The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key(P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170.
P2PK is no longer used because it is a more expensive, less private, and less secure way of receiving bitcoin than other methods.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
Inflation is a rise in prices, which can be translated as the decline of purchasing power over time.
The rate at which purchasing power drops can be reflected in the average price increase of a basket of selected goods and services over some period of time.
The rise in prices, which is often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.
Inflation can be contrasted with deflation, which occurs when prices decline and purchasing power increases.
KEY TAKEAWAYS
Inflation is the rate at which prices for goods and services rise.
Inflation is sometimes classified into three types: demand-pull inflation, cost-push inflation, and built-in inflation.
The most commonly used inflation indexes are the Consumer Price Index and the Wholesale Price Index.
Inflation can be viewed positively or negatively depending on the individual viewpoint and rate of change.
Those with tangible assets, like property or stocked commodities, may like to see some inflation as that raises the value of their assets.
Understanding Inflation
While it is easy to measure the price changes of individual products over time, human needs extend beyond just one or two products.
Individuals need a big and diversified set of products as well as a host of services for living a comfortable life.
They include commodities like food grains, metal, fuel, utilities like electricity and transportation, and services like healthcare, entertainment, and labor.
Inflation aims to measure the overall impact of price changes for a diversified set of products and services. It allows for a single value representation of the increase in the price level of goods and services in an economy over a period of time.
Causes of Inflation
An increase in the supply of money is the root of inflation, though this can play out through different mechanisms in the economy.
A country’s money supply can be increased by the monetary authorities by:
Printing and giving away more money to citizens
Legally devaluing (reducing the value of) the legal tender currency
Loaning new money into existence as reserve account credits through the banking system by purchasing government bonds from banks on the secondary market (the most common method)
In all of these cases, the money ends up losing its purchasing power. The mechanisms of how this drives inflation can be classified into three types: demand-pull inflation, cost-push inflation, and built-in inflation
Here is an interesting collection of books about inflation:
“According to Cantillon, the beneficiaries from the expansion of the money supply are the first recipients of the new money, who are able to spend it before it has caused prices to rise.
Whoever receives it from them is then able to spend it facing a small increase in the price level.
As the money is spent more, the price level rises, until the later recipients suffer a reduction in their real purchasing power.
This is the best explanation for why inflation hurts the poorest and helps the richest in the modern economy.”
Saifedean Ammous, “The Bitcoin Standard: The Decentralized Alternative to Central Banking”
“It is much more difficult to see how it will ever be possible to abandon a system of provision for the aged under which each generation, by paying for the needs of the preceding one, acquires a similar claim to support by the next.
It would almost seem as if such a system, once introduced, would have to be continued in perpetuity or allowed to collapse entirely.
The introduction of such a system therefore puts a strait jacket on evolution and places on society a steadily growing burden from which it will in all probability again and again attempt to extricate itself by inflation.”
Friedrich A. Hayek, “The Constitution of Liberty”
What with the doctrines that are now widely accepted and the policies accordingly expected from the monetary authorities, there can be little doubt that current union policies must lead to continuous and progressive infl ation.
The chief reason for this is that the dominant “fullemployment” doctrines explicitly relieve the unions of the responsibility for any unemployment and place the duty of preserving full employment on the monetary and fiscal authorities.
The only way in which the latter can prevent union policy from producing unemployment is, however, to counter through inflation whatever excessive rises in real wages unions tend to cause.”
Friedrich A. Hayek, “The Constitution of Liberty”
“Inflation destroys the value of your savings while Bitcoin protects them.”
Olawale Daniel
“To accumulate any wealth, you must invest at a growth rate higher than inflation.”
Naved Abdali
“An ounce of gold will always be an ounce of gold regardless of the length of possession.
The short-term value will go up or down, but gold prices will follow the general inflation rate in the long run.”
Naved Abdali
“… The Banks, as we now all too well know, must be rescued no matter what.
‘The value of commodities is thus sacrificed in order to ensure the fantastic and autonomous existence of this value in money.
In any event, a money value is only guaranteed as long as money itself is guaranteed.’
Inflation, as we also know, must be kept under control at all costs.
‘This is why many millions’ worth of commodities have to be sacrificed for a few millions in money.
This is unavoidable in capitalist production and forms one of its particular charms.’
Use values are sacrificed and destroyed no matter what is the social need.
How insane is that?”
David Harvey, “Marx, Capital and the Madness of Economic Reason”
“For one thing, this steady devaluation of the dollar is a new practice, relatively speaking.
For most of our country’s history, the dollar gained value.
The dollar was worth 75 percent more in 1912 than it was worth in 1800.
You know those stories your parents or grandparents tell about how they used to buy a sandwich and a fountain soda for a dime?
How everything was so much cheaper back in the day?
If you were around in 1900, for instance, the old folk didn’t tell those sorts of stories.
What cost a dime in 1900 probably cost fifteen cents in 1875, and twenty cents in 1800.
Of course, since 1912, the dollar has lost more than 95 percent of its value….
You will remember what happened in 1913: the Fed was created.”
Peter Schiff, “The Real Crash”
“We have gold because we cannot trust governments”
Herbert Hoover
“Inflation is taxation without legislation.”
Milton Friedman
“Inflation is always and everywhere a monetary phenomenon.”
Milton Friedman, “Money Mischief: Episodes in Monetary History”
“The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislature.
