Scrypt ASIC vs SHA-256: Crypto Mining Hardware Comparison ...

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[ANN][ANDROID MINING][AIRDROP] NewEnglandcoin: Scrypt RandomSpike

New England
New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/
NewEnglandcoin
Symbol: NENG
NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones.
Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt.
1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377
NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number
Bitcoin Fork - Suitable for Home Hobbyists
NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs.
The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity.
MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018)
https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn
CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software.
Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%.
NENG v1.4.0 release enabled CPU mining inside android phones.
Youtube Video Tutorial
How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg
How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ
Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG.
We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange.
Twitter Airdrop
Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners
Graphic Redesign Bounty
Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs
Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form.
Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues.
Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1
Milestones
Roadmap
NENG v1.4.0 Android Mining, randomSpike Evaluation https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/NENG_2020_Q3_report/NENG_2020_Q3_report.pdf
RandomSpike - NENG core v1.3.0 Hardfork Upgrade Proposal https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2020Q1_Report/Scrypt_RandomSpike_NENGv1.3.0_Hardfork_Proposal.pdf
NENG Security, Decentralization & Valuation
https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/2019Q2_report/NENG_Security_Decentralization_Value.pdf
Whitepaper v1.0 https://github.com/ShorelineCrypto/NewEnglandCoin/releases/download/whitepaper_v1.0/NENG_WhitePaper.pdf
DISCORD https://discord.gg/UPeBwgs
Explorer
http://www.findblocks.com/exploreNENG http://86.100.49.209/exploreNENG http://nengexplorer.mooo.com:3001/
Step by step guide on how to setup an explorer: https://github.com/ShorelineCrypto/nengexplorer
Github https://github.com/ShorelineCrypto/NewEnglandCoin
Wallet
Android with UserLand App (arm64/armhf), Chromebook (x64/arm64/armhf): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.5
Linux Wallet (Ubuntu/Linux Mint, Debian/MX Linux, Arch/Manjaro, Fedora, openSUSE): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.3
MacOS Wallet (10.11 El Capitan or higher): https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0.2
Android with GNUroot on 32 bits old Phones (alpha release) wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.4.0
Windows wallet: https://github.com/ShorelineCrypto/NewEnglandCoin/releases/tag/v1.3.0.1
addnode ip address for the wallet to sync faster, frequently updated conf file: https://github.com/ShorelineCrypto/cheetah_cpumineblob/mastenewenglandcoin.conf-example
How to Sync Full Node Desktop Wallet https://www.reddit.com/NewEnglandCoin/comments/er6f0q/how_to_sync_full_node_desktop_wallet/
TWITTER https://twitter.com/newenglandcoin
REDDIT https://www.reddit.com/NewEnglandCoin/
Cheetah CPU Miner Software https://github.com/ShorelineCrypto/cheetah_cpuminer
Solo Mining with GPU or ASIC https://bitcointalk.org/index.php?topic=5027091.msg52187727#msg52187727
How to Run Two Full Node in Same Desktop PC https://bitcointalk.org/index.php?topic=5027091.msg53581449#msg53581449
ASIC/GPU Mining Pools Warning to Big ASIC Miners Due to DynDiff Algo on top of Scrypt, solo mining is recommended for ASIC/GPU miners. Further more, even for mining pools, small mining pool will generate better performance than big NENG mining pool because of new algo v1.2.x post hard fork.
The set up configuration of NENG for scrypt pool mining is same as a typical normal scrypt coin. In other word, DynDiff on Scrypt algo is backward compatible with Scrypt algo. Because ASIC/GPU miners rely on CPU miners for smooth blockchain movement, checkout bottom of "Latest News" section for A WARNING to All ASIC miners before you decide to dump big ASIC hash rate into NENG mining.
(1) Original DynDiff Warning: https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708 (2) New Warning on RandomSpike Spike difficulty (244k) introduced in RandomSpike served as roadblocks to instant mining and provide security against 51% attack risk. However, this spike difficulty like a roadblock that makes big ASIC mining less profitable. In case of spike block to be mined, the spike difficulty immediately serve as base difficulty, which will block GPU/ASIC miners effectively and leave CPU cheetah solo miners dominating mining almost 100% until next base difficulty reset.
FindBlocks http://findblocks.com/
CRpool http://crpool.xyz/
Cminors' Pool http://newenglandcoin.cminors-pool.com/
SPOOL https://spools.online/
Exchange
📷
https://shorelinecrypto.com/
Features: anonymous sign up and trading. No restriction or limit on deposit or withdraw.
The trading pairs available: NewEnglandcoin (NENG) / Dogecoin (DOGE)
Trading commission: A round trip trading will incur 0.10% trading fees in average. Fees are paid only on buyer side. buy fee: 0.2% / sell fee: 0% Deposit fees: free for all coins Withdraw fees: ZERO per withdraw. Mining fees are appointed by each coin blockchain. To cover the blockchain mining fees, there is minimum balance per coin per account: * Dogecoin 2 DOGE * NewEnglandcoin 1 NENG
Latest News Aug 30, 2020 - NENG v1.4.0.5 Released for Android/Chromebook Upgrade with armhf, better hardware support https://bitcointalk.org/index.php?topic=5027091.msg55098029#msg55098029
Aug 11, 2020 - NENG v1.4.0.4 Released for Android arm64 Upgrade / Chromebook Support https://bitcointalk.org/index.php?topic=5027091.msg54977437#msg54977437
Jul 30, 2020 - NENG v1.4.0.3 Released for Linux Wallet Upgrade with 8 Distros https://bitcointalk.org/index.php?topic=5027091.msg54898540#msg54898540
Jul 21, 2020 - NENG v1.4.0.2 Released for MacOS Upgrade with Catalina https://bitcointalk.org/index.php?topic=5027091.msg54839522#msg54839522
Jul 19, 2020 - NENG v1.4.0.1 Released for MacOS Wallet Upgrade https://bitcointalk.org/index.php?topic=5027091.msg54830333#msg54830333
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining, Ubuntu 20.04 support https://bitcointalk.org/index.php?topic=5027091.msg54803639#msg54803639
Jul 11, 2020 - NENG v1.4.0 Android Mining, randomSpike Evaluation https://bitcointalk.org/index.php?topic=5027091.msg54777222#msg54777222
Jun 27, 2020 - Pre-Announce: NENG v1.4.0 Proposal for Mobile Miner Upgrade, Android Mining Start in July 2020 https://bitcointalk.org/index.php?topic=5027091.msg54694233#msg54694233
Jun 19, 2020 - Best Practice for Futurebit Moonlander2 USB ASIC on solo mining mode https://bitcointalk.org/index.php?topic=5027091.msg54645726#msg54645726
Mar 15, 2020 - Scrypt RandomSpike - NENG v1.3.0.1 Released for better wallet syncing https://bitcointalk.org/index.php?topic=5027091.msg54030923#msg54030923
Feb 23, 2020 - Scrypt RandomSpike - NENG Core v1.3.0 Relased, Hardfork on Mar 1 https://bitcointalk.org/index.php?topic=5027091.msg53900926#msg53900926
Feb 1, 2020 - Scrypt RandomSpike Proposal Published- NENG 1.3.0 Hardfork https://bitcointalk.org/index.php?topic=5027091.msg53735458#msg53735458
Jan 15, 2020 - NewEnglandcoin Dev Team Expanded with New Kickoff https://bitcointalk.org/index.php?topic=5027091.msg53617358#msg53617358
Jan 12, 2020 - Explanation of Base Diff Reset and Effect of Supply https://www.reddit.com/NewEnglandCoin/comments/envmo1/explanation_of_base_diff_reset_and_effect_of/
Dec 19, 2019 - Shoreline_tradingbot version 1.0 is released https://bitcointalk.org/index.php?topic=5121953.msg53391184#msg53391184
Sept 1, 2019 - NewEnglandcoin (NENG) is Selected as Shoreline Tradingbot First Supported Coin https://bitcointalk.org/index.php?topic=5027091.msg52331201#msg52331201
Aug 15, 2019 - Mining Update on Effect of Base Difficulty Reset, GPU vs ASIC https://bitcointalk.org/index.php?topic=5027091.msg52169572#msg52169572
Jul 7, 2019 - CPU Mining on macOS Mojave is supported under latest Cheetah_Cpuminer Release https://bitcointalk.org/index.php?topic=5027091.msg51745839#msg51745839
Jun 1, 2019 - NENG Fiat project is stopped by Square, Inc https://bitcointalk.org/index.php?topic=5027091.msg51312291#msg51312291
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto https://bitcointalk.org/index.php?topic=5027091.msg50714764#msg50714764
Apr 7, 2019 - Announcement of Fiat Project for all U.S. Residents & Mobile Miner Project Initiation https://bitcointalk.org/index.php?topic=5027091.msg50506585#msg50506585
Apr 1, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50417196#msg50417196
Mar 27, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50332097#msg50332097
Mar 17, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange https://bitcointalk.org/index.php?topic=5027091.msg50208194#msg50208194
Feb 26, 2019 - Community Project - NewEnglandcoin Graphic Redesign Bounty Initiated https://bitcointalk.org/index.php?topic=5027091.msg49931305#msg49931305
Feb 22, 2019 - Dev Policy on Checkpoints on NewEnglandcoin https://bitcointalk.org/index.php?topic=5027091.msg49875242#msg49875242
Feb 20, 2019 - NewEnglandCoin v1.2.1 Released to Secure the Hard Kork https://bitcointalk.org/index.php?topic=5027091.msg49831059#msg49831059
Feb 11, 2019 - NewEnglandCoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork https://bitcointalk.org/index.php?topic=5027091.msg49685389#msg49685389
Jan 13, 2019 - Cheetah_CpuMiner added support for CPU Mining on Mac https://bitcointalk.org/index.php?topic=5027091.msg49218760#msg49218760
Jan 12, 2019 - NENG Core v1.1.2 Released to support MacOS OSX Wallet https://bitcointalk.org/index.php?topic=5027091.msg49202088#msg49202088
Jan 2, 2019 - Cheetah_Cpuminer v1.1.0 is released for both Linux and Windows https://bitcointalk.org/index.php?topic=5027091.msg49004345#msg49004345
Dec 31, 2018 - Technical Whitepaper is Released https://bitcointalk.org/index.php?topic=5027091.msg48990334#msg48990334
Dec 28, 2018 - Cheetah_Cpuminer v1.0.0 is released for Linux https://bitcointalk.org/index.php?topic=5027091.msg48935135#msg48935135
Update on Dec 14, 2018 - NENG Blockchain Stuck Issue https://bitcointalk.org/index.php?topic=5027091.msg48668375#msg48668375
Nov 27, 2018 - Exclusive for PC CPU Miners - How to Steal a Block from ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48258465#msg48258465
Nov 28, 2018 - How to CPU Mine a NENG block with window/linux PC https://bitcointalk.org/index.php?topic=5027091.msg48298311#msg48298311
Nov 29, 2018 - A Warning to ASIC Miners https://bitcointalk.org/index.php?topic=5027091.msg48324708#msg48324708
Disclosure: Dev Team Came from ShorelineCrypto, a US based Informatics Service Business offering Fee for service for Coin Creation, Coin Exchange Listing, Blockchain Consulting, etc.
submitted by honglu69 to NewEnglandCoin [link] [comments]

