all that is needed to restore the user's wallet if they ever lose or replace their device. HODL GRS is deterministic, which means the user's balance and transaction history can be recovered just from the backup recovery key.

Features

Download

Main Release (Main Net)
Testnet Release

Source

ALL NEW! – GroestlcoinSeed Savior

Groestlcoin Seed Savior is a tool for recovering BIP39 seed phrases.
This tool is meant to help users with recovering a slightly incorrect Groestlcoin mnemonic phrase (AKA backup or seed). You can enter an existing BIP39 mnemonic and get derived addresses in various formats.
To find out if one of the suggested addresses is the right one, you can click on the suggested address to check the address' transaction history on a block explorer.

Features

Live Version (Not Recommended)

https://www.groestlcoin.org/recovery/

Download

https://github.com/Groestlcoin/mnemonic-recovery/archive/master.zip

Source

ALL NEW! – Vanity Search Vanity Address Generator

NOTE: NVidia GPU or any CPU only. AMD graphics cards will not work with this address generator.
VanitySearch is a command-line Segwit-capable vanity Groestlcoin address generator. Add unique flair when you tell people to send Groestlcoin. Alternatively, VanitySearch can be used to generate random addresses offline.
If you're tired of the random, cryptic addresses generated by regular groestlcoin clients, then VanitySearch is the right choice for you to create a more personalized address.
VanitySearch is a groestlcoin address prefix finder. If you want to generate safe private keys, use the -s option to enter your passphrase which will be used for generating a base key as for BIP38 standard (VanitySearch.exe -s "My PassPhrase" FXPref). You can also use VanitySearch.exe -ps "My PassPhrase" which will add a crypto secure seed to your passphrase.
VanitySearch may not compute a good grid size for your GPU, so try different values using -g option in order to get the best performances. If you want to use GPUs and CPUs together, you may have best performances by keeping one CPU core for handling GPU(s)/CPU exchanges (use -t option to set the number of CPU threads).

Features

Usage

https://github.com/Groestlcoin/VanitySearch#usage

Download

Source

ALL NEW! – Groestlcoin EasyVanity 2020

Groestlcoin EasyVanity 2020 is a windows app built from the ground-up and makes it easier than ever before to create your very own bespoke bech32 address(es) when whilst not connected to the internet.
If you're tired of the random, cryptic bech32 addresses generated by regular Groestlcoin clients, then Groestlcoin EasyVanity2020 is the right choice for you to create a more personalised bech32 address. This 2020 version uses the new VanitySearch to generate not only legacy addresses (F prefix) but also Bech32 addresses (grs1 prefix).

Features

Download

Source

Remastered! – Groestlcoin WPF Desktop Wallet (v2.19.0.18)

Groestlcoin WPF is an alternative full node client with optional lightweight 'thin-client' mode based on WPF. Windows Presentation Foundation (WPF) is one of Microsoft's latest approaches to a GUI framework, used with the .NET framework. Its main advantages over the original Groestlcoin client include support for exporting blockchain.dat and including a lite wallet mode.
This wallet was previously deprecated but has been brought back to life with modern standards.

Features

Remastered Improvements

Download

Source

ALL NEW! – BIP39 Key Tool

Groestlcoin BIP39 Key Tool is a GUI interface for generating Groestlcoin public and private keys. It is a standalone tool which can be used offline.

Features

Download

Windows
Linux :
 pip3 install -r requirements.txt python3 bip39\_gui.py 

Source

ALL NEW! – Electrum Personal Server

Groestlcoin Electrum Personal Server aims to make using Electrum Groestlcoin wallet more secure and more private. It makes it easy to connect your Electrum-GRS wallet to your own full node.
It is an implementation of the Electrum-grs server protocol which fulfils the specific need of using the Electrum-grs wallet backed by a full node, but without the heavyweight server backend, for a single user. It allows the user to benefit from all Groestlcoin Core's resource-saving features like pruning, blocks only and disabled txindex. All Electrum-GRS's feature-richness like hardware wallet integration, multi-signature wallets, offline signing, seed recovery phrases, coin control and so on can still be used, but connected only to the user's own full node.
Full node wallets are important in Groestlcoin because they are a big part of what makes the system be trust-less. No longer do people have to trust a financial institution like a bank or PayPal, they can run software on their own computers. If Groestlcoin is digital gold, then a full node wallet is your own personal goldsmith who checks for you that received payments are genuine.
Full node wallets are also important for privacy. Using Electrum-GRS under default configuration requires it to send (hashes of) all your Groestlcoin addresses to some server. That server can then easily spy on your transactions. Full node wallets like Groestlcoin Electrum Personal Server would download the entire blockchain and scan it for the user's own addresses, and therefore don't reveal to anyone else which Groestlcoin addresses they are interested in.
Groestlcoin Electrum Personal Server can also broadcast transactions through Tor which improves privacy by resisting traffic analysis for broadcasted transactions which can link the IP address of the user to the transaction. If enabled this would happen transparently whenever the user simply clicks "Send" on a transaction in Electrum-grs wallet.
Note: Currently Groestlcoin Electrum Personal Server can only accept one connection at a time.

Features

Download

Windows
Linux / OSX (Instructions)

Source

UPDATED – Android Wallet 7.38.1 - Main Net + Test Net

The app allows you to send and receive Groestlcoin on your device using QR codes and URI links.
When using this app, please back up your wallet and email them to yourself! This will save your wallet in a password protected file. Then your coins can be retrieved even if you lose your phone.