The inflation tax has a fantastic ability to simply consume capital.
It makes no difference to a widow with her saving in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation, or pays no income taxes during years of 5 percent inflation.
Either way, she is ‘taxed’ in a manner that leave her no real income whatsoever.
Any money she spends comes right out of capital.
She would find outrageous a 120 percent income tax, but doesn’t seem to notice that 5 percent inflation is the economic equivalent.”
Warren Buffett
“Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.”
Ronald Reagan
“The natural tendency of the state is inflation.”
Murray Rothbard
“The first panacea for a mismanaged nation is inflation of the currency; the second is war.
Both bring a temporary prosperity; both bring a permanent ruin.
But both are the refuge of political and economic opportunists.”
Ernest Hemingway
“Whoever controls the volume of money in our country is absolute master of all industry and commerce…when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”
James A. Garfield
“Continued inflation inevitably leads to catastrophe.”
Ludwig von Mises
“The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.”
Ludwig von Mises
“Continued inflation inevitably leads to catastrophe.”
Ludwig von Mises
“When a business or an individual spends more than it makes, it goes bankrupt.
When government does it, it sends you the bill.
And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation.
Make no mistake about it, inflation is a tax and not by accident.”
Ronald Reagan
“Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending.
No private embezzlers or bank robbers in history have ever plundered people’s savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.”
Ayn Rand
“Monetary inflation not only raises prices and destroys the value of the currency unit; it also acts as a giant system of expropriation.”
Murray Rothbard
“Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel.
These once unthinkable dosages will almost certainly bring on unwelcome after-effects.
Their precise nature is anyone’s guess, though one likely consequence is an onslaught of inflation.”
Warren Buffett
“I believe that banking institutions are more dangerous to our liberties than standing armies.”
Thomas Jefferson
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
There is no safe store of value.
Deficit spending is simply a scheme for the hidden confiscation of wealth.
Gold stands in the way of this insidious process. It stands as a protector of property rights.
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
Alan Greenspan
“I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.”
Friedrich August von Hayek
“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency.
By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.
The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.”
John Maynard Keynes
“Printing money creates inflation, which weakens an economy.
Unfortunately, this kind of common-sense thinking never seems to penetrate academic circles.”
Peter Schiff
“It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less.
[I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with ‘free banking.’
The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.”
Paul Volcker
“Most people will see declining returns [due to inflation].
One of the great defenses if you’re worried about inflation is not to have a lot of silly needs in your life – you don’t need a lot of material goods.”
Charlie Munger
“Inflation is the true opium of the people and it is administered to them by anticapitalist governments and parties.”
Ludwig von Mises
“There are two main drivers of asset class returns – inflation and growth.”
Ray Dalio
“It’s hard to build models of inflation that don’t lead to a multiverse.
It’s not impossible, so I think there’s still certainly research that needs to be done.
But most models of inflation do lead to a multiverse, and evidence for inflation will be pushing us in the direction of taking [the idea of a] multiverse seriously.”
Alan Guth
“If the governments devalue the currency in order to betray all creditors, you politely call this procedure ‘Inflation‘.”
George Bernard Shaw
“The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit.
The more inflation progresses, the higher rises the national income.”
Ludwig von Mises
“The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion, policemen, customs guards, penal courts, prisons, in some countries even executioners, had to be put into action in order to destroy the gold standard.”
Ludwig von Mises
“The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense.
And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation.
That is not price stability, yet they call it price stability.
I just do not understand central banks wanting a little inflation.”
Paul Volcker
“Inflation is the fiscal complement of statism and arbitrary government.
It is a cog in the complex of policies and institutions which gradually lead toward totalitarianism.”
Ludwig von Mises
“To reverse the trend and reduce the role of government in our lives, and thus alleviate the government deficit and inflation pressures, is a giant educational task.
The social and economic ideas that gave birth to the transfer system must be discredited and replaced with old values of individual independence and self-reliance.
The social philosophy of individual freedom and unhampered private property must again be our guiding light.”
Hans F. Sennholz
“What I’m trying to say is that for the average investor, what I would encourage them to do is to understand there’s inflation and growth – it can go higher and lower – and to have four different portfolios essentially that make up your total portfolio that gets you balanced.”
Ray Dalio
“If government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will.
As a result, this ‘inflation’ of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.”
Murray Rothbard
“We are now speeding down the road of wasteful spending and debt, and unless we can escape we will be smashed in inflation.”
Herbert Hoover
“Inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary.
For this reason all those who wish to stop the drift toward increasing government control should concentrate their effort on monetary policy.”
Friedrich August von Hayek
“Big business is not dangerous because it is big, but because its bigness is an unwholesome inflation created by privileges and exemptions which it ought not to enjoy.”
Woodrow Wilson
“Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
Gold stands in the way of this insidious process.
It stands as a protector of property rights.”
Alan Greenspan
“Higher education is the place where people who had big plans in high school get stuck in fierce rivalries with equally smart peers over conventional careers like management consulting and investment banking.
For the privilege of being turned into conformists, students (or their families) pay hundreds of thousands of dollars in skyrocketing tuition that continues to outpace inflation.
Why are we doing this to ourselves?”
Peter Thiel
Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were fastened upon America, it is time to see precisely how the Fed, as presently constituted, carries out its systemic inflation and its control of the American monetary system.