Mining and Dogecoin - Some FAQs

Hey shibes,
I see a lot of posts about mining lately and questions about the core wallet and how to mine with it, so here are some facts!
Feel free to add information to that thread or correct me if I did any mistake.

You downloaded the core wallet

Great! After a decade it probably synced and now you are wondering how to get coins? Bad news: You don't get coins by running your wallet, even running it as a full node. Check what a full node is here.
Maybe you thought so, because you saw a very old screenshot of a wallet, like this (Version 1.2). This version had a "Dig" tab where you can enter your mining configuration. The current version doesn't have this anymore, probably because it doesn't make sense anymore.

You downloaded a GPU/CPU miner

Nice! You did it, even your antivirus system probably went postal and you started covering all your webcams... But here is the bad news again: Since people are using ASIC miners, you just can't compete with your CPU hardware anymore. Even with your more advanced GPU you will have a hard time. The hashrate is too high for a desktop PC to compete with them. The blocks should be mined every 1 minute (or so) and that's causing the difficulty to go up - and we are out... So definitly check what is your hashrate while you are mining, you would need about 1.5 MH/s to make 1 Doge in 24 hours!

Mining Doge

Let us start with a quote:
"Dogecoin Core 1.8 introduces AuxPoW from block 371,337. AuxPoW is a technology which enables miners to submit work done while mining other coins, as work on the Dogecoin block chain."
- langerhans
What does this mean? You could waste your hashrate only on the Dogecoin chain, probably find never a block, but when, you only receive about 10.000 Dogecoins, currently worth about $25. Or you could apply your hashrate to LTC and Doge (and probably even more) at the same time. Your change of solving the block (finding the nonce) is your hashrate divided by the hashrat in sum - and this is about the same for Doge and LTC. This means you will always want to submit your work to all chains available!

Mining solo versus pool

So let's face it - mining solo won't get you anywhere, so let's mine on a pool! If you have a really bad Hashrate, please consider that: Often you need about $1 or $2 worth of crypto to receive a payout (without fees). This means, you have to get there. With 100 MH/s on prohashing, it takes about 6 days, running 24/7 to get to that threshold. Now you can do the math... 1 MH/s = 1000 KH/s, if you are below 1 MH/s, you probably won't have fun.

Buying an ASIC

You found an old BTC USB-miner with 24 GH/s (1 GH/s = 1000 MH/s) for $80 bucks - next stop lambo!? Sorry, bad news again, this hashrate is for SHA-256! If you want to mine LTC/Doge you will need a miner using scrypt with quite lower numbers on the hashrate per second, so don't fall for that. Often when you have a big miner (= also loud), you get more Hashrate per $ spent on the miner, but most will still run on a operational loss, because the electricity is too expensive and the miners will be outdated soon again. Leading me to my next point...

Making profit

You won't make money running your miner. Just do the math: What if you would have bougth a miner 1 year ago? Substract costs for electricity and then compare to: What if you just have bought coins. In most cases you would have a greater profit by just buying coins, maybe even with a "stable" coin like Doges.

Cloud Mining

Okay, this was a lot of text and you are still on the hook? Maybe you are desperated enough to invest in some cloud mining contract... But this isn't a good idea either, because most of such contracts are scams based on a ponzi scheme. You often can spot them easy, because they guarantee way to high profits, or they fake payouts that never happened, etc.
Just a thought: If someone in a subway says to you: Give me $1 and lets meet in one year, right here and I give you $54,211,841, you wouldn't trust him and if some mining contract says they will give you 5% a day it is basically the same.
Also rember the merged mining part. Nobody would offer you to mine Doges, they would offer you to buy a hashrate for scrypt that will apply on multiple chains.

Alternative coins

Maybe try to mine a coin where you don't have ASICs yet, like Monero and exchange them to Doge. If somebody already tried this - feel free to add your thoughts!

Folding at Home (Doge)

Some people say folding at home (FAH - https://www.dogecoinfah.com/) still the best. I just installed the tool and it says I would make 69.852 points a day, running on medium power what equates to 8 Doges. It is easy, it was fun, but it isn't much.
Thanks for reading
_nformant
submitted by _nformant to dogecoin [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like. This thread itself had roughly 14-17 upvotes. Now 5-8. Proof that I'm being vote brigaded is that I have nearly 3 times the donuts in Ethtrader than I have comment and post karma, COMBINED! This is despite the fact that I rarely post there. Which shows that most people appreciate my posts, but the monero community wants to hide that and control the narrative!
If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to ethfinance [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like.
This thread itself had roughly 8-10 upvotes. Now 0-1. If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to CryptoTechnology [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like.
This thread itself had roughly 5 upvotes before. Now 0-1. If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
Another proof that I'm being vote brigaded is that I have nearly 3 times more donuts (6,700) in Ethtrader than I have comment and post karma, COMBINED! 'Donuts' are like a separate karma system just for eth where you are rewarded by your participation level. This number comes about despite the fact that I rarely post here. Which shows that most people actually do appreciate my posts, but the monero community wants to hide that and control the narrative!
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to btc [link] [comments]

AES Crypt security audit (1 serious issue found)

I just learned about privacytools.io this afternoon and started poking around at some of the software I hadn't heard of before. One in particular caught my eye: AES Crypt. It's listed as "Worth Mentioning" under "File Encryption". I found some minor issues and one major issue.
I only looked at the Linux version, written in C. However, most of the issues I highlight are relevant to all versions since it's part of the file format.
Update: So apparently the major issue has been known since 2012, but they've decided not to address it. Therefore Privacy Tools should not be recommending this software.
Update 2: AES Crypt was removed

The Bad News

Let's start with the most serious issue. An unauthenticated field in encrypted files is trusted, and this allows a man-in-the-middle to manipulate the plaintext without being detected. I wrote up a little example scenario in my bug report, along with proof of concept you can try for yourself:
GitHub issue #23: Unauthenticated header data is trusted, making the plaintext malleable
Instead of using a proper padding scheme, the size of the final block is stored in a last_block_size field in the file. Despite being placed between the encrypted message and the authentication tag, it's not authenticated. This is a huge no-no and must be fixed before it would be reasonable to recommend this tool to anyone for any use.
It's not a problem with the code, but the file format itself. Therefore all versions are affected, and the fix will require a new file format (version 3?).
It could be fixed by including the last_block_size field when authenticating, but it would be much better to drop this field and use a standard padding scheme like PKCS#5. As a really minor bonus, this would also hide the exact file length from snoops.

Weak key derivation

The encryption key is derived from the user-entered password by iterating SHA-256 8,192 times. It's not a showstopper, but this is very weak, and puts a lot more stress on choosing good passphrases. It is salted with the IV, which helps protect against some kinds of attacks.
This is part of the file format since the passphrase is usable between implementations, so all versions are affected.
Recommendation: Switch to a memory-hard KDF like Argon2 or scrypt. Less good option: allow the number of iterations to be configured, or just use more iterations. It's very easy to parallelize SHA-256, especially thanks to all those hardware implementations designed for mining Bitcoin.

More complicated than necessary

The passphrase is used to encrypt yet another key, which is used to encrypt the message. This offers no additional protection, and it's not used for anything. The only reason you might want something like this is so that you can encrypt the file with more than one passphrase, allowing it to be decrypted with any individual passphrase. But that's not a feature of AES Crypt.
Worse, it actually weakens the format since it makes brute force attacks on the passphrase faster. No need to check guesses against the entire ciphertext, just the fixed-length key!
This is part of the file format so all versions are affected.
Recommendation: Get rid of this. It's not a big deal, it's just pointless.