Changes

Download

Main Net
Main Net (FDroid)
Test Net

Source

UPDATED – Groestlcoin Sentinel 3.5.06 (Android)

Groestlcoin Sentinel is a great solution for anyone who wants the convenience and utility of a hot wallet for receiving payments directly into their cold storage (or hardware wallets).
Sentinel accepts XPUB's, YPUB'S, ZPUB's and individual Groestlcoin address. Once added you will be able to view balances, view transactions, and (in the case of XPUB's, YPUB's and ZPUB's) deterministically generate addresses for that wallet.
Groestlcoin Sentinel is a fork of Groestlcoin Samourai Wallet with all spending and transaction building code removed.

Changes

Download

Source

UPDATED – P2Pool Test Net

Changes

Download

Pre-Hosted Testnet P2Pool is available via http://testp2pool.groestlcoin.org:21330/static/

Source

submitted by Yokomoko_Saleen to groestlcoin [link] [comments]

[TUTORIAL] -- How to SAFELY Claim New RNG Coins Using Your Private Keys

[TUTORIAL] -- How to SAFELY Claim New RNG Coins Using Your Private Keys

https://preview.redd.it/u4x1o4p37zc41.png?width=700&format=png&auto=webp&s=01d1ff52c0b7fc1c9ae5bb4f161979ad1f4bb559
I’m a longtime blockchain enthusiast and developer and one of my biggest gripes about this space is how quickly every new project is widely dismissed as a “scam” or “shitcoin” by so many people before it even gets off the ground. Sure, there is a lot of uncharted territory with pirates lurking to steal your bags left and right but with a small amount of personal education you can exist safely in the world of crypto I promise! With this article I aim to help lift your knowledge a little higher while helping keep your funds a little safer!

So What Is Happening?

On Tuesday February 18, 2020 a new coin named Ring (RNG) will be minted. This coin aims to bring two unique and fresh methods of proofing to the crypto game, quite literally: Agent-Based Hive Mining (borrowed from LCC) and Proof-of-Play Mining, where literal gameplay is used to hash and reward miners! To celebrate and help spread the word, the team is giving away claims of free RNG to all holders of the following coins:
  • Litecoin Cash (LCC)
  • Bitcoin (BTC)
  • Dash (DASH)
  • Dogecoin (DOGE)
It's being touted as the world's first crypto "4-way fork" but I'd really call it more of a "4-way claim" since its a brand new chain and not based on the code of any of the rewarded coins. It's simply a clever method of allowing a wider range of coin holders a chance to participate in the launch of these exciting new features!

How Will This Process Work?

On the 18th of February, a balance snapshot will be taken of the four chains listed above. Anyone holding a balance with any of these coins at the time of the snapshot will be forever eligible to claim their RNG at any time. Because the only way to prove ownership of a crypto address is to supply the private keys, and pretty much EVERYONE will tell you to guard those things with your life, below I will outline exactly what to do so there is absolutely 0% risk of losing a single satoshi! This method will apply to ANY claim rewards of any coin in the future as well. Always practice #SafeForking!

How Do I Safely Claim My RNG?

STEP 1 -- BEFORE THE SNAPSHOT -- VERIFY ACCESS TO YOUR PRIVATE KEYS
All core wallets will allow you to export a private key of any address in your wallet but many third party services like exchanges and hot wallets do not allow access to them. In these cases you will need to send your funds out of the third party service and into some kind of personal wallet where you can reach the private keys yourself. Then just wait for the snapshot to happen…
To make things easier on yourself, you can optionally collect your original coins into as few addresses as possible BEFORE the snapshot. Doing so reduces the number of keys you will need to empty and import later. It’s just less work!
\** SNAPSHOT HAPPENS HERE... ****
STEP 2 -- ATER THE SNAPSHOT -- EMPTY ALL ADDRESSES YOU WISH TO CLAIM
After the snapshot is confirmed, withdraw all coins OUT of each of your origin coin addresses into brand new addresses leaving the original ones quite empty. This way when you import later there is NO risk of losing anything! Also know that after you import these private keys you should never use them again for safety’s sake! It’s kind of the whole reason you’re even reading this article in the first place.
STEP 3 -- EXPORT PRIVATE KEYS FOR ALL ADDRESS YOU WISH TO CLAIM
This is the most difficult part, are you ready? Once each claim address is confirmed to be EMPTY, you must obtain each one’s private keys. This will entirely depend on the wallet you use (QT example below) but for all core wallets there is generally an option for exporting private keys somewhere in there. Collect them all!
How to Export QT Wallet Private Keys:⛔️ — DISABLE INTERNET FOR SAFETY — ⛔️- Open the QT wallet client- Click on HELP in the menu bar- Click on DEBUG WINDOW- Click on the CONSOLE tab- Click inside the input box at the bottom(if your wallet is locked…)- Type: walletpassphrase [Password] 600(this unlocks your wallet for 10 minutes)- Type: dumpprivkey [Address]- Copy the output hash, paste it into a list somewhere.(repeat as needed, clear your clipboard history after)- Type: walletlock (if applicable)⚡ — RE-ENABLE YOUR INTERNET —
STEP 4 -- IMPORT ALL PRIVATE KEYS INTO RNG CORE WALLET
\** PLEASE VERIFY THAT EVERY CLAIM ADDRESS IS EMPTY BEFORE CONTINUING... ****
The final step is to simply import each of these private keys into the new Ring Core Wallet to claim your free RNG rewards. The wallet handles this part automatically and you will see your new RNG balance right away. You can find this option under the File > Import Private Keys menu.
Importing a private key is the only way to prove ownership of a crypto address so this is unavoidable if you want to claim new coins from it. The steps above will allow you to prove ownership of your snapshotted address balance plus use its empty key to then claim your new coins thus keeping your original coins completely protected in the brand new address with a new private key (which you should now also keep VERY private!)
By emptying the address before you import it’s private key you eliminate the risk of theft entirely. One cannot take from an already empty jar. It should also be noted to NEVER use the imported address again as an added safety precaution*!*
👏👏👏 DONE! ENJOY YOUR FREE MONEY! 👏👏👏

How Much RNG Will I Receive?