Murray Rothbard
“Inflation, being a fraudulent invasion of property, could not take place on the free market.”
Murray Rothbard
“No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon.
Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money.”
Milton Friedman
“The drum-fire of propaganda that the Fed is manning the ramparts against the menace of inflation brought about by others is nothing less than a deceptive shell game.
The culprit solely responsible for inflation, the Federal Reserve, is continually engaged in raising a hue-and-cry about ‘Inflation,’ for which virtually everyone else in society seems to be responsible.
What we are seeing is the old ploy by the robber who starts shouting ‘Stop, thief!’ and runs down the street pointing ahead at others.”
Murray Rothbard
“I think democracies are prone to inflation because politicians will naturally spend [excessively] – they have the power to print money and will use money to get votes.
If you look at inflation under the Roman Empire, with absolute rulers, they had much greater inflation, so we don’t set the record.
It happens over the long-term under any form of government.”
Charlie Munger
“Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., Inflation.
The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, Protracted Inflation.”
Ludwig von Mises
“Inflation is essentially antidemocratic.”
Ludwig von Mises
“Inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism.”
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich to live, in the back of our pocket…. but that’s a topic for another discussion…
A few day ago… I think it was days… maybe weeks… Time is an illusion Einstein was right! Anyway somewhere in the past I decided to make a little bit more wider my mark on this digital world we all drown into :))) and I started to build up a Library !
As I do believe and live by the motto…
“Sharing is caring!”
Here with delight and joy I present to You, Free Spirit’s Library named how else than…
*Note: It's a Never Ending work in progress, as I am one little • that is bound to the same illusion of Time, as every other • is 😉 :))
So I would suggest you make frequent visits on the Discord server, as I add books and much interesting food for the mind all the time !
Thank you for your time !!!
May knowledge enlighten your path and make you evolve and thrive, if not for us then for the generations to come, so they can walk and look behind them, and say...
"Hey look, we are walking on shoulders of giants..."
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
Join Honorary Chair Fran Finney and the Running Bitcoin Challenge Committee as we honor legendary cypher punk, Hal Finney.
This is THE EVENT that combines Hal Finney’s love of running and Bitcoin and is raising funds and awareness to help defeat ALS, which ultimately claimed his life in 2014.
You are challenged to run (or walk, roll, or hike) the equivalent of a half marathon — cumulatively or all at once — by the end of January 10, 2023.
From wherever you are, spread the word about Bitcoin, participate in a healthy activity, feel good about doing your part to defeat ALS, and start the year off right
Hal Finney, one of the earliest bitcoin contributors, died eight years ago from complications of nervous system disease amyotrophic lateral sclerosis (ALS).
His spouse, Fran Finney, is now organizing a half marathon to raise funds for ALS research via bitcoin.
The “Running Bitcoin Challenge” is set to take place between Jan. 1 and Jan. 10. The timing of the occasion leads up to the anniversary of Hal Finney’s “Running bitcoin” tweet, in which Finney famously disclosed he was deploying a Bitcoin node.
There is no set location — participants can choose to join anywhere they wish. Players are encouraged to either run, walk, roll or hike the equivalent of a half marathon (Hal’s favorite distance) either in one go or over the entire 10-day period.
Donors contributing at least $100 will receive an official shirt with the half marathon’s logo, while the event’s top 25 fundraisers will get a Hal Finney collectible signed by his wife.
As of Wednesday morning, the event has already managed to secure nearly $10,000 in bitcoin donations.
An advocate of cryptography and digital privacy, Finney was the recipient of the first-ever bitcoin transfer from the network’s pseudonymous creator Satoshi Nakamoto.
The bitcoin community often suspected Finney was Nakamoto, a claim he consistently denied. He reportedly found out about his condition in 2009 and decided to move away from the project.
Hal’s name is high in the Bitcoin pantheon as one of the first people to voice support for Satoshi Nakamoto’s invention and for being the first person to receive a Bitcoin transaction from Satoshi.
He was, for a time, considered one of the top contenders on the list of potential Satoshis himself (many in blockchain who reject Dr. Craig Wright’s statements still falsely believe Finney to be Bitcoin’s real creator).
Hal, who referred to himself as a “cypherpunk,” was a cryptographic activist who went from developing video games to working on the Pretty Good Privacy (PGP) project in the 1990s. He described his PGP work as “dedicated to the goal of making Big Brother obsolete.”
PGP creator Phil Zimmerman hired Hal as his first employee when PGP became PGP Corporation in the early 2000s. He described Hal as a “gregarious man” who loved skiing and long-distance running.
Despite gradual paralysis that eventually forced him to stop working, Hal continued to code software and follow the Bitcoin project.
Almost as famous as his 2009 tweet is his “Bitcoin and me” post on BitcoinTalk.org in March 2013, the last he’d ever make.
It’s a long post, and Hal was “essentially paralyzed” at the time, using an eye tracker to type. Forum stats show the post has been read over 278,000 times.
“When Satoshi announced the first release of the software, I grabbed it right away,” he wrote. “I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction when Satoshi sent ten coins to me as a test.
I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.”
Hal himself always denied being Satoshi Nakamoto, adding later that he’d sold most of the Bitcoins he mined (at pre-2014 prices) to pay for his treatments. He also mentioned putting some in a safe deposit box for his children.
“And, of course, the price gyrations of bitcoins are entertaining to me.