Some cargo culting

Entropy read from the operating system (/dev/urandom, etc.) isn't entirely trusted for some reason, so it's hashed along with the current time and PID. That's not sufficient to accomplish anything useful. It doesn't hurt, but it's a strange thing to do.
This isn't part of the file format, so it's just a quirk of the Linux and Windows implementations.

Ambiguous licensing

I am unable to find any license governing the C Linux and Windows versions of the software. There's no LICENSE file, and the individual sources are not consistently marked. The AES implementation is embedded and marked as GPL, which suggests the entire source is GPL.
So at the moment a conservative take would be that AES Crypt is source available but not necessarily Open Source.

Perhaps some code quality issues?

There were a couple cases of undefined behavior. I submitted a patch to fix these. (Update: This patch was never accepted, and so AES Crypt still invokes undefined behavior each time it's used to encrypt data, making all its output suspect.)
The very second time I ran the aescrypt command after compiling it, I got a segmentation fault, which was pretty alarming. I submitted a patch to fix this, too (Update: also never accepted), but considering how quickly I found this, I wonder how many more issues are lingering. File name handling is a mess. Though, as a command line program, it's probably reasonable to consider the command line arguments trusted inputs.
I looked mostly at the code that does encryption and decryption, and that part is pretty solid. It does thorough error checking and is even careful to clean up before bailing out.

Variable-time comparison

The memcmp() function is used to verify the authentication tag, which takes a variable amount of time to complete. It's not significant for a command line application like this since it's never going to behave as an oracle for an attacker, but something to notice, especially if the code is reused in, say, a server implementation of AES Crypt.

The Good News

It's not well documented, but the encryption scheme is AES-256 in CBC mode, authenticated with encrypt-then-authenticate HMAC-SHA256. Except for the lack of padding, it's all solid stuff. The IV is generated and used properly, and the (pointless) intermediate key is also generated properly (C version, Linux and Windows).
The program makes consistent and reasonable attempts to sanitize memory holding sensitive information. Well done!
As I noted, the actual file parsing and crypto routines are, for the most part, robust with error checking and input validation. (Though, I did notice the upper four bits of last_block_size is allowed to hold any value with no impact on the result.)
If the padding issue is fixed with a new file format, then it's reasonable to recommend this tool with the caveat that the KDF is weak and so your passphrases must be especially strong.
Disclaimer: I wrote and maintain a similar open source tool called Enchive which is perhaps a "competitor" in this area.
submitted by skeeto to privacytoolsIO [link] [comments]

Why Dogecoin When There is Bitcoin and Litecoin? This is Why...

In the past, I tried to move some bitcoin around, wow, what a hassle that was. My coins got stuck because I did not pay a high enough fee. And then I had to research on how to make the fee higher and resubmit the payment. Only to find out the cost of sending the transaction was now going to cost several dollars. This is where doge excels, you can send payments for only a fraction of a penny and a fraction of the time that it takes to send via bitcoin and litecoin. I suggest you make a small investment in all coins(Doge, litecoin, bitcoin) and try moving them around from wallet to wallet. You'll see that Doge is truly a rocket ship when compared to others.
Here's a list of reasons I love Doge:
It's easy to see, Doge does everything better then bitcoin and litecoin. We are faster, cheaper, and even more friendlier. We love our coin and we love our community. This is one of the most altruistic communities I have ever seen.
There is no doubt that bitcoin and litecoin are great. All three coins(Dogecoin, Litecoin, Bitcoin) are built on the same exact technology. It's just that Dogecoin came a little bit later then bitcoin and litecoin, so we were able to fine tune our coin with the correct specifications to make it a more exceptional coin. I believe all three coins are great and there is a place for all of us here, I just feel that doge is greater due to our 1 minute block time and the awesome community and dev team backing it.
Make no mistake, we do digital currency right.
TLDR: With 1 minute block times, Dogecoin is faster, cheaper, and a much better digital currency then bitcoin and litecoin. Basically, we are no joke.
submitted by shibedogeman to dogecoin [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like.
If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to CryptoMarkets [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like.
Proof that I'm being vote brigaded is that I have nearly 3 times more donuts in Ethtrader than I have comment and post karma, COMBINED! This is despite the fact that I rarely post here. Which shows that most people actually do appreciate my posts, but the monero community wants to hide that and control the narrative!
This thread itself had roughly 10-12 upvotes before. Now 2-4. If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to ethtrader [link] [comments]

Coinbase clears up misconceptions about ASICs, ASIC-resistance and how Proof of work works in new blogpost

Edit this post and my other cross-posts here are being heavily downvote brigaded by the very aggressive and forceful monero community. In the last couple days alone I have lost more than 100 comment karma, from over 1100 to 948, to these aggressive individuals seeking to manipulate the narrative, and 'lean on me' to stop posting information they don't like. This thread itself had roughly 8-10 upvotes. Now 3-5.
Further proof that I'm being vote brigaded is that I have nearly 3 times the donuts in Ethtrader than I have comment and post karma, COMBINED! This is despite the fact that I rarely post there. Which shows that most people appreciate my posts, but the monero community wants to hide that and control the narrative!
If you look at my comment karma by sub breakdown, visible in this comment here, you can clearly see that if you sum up my comment karma, I should have around ~2200. In dashpay alone I have 1300 comment karma. Yet if you hover over my username, I only have 906. This is due to vote brigading and is damning proof of it.
They refuse to allow discussions to take place naturally because their coin is not very good. Its very slow, you can only spend your funds once every 20 minutes (!!!), and its privacy was severely broken in the past, Monero Privacy Protections Aren't as Strong as They Seem | WIRED , and they are using intimidation and breaking the rules of reddit by massively downvoting my posts and comments to hide this information, like bullies and thugs would do.
Guess what guys? I don't care! TAKE MY COMMENT KARMA DOWN TO 0!! THAT JUST PROVES THAT YOU'RE LOSERS WHO CAN'T ACCEPT THE TRUTH AND THEREFORE MUST RELY ON CENSORSHIP AND COERCION. I WILL NEVER STOP TELLING THE TRUTH ABOUT YOUR COIN AND YOUR TOXIC COMMUNITY, SO DO YOUR WORST!
https://blog.coinbase.com/how-coinbase-views-proof-of-work-security-f4ba1a139da0
There has been a lot of discussion both in btc and the greater cryptocurrency community alike about the importance of POW and how it relates to the economic incentives that undergrid the day-to-day operation of cryptocurrency networks. I believe because so many people do not truly understand the innovation of POW that they become easily confused and fall for scams like POS and ASIC-resistance. Luckily, Coinbase has explained some of their rationale behind their decisions to accept certain coins after a certain number of blockchain confirmations.
Different cryptocurrencies add to their blockchains in different ways. In cryptocurrencies that utilize proof of work, the blockchain is extended by a process known as mining. Miners bundle newly announced transactions together into data structures called blocks, which are added to the blockchain.
A miner attempts to add a block by solving a proof of work puzzle unique to the proposed block. If the miner can find a solution to the puzzle, the miner will announce the block and its solution to the rest of the network. The rest of the network will recognize the valid proof of work solution and consider the proposed block as the most recent addition to the blockchain. Notice that there is no permission required for a miner to produce a block, a fact that allows miners to enter and leave the network at will.
Seems pretty standard, right?
Claim one: It is a security feature for a particular coin’s mining operations to be the dominant application of the hardware used to mine that coin.
This is important as we have seen for smaller coins with larger coins with the same mining hardware. As we've seen with BCH, its possible for larger coins to 'attack' coins with less hashpower, which is why the fliippening is so important for us as a community. As soon as the market prices in the fact that BCH has a superior user experience to BTC, then the miners will 'flip' their hashrate to BCH and BTC will maintain a minority position.
I contend, however, that for this to happen, we first need accurate pricing mechanisms so that when we assess how the market is responding, we are not being mislead by exchange price manipulation which I contend is very heavy currently in this thread: The REAL reason for the price decline or the anatomy of a shakedown! Exchange price manipulation is behind the recent 'decline'. If we use fair value instead to price our coins, we can see an actual, objective comparison. For example, BCH is now only $294.9 to BTC's $9,068.75 or only 3%, but how much of this is exchange manipulation? According to fair value, BCH is actually worth $528.24 while traditional BTC is only worth $6,096.09 for a ratio of ~9% which is 3 times better than exchange price would have you believe!
Owners of the hardware lose the value of their investment if the primary application of the hardware loses value.
Hardware owners are incentivized to consider the long term success of the main application of their hardware. The longer the lifetime of their equipment, the more invested they become in the long-term success of the hardware’s primary application. At time of writing, Bitcoin ASICs are beginning to have significantly longer useful lifespans as efficiency increases of newer models are diminishing.
Another thing they point out is that ASIC resistance is a fool's game:
Algorithm changes to “brick ASICs” simply allow the massive general purpose computational resources of the entire world to mine, and potentially disrupt, a cryptocurrency at will. Coins that have implemented “ASIC-resistant” algorithms have been, empirically, very susceptible to 51% attacks for this very reason. Notable examples of ASIC-resistant coins that have been successfully 51% attacked include BTG, VTC, and XVG. To date, there is not a single case where a coin that dominates its hardware class has been subject to a 51% double spend attack.
As I pointed out earlier this year in this thread, Further evidence that, despite what's detractors desperately want you to believe, fair value is accurately tracking the wealth in the market in real time! Monero's fair value decreases by 40% as miners leave network, Monero also was under a unique, far worse form of 51% attack this year that nearly completely destroyed their community. As further evidence I was correct above, only fair value accurately reflected the change in Monero's worth. The price, on the other hand, remained sky-high. This is heavy evidence of exchange price manipulation and another reason why ASIC resistance doesn't work.
By actively forcing and keeping ASICs off the network, the monero community continued building an ASIC-free ecosystem and economy based on low-hash CPU and GPUs. Which meant that when an asic was actually developed as we know they always will be that economy would be destroyed. You went from a 'large' community of solo miners on CPUs and GPUs to a single entity getting the majority of the hashrate and bankrupting the entire community. This happened wtih every coin when they moved to ASICs. The difference with Monero? Monero's move to ASICs will have been artificially delayed until the community is so large that the introduction will BANKRUPT the majority of economic participants mining! This is worse than a traditional 51% attack and it succinctly summarizes why ASIC resistance is bad idea.
The main takeway:
No algorithm is ever ASIC-proof, merely ASIC-resistant
For any particular computational problem, hardware specialized to solving specifically that problem will always be more efficient than general purpose hardware. In addition to the advantages of writing application-level logic directly into the circuitry, specialized hardware does not need to be burdened by other requirements of general purpose hardware, such as security isolation, clock interrupts, context switching, and other tasks required to support multiple applications. Thus, no proof-of-work algorithm is ever ASIC-proof, merely ASIC-resistant.
Empirically, ASIC-resistant algorithms have repeatedly failed to prevent the development of ASICs. Prominent examples include scrypt (LTC), equihash (ZEC, BTG), ethhash (ETH), and cryptonite[sic] (XMR).
So the takeaways from this are:
  1. If we want to have accurate, objective pricing information, we must use fair value to levelize the supplies between different coins, and to remove false price influences like Tether, whale movements and the fact that exchanges price all coins in BTC, which allows BTC the uncanny ability to move and negatively affect the entire market.
  2. ASIC-resistance is and always has been a fool's game. ASICs are a natural progression of cryptocurrencies that have grown sufficiently in size and popularity, and 'resisting' this move is a form of arrested development akin to 'puberty-resistance' or 'potty-training-resistance'. Its just nonsensical.
In order to make money in cryptocurrencies, we have to keep our heads on straight and not be swept away by popular opinion without good cause. ASIC-resistance is a red-herring that does nothing be destroy the value on your chain. Luckily, most communities like ZCash, Dash, Bitcoin Cash, Bitcoin accept and understand this basic fact. Thanks for reading!
submitted by thethrowaccount21 to Bitcoincash [link] [comments]