Litecoin Cash holders will receive the highest claim ratio (5000 LCC = 1 RNG) as the LCC team are the ones responsible for creating Ring and wanted to extend a heart-felt thank you to the LCC community for their years of support. All other coins will be based on a 1:1 ratio with the value of Bitcoin at the time of the fork. This of course means 1 BTC = 1 RNG. For DASH and DOGE, however, their BTC market prices will determine their reward ratios. (For example if DASH is trading at 0.015 BTC each, then each DASH coin will net you a reward of 0.015 RNG to match.) Of course you don't need whole coins to claim, partial decimals work just fine!

What Value Will RNG Have?

That, my friends, is entirely up to the markets. No one in the history of crypto has had a perfect track record of price predictions so I'm not even going to try here. I will say, though, having gotten to play with their Testnet a bit so far that I am very impressed with the new Proof-of-Play method and how they have initially implemented it. It bodes very good things for the future of their project and this coin so I personally would expect its value to hold and most likely rise steadily as more people become aware of this groundbreaking new tech and it's potential to expand outward!

Is Litecoin Cash Still Going To Exist?

Absolutely! At least, from what I can gather. LCC has it's own purposes and will continue to be developed on. Ring is not meant to be a replacement or upgrade of any kind to Litecoin Cash. It is an entirely different proofing algorithm and a different mission statement altogether. It's more so meant to help expose the amazing new technologies developed on the LCC blockchain to a wider audience beyond simply its own fan base. If anything it'll act a sister chain that can help expose more folks to LCC in the future!

Disclaimer

While I am a moderator for the Litecoin Cash Discord server, I am writing this from an independent point of view as an educated crypto enthusiast with a passion for helping others navigate these waters. Having been an initial forker and third party developer on top of LCC myself, I feel I have some valuable insight into the direction the team is taking and I wanted to offer some sound advice for the upcoming Ring fork before the FUD gets caked on too thick.
I know a lot of people get scared easily in crypto because of the rampant scamming that goes on but I've watched this team work their asses off for two years to get out from under the stain of Charlie Lee's very biased, uneducated "its a scam" tweet which was endlessly parroted throughout the Litecoin community with nothing but blind party loyalty and no due diligence. The LCC folks are kind, wonderful hard-working people with big hearts and ambition and they have actually developed a unique proofing methodology that is likely going to impress a lot of people!
So before you go jumping on the "it's just another shitcoin" bandwagon please stop and take a real hard look at both Litecoin Cash (LCC) and Ring (RNG): two viable projects with something to bring to the table! If nothing else, hey, just claim your new coins and dump them off for some free money. You literally cannot lose if you PRACTICE SAFE FORKING!!!
Good luck, cryptonauts!
=A=
submitted by auscoine to RingCoin [link] [comments]