I have skin in the game.
But I came by my bitcoins through luck, with little credit to me.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
It’s been 4 years already and it seems I haven’t done nothing at all… With the little time I could spare to work on this blog, I hope I bought a tiny seed of knowledge into your 🧠zz my dear readers 😁🙂😉😋
I will try the best of my abilities to continue the work on the blog !
Untill then dear readers never forget :
Let’s find the courage and strenght, if not for us then for Them… the Future Generations that are to come after us and Go…
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
Happy Genesis Block Day! January 3 is the 14th anniversary of Bitcoin’s Block Zero, its anchor in time.
The first sentence of the email has become iconic among the Bitcoin community:
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”
On January 3, 2009, the genesis block of the Bitcoin blockchain was mined by its pseudonymous creator Satoshi Nakamoto, marking the first time in history that a completely digital and decentralized currency went online.
In the 14 years and three halvings since, Bitcoin has grown to become one of the most important financial instruments, clearly demonstrating that a non-central bank-controlled currency is capable of challenging the established monetary order.
That time, in 2009, was one of economic turmoil—and the aftershocks from that turmoil are still rocking our world in 2023.
The Genesis Block was never “mined” like every other Bitcoin block. That started with Block #1 when Satoshi Nakamoto released the software on SourceForge.
The hash from Block #0 was done with different software and hard-coded into the original Bitcoin protocol.
“Chancellor on brink of second bailout for banks” was the Times headline. Satoshi hid in the first block’s coinbase hash as a timestamp to prove there had been no mining on the Bitcoin network before he released the software to the public.
The Times – January 3 2009
“The Chancellor will decide within weeks whether to pump billions more into the economy,” the original article in the Times said. In 2009 these seemed like desperate measures, and they were. Since 2009, though, governments across the Western world have indeed pumped billions, even trillions more, into their economies.
Satoshi was making a statement on irresponsible government interventions in the economy and their eventual erosion on markets.
“They actively sought to incentivise bad behaviour and push in typical Keynesian style the problem down the road. It would be a bigger problem, but it would be someone else’s problem.”
Just like the economy at large, Bitcoin is a long-term struggle against the worse aspects of human nature.
In the 14 years and three halvings since, Bitcoin has grown to become one of the most important financial instruments, clearly demonstrating that a non-central bank-controlled currency is capable of challenging the established monetary order.
10 most important Bitcoin Milestones
Bitcoin has reached numerous major milestones and faced several considerable obstacles over its nearly decade-and-a-half-long history.
Here are 10 events that had the biggest impact on Bitcoin so far:
November 28, 2012: First Bitcoin halving
February 28, 2014: Mt. Gox, the biggest Bitcoin exchange at the time, files for bankruptcy
July 9, 2016: Second Bitcoin halving
August 1, 2017: Bitcoin Cash hard fork
May 11, 2020: Third Bitcoin halving
February 8, 2021: Tesla invests in Bitcoin
February 20, 2021: Bitcoin reaches $1 trillion market cap for the first time
September 7, 2021: El Salvador makes Bitcoin legal tender
November 14, 2021 – Taproot upgrade is activated
November 11, 2022: Major crypto exchange FTX files for bankruptcy
Bitcoin has never closed in the red zone 2 years in a row: Will the trend continue?
Bitcoin price decreased by over -60% over the span of the last 12 months. However, there is a strong bullish precedent in play that could spell a major trend reversal in the coming months.
For starters, Bitcoin has never closed in the negative two years in a row. Granted, there is a relatively short set of historical price data to work with.
However, roughly speaking, Bitcoin has operated on 3 years of growth followed by 1 year of market retracement periods, at least so far
Bitcoin Change Year-over-Year
For world-renowned charities such as Save the Children, the White aper and the subsequent creation of Bitcoin have benefited the organization.
Antonia Roupell, Web3 lead at Save the Children, told Cointelegraph that the organization recognizes “Bitcoin’s potential to be a force for good and a force for financial inclusion,” adding:
“On Bitcoin’s 14th anniversary, and at a time of increasingly global financial inequality, the phrase ‘bitcoin is for anyone’ really resonates.”
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
If you are new to cryptocurrencies, you might find the topic a bit confusing due to the terminology involved. Just refer to this page when you see an unfamiliar word or phrase.
A
ADDRESS – a cryptocurrency address is a string, containing numbers and letters, from which you can send and receive crypto payments.
ALGORITHM – kit of rules, which are solving a problem via calculations, using a computer. It’s encrypting and transferring data, which makes it mining’s base when it comes to extracting cryptocurrencies.
ASIC – (Application Specific Integrated Circuit) a dedicated mining device, which is able to extract coins, working with on one particular algorithm.
ASIC-RESISTANCE – memory hard algorithms that are hardly cooperating with ASICs, because they are built to be resistance to this kind of devices.
ATTACK 51% – a miner possess 51% of the pool’s hash rate, so he’s able to manipulate the network.
B
BANDWIDTH – the maximum capacity of the network to transmit data.
BLOCK – a piece of the blockchain, containing transactions.
BLOCKCHAIN – a public ledger, which contains lots of data, encrypted in separate block in the form of hashes (messages). Considered immutable and unable to manipulate.
BLOCK HEADER – a string long 80 bytes, which miners hash with the nonce to find the solution of the block.
BLOCK REWARD – this is what a miner gets for successfully calculating a valid hash in the block when performing a mining process.