Complete noob, hoping to hold on and get dragged along by the bandwagon.

I have a 6970. If i join a pool and run it when I'm not playing games, how do i know whther or not I'll make a slight profit on on the elctricity costs. I'm not looking at this from an investment point of view, but "have the capital, see what I can get out of it."
Thoughts?
submitted by companiondanger to BitcoinMining [link] [comments]

howmanyconfs.com - How does the security of different Proof-of-Work blockchains compare to Bitcoin?

https://howmanyconfs.com
Original post in Bitcoin here: https://np.reddit.com/Bitcoin/comments/biokgy/howmanyconfscom_how_does_the_security_of/

https://github.com/lukechilds/howmanyconfs.com/raw/mastescreenshot.png

How are these values calculated?

It's easy to compare blockchain hashrates when the Proof-of-Work algorithm is the same. For example if Bitcoin has a hashrate of SHA-256 @ 40 PH/s and Bitcoin Cash has a hashrate of SHA-256 @ 2 PH/s, it's easy to see that for a given period of time the Bitcoin blockchain will have 20x (40/2) the amount of work securing it than the Bitcoin Cash blockchain. Or to say that differently, you need to wait for 20x more Bitcoin Cash confirmations before an equivalent amount of work has been done compared to the Bitcoin blockchain. So 6 Bitcoin confirmations would be roughly equivalent to 120 Bitcoin Cash confirmations in the amount of work done.
However if the Proof-of-Work algorithms are different, how can we compare the hashrate? If we're comparing Bitcoin (SHA-256 @ 40 PH/s) against Litecoin (Scrypt @ 300 TH/s), the hashes aren't equal, one round of SHA-256 is not equivalent to one round of Scrypt.
What we really want to know is how much energy is being consumed to provide the current hash rate. Literal energy, as in joules or kilowatt hours. It would be great if we had a universal metric across blockchains like kWh/s to measure immutability.
However that's fairly hard to calculate, we need to know the average power consumption of the average device used to mine. For GPU/CPU mined Proof-of-Work algorithms this varies greatly. For ASIC mined Proof-of-Work algorithms it varies less, however it's likely that ASIC manufacturers are mining with next generation hardware long before the public is made aware of them, which we can't account for.
There's no automated way to get this data and no reliable data source to scrape it from. We'd need to manually research all mining hardware and collate the data ourself. And as soon as newer mining hardware comes out our results will be outdated.
Is there a simpler way to get an estimated amount of work per blockchain in a single metric we can use for comparisons?
Yeah, there is, we can use NiceHash prices to estimate the cost in $ to secure a blockchain for a given timeframe. This is directly comparable across blockchains and should be directly proportionate to kWh/s, because after all, the energy needs to be paid for in $.
How can we estimate this?
Now we have an estimated total Proof-of-Work metric measured in dollars per second ($/s).
The $/s metric may not be that accurate. Miners will mark up the cost when reselling on NiceHash and we're making the assumption that NiceHash supply is infinite. You can't actually rent 100% of Bitcoin's hashpower from NiceHash, there isn't enough supply.
However that's not really an issue for this metric, we aren't trying to calculate the theoretical cost to rent an additional 100% of the hashrate, we're trying to get a figure that allows us to compare the cost of the current total hashrate accross blockchains. Even if the exact $ value we end up with is not that accurate, it should still be proportionate to kWh/s. This means it's still an accurate metric to compare the difference in work done over a given amount of time between blockchains.
So how do we compare these values between blockchains?
Once we've done the above calculations and got a $/s cost for each blockchain, we just need to factor in the average block time and calculate the total $ cost for a given number of confirmations. Then see how much time is required on the other blockchain at it's $/s value to equal the total cost.
So to calculate how many Litecoin confirmations are equivalent to 6 Bitcoin confirmations we would do:
Therefore we can say that 240 Litecoin confirmations are roughly equal to 6 Bitcoin confirmations in total amount of work done.

Notes

$/s doesn't mean what it sounds like it means.

The $/s values should not be taken as literal costs.
For example:
This is does not mean you could do a 51% attack on Bitcoin and roll back 6 blocks for a cost of $360,000. An attack like that would be much more expensive.
The $/s value is a metric to compare the amount of work at the current hashrate between blockchains. It is not the same as the cost to add hashrate to the network.
When adding hashrate to a network the cost will not scale linearly with hashrate. It will jump suddenly at certain intervals.
For example, once you've used up the available hashrate on NiceHash you need to add the costs of purchasing ASICs, then once you've bought all the ASICs in the world, you'd need to add the costs of fabricating your own chips to keep increasing hashrate.

These metrics are measuring "work done", not security.

More "work done" doesn't necessarily mean "more security".
For example take the following two blockchains:
Bitcoin Cash has a higher $/s value than Zcash so we can deduce it has more "work done" over a given timeframe than Zcash. More kWh/s are required to secure it's blockchain. However does that really mean it's safer?
Zcash is the dominant blockchain for it's Proof-of-Work algorithm (Equihash). Whereas Bitcoin Cash isn't, it uses the same algorithm as Bitcoin. In fact just 5% of Bitcoin's hashrate is equivalent to all of Bitcoin Cash's hashrate.
This means the cost of a 51% attack against Bitcoin Cash could actually be much lower than a 51% attack against Zcash, even though you need to aquire more kWh/s of work, the cost to aquire those kWh/s will likely be lower.
To attack Bitcoin Cash you don't need to acquire any hardware, you just need to convince 5% of the Bitcoin hashrate to lend their SHA-256 hashpower to you.
To attack Zcash, you would likely need to fabricate your own Equihash ASICs, as almost all the Equihash mining hardware in the world is already securing Zcash.

Accurately calculating security is much more complicated.

These metrics give a good estimated value to compare the hashrate accross different Proof-of-Work blockchains.
However to calculate if a payment can be considered "finalised" involves many more variables.
You should factor in:
If the cryptocurrency doesn't dominate the Proof-of-Work it can be attacked more cheaply.
If the market cap or trading volume is really low, an attacker may crash the price of the currency before they can successfully double spend it and make a profit. Although that's more relevant in the context of exchanges rather than individuals accepting payments.
If the value of the transaction is low enough, it may cost more to double spend than an attacker would profit from the double spend.
Ultimately, once the cost of a double spend becomes higher than an attacker can expect to profit from the double spend, that is when a payment can probably be considered "finalised".
submitted by dyslexiccoder to CryptoCurrency [link] [comments]

Why Dogecoin When There is Bitcoin and Litecoin? This is Why.....