My initial feedback about the Coldcard mk3

Here's my email that I just sent to Coinkite:
Hi,
I just bought the coldcard, and I'd like to give some feedback. First some positive things, then a lot of improvement suggestions. I like the anti-phishing words. It seems pretty unlikely someone would phish a hardware device anytime soon, but its a great security addition with little downside. I like the screen, it feels very spacious and can contain plenty of content. I like the taper evident bag it came in, very obvious by opening it that it was not tampered with. The instructions on device are great, and much better than including an instruction manual. Its cool that it comes with an sd card slot for more airgapped use, tho I'm comfortable just using USB. I might consider using the encrypted backup feature with and sd card at some point. The very obvious caution/genuine light - tho when I first saw it, what i thought was (wouldn't a fake coldcard still say genuine?). I like that there's a shoot me symbol, and that the case it transparent so you can see inside.
Now to the issues i had and improvements i'd like to see. So the first thing I realized is that passphrases are hard to input on the number pad. The number pad has no letters on it, so it doesn't help you input a word-based passphrase (which is best practice). I originally thought that transforming a passphrase into a string of numbers had to either be a huge pain or lose you tons of entropy. I thought that if you transformed each word of a passphrase into numbers 1 for 1 (eg "cat" would be "228"), it would require more words to have a strong passphrase. But actually, I did some analysis which found that there is nearly no difference between using an alphabetic passphrase vs using an alpha passphrase transformed into numbers in that way. So I'm happy about that, but its still hard to input letter-based passphrases.
So my request is that in the mk4:
A. please put a full alphanumeric keyboard on the coldcard. Its certainly big enough for one. Say with the size and layout of the Palm phone, like the Treo 750 series. Edit: I did some analysis and found out that a numberpad is actually pretty usable with passphrases. More details at the bottom.
B. if that is, for some reason, out of the question, then please put letters on each button so you don't need to pull out an additional reference in order to input a word-based passphrase.
Numeric-only passwords are either too short or not memorable. Typing words based passphrases on the coldcard is very unweildy. Please do something about this.
Furthermore, the coldcard recommends that users write down their PIN. This is really bad advice. Please remove it. I wrote a whole rant about it here: https://www.reddit.com/coldcard/comments/emnjwx/coldcard_advises_users_to_write_down_your_pin/ . Losing your $100 cold card is not the end of the world. Getting a few bitcoin stolen from you because someone found your pin stored next to your coldcard would be FAR worse, and in a bitcoin future, just as likely as forgetting your pin, if not more likely.
So:
C. Remove the advice to write down your pin! Advise users instead to make a calendar event to recite their pin to themselves if they don't use it often enough to remember it. Its OK if the pin (and thus the coldcard) is lost - your funds can still be recovered with the seed.
D. There should be a way to factory reset the coldcard. If the current secure chip doesn't support it, I'm sure there's one that does. If everything is cleared and reset correctly, this wouldn't add any additional security risk.
E. The pin input is super confusing! Why does a 0 show up, and then half a second later the 0 is filled with a bunch of dots? What does that indicate? Please just have asterisks show up like every single other password input in the world. The pin 2525 should look like ****. The way you have it makes it very unintuitive to even know how many numbers it thinks you've typed so far.
F. Speaking of the above. I found out through trial and error (lots of error) that I had misunderstood how many characters I had put in! Why? Because when I go to create my pin, there are two pages of instructions. I click enter to get passed page 1, then I click enter again to try to get passed page 2, but it only resets page 2. So I then press the first number of my pin, and it goes to the next page, where it then displays a 0, which I thought represented the number I had pressed. It would be EXTRA confusing if the number I had pressed was 0. But no, apparently that 0 is actually trying to represent an empty space! It certainly doesn't look like an empty space. Page 2 should not go to the input view when you press a number, instead it should only continue to the next view when you press enter - like page 1 did.
G. The input is laggy. When I was looking through my seed words by holding down the arrow buttons, if I let go immediately after it shifted down one line, it would still shift down yet another line about 400 milliseconds after I had unpressed the button. What is up with that?
H. And holding down the arrow keys repeats FAR too slowly. Its maddening watching only one line go up every 500 milliseconds. The lagging problem (G) needs to be solved first tho, because if it repeated faster, the lag would be much more noticeable.
I. Ugh, why does it ask you if you want to add dice rolls into your seed AFTER it asks you to write the whole seed down? Come on, work with me here. I already wrote those down. If the user might do something that affects the seed, don't tell people to write it down yet. Put that option to "press 4 to add dice rolls into the mix" ABOVE the seed words. Also, why can't I find that text in the firmware code? Perhaps this has already been fixed/changed?
J. I tried setting a nickname, and the input isn't great. I believe it started me with 'A' and I could go up and down in letters, suuuuuper slowly (as per complaint G). But then going to the next letter, it starts me in symbol mode, which means I have to press 1 every time I'm done with the last character. My request A would obviously readily solve this problem, and B would help a whole lot, but even without any physical interface improvements, this could be done a lot better. For starters, start the next letter in the same mode you were in previously. Resetting the mode every time you go to the next letter is bad UI.
K. Where is there a public forum for discussing these kinds of issues? No one at Coinkite seems to pay attention to coldcard, and github issues are turned off for most of your repositories. Why are github issues turned off tho? Where am I supposed to report bugs? By email? How is anyone supposed to help track down bugs? That's part of the point of open source is that people can help you track stuff down and discuss improvements.
Honestly, the UI on this needs lots of work. I expected better for a third generation device that cost me over $100. Maybe I'll send another annoying email when I use this thing more, but its late and I need to sleep.
The OP originally contained this at the top, but I discovered that entering your usual passphrases with a number pad doesn't actually lose you much entropy at all.:
I just bought the coldcard, and one thing I'm realizing is that the passphrase I want to use is going to be an enormously gigantic bitch to type into this numberpad. Any 3-4 words passphrase would take about 30 key presses.
For example, lets take the passphrase "monkeyemusloth". To type that in with just numbers would be: 6666665533999336887777555666844.
31 key presses. That's super long, error prone, and what if you want to include numbers in your passphrase? You'd have to have an additional number keypress for every letter. "1monkey2emu3sloth" would be:
166666666655533399992333668883777775555666688444
Which is 48 keypresses! And given that these numbers don't have letters on them, you either have to be an expert at it or you have to pull out something else (like my phone's number pad, which is what I'm using now).
You could simply type a single number that represents each letter. But this substantially lowers the entropy of your passphrase, meaning that in order to have a sufficiently lengthed passphrase, you need to use 5-6 words instead of 3-4 words.
submitted by fresheneesz to coldcard [link] [comments]

[TUTORIAL] -- How to SAFELY Claim New RNG Coins Using Your LCC Private Keys

[TUTORIAL] -- How to SAFELY Claim New RNG Coins Using Your LCC Private Keys

https://preview.redd.it/9csw52aw30d41.png?width=700&format=png&auto=webp&s=53ceb329c9772d7f0abbcc56b44ba405e34dd8a8
I’m a longtime blockchain enthusiast and developer and one of my biggest gripes about this space is how quickly every new project is widely dismissed as a “scam” or “shitcoin” by so many people before it even gets off the ground. Sure, there is a lot of uncharted territory with pirates lurking to steal your bags left and right but with a small amount of personal education you can exist safely in the world of crypto I promise! With this article I aim to help lift your knowledge a little higher while helping keep your funds a little safer!

So What Is Happening?

On Tuesday February 18, 2020 a new coin named Ring (RNG) will be minted. This coin aims to bring two unique and fresh methods of proofing to the crypto game, quite literally: Agent-Based Hive Mining (borrowed from LCC) and Proof-of-Play Mining, where literal gameplay is used to hash and reward miners! To celebrate and help spread the word, the team is giving away claims of free RNG to all holders of the following coins:
  • Litecoin Cash (LCC)
  • Bitcoin (BTC)
  • Dash (DASH)
  • Dogecoin (DOGE)
It's being touted as the world's first crypto "4-way fork" but I'd really call it more of a "4-way claim" since its a brand new chain and not based on the code of any of the rewarded coins. It's simply a clever method of allowing a wider range of coin holders a chance to participate in the launch of these exciting new features!