BLOCK SIZE – this is a limit of bytes that the block might contain (also limits of transactions in one piece).
BLOCK TIME – the average time needed to find a block’s solutions. It’s different for each coin.
BLOCK SYNCHRONIZATION – the time requested for the blockchain to sync with your device (for full nodes usually).
C
CENTRALIZATION – an organization or system, which is controlled by a central authority.
CLOUD MINING – performing a mining process via rented hashing power from a third-party provider.
COIN – a term used to describe units of blockchain value.
CONFIRMATION – the process of validating if a transaction is including on the blockchain.
CONSENSUS – a rule all participant agrees on when operating on the same network.
CONTRIBUTION SHARE – the hash rate a miner puts into the pool to contribute.
CPU – (Central Processing Unit) a processor, which coordinates the work of all the other part of a computer.
D
DAO (Decentralized Anonymous Organization) – organization running smart contracts.
DIFFICULTY – a measure of how difficult might be to mine a new block.
DIFFICULTY BOMB – malicious attack, increasing difficulty that much, that the reward doesn’t cover the expenses to mine.
DISTRIBUTION – percentage of each pool from all the ones available in the network for this coin.
DOUBLE SPENDING – general issue of the decentralized conception or spending a same amount twice.
DOWNTIME – a period when a machine isn’t working.
E
EXCHANGE – a platform to buy, trade and sell cryptocurrencies.
F
FIAT MONEY – national currency of a central government.
FORK – changing in the rules of the consensus, which might be able to exist with the old established rules (soft fork) or not (hard fork).
FPGA – a modern mining device, improving the ASIC, which can mine coins from one particular algorithm. The interesting here is that you can modify it to mine a different algorithm if you decide to change the coin you mine.
FULL NODE – storing the blockchain data locally on your PC.
G
GAINS – increasing profits (reward).
GENESIS BLOCK – the first block, computationally created in the blockchain. It contains the initial transaction.
GPU (Graphic Processing Unit) – a graphic card, also known as a video card (part of a computer), which is successfully used for mining purposes.
H
HASH FUNCTION – encrypted message with fixes size and unique value.
HASH RATE – a unit to measure the computational power by which a miner contributes in the mining process.
HASH RENTAL – a rented computing power for mining purposes by a cloud mining provider.
HARD FORK – this is a protocol change, which results in splitting into two different chains and the longer one continuous existing. If both of them do – we have a chain split. These changes cannot cooperate with the old rules and require an update.
HARD DISK SPACE – the storage a user needs to locally store the blockchain data on a desktop PC.
Halving – decreasing the reward of gained coins per block using a particular formula.
I
ICO (Initial Coin Offering) – crowdfunding via crypto coins for the purpose of gaining capital for a particular project.
IMMUTABLE – unable to change in time.
K
KYC (Know Your Customer) – an identification process for the users in the network.
L
LEDGER – a piece of record of data, which is immutable.
LIGHT CLIENT – not storing the entire blockchain data but using just parts of it (a block’s header). To have some more information, they trust a full node.
LIGHTNING NETWORK – an additional layer of the blockchain to perform faster transactions between the nodes participating in the network.
LIQUIDITY – the ease to buying and selling, without bothering the market’s price.
M
MARKET CAPITALIZATION – a cryptocurrency’s price, according the total supply.
MARKET SHARE – the hash share of the market with which the pool operates.
MINEABLE – a coin which can be mined in return of reward.
MINER – either the device or the person who’s performing the mining process.
MINER’s FEE – this is the reward a miner receives for its contribution to the network by validating transactions. Normally, miners choose transactions with higher fees to add in the next block to profit more and faster.
MINING – a process of extracting a cryptocurrency by adding and verifying transactions to the blockchain, respectively gaining a reward for it.
MINING POOL – group of miners, combining their power to find a block faster and sharing the reward from it too.
MINING RIG – this is a set of multiple mining hardware, combined to mine with higher hash rate and find a block faster.
N
NODE – a computer that keeps a copy of the blockchain.
NONCE – an arbitrary number in a cryptographic communication. It is generated during the hashing process and can be used only once.
O
ORPHAN BLOCK – a valid block, which isn’t part of the blockchain and occurs when two miners find the same block in the same time. The one which is late becomes orphan.
P
PAYOUT LIMIT – the minimum amount of coins which you can withdraw from your account.
POOL DISTRIBUTION – a percentage of each pool, possessed for this particular coin.
POOL FEES – the fees requested from the pool for maintenance.
POW (Proof-of-Work) – when it comes to mining this is a consensus mechanism where miners are using a nonce to search the block’s solutions and get rewarded proportionally of their contribution (work). There’s no need of trust, since everybody’s “work” (share) is visible in the network.
PPS – (Pay Per Share) a type of rewarding system, based on contribution.
PPLNS – (Pay Per Last N Shares) a type of rewarding system, based on time a contribution.
PRIVATE KEY – this is the “password” which helps you to access your public address. It’s the one and only, which let you read the hashes (messages) sent to your public key.
PROP – (Proportional) a type of rewarding system, based on a proportional relation between contribution and luck.
PUBLIC KEY – this is a recipient’s address to receive any crypto assets in the form of a hash, which might be read with only one specific private key.
Q
QR-CODE – a graphic sign, which can be scanned via smartphone camera to read a wallet’s public address and send some coins within it.