Lately I tried to move some bitcoin around, wow, what a hassle that was. My coins got stuck because I did not pay a high enough fee. And then I had to research on how to make the fee higher and resubmit the payment. Only to find out the cost of sending the transaction was now going to cost several dollars. This is where doge excels, you can send payments for only a fraction of a penny and a fraction of the time that it takes to send via bitcoin and litecoin. I suggest you make a small investment in all coins(Doge, litecoin, bitcoin) and try moving them around from wallet to wallet. You'll see that Doge is truly a rocket ship when compared to others.
Here's a list of reasons I love Doge:
It's easy to see, Doge does everything better then bitcoin and litecoin. We are faster, cheaper, and even more friendlier. We love our coin and we love our community. This is one of the most altruistic communities I have ever seen.
There is no doubt that bitcoin and litecoin are great. All three coins(Dogecoin, Litecoin, Bitcoin) are built on the same exact technology. It's just that Dogecoin came a little bit later then bitcoin and litecoin, so we were able to fine tune our coin with the correct specifications to make it a more exceptional coin. I believe all three coins are great and there is a place for all of us here, I just feel that doge is greater due to our 1 minute block time and the awesome community and dev team backing it.
Make no mistake, we do digital currency right.
TLDR: With 1 minute block times, Dogecoin is faster, cheaper, and a much better digital currency then bitcoin and litecoin. Basically, we are no joke.
submitted by shibedogeman to dogecoin [link] [comments]

How do I mine Dogecoin?

How do I mine Dogecoin?
Let’s take a lucky guess that you’re here today because you’ve heard a lot about cryptocurrencies and you want to get involved, right? If you’re a community person, Dogecoin mining might be the perfect start for you!
Bitcoin was the first in 2009, and now there are hundreds of cryptocurrencies. These new coins (that operate on their own native blockchain) are called altcoins or alternative coins. One popular altcoin is Dogecoin. It can be bought, sold and traded, just like Bitcoin. It can also be mined!
So, what is Dogecoin mining?
You’ll know what hardware and what software you need to get started. You’ll also know whether or not Dogecoin mining is for you!
So, where would you like to start? The beginning? Great choice. Let’s have a quick look at how Dogecoin got started.
A (Very) Short History of Dogecoin
In 2013, an Australian named Jackson Palmer and an American named Billy Markus became friends. They became friends because they both liked cryptocurrencies. However, they also thought the whole thing was getting too serious so they decided to create their own.
Palmer and Markus wanted their coin to be more fun and more friendly than other crypto coins. They wanted people who wouldn’t normally care about crypto to get involved.
They decided to use a popular meme as their mascot — a Shiba Inu dog.

https://preview.redd.it/rymnyyz1iil31.png?width=303&format=png&auto=webp&s=f138e3fe56eef9c6b0e7f49b84fefc41fb83e5aa
Dogecoin was launched on December 6th, 2013. Since then it has become popular because it’s playful and good-natured. Just like its mascot!
Dogecoin has become well-known for its use in charitable acts and online tipping. In 2014, $50,000 worth of Dogecoin was donated to the Jamaican Bobsled Team so they could go to the Olympics. Dogecoin has also been used to build wells in Kenya. Isn’t that awesome!
Users of social platforms – like Reddit – can use Dogecoin to tip or reward each other for posting good content.
Dogecoin has the 27th largest market cap of any cryptocurrency.
Note: A market cap (or market capitalization) is the total value of all coins on the market.
So, Dogecoin is a popular altcoin, known for being fun, friendly and kind. It’s a coin with a dog on it! You love it already, don’t you?
Next, I want to talk about how mining works…
What is Mining?
To understand mining, you first need to understand how cryptocurrencies work. Cryptocurrencies are peer-to-peer digital currencies. This means that they allow money to be transferred from one person to another without using a bank.
Every cryptocurrency transaction is recorded on a huge digital database called a blockchain. The database is stored across thousands of computers called nodes. Nodes put together groups of new transactions and add them to the blockchain. These groups are called blocks.
Each block of transactions has to be checked by all the nodes on the network before being added to the blockchain. If nodes didn’t check transactions, people could pretend that they have more money than they really do (I know I would!).
Confirming transactions (mining) requires a lot of computer power and electricity so it’s quite expensive.
Blockchains don’t have paid employees like banks, so they offer a reward to users who confirm transactions. The reward for confirming new transactions is new cryptocurrency. The process of being rewarded with new currency for confirming transactions is what we call “mining”!

https://preview.redd.it/rcut2jx3iil31.png?width=598&format=png&auto=webp&s=8d78d41c764f4fe4e6386da4f40a66556a873b87
It is called mining because it’s a bit like digging for gold or diamonds. Instead of digging with a shovel for gold, you’re digging with your computer for crypto coins!
Each cryptocurrency has its own blockchain. Different ways of mining new currency are used by different coins where different rewards are offered.
So, how do you mine Dogecoin? What’s special about Dogecoin mining? Let’s see…
What is Dogecoin Mining?
Dogecoin mining is the process of being rewarded with new Dogecoin for checking transactions on the Dogecoin blockchain. Simple, right? Well no, it’s not quite that simple, nothing ever is!
Mining Dogecoin is like a lottery. To play the lottery you have to do some work. Well, actually your computer (or node) has to do some work! This work involves the confirming and checking of transactions which I talked about in the last section.
Lots of computers work on the same block of transactions at the same time but the only one can win the reward of new coins. The one that earns the new coins is the node that adds the new block of transactions to the old block of transactions. This is completed using complex mathematical equations.
The node that solves the mathematical problem first wins! It can then attach the newly confirmed block of transactions to the rest of the blockchain.
Most cryptocurrency mining happens this way. However, Dogecoin mining differs from other coins in several important areas. These areas are;
  • Algorithm: Each cryptocurrency has a set of rules for mining new currency. These rules are called a mining or hashing algorithm.
  • Block Time: This is the average length of time it takes for a new block of transactions to be checked and added to the blockchain.
  • Difficulty: This is a number that represents how hard it is to mine each new block of currency. You can use the difficulty number to work out how likely you are to win the mining lottery. Mining difficulty can go up or down depending on how many miners there are. The difficulty is also adjusted by the coin’s protocol to make sure that the block time stays the same.
  • Reward: This is the amount of new currency that is awarded to the miner of each new block.
Now, let’s compare how DogeCoin mining works compared to Litecoin and Bitcoin…
Mining Comparison
Bitcoin uses SHA-256 to guide the mining of new currency and the other two use Scrypt. This is an important difference because Scrypt mining needs a lot less power and is a lot quicker than SHA-256. This makes mining easier for miners with less powerful computers. Fans of Litecoin and Dogecoin think that they are fairer than Bitcoin because more people can mine them.
Note: In 2014, Litecoin and Dogecoin merged mining. This means they made it possible to mine both coins in the same process. Dogecoin mining is now linked with Litecoin mining. It’s like two different football teams playing home games in the same stadium!
Mining Dogecoin is a lot faster than mining Litecoin or Bitcoin. The block reward is much higher too!
Don’t get too excited though (sorry!). Dogecoin is still worth a lot less than Bitcoin and Litecoin. A reward of ten thousand Dogecoin is worth less than thirty US Dollars. A reward of 12.5 Bitcoin is currently worth 86,391.63 US Dollars!
However, it’s not as bad as it sounds. Dogecoin mining difficulty is more than one million times less than Bitcoin mining difficulty. This means you are much more likely to win the block reward when you mine Dogecoin.
Now I’ve told you about what Dogecoin mining is and how it works, would you like to give it a try?
Let’s see what you need to do to become a Dogecoin miner…
How to Mine Dogecoin
There are two ways to mine Dogecoin, solo (by yourself) or in a Dogecoin mining pool.
Note: A Dogecoin pool is a group of users who share their computing power to increase the odds of winning the race to confirm transactions. When one of the nodes in a pool confirms a transaction, it divides the reward between the users of the pool equally.
Dogecoin Mining: Solo vs Pool
When you mine as a part of a Dogecoin pool, you have to pay fees. Also, when the pool mines a block you will only receive a small portion of the total reward. However, pools mine blocks much more often than solo miners. So, your chance of earning a reward (even though it is shared) is increased. This can provide you with a steady new supply of Dogecoin.
If you choose to mine solo then you risk waiting a long time to confirm a transaction because there is a lot of competition. It could be weeks or even months before you mine your first block! However, when you do win, the whole reward will be yours. You won’t have to share it or pay any fees.
As a beginner, I would recommend joining a Dogecoin pool. This way you won’t have to wait as long to mine your first block of new currency. You’ll also feel like you’re part of the community and that’s what Dogecoin is all about!
What You Need To Start Mining Dogecoin
Before you start Dogecoin mining, you’ll need a few basics. They are;
  • A PC with either Windows, OS X or Linux operating system.
  • An internet connection
  • A Shiba Inu puppy (just kidding!)
You’ll also need somewhere to keep the Dogecoin you mine. Go to Dogecoin’s homepage and download a wallet.
Note: A wallet is like an email account. It has a public address for sending/receiving Dogecoin and a private key to access them. Your private keys are like your email’s password. Private keys are very important and need to be kept completely secure.
There are two different types; a light wallet and a full wallet. To mine Dogecoin, you’ll need the full wallet. It’s called Dogecoin Core.
Now that you’ve got a wallet, you need some software and hardware.
Dogecoin Mining Hardware
You can mine Dogecoin with;
  • Your PC’s CPU: The CPU in your PC is probably powerful enough to mine Dogecoin. However, it is not recommended. Mining can cause less powerful computers to overheat which causes damage.
  • A GPU: GPUs (or graphics cards) are used to improve computer graphics but they can also be used to mine Dogecoin. There are plenty of GPUs to choose from but here are a few to get you started;SAPPHIRE Pulse Radeon RX 580 ($426.98)Nvidia GeForce GTX ($579.99)ASUS RX Vega 64 ($944.90)
  • A Scrypt ASIC Miner: This is a piece of hardware designed to do one job only. Scrypt ASIC miners are programmed to mine scrypt based currencies like Litecoin and Dogecoin. ASIC miners are very powerful. They are also very expensive, very loud and can get very hot! Here’s a few for you to check out;Innosilicon A2 Terminator ($760)Bitmain Antminer L3 ($1,649)BW L21 Scrypt Miner ($7,700)
Dogecoin Mining Software
Whether you’re mining with an ASIC, a GPU or a CPU, you’ll need some software to go with it. You should try to use the software that works best with the hardware you’re using. Here’s a short list of the best free software for each choice of mining hardware;
  • CPU: If you just want to give mining a quick try, using your computer’s CPU will work fine. The only software I would recommend for mining using a CPU only is CPU miner which you can download for free here.
  • GPU: If you mine with a GPU there are more software options. Here are a few to check out;CudaMiner– Works best with Nvidia products.CGminer– Works with most GPU hardware.EasyMiner– User-friendly, so it’s good for beginners.
  • Scrypt ASIC miner:MultiMiner– Great for mining scrypt based currencies like Litecoin and Dogecoin. It can also be used to mine SHA-256 currencies like Bitcoin.CGminer and EasyMiner can also be used with ASIC miners.
Recommendations
You’re a beginner, so keep it simple! When you first start mining Dogecoin I would recommend using a GPU like the Radeon RX 580 with EasyMiner software. Then I would recommend joining a Dogecoin mining pool. The best pools to join are multi-currency pools like Multipool or AikaPool.
If you want to mine Dogecoin but don’t want to invest in all the tech, there is one other option…
Dogecoin Cloud Mining
Cloud mining is mining without mining! Put simply, you rent computer power from a huge data center for a monthly or yearly fee. The Dogecoin is mined at the center and then your share is sent to you.
All you need to cloud mine Dogecoin is a Dogecoin wallet. Then choose a cloud mining pool to join. Eobot, Nice Hash and Genesis Mining all offer Scrypt-based cloud mining for a monthly fee.
There are pros and cons to Dogecoin cloud mining;
The Pros
  • It’s cheaper than setting up your own mining operation. There’s also no hot, noisy hardware lying around the house!
  • As a beginner, there isn’t a lot of technical stuff to think about.
  • You get a steady supply of new currency every month.
The Cons
  • Cloud mining pools don’t share much information about themselves and how they work. It can be hard to work out if a cloud mining contract is a good value for money.
  • You are only renting computer power. If the price of Dogecoin goes down, you will still have to pay the same amount for something that is worthless.
  • Dogecoin pools have fixed contracts. The world of crypto can change very quickly. You could be stuck with an unprofitable contract for two years!
  • It’s no fun letting someone else do the mining for you!
Now you know about all the different ways to mine Dogecoin we can ask the big question, can you make tons of money mining Dogecoin?
So, Is Dogecoin Mining Profitable?
The short answer is, not really. Dogecoin mining is not going to make you a crypto billionaire overnight. One Dogecoin is worth 0.002777 US Dollars. If you choose to mine Dogecoin solo, it will be difficult to make a profit. You will probably spend more money on electricity and hardware than you will make from Dogecoin mining. Even if you choose a Dogecoin pool or a cloud pool your profits will be small.
However, if you think I am telling you to not mine Dogecoin, then you’re WRONG! Of course, I think you should mine Dogecoin!
But why? Seriously…
Well, you should mine Dogecoin because it’s fun and you want to be a part of the Dogecoin family. Cryptocurrency is going to change the world and you want to be part of that change, right? Mining Dogecoin is a great way to get involved.
Dogecoin is the coin that puts a smile on people’s faces. By mining Dogecoin you’ll be supporting all the good work its community does. You’ll learn about mining from the friendliest gang in crypto. And who knows? In a few years, the Dogecoin you mine now could be worth thousands or even millions! In 2010, Bitcoin was worthless. Think about that!
Only you can choose whether to mine Dogecoin or not. You now know everything you need to know to make your choice. The future is here. So, what are you going to do?
submitted by alifkhalil469 to BtcNewz [link] [comments]