How Will This Process Work?

On the 18th of February, a balance snapshot will be taken of the four chains listed above. Anyone holding a balance with any of these coins at the time of the snapshot will be forever eligible to claim their RNG at any time. Because the only way to prove ownership of a crypto address is to supply the private keys, and pretty much EVERYONE will tell you to guard those things with your life, below I will outline exactly what to do so there is absolutely 0% risk of losing a single satoshi! This method will apply to ANY claim rewards of any coin in the future as well. Always practice #SafeForking!

How Do I Safely Claim My RNG?

STEP 1 -- BEFORE THE SNAPSHOT -- VERIFY ACCESS TO YOUR PRIVATE KEYS
All core wallets will allow you to export a private key of any address in your wallet but many third party services like exchanges and hot wallets do not allow access to them. In these cases you will need to send your funds out of the third party service and into some kind of personal wallet where you can reach the private keys yourself. Then just wait for the snapshot to happen…
To make things easier on yourself, you can optionally collect your original coins into as few addresses as possible BEFORE the snapshot. Doing so reduces the number of keys you will need to empty and import later. It’s just less work!
\** SNAPSHOT HAPPENS HERE... ****
STEP 2 -- ATER THE SNAPSHOT -- EMPTY ALL ADDRESSES YOU WISH TO CLAIM
After the snapshot is confirmed, withdraw all coins OUT of each of your origin coin addresses into brand new addresses leaving the original ones quite empty. This way when you import later there is NO risk of losing anything! Also know that after you import these private keys you should never use them again for safety’s sake! It’s kind of the whole reason you’re even reading this article in the first place.
STEP 3 -- EXPORT PRIVATE KEYS FOR ALL ADDRESS YOU WISH TO CLAIM
This is the most difficult part, are you ready? Once each claim address is confirmed to be EMPTY, you must obtain each one’s private keys. This will entirely depend on the wallet you use (QT example below) but for all core wallets there is generally an option for exporting private keys somewhere in there. Collect them all!
How to Export QT Wallet Private Keys:
⛔️ — DISABLE INTERNET FOR SAFETY — ⛔️
- Open the QT wallet client
- Click on HELP in the menu bar
- Click on DEBUG WINDOW
- Click on the CONSOLE tab
- Click inside the input box at the bottom
(if your wallet is locked…)
Type: walletpassphrase [Password] 600
(this unlocks your wallet for 10 minutes)
- Type: dumpprivkey [Address]
- Copy the output hash, paste it into a list somewhere.
(repeat as needed, clear your clipboard history after)
- Type: walletlock (if applicable)
⚡ — RE-ENABLE YOUR INTERNET — ⚡
DONE!
STEP 4 -- IMPORT ALL PRIVATE KEYS INTO RNG CORE WALLET
\** PLEASE VERIFY THAT EVERY CLAIM ADDRESS IS EMPTY BEFORE CONTINUING... ****
The final step is to simply import each of these private keys into the new Ring Core Wallet to claim your free RNG rewards. The wallet handles this part automatically and you will see your new RNG balance right away. You can find this option under the File > Import Private Keys menu.
Importing a private key is the only way to prove ownership of a crypto address so this is unavoidable if you want to claim new coins from it. The steps above will allow you to prove ownership of your snapshotted address balance plus use its empty key to then claim your new coins thus keeping your original coins completely protected in the brand new address with a new private key (which you should now also keep VERY private!)
By emptying the address before you import it’s private key you eliminate the risk of theft entirely. One cannot take from an already empty jar. It should also be noted to NEVER use the imported address again as an added safety precaution*!*
👏👏👏 DONE! ENJOY YOUR FREE MONEY! 👏👏👏

How Much RNG Will I Receive?

Litecoin Cash holders will receive the highest claim ratio (5000 LCC = 1 RNG) as the LCC team are the ones responsible for creating Ring and wanted to extend a heart-felt thank you to the LCC community for their years of support. All other coins will be based on a 1:1 ratio with the value of Bitcoin at the time of the fork. This of course means 1 BTC = 1 RNG. For DASH and DOGE, however, their BTC market prices will determine their reward ratios. (For example if DASH is trading at 0.015 BTC each, then each DASH coin will net you a reward of 0.015 RNG to match.) Of course you don't need whole coins to claim, partial decimals work just fine!

What Value Will RNG Have?

That, my friends, is entirely up to the markets. No one in the history of crypto has had a perfect track record of price predictions so I'm not even going to try here. I will say, though, having gotten to play with their Testnet a bit so far that I am very impressed with the new Proof-of-Play method and how they have initially implemented it. It bodes very good things for the future of their project and this coin so I personally would expect its value to hold and most likely rise steadily as more people become aware of this groundbreaking new tech and it's potential to expand outward!

Is Litecoin Cash Still Going To Exist?

Absolutely! At least, from what I can gather. LCC has it's own purposes and will continue to be developed on. Ring is not meant to be a replacement or upgrade of any kind to Litecoin Cash. It is an entirely different proofing algorithm and a different mission statement altogether. It's more so meant to help expose the amazing new technologies developed on the LCC blockchain to a wider audience beyond simply its own fan base. If anything it'll act a sister chain that can help expose more folks to LCC in the future!