R
REWARDING SYSTEM – a method of rewarding the miners, depending on their contribution to the network.
REPOSITORY – a software where you keep all your information, which might be retrieved at some point.
S
STALE SHARE – when two miners send a share to the network to affirm, they found a block, the one which is late is a stale one.
SPV (Simple Payment Verification) – a client which checks on transactions, using only the headers of the blocks, which is considered a proof of inclusion.
T
TRAFFIC (incoming & outcoming) – the traffic from one point to another (movement of data and actions). It’s important when it’s up to cryptocurrencies because it can define your speed when broadcasting a transaction.
TRANSACTION FEE – a payment to broadcast your transaction on the network.
U
UPTIME – the time during which a mining machine is properly working.
UTXO (Unspent Transaction Output) – a value, calculating the balance of unspent coins, based on all the previously spent outputs and inputs, based on the public ledger’s history of transactions.
V
VALID BLOCK – there’s a signal that the block is mined and the user’s waiting for confirmation from other nodes to gain the reward.
VARDIFF (Variable Difficulty) – the share’s difficulty might rise or fall, depending on the hash rate.
VPS (Virtual Private Server) – a PC with static IP, supporting the network.
W
WALLET – a digital wallet to store, send and receive crypto assets.
WORKER – either a mining device, either an account in the mining pool configuration.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
Cryptocurrency markets are volatile enough without making simple, easily avoidable mistakes.
Investing in cryptocurrencies and digital assets is now easier than ever before. Online brokers, centralized exchanges and even decentralized exchanges give investors the flexibility to buy and sell tokens without going through a traditional financial institution and the hefty fees and commissions that come along with them.
Cryptocurrencies were designed to operate in a decentralized manner. This means that while they’re an innovative avenue for global peer-to-peer value transfers, there are no trusted authorities involved that can guarantee the security of your assets. Your losses are your responsibility once you take your digital assets into custody.
Here we’ll explore some of the more common mistakes that cryptocurrency investors and traders make and how you can protect yourself from unnecessary losses.
Losing your keys
Cryptocurrencies are built on blockchain technology, a form of distributed ledger technology that offers high levels of security for digital assets without the need for a centralized custodian. However, this puts the onus of protection on asset holders, and storing the cryptographic keys to your digital asset wallet safely is an integral part of this.
On the blockchain, digital transactions are created and signed using private keys, which act as a unique identifier to prevent unauthorized access to your cryptocurrency wallet. Unlike a password or a PIN, you cannot reset or recover your keys if you lose them. This makes it extremely important to keep your keys safe and secure, as losing them would mean losing access to all digital assets stored in that wallet.
Lost keys are among the most common mistakes that crypto investors make. According to a report from Chainalysis, of the 18.5 million Bitcoin (BTC) mined so far, over 20% has been lost to forgotten or misplaced keys.
Storing coins in online wallets
Centralized cryptocurrency exchanges are probably the easiest way for investors to get their hands on some cryptocurrencies. However, these exchanges do not give you access to the wallets holding the tokens, instead offering you a service similar to banks. While the user technically owns the coins stored on the platform, they are still held by the exchange, leaving them vulnerable to attacks on the platform and putting them at risk.
There have been many documented attacks on high-profile cryptocurrency exchanges that have led to millions of dollars worth of cryptocurrency stolen from these platforms. The most secure option to protect your assets against such risk is to store your cryptocurrencies offline, withdrawing assets to either a software or hardware wallet after purchase.
Not keeping a hard copy of your seed phrase
To generate a private key for your crypto wallet, you will be prompted to write down a seed phrase consisting of up to 24 randomly generated words in a specific order. If you ever lose access to your wallet, this seed phrase can be used to generate your private keys and access your cryptocurrencies.
Keeping a hard copy record, such as a printed document or a piece of paper with the seed phrase written on it, can help prevent needless losses from damaged hardware wallets, faulty digital storage systems, and more. Just like losing your private keys, traders have lost many a coin to crashed computers and corrupted hard drives.
Fat-finger error
A fat-finger error is when an investor accidentally enters a trade order that isn’t what they intended. One misplaced zero can lead to significant losses, and mistyping even a single decimal place can have considerable ramifications.
One instance of this fat-finger error was when the DeversiFi platform erroneously paid out a $24-million fee. Another unforgettable tale was when a highly sought-after Bored Ape nonfungible token was accidentally sold for $3,000 instead of $300,000.
Sending to the wrong address
Investors should take extreme care while sending digital assets to another person or wallet, as there is no way to retrieve them if they are sent to the wrong address. This mistake often happens when the sender isn’t paying attention while entering the wallet address. Transactions on the blockchain are irreversible, and unlike a bank, there are no customer support lines to help with the situation.
This kind of error can be fatal to an investment portfolio. Still, in a positive turn of events, Tether, the firm behind the world’s most popular stablecoin, recovered and returned $1 million worth of Tether (USDT) to a group of crypto traders who sent the funds to the wrong decentralized finance platform in 2020. However, this story is a drop in the ocean of examples where things don’t work out so well. Hodlers should be careful while dealing with digital asset transactions and take time to enter the details. Once you make a mistake, there’s no going back.
Over diversification
Diversification is crucial to building a resilient cryptocurrency portfolio, especially with the high volatility levels in the space. However, with the sheer number of options out there and the predominant thirst for outsized gains, cryptocurrency investors often end up over-diversifying their portfolios, which can have immense consequences.