Why Litecoin when there's Bitcoin?

I have a feeling that there will be a lot of people new to Litecoin dropping into this sub in the next 24 hours, as people see the LTC/BTC ratio rising. This is the first question on newbies minds, and there was a great response from u/shyliar in a thread a few weeks ago that I want to quote here:
I've used both LTC and BTC since 2012. I started with BTC and then discovered LTC. Even in 2012 there were discussions of the limited transactional capacity of BTC, five years later it's still being discussed. In 2012 having already made a purchase with BTC I was dissatisfied with the slow confirmation times and the necessity of additional coins seemed obvious. I suggest you make a small investment in both coins and try moving them around from wallet to wallet. You'll see the lite/light quickly.
Here's a list of reasons I like Litecoin:
With all the memes and price action posts, I think this is worth posting here again.
submitted by IM_THAT_POTATO to litecoin [link] [comments]

Buratino Blockchain Solutions: we have found new solutions to old problems

The market of the mining equipment continues to develop strenuously contrary to adverse conditions on the crypto exchanges. Technologies are constantly improving, increasing growth of mining profitability at the reduction of energy consumption and partly compensating negative dynamics of cryptocurrencies rates. However, it automatically increases the complexity of production of new digital coins that form request for creation of more powerful equipment.
Industry is constantly changing and miners need to be able to understand modern trends of the branch. Let’s discuss market tendencies, new technology solutions capability to affect the efficiency of this business, and how exactly our team is ready to help miners.
Mining market today Lets begin with the general review of the market, with emphasis on forecasts of the authoritative research companies. Analysts of the American consulting company Coherent Market Insights are convinced: in the medium term (5–10 years) mining will be profitable. Demand for the new equipment will remain high even during the crypto -markets depression.
According to the last forecast of the company, by 2025 mining industry will exceed the capitalization level of $16,3 billion. The indicator of cumulative average annual growth rate (CAGR), according to experts, will grow by 18,68% from 2017 to 2025.
At the time of posting, the greatest share of computing capacities has been concentrated in Asia. Experts from other large consulting company Technavio consider that the Pacific Rim will take 51% of the general growth of the industry in 2018–2022. Then the share of the Pacific Rim will be reduced below 50% level.
The cause is a hard governmental line of China in relation to crypto industry. It makes miners migrate to other countries of North and South America and Eastern Europe.
According to the Technavio, 33% of the market is now in the New World, but the share of the USA will grow, forcing out China. Coherent Market Insights experts are solidary with colleagues, and also give the future world leadership to North America.
Improvement of production technologies of cryptocurrencies and increase in productivity of the hardware remains a key tendency of the current market. Along with it large producers of microelectronics, such as Samsung and United Microelectronics Corporation are entering the market as suppliers of hi-tech accessories.
The large manufacturing companies (Bitmain Technologies, BitFury, Advanced Micro Devices, etc.) actively develop ASIC systems with bigger energy efficiency and the increased hashrate coefficients. It is important for providing the more effective mining. However alternation of generations in available lines of the equipment happens slowly that opens opportunities for new players, such as our company.
According to the Coinshares company, hashrate of the only one Bitcoin network grows by 300% annually, the efficiency of chips increases by 80%, and their cost falls on average on 50%. So the profitability of digital coins production grows even in conditions of crypto rate instability with the introduction of new technologies in ASIC-mining . 74% of the mining market is the share of ASIC of all configurations in 2017. It is expected that they will continue to dominate.
The process of improvement of the hardware leads to the growth of volumes of the mined coins. But the more is mined, the quicker the algorithm of generation of new blocks in the network complicates. As a result — miners need capacities to grow.
Escalating levels of complexity become nearly the main factor of mining equipment market growth in the medium term. For example, analysts of Technavio predict the increase in growth rates for 2018 by 9,04%.
Increase in productivity as natural selection To be a successful miner means always to work proactively. Anyone who first manages to use more productive mining systems also remains in a prize or at least in the market.
The Forbes.ru magazine describes how the market of a mining is affected by the generation of more productive machines. All of us remember the last year's agiotage around the first ASIC systems for Dash cryptocurrency. Before it was mined only on video cards and brought the monthly income of $1-1,5 thousand from one farm. New miner (DM11G from iBeLink, Antminer D3 from Bitmain and DR-100 from Pinidea) promised income from $5 thousand from each installation.
Those who the first have managed to connect ASIC to Dash network succeeded the most. Their monthly income has made about $6 thousand, but it was not for a long time. The rapid growth of the number of ASIC devices in the network has provoked the same fast increase in complexity of calculations.
Therefore the payback period of one ASIC system has increased from 3-4 to 12 months. As a result, by the end of 2017, the profitability of Dash mining has decreased almost by 3 times (in comparison with September of the same year). In completion to everything, the Dash rate has fallen off in spring 2018.
Production of cryptocurrency is favorable only to those who quickly reacts to the production of the new hardware. Only being guided by new generation equipment or modernizing old ones it is possible not to lose.
Recent leaders VS perspective beginners BitFury and Bitmain remain recognized leaders in the global market in summer 2018. BitFury generally specializes in providing mining decisions under specific projects. Bitmain, on the contrary, is guided by production and sale of the ready-made mining systems.
Today the market is rather highly consolidated and more than a half of all computing capacities belongs to largest companies. Nevertheless, Coherent Market Insights analysts consider that in the near future deconsolidation of branch due to the appearance of new players is expected.
This segment is also interesting to us. With the support of the community on ICO, we will be able to impose market competition to the acting leaders. Just because present devices have a number of problems which are still not solved by anyone except for us.
Support of the only one cryptocurrency, the impossibility of the partial modification, high noise level, high costs of cooling and a lot of things still. Everything remains unresolved.
We plan to put on the market the multi-mining system of the new generation Papa Carlo. The equipment surpasses competitors in all key indicators: energy efficiency, productivity, customizability, the number of coins, etc.
With our development, it will be not just ASIC anymore, but the first real multi-miner, allowing to get fifteen digital currencies on the most popular algorithms SHA-256 and SCRYPT.
It is difficult to overestimate the potential of such a product. Papa Carlo is capable to take the worthy place in the market of the CIS and the whole world. It is enough to compare our technological product to the acting leader of sales - Antminer s9, to estimate all range of advantages of Papa Carlo.
Compare several key indicators of Papa Carlo and Antminer s9:
hashrate of Papa Carlo – 26 Th/s, Antminer s9 – 13,5 Th/s; Papa Carlo processors – 10 nanometers, Antminer s9 – 16 nanometers; the number of Papa Carlo chips – 210, Antminer s9 – 189; energy efficiency of Papa Carlo – 0,065 J/Gh, Antminer s9 – 0,1 J/Gh; Papa Carlo noise level – 35-45 dB, Antminer s9 – 75-80 dB. Conclusion Papa Carlo is a high-performance equipment which can compete with leaders of the market. Our Buratino Blockchain Solutions company provides its development and service.
The issue of own token will allow attracting the capital for scaling of business and distribution our multi-miner. Everyone who wishes to receive exclusive privileges from the producer at a stage of the closed sales can join our tokensale.
submitted by BuratinoBlockChainSo to u/BuratinoBlockChainSo [link] [comments]