Disclaimer

While I am a moderator for the Litecoin Cash Discord server, I am writing this from an independent point of view as an educated crypto enthusiast with a passion for helping others navigate these waters. Having been an initial forker and third party developer on top of LCC myself, I feel I have some valuable insight into the direction the team is taking and I wanted to offer some sound advice for the upcoming Ring fork before the FUD gets caked on too thick.
I know a lot of people get scared easily in crypto because of the rampant scamming that goes on but I've watched this team work their asses off for two years to get out from under the stain of Charlie Lee's very biased, uneducated "its a scam" tweet which was endlessly parroted throughout the Litecoin community with nothing but blind party loyalty and no due diligence. The LCC folks are kind, wonderful hard-working people with big hearts and ambition and they have actually developed a unique proofing methodology that is likely going to impress a lot of people!
So before you go jumping on the "it's just another shitcoin" bandwagon please stop and take a real hard look at both Litecoin Cash (LCC) and Ring (RNG): two viable projects with something to bring to the table! If nothing else, hey, just claim your new coins and dump them off for some free money. You literally cannot lose if you PRACTICE SAFE FORKING!!!
Good luck, cryptonauts!
=A=
submitted by auscoine to LCCofficial [link] [comments]

Day 9: I will post this guide regularly until available solutions like SegWit, order batching, and Lightning payment channels are mass adopted, the mempool is empty once again, and tx fees are low. Have you done your part?

BACKGROUND
Segregated Witness (SegWit) was activated on the Bitcoin network August 24 2017 as a soft fork that is backward compatible with previous bitcoin transactions (Understanding Segregated Witness). Since that time wallets and exchanges have been slow to deploy SegWit, and the majority of users have not made the switch themselves.
On Dec 18 2017 Subhan Nadeem has pointed out that: If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.
Mass SegWit use alone could empty the mempool, result in blocks that are not completely full, and make it possible to include transactions with $0 fee once again.
On Jan 11 2018 when BTC sends went offline at Coinbase the mempool began to rapidly empty. Later in the day when service was restored there was a sharp spike up in the mempool. Subsequently, that afternoon Brian Armstrong finally had to break his silence on the topic and admitted Coinbase is working on SegWit but has still not deployed it. It appears that this is an important data point that indicates if just a few major exchanges would deploy SegWit the high fees bitcoin is experiencing would be eliminated.
SegWit is just one technique available to exchanges and users to reduce pressure on the Bitcoin network. You can make the switch to SegWit on your next transaction, and pressure exchanges to deploy SegWit NOW along with other actions that will reduce their transaction impact on the network. You can help by taking one or more of the action steps below.
ACTION STEPS
  1. If your favorite wallet has not yet implemented SegWit, kindly ask them to do so immediately. If your wallet is not committed to implementing SegWit fast, speak out online any way you can and turn up the pressure. In the meantime start using a wallet that has already implemented SegWit.
  2. If your favorite exchange has not yet implemented SegWit, try to avoid making any further purchases of bitcoin at that exchange and politely inform them that if they do not enable SegWit within 30-days they will lose your business. Sign-up for an account at a SegWit deployed/ready exchange now and initiate the verification process so you'll be ready to bail
  3. Help educate newcomers to bitcoin about the transaction issue, steer them towards SegWit wallets from day one, and encourage them to avoid ever purchasing bitcoin through non-SegWit ready exchanges that are harming bitcoin.
  4. Spread the word! Contact individuals, websites, etc that use bitcoin, explain the benefits of SegWit to everyone, and request they make the switch. Use social media to point out the benefits of SegWit adoption.
IMPORTANT NOTE: The mempool is currently still quite backlogged. If you are a long-term holder and really have no reason to move your bitcoins at this time, wait until the mempool starts to clear and transaction fees go down before moving your bitcoins to a SegWit address or SegWit friendly exchange.
BEYOND SEGWIT - BATCHING, PAYMENT CHANNELS, LIGHTNING
Batching is another great way that exchanges can reduce their fees. See: Saving up to 80% on Bitcoin transaction fees by batching payments. Despite the benefits of batching, some exchanges have been slow to implement it. Users should demand this or walk.
Beyond SegWit & Batching, Lightning Network integration will have even more effect. Lightning is now active and exchanges could setup payment channels between each other so that on-chain transactions need not take place. Some ideas have to outline how that might work are here: Google Doc - Lightning Exchanges. Which two bitcoin exchanges will be the first to establish a lightning channel between themselves and offer free/instant transfers between them for their customers? This will happen in 2018