Over-diversification can lead to an investor holding a large number of heavily underperforming assets, leading to significant losses. It’s vital to only diversify into cryptocurrencies where the fundamental value is clear and to have a strong understanding of the different types of assets and how they will likely perform in various market conditions.
Not setting up a stop-loss arrangement
A stop-loss is an order type that enables investors to sell a security only when the market reaches a specific price. Investors use this to prevent losing more money than they are willing to, ensuring they at least make back their initial investment.
In several cases, investors have experienced huge losses because of incorrectly setting up their stop losses before asset prices dropped. However, it’s also important to remember that stop-loss orders aren’t perfect and can sometimes fail to trigger a sale in the event of a large, sudden crash.
That being said, the importance of setting up stop losses to protect investments cannot be understated and can significantly help mitigate losses during a market downturn.
Crypto investing and trading is a risky business with no guarantees of success. Like any other form of trading, patience, caution and understanding can go a long way. Blockchain places the responsibility on the investor, so it’s crucial to take the time to figure out the various aspects of the market and learn from past mistakes before putting your money at risk.
“A fixed money supply, or a supply altered only in accord with objective and calculable criteria, is a necessary condition to a meaningful just price of money.”
Fr. Bernard W. Dempsey, S.J. (1903-1960)
In a centralized economy, currency is issued by a central bank at a rate that is supposed to match the growth of the amount of goods that are exchanged so that these goods can be traded with stable prices. The monetary base is controlled by a central bank. In the United States, the Fed increases the monetary base by issuing currency, increasing the amount banks have on reserve or by a process called Quantitative Easing.
In a fully decentralized monetary system, there is no central authority that regulates the monetary base. Instead, currency is created by the nodes of a peer-to-peer network.
The Bitcoin generation algorithm defines, in advance, how currency will be created and at what rate. Any currency that is generated by a malicious user that does not follow the rules will be rejected by the network and thus is worthless.
Currency with Finite Supply
Block reward halvingControlled supply
Bitcoins are created each time a user discovers a new block. The rate of block creation is adjusted every 2016 blocks to aim for a constant two week adjustment period (equivalent to 6 per hour.)
The number of bitcoins generated per block is set to decrease geometrically, with a 50% reduction every 210,000 blocks, or approximately four years. The result is that the number of bitcoins in existence will not exceed slightly less than 21 million.
Speculated justifications for the unintuitive value “21 million” are that it matches a 4-year reward halving schedule; or the ultimate total number of Satoshis that will be mined is close to the maximum capacity of a 64-bit floating point number. Satoshi has never really justified or explained many of these constants.
Cumulated bitcoin supply
This decreasing-supply algorithm was chosen because it approximates the rate at which commodities like gold are mined. Users who use their computers to perform calculations to try and discover a block are thus called Miners.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
The supply of Bitcoin is fixed at 21 million BTC, and as a hard coded monetary policy of the protocol, the fixed supply of the dominant cryptocurrency cannot be altered.
Former Google Product Director Steve Lee stated that only 1 percent of the world’s population can own more than 0.28 BTC, due to the fixed supply of Bitcoin.
If you own 0.28 BTC and HODL, you can be certain no more than 1% of the current world's population can EVER own more BTC than you. A modest investment of $1,830 today can ensure you are a 1%er in a future Bitcoin world. https://t.co/9k3XZa09Yo
In late 2017, Chainalysis, a blockchain forensics company that monitors and investigates cryptocurrency transactions, revealed in a research paper that up to four million BTC are permanently lost on the blockchain as a result of theft, loss of wallets and private keys, and the dormant wallet of Bitcoin creator Satoshi Nakamoto, which experts have said is no longer accessible.
Kim Grauer, Senior Economist at Chainalysis, said at the time, that the lost supply of BTC is not taken into consideration by the market cap.That means, the real price of BTC could be substantially higher, as 4 to 6 million BTC are estimated to be lost.
Based on the estimate that the supply of Bitcoin is around 17 million, only 0.8 percent of the world population can own more than 0.28 BTC and less than 0.2 of the world population can own more than 1 BTC.
The 0.28 BTC figure introduced by Lee assumes the supply of Bitcoin to be 21 million, as it divides 21 million by 0.28 and divides the outcome of that by the world population that is 7.442 billion. If the research of Chainalysis is accurate and that 4 to 6 million BTC are lost on the blockchain, the supply of Bitcoin should be closer to around 16 to 17 million
The fact that any investor in the global market can be within the 1 percent of the world population with a $1,830 investment demonstrates that the cryptocurrency market is still at its early phase, and in terms of adoption, market development, infrastructure, and regulation, the sector can still grow significantly in the mid to long-term.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
In Roman mythology, Veritas, meaning Truth, is the goddess of Truth, a daughter of Chronos, the God of Time.
For my dearest copăcel Emily,
Wish that you’ll find a drop of wisdom in an ocean of words!
Because never forget Papi, the ocean was formed drop by drop 🙂🥰🙃
“Enlightenment is man’s release from his self-incurred tutelage.
Tutelage is man’s inability to make use of his understanding without direction from another.
Self-incurred is this tutelage when its cause lies not in lack of reason but in lack of resolution and courage to use it without direction from another.
Sapere aude!