Uh, I’m Marketing Specialist (Guerrilla)

Uh, I’m Marketing Specialist (Guerrilla)
I’m so glad you brought this up! It’s the one thing that LTC lacks in and it’s ironic because LTC is the only coin deserving of a full-time marketing team. I think people are starting to finally realize that it’s all about the marketing, word of mouth and branding in crypto. To put this into perspective as a self-funded/semi-retired internet entrepreneur, I’ll tell you exactly what caused my successes and failures. Initially (when I was young), I would launch a service or product in which I used 90% of the budget for development and 10% left over for marketing resulting in failure. At this point if I ever launch a new product or service online 70%+ of the entire budget would be allocated towards the marketing, so I can’t stress the importance of this. 1 million CNY ($150k) applied to a dev team is absolutely incredible, but LTC desperately needs a monthly marketing budget as well. It would be fantastic if these Scrypt mining manufactures or farms could consider that expense the cost of doing business. $5k a month starting budget could really do wonders for creating awareness.
You can see here that we desperately need to address this issue: (sleeping giant) https://www.google.com/trends/explore?q=litecoin
There’s really no need for a DM regarding the marketing unless someone is brought on to manage a campaign, but I would like to give feedback publicly on what I’ve seen so far (since I’m all about community/transparency and appreciate feedback). I can be very direct and hurt people’s feelings, but the only thing that matters is the success of LTC for the sake of humanity (financial freedom from total economic enslavement), so here are my thoughts below.
1.) Current Slogan. I’d like to first go over the silver analogy since Xinxi mentioned it earlier in a reddit post. Right off the bat there are pros and cons that I see with this association.
Pros: During a BTC pump breaking ATH’s it is very beneficial being known as the Silver to Bitcoin’s gold as we’ve already seen demonstrated with the pump in late 2013. People feel that they missed the BTC boat and turn to an alternative that is underpriced and somewhat similar to BTC. Bitcoin paves the infrastructure path while Litecoin trails behind receiving all the benefits, such as the hardware wallet support. It positions Litecoin as a “non-threating” alternative to Bitcoin and acts as a logical trading pair. If you like BTC, then theoretically you should like LTC as well. The Bitcoin association to a digital gold is very powerful because many cultures still understand it as a monetary metal throughout history. I remember in 2011 the BTC community was really pushing that deep psychological comparison. In 2013, Bitcoin hit parity with gold reaching $1,200 and LTC at $48 which is also very similar to what we saw with physical silver. That was not by accident, but now that BTC has hit that objective I don’t hear thought leaders comparing it too gold much anymore and they claim one Bitcoin will be worth 1 million dollars feeding into that gold fever hype. The other issue with changing silver analogy is that Coblee literally designed LTC to be the silver to Bitcoin’s gold and produced 4x more inflation. LTC is also deflationary similar to gold, silver and Bitcoin so logically I guess it only makes sense. PM comparison takes a very complicated concept and helps simplify it for your average man on the street.
Cons: What I don’t like about the silver association. So I believe most here will agree that Gold feels like it’s more important/sought after than Silver. Considering historically kings have access to gold and commoners have access to the silver. I do believe it’s hard for people to chant and cheer, “We’re #2, We’re #2, We’re #2!!!”. Do you see what I mean here? It’s hard to get Excited about that for people and the same goes with hoarding LTC vs BTC. It also creates a dependency on Bitcoin for eternity and keeps LTC under the thumb of the BTC overlords (I know some of them and they hate LTC). The association should be more like Pepsi and Coke or Ying to Yang and one could technically still operate without the other. If LTC dies (I doubt this), then people will forget about the silver association and just continue chanting for Bitcoin #1/Gold2.0/21 Million/I’m Rich Bitches. If BTC dies or is bottlenecked to death it would be nice for LTC to still exist in the minds of the crypto community and that dependence is also dangerous for LTC (as we keep seeing Bitcoins lack of scaling). You’ll notice every time BTC bottlenecks transactions that the price rally gets cut short again which affects the potential LTC rally. This is also a big part of why hedging out of BTC into alts such as LTC is important, but many think why would I hold LTC when I can just hold BTC so they invest in something totally different like ETH as a hedge. The other issue is the ratio and stability of LTC when the ratio both snaps back (short-term) and is suppressed (long-term), so it doesn’t make for the most stable currency when this occurs (although a 40x gain in value again would be nice). Many precious metal bugs will state that the physical gold/silver ratio should be around 1:16 ounces and technically if BTC/LTC had identical network-effect the value ratio would be closer to 1:4. Right now, we’re nearing 1:200 which is absurd. Not only that, this association is not so accurate because the gold and silver volume/ratio of atoms on this earth is unknown. While the tokens to exist currently and in the future are precisely known with BTC/LTC (1:4) which means LTC is actually even more undervalued than physical silver to physical gold. It would be nice to talk about LTC without ever having to mention BTC and I do feel it’s a setback, but at this point maybe necessary especially considering this next BTC pump.
2.) Slogan Suggestion. As you can see I am really on the fence about the silver analogy, so maybe we can just leave it as an unspoken association as we seen Bitcoiners mentioning gold analogy less and less. The funny thing is Coblee and Xinxi totally changed the game with LTC while nobody noticed. It’s so different that I almost think this one change alone has put the silver branding into question. By adding CT transactions and Segwit it provides enough differentiation from BTC to make it a more worthwhile hedge for wealth storage (This is important and helps maintain a higher per coin price). For those that want to save their earnings in a more private blockchain they now have a reason to transfer some BTC over to LTC or bypass it as a means of storage and we already know it’s much better for transfer. Coblee states fungiblity reasons, but I already know people will be taking a second look at LTC after this is implemented because I personally don’t like when people can see all my transactions at a particular address, so having both a fully public and private blockchain is a must. Not only that he knows about the censoring of coins for associations with the dark web even if you weren’t directly involved and that hurts fungibility, so once again the right decisions are being made.
With that said, I would personally prefer LTC being considered the “The Swiss Bank of Money”. Money and Currency are actually two VERY different things by the way while gold/silver being money and currency being a derivative of that money. Obama was recently at South by Southwest and gave a speech mentioning crypto directly. It would be hilarious if we embraced his terminology of crypto. https://www.youtube.com/watch?v=YsDijAoxG9g
“It’s like having a Swiss Bank Account in Your Pocket.”
Another interesting point is the ironclad privacy that Swiss Banks were known for has been completely undermined by the US probing and global FATCA compliance for all other banks globally. There is no safe haven anymore and in a subtle way this almost alludes to LTC being the last bastion of financial freedom. Picture this, but instead LTC: http://i.imgur.com/yrQYmxO.jpg (The financial system is being completely turned upside down with some countries going to negative interest rates… AKA you pay them for holding your money, so that picture is very accurate.)
3.) Litecoin Constitution or Oath. I will eventually get to the marketing aspect, but this all ties into everything, such as word of mouth. Every great company has a motto, a country a constitution or religions with commandments. It is important because it condenses down why we are here, our beliefs, what we are fighting for, our principles and what is out of scope of the vision or deemed acceptable. We’ve seen glimpses of this from Coblee like when he mentioned after an altcoin forked due to a theft that LTC will never hardfork due to a theft (So, let’s outline it for everyone). This is so important that I could even see a URL being dedicated to it so the world is clear as too what LTC is and stands for.
An example of what this would look like: Litecoin Beliefs/Oath: - LItecoin will strive to be as transparent as possible in all aspects of development, marketing, future updates. - Litecoin will strive to remain as decentralized as possible while maintaining a pristine blockchain. All aspects of management for social media and other platforms will also remain decentralized. - Litecoin will never reverse or roll back the blockchain or fork due to a theft or unauthorized transaction. - Litecoin will strive to operate the most financially fair network of wealth storage and transfer as possible. - Litecoin will always strive to bring modern financial access from the richest to the poorest and most remote people on earth. - ETC ETC.
Something like this needs to be in place in the event Charlie goes MIA or anyone else in management so we have our guide stone in place. A wealthy individual looking to speculate in LTC and store his wealth there would feel much more comfortable if he knew what LTC stands for. The examples I gave above are how I perceive LTC but writing it in stone would make everything clear for everyone.
4.) Enthusiastic Keynote Speaker. While I love Charlie to death and he’s fighting the good fight it would be nice to see someone like an Andreas equivalent for LTC (English/Chinese speaker would be incredible). When I hear Andreas speak about BTC I literally get goosebumps and my faith/passion is restored in crypto because sometimes we get beat down when our family and friends can’t see the “lite”. While I believe Charlie should never stop spreading awareness at as many events as possible he doesn’t come off as being very confident and a bit shy (which is fine). What I would like to see is high energy, passion, excitement and a confidence in LTC that is unshakeable. Assume the sale man! Charlie observed BTC operating in the wild, made a few tweaks and somehow made a better version of it capable of more yet incredibly stable/functional (without the suspect Satoshi early miner stash). However, I do understand it being difficult to hype LTC when there is not much to talk about since BTC hit all the talking points and LTC was no different other than 4x. For the future we really need to stress the scalability and fungibility improvements.
5.) Thinking out of the box. Xinxi’s paper wallet suggestion if done on a grand scale could be quite massive for adoption despite how primitive it sounds. This is the type of thinking we need to bring LTC functionality/awareness to the masses. Get creative/think outside the box and reach out to the appropriate companies/visionaries or start a business (we need more entrepreneurs and now is the time to get involved and solidify your spot in the industry).
Some examples: a. In previous posts we discussed the paper wallets for LTC. If I were to walk up to any person on the street and explain to them that I had one LTC paper wallet in my hand worth $4 and I would be willing to sell it to them for $5 and explained it was rare and similar to Bitcoin (second largest), in addition hit $48 in the past and could happen again and BTC is currently at $780.. I guarantee I could sell them on the spot. That could literally be turned in a business model and scaled as one idea that seems silly, but with awesome potential.
b. Tonight I watched the unveiling of the new Tesla solar home roof in addition to the PowerWall 2 unit. Seen here: https://www.youtube.com/watch?v=dRqSkR4ENAg Who’s to say we couldn’t contact Tesla and integrate a Scrypt Asic chip into their future PowerWall 3 unit and offset homeowner’s extra battery power into the form of crypto. I mine BTC, LTC, DASH, ETH/ETC and LTC is by far the most profitable to mine, so maybe this actually could be viable. It’s out of the box and worth looking into from a technical standpoint. Coblee literally lives down the street and could meet with them.
c. Another idea could be a sidechain mobile mining concept. I’ve thrown that idea around with the LTC devs, just to see what their thoughts were. It would have to be structured in a very particular way to work, but I believe there could be some merit there as well to draw in new users. I would really love some feature to be offered through this additional hash/computational power via a sidechain and potentially something like a Dash masternode for the monthly yield since for some the simple buy and HODL method doesn’t work for them. LTC is supposed to be “money”, so monthly yield is inappropriate similar to how gold doesn’t produce monthly yield by its very nature.
5.) More Accessible Scrypt Miners. It looks like Alcheminer is gone and Titans are no longer obtainable leaving really only Innosilicons terminators older ones and the newer ones coming. It would be nice if we had more affordable smaller miners for your average joe. GPU dominates the word of mouth aspect because of accessibility. Any gamer can get involved, he gets a few coins and then tells his friends being that there is also financial incentive for him to spread awareness. It would be great if we could see more scrypt manufactures producing something to fill this niche.
6.) Localbitcoins.com equivalent. I don’t want to offend anyone again, but the litecoinlocal.net website really does need work. Aesthetically it doesn’t look as visually appealing as LBC and also does not function as well. The .net extension is also not so favorable, so maybe they could acquire a .com equivalent and 301 it. In addition, I see little to no available trades which also does not bode well on the psyche of potential LTC investors. LBC is really a major backbone to Bitcoin adoption considering its functionality for the community and allows people to buy BTC in a more anonymous fashion. Plus, the owner of LBC makes great profit so there is much incentive for running a high caliber local exchange.
7.) Marketing. There really is no marketing for LTC and I’ve never seen any marketing efforts on behalf of the LTC association other than maybe some sponsored ads on reddit (which is fine). This really does need to change because when we saw Dogecoin doing the Nascar stuff or Jamaican bob sled team, I was thinking my god why can’t we get a budget going to spread awareness. While I believed even at the time that their particular choices were foolish I was impressed that they were actually trying to bring about public awareness for Doge. We can maintain interactions on all the social profiles we want in the world, but we really need to be paying for ad placement on networks such as YouTube, Facebook, Reddit, Twitter, etc etc. A/B split testing with a test budget would be wise and gauge interaction via a landing page.
Side note: It’s funny one of my first projects when I was a kid was a penny stock newsletter site accessible via monthly subscription. We ran ads that were very professional and reasonable such as “Join our newsletter and receive monthly returns up to 20%-30%”. At the time that was very reasonable and realistic based on our track record/advice. The only problem was the ads performed horribly, but then eventually we said screw it and ran ridiculous ads like, “GAINZ of 30000X, GET RICH, GET BITCHES, LIVE ON BEACH IN PARADISE”…. And it worked almost too well. This tells me humans react off greed and dreams of grandeur. I see these claims with altcoins that get pumped which claims of “next Bitcoin” or will “overthrow Bitcoin”. I think that’ more sensational for most people and fills their dreams of becoming rich overnight. There’s those types of people and then there are the more ideological type like we see in the BTC community such as miners that will continue to mine at a loss because they believe so strongly in BTC or the HODLRS that won’t sell even when BTC loses half its value in 48 hours and people are shitting their pants. It would be nice if we could appeal to all demographics.
I keep hearing about the LTC Association meetings. Why don’t we publicly post the meeting day/time do it via Google Hangouts so we can all listen in on the conversation. We really need to build a sense of community and that’s lacking as well. Outreach programs could also be a very inexpensive form of marketing. Such as contacting Twitch.tv for potential integration of LTC. If the fundamentals were explained I’m sure there would be successes in furthering adoption of the technology.
If the Litcointalk.org website is not going to get fixed can we at least 301 it to the litecointalk.io address for now? Seeing "Hacked" at the top of the site doesn't instill confidence again... Not so great for branding... lol
… to be continued.
I’m starting to ramble. It’s 3am here and I’m half asleep. I’ll continue writing more on potential marketing efforts/ideas I’ve had (tomorrow).
In the meantime, I’ve love to hear feedback on things I’ve shared so far.
submitted by dballing1 to litecoin [link] [comments]