MEMPOOL/SEGWIT STATISTICS
NEWS/DEVELOPMENTS/VICTORIES
SELECTED TOP EXCHANGES BY BATCHING & SEGWIT STATUS
Exchange Segwit Status Batching Status
Binance NOT READY Yes
Bitfinex Ready Yes
Bitonic Ready Yes
Bitstamp Deployed Yes
Bittrex ? Yes
Coinbase/GDAX NOT READY No
Gemini Ready No
HitBTC Deployed Yes
Huboi ? ?
Kraken Deployed Yes
LocalBitcoins Deployed Yes
OKEx ? ?
Poloniex ? Yes
QuadrigaCX Deployed Yes
Shapeshift Deployed No
Note: all exchanges that have deployed SegWit are currently only sending to p2sh SegWit addresses for now. No exchange will send to a bech32 address like the ones that Electrum generates
Source 1: BitcoinCore.org
Source 2: /Bitcoin
Official statements from exchanges:
SELECTED WALLETS THAT HAVE SEGWIT ALREADY
Make sure you have a SegWit capable wallet installed and ready to use for your next bitcoin transaction
SegWit Enabled Wallets Wallet Type
Ledger Nano S Hardware
Trezor Hardware
Electrum Desktop
Armory Desktop
Edge iOS
GreenAddress iOS
BitWallet iOS
Samourai Android
GreenBits Android
Electrum Android
SegWitAddress.org Paper
FAQs
If I'm a HODLer, will it help to send my BTC to a SegWit address now?
No, just get ready now so that your NEXT transaction will be to a SegWit wallet. Avoid burdening the network with any unnecessary transactions for now.
Why is SegWit adoption going so slowly? Is it a time-consuming process, is there risk involved, is it laziness, or something else?
SegWit will require some extra work to be done right and securely. Also, most exchanges let the user pay the fee, and up to now users have not been overly concerned about fees so for some exchanges it hasn't been a priority.
Once Segwit is FULLY adopted, what do we see the fees/transaction times going to?
Times stay the same - fees will go down. How much and for how long depends on what the demand for transactions will be at that time.
What determines bitcoin transaction fees, to begin with?
Fees are charged per byte of data and are bid up by users. Miners will typically include the transaction with the highest fee/byte first.
Can you please tell me how to move my bitcoins to SegWit address in Bitcoin core wallet? Does the sender or receiver matter?
The Bitcoin core wallet does not yet have a GUI for its SegWit functionality. Download the latest version of Electrum to generate a SegWit address.
A transaction between two SegWit addresses is a SegWit transaction.
A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.
A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a SegWit Tx if the sending address is a SegWit address.
Source: HowToToken
What wallet are you using to "batch your sends"? And how can I do that?
Using Electrum, the "Tools" menu option: "Pay to many".
Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.
Why doesn't the Core Wallet yet support SegWit?
The Core Wallet supports SegWit, but its GUI doesn't. The next update will likely have GUI support built-in
Why isn't a large exchange like Coinbase SegWit ready & deployed when much smaller exchanges already are? Why do they default to high fees? Where is the leadership there?
Draw your own conclusions based on their own words:
March 2016 - Coinbase CEO Brian Armstrong has reservations about Core
Dec 2017 - Coinbase is STILL working on Segwit
P2SH/bech32 FAQs
What are the two SegWit address formats and why do they exist?
It's been a challenge for wallet developers to implement SegWit in a way that users can easily and without too much disruption migrate from legacy to SegWit addresses. The first wallets to enable SegWit addresses – Ledger, Trezor, Core, GreenAddress – use so-called “nested P2SH addresses.” This means they take the existing Pay 2 Script Hash address – starting with a “3” – and put a SegWit address into it. This enables a high grade of compatibility to exist wallets as every wallet is familiar with these addresses, but it is a workaround which results in SegWit transactions needing around 10 percent more space than they otherwise would.
Electrum 3.0 was the first wallet to use bech32 addresses instead of nested p2sh addresses.
Source: BTCManager.com
What is the difference in address format between SegWit address formats P2SH and bech32?
P2SH starts with "3..."
bech32 starts with "bc1..."
Which addresses can I send from/to?
P2SH Segwit addresses can be sent to using older Bitcoin software with no Segwit support. This supports backward compatibility
bech32 can only be sent to from newer Bitcoin software that support bech32. Ex: Electrum
Source: BitcoinTalk.org
Why did ThePirateBay put up two Bitcoin donation addresses on their frontpage, one bech32 and one not?
The address starting with a "3..." is a P2SH SegWit address that can be sent BTC from any bitcoin address including a legacy address. The address starting with a "bc1..." is a bech32 SegWit address that can only be sent to from newer wallets that support bech32.
SEGWIT BLOG GUIDES
PREVIOUS DAY'S THREADS
There's lots of excellent info in the comments of the previous threads:
submitted by Bastiat to Bitcoin [link] [comments]

Proof of Keys - A guide

On January 3rd 2019 we'll be taking back control!
This is a guide aimed at newcomers or for anyone who has never had their bitcoin under their own control and wishes to stop relying on exchanges or other people keeping their BTC safe.
While it is in some ways safer to leave the security of your precious BTC up to the huge and more reputable companies in the space, having responsibility over your own money is a key principle in Bitcoin - for very good reason.
Not your keys? Not your bitcoin!
You might also be in a position where someone in your family takes care of your bitcoin for you, off exchange but still out of your control. This is the perfect time to become literate about how to store your BTC yourself and take some pressure off that person. What would happen if they were to pass away? If they have left a guide for you explaining what to do in the event of their death, what happens if someone were to find that guide while they are still alive? Conversely what if there is no guide and the coins are just gone forever?
This guide won't go in to high level solutions like Glacier Protocol, which are so extreme as to (in my opinion) actually do a disservice to the overall goal of getting people to keep their funds under their own control by being so intimidatingly, insanely over the top that people become discouraged. You can break free of the custodial norms of money without going to these levels and still be sleeping comfortably at night.
Finally, we're not trying to bank the unbanked, we're trying to unbank everybody!
With that said, let's go over some of the standard ways you can own bitcoin without third party help.
Hardware Wallets
Firstly, I will suggest a hardware wallet such as trezor or ledger.
There is still time to get one in time for the event should that be your aim, but I'd also like to stress that you should take as long as necessary to know exactly what you are doing before moving any bitcoin.
Should you choose this option, while not the best it is far from the worst and it is the route that I will be recommending in this guide.
When it arrives, check that it hasn't been messed with. Trezor packages come glued together with a seal that must be in tact. There are risks in using hardware wallets, but remember that there is no such thing as perfect security. The wallet will come with a fairly comprehensive guide but there are a few things to say here.
You will be tasked with writing down 24 words as a seed. Here is where the most caution will be needed.
Write down these words on a piece of paper away from anything with an exposed camera such as a cell phone or laptop webcam, away from any prying eyes or windows and even, for the paranoid, without leaving a mark on the surface underneath the paper that you are writing on.
Do not take a photo of these words. And never, ever, ever write them down on anything electronic. Use. Paper.
These words will be used by the hardware wallet to generate the private keys that ultimately need to be used to to tell the bitcoin network where you want the coins at the addresses they correspond to to go. - Sorry mouthful but that's literally the essence of how all this works.
So if you don't have these words and you lose access to your device, or forget the PIN (see further down) then you can't spend your coins - they're gone, or rather, they are stuck at the same address. Forever. Lost bitcoins don't disappear, they just stay at whatever address they were at.
If you do have these words then you can spend the coins. i.e They are yours. However so can anyone else who finds these words (unless you have a secret extra word which I will go into in just a moment).
In bitcoin, knowledge is possession. This is the truest form of intellectual property that has ever existed.
Once you have written down your 24 words, laminate them. (I can't find the link sadly, but I'll never forget the story of a drunk guy on bitcointalk.org taking his paper wallet out of a safe and spilling his drink on them making them unreadable. Don't be that guy).
Laminated? Definitely not exposed to any cameras, people or windows? Good. Find somewhere safe to store them. Ideally an actual fire-proof safe. But first, put it in an evidence bag. This adds additional security (admittedly not much, but IMO it's worth doing).
PIN
Now, once you have followed the instructions on your hardware wallet you should reach the point where it wants a pin. This pin is specific to the device and only protects the device - it does not have anything to do with the bitcoin on the device. It merely protects the device itself, so in the event that it gets stolen, the thief (providing he only has the device, not your 24 words) will not be able to do anything with it. However, if the attacker finds the device and pin, they have your coins they do not need your 24 words. So bare this in mind.
Having the device and the pin means you can spend the bitcoins on this device - even without the 24 words.
Device and nothing else? Useless. Pin and nothing else? Useless. Pin and device even without the 24 words? Control over your bitcoin. Just the 24 words and nothing else? Control over your bitcoin.
....unless:
Secret extra words
You will be given the option to add a 25th word (or even 26th, 27th...you can add as many as you would like.) This is not the same as a pin. This will cause different private keys to be generated. This is becoming standard practice as a thief will look for 24 words, but it changes the scope of any attack they would pull insisting on trying extra words and checking each wallet that gets generated for any bitcoin.
So standard practice is to generate a 24 word wallet, store a small amount of bitcoin in there, and then add an extra word where you store the bulk of your bitcoin. Then your thief will hopefully be satisfied that you aren't hiding a larger stash, or decide to cut their losses. If your 24 words generate an empty wallet that will likely signal to any bitcoin savvy thief that you have extra words up your sleeve.
Rather than describe all this in detail (as each hardware wallet works differently), I will ask the reader to get familiar with their device, set up a few wallets, transfer tiny amounts of bitcoin each time as a test, firstly with just 24 words, then a secret extra word. Get comfortable doing this and make sure you understand what you are doing at every step before moving your actual stash.
If you break/lose your device
Simple, buy a new one and enter your 24 words. Added an extra word? No problem, enter your 25 (or however many) words. It's as simple as that. If lost and not broken, someone who finds it won't be able to do anything if they don't have the pin. Typing wrong pins in after 32 attempts or so, they'll be waiting until the end of the universe until the device lets them try another guess. (That's how trezor works at least - doubling the time required between wrong password attempts each time).
Phone wallets
For those with a smaller amount that don't want to splash out on a hardware wallet, or just want to do this right away, phones are actually pretty decent security wise (I'd use a phone over a laptop as it's easy for laptops to become infected with malware such as Windows 10).
Download a wallet such as GreenAddress and follow the exact same protocol as above. It is exactly the same, except a hardware wallet gains the security of having less functionality than a phone - fewer things can go wrong (but they are more likely to be targeted in transit so....again - no such thing as perfect).
Got an old phone that you don't use any more? It's the perfect use for it. Remember, if it dies on you, you'll still have those 24 words and that's enough to retrieve your coins. (One thing worth mentioning is that secret extra words are not usually possible on phone wallets. They aren't designed for the kind of security that hardware wallets offer).
Additional security
Cutting up your 24 words and placing them in different locations doesn't do a lot to increase security while it does however massively increasing the chances that you yourself will become unable to access your own coins. Don't go overboard and end up losing everything.
Don't make a 500 character pin on your device - as mentioned above a few wrong attempts locks out any thief pretty much until the end of time.
Keeping your 24 words somewhere other than your primary residence might be a good idea, but another country? That's probably taking it too far.
Don't mention bitcoin on facebook. If you were going on about this 5 years ago, everyone there now knows whatever wealth that you had back then is now a few orders of magnitude greater. And that will continue to happen. Don't become a target.
Alternatives
You can use an airgapped laptop - not recommended if you don't know what you're doing.
You can generate a paper wallet using bitaddress.org - no one does this anymore as far as I can tell, and I'm told by core devs that it is a horrible method, even if done offline using a dumb printer.
You can flip a coin 256 times - seriously not recommended unless you are just curious and want to really see under the hood.
That's pretty much it for this guide. I hope people will tear me to shreds in the comments, thus increasing the overall value of this post.
Happy bitcoining!
p.s one thing worth mentioning, "Proof of Keys" is a strange name if you ask me. In Bitcoin, you prove you own coins by signing a message. No one here needs to be doing that. All that January 3rd is about is you, without the aid of any third party, having the full and sole control over your coins.
p.p.s So much of this knowledge comes from Andreas Antonopolous. It has to be said. (when mastering LN btw?)
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