Best Bitcoin Debit Cards 2017 4 MH/S Scrypt Miner - GPU Litecoin mining rig Hack bitcoin (private script) 2019 Comparison of GPU VS ASIC Mining Bitcoin mining is becoming less profitable... - YouTube

TREZOR wurde im August 2014 als die erste Bitcoin-Hardware-Wallet eingeführt und bietet sichere Bitcoin-Speicherung und die Fähigkeit, mit dem Komfort einer Hot Wallet auszugeben. TREZOR ist ein kleines, daumengroßes Gerät. Kaufen Mehr erfahren. Kapitel 4 Hot Wallets. Eine kurze Auffrischung: Hot Wallets sind Bitcoin Wallets, die auf internetfähigen Geräten wie einem Computer ... Bitcoin (BTC) Mining Hardware Comparison, Profitability and Payback Calculator Coin value: $10,403.59. Algorithm: SHA-256. Coins: Specs Price ... For a comprehensive comparison of bitcoin mining hardware. Best Bitcoin Mining Hardware. Two major factors go into determining the best bitcoin mining hardware: (1) cost and (2) electricity efficiency. Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot. ASIC Bitcoin Mining Hardware . Application-specific integrated circuit chips (ASICs ... Mining with a Scrypt ASIC vs SHA-256 Comparison. Bitcoin uses the SHA-256 algorithm to generate hashes that represent the data stored in blocks on the blockchain. As we mentioned above, SHA-256 is more complex to run, meaning that it’s highly accurate and secure, but also slow. This is why ten minutes are required to generate only one block on the Bitcoin blockchain. Mining using SHA-256 ... Although another model of Litecoin mining hardware operates with a higher hash rate (see below), the Antminer L3++ currently retails for less cost on Amazon at under $400. This makes it excellent value for the money among Scrypt ASICs. Bitmain is the provider manufacturing and selling the Antminer hardware.

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Best Bitcoin Debit Cards 2017

Best Bitcoin Wallet? This guide is about one of the safest hardware crypto wallet currently on the market that is not a Ledger wallet or Trezor wallet. BC Va... Bitcoin and cryptocurrency mining explained with the Byzantine Generals Problem. We use it to explain the essence of cryptocurrency mining. https://www.udemy... bitcoin keycap bitcoin key database bitcoin key finder bitcoin key length bitcoin key algorithm bitcoin api key bitcoin alert key bitcoin alert key compromised bitcoin-all-key-generator bitcoin ... 5 R9 290 ATI graphic cards mining litecoin at ~ 4 MH/S stable. Mine dogecoin, litecoin or any scrypt coin with this gpu mining rig. Bitcoin mining is essential to the operation of the Bitcoin network as per the proof-of-work consensus protocol. The hash rate is at an all time high, while ...

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