‘Have courage to use your own reason!’- that is the motto of enlightenment.”
Immanuel Kant, “An Answer to the Question: What Is Enlightenment?”
“Honesty is the first chapter in the book of wisdom.”
Thomas Jefferson
“I’m for truth, no matter who tells it.
I’m for justice, no matter who it is for or against.
I’m a human being, first and foremost, and as such I’m for whoever and whatever benefits humanity as a whole.”
Malcolm X
“The reason I talk to myself is because I’m the only one whose answers I accept.”
George Carlin
“The truth is rarely pure and never simple.”
Oscar Wilde, “The Importance of Being Earnest”
“I believe in everything until it’s disproved.
So I believe in fairies, the myths, dragons. It all exists, even if it’s in your mind.
Who’s to say that dreams and nightmares aren’t as real as the here and now?”
John Lennon
“In a time of deceit telling the truth is a revolutionary act.”
George Orwell
“Facts do not cease to exist because they are ignored.”
Aldous Huxley
“The unexamined life is not worth living.”
Socrates
“Man is least himself when he talks in his own person.
Give him a mask, and he will tell you the truth.”
Oscar Wilde
“Never be afraid to raise your voice for honesty and truth and compassion against injustice and lying and greed.
If people all over the world…would do this, it would change the earth.”
William Faulkner
“Rather than love, than money, than fame, give me truth.”
Henry David Thoreau, “Walden”
“The most important kind of freedom is to be what you really are.
You trade in your reality for a role.
You trade in your sense for an act.
You give up your ability to feel, and in exchange, put on a mask.
There can’t be any large-scale revolution until there’s a personal revolution, on an individual level.
It’s got to happen inside first.”
Jim MORRISON
“There are three types of lies — lies, damn lies, and statistics.”
Benjamin Disraeli
“Everything we hear is an opinion, not a fact.
Everything we see is a perspective, not the truth.”
Marcus Aurelius , “Meditations”
“Illegal aliens have always been a problem in the United States.
Ask any Indian.”
Robert Orben
“A thinker sees his own actions as experiments and questions–as attempts to find out something.
Success and failure are for him answers above all.”
Friedrich Nietzsche
“Wrong does not cease to be wrong because the majority share in it.”
Leo Tolstoy, “A Confession”
“Who is more humble? The scientist who looks at the universe with an open mind and accepts whatever the universe has to teach us, or somebody who says everything in this book must be considered the literal truth and never mind the fallibility of all the human beings involved?”
Carl Sagan
“It is better to offer no excuse than a bad one.”
George Washington
“For me, it is far better to grasp the Universe as it really is than to persist in delusion, however satisfying and reassuring.”
Carl Sagan
“There are two ways to be fooled.
One is to believe what isn’t true; the other is to refuse to believe what is true.”
Soren Kierkegaard
“1492.
As children we were taught to memorize this year with pride and joy as the year people began living full and imaginative lives on the continent of North America.
Actually, people had been living full and imaginative lives on the continent of North America for hundreds of years before that.
1492 was simply the year sea pirates began to rob, cheat, and kill them.”
Kurt Vonnegut
“Being in a minority, even in a minority of one, did not make you mad.
There was truth and there was untruth, and if you clung to the truth even against the whole world, you were not mad.”
George Orwell, “1984”
“If the road is easy, you’re likely going the wrong way.”
Terry Goodkind
“If someone is able to show me that what I think or do is not right, I will happily change, for I seek the truth, by which no one was ever truly harmed.
It is the person who continues in his self-deception and ignorance who is harmed.”
Marcus Aurelius, “Meditations”
“Believe those who are seeking the truth.
Doubt those who find it.”
Andre Gide
“You never know how much you really believe anything until its truth or falsehood becomes a matter of life and death to you.”
C.S. Lewis
“I am not bound to win, but I am bound to be true.
I am not bound to succeed, but I am bound to live up to what light I have.”
Abraham Lincoln
“Our truest life is when we are in dreams awake.”
Henry David Thoreau
“The truth is always an abyss.
One must — as in a swimming pool — dare to dive from the quivering springboard of trivial everyday experience and sink into the depths, in order to later rise again — laughing and fighting for breath — to the now doubly illuminated surface of things.”
Franz Kafka
“The truth is not always beautiful, nor beautiful words the truth.”
Lao Tzu, Tao Te Ching
“A thinker sees his own actions as experiments and questions–as attempts to find out something. Success and failure are for him answers above all.”
Friedrich Nietzsche
“Belief can be manipulated.
Only knowledge is dangerous.”
Frank Herbert
“For me, it is far better to grasp the Universe as it really is than to persist in delusion, however satisfying and reassuring.”
Carl Sagan
“If you look for truth, you may find comfort in the end; if you look for comfort you will not get either comfort or truth only soft soap and wishful thinking to begin, and in the end, despair.”
C.S. Lewis
“Wrong does not cease to be wrong because the majority share in it.”
Leo Tolstoy, “A Confession”
“The essence of being human is that one does not seek perfection.”
George Orwell
“Man is always prey to his truths. Once he has admitted them, he cannot free himself from them.”
Albert Camus
C”herish those who seek the truth but beware of those who find it.”
Voltaire
“The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth.”
Niels Bohr
“You’re not obligated to win. You’re obligated to keep trying. To the best you can do everyday.”
Jason Mraz
“If you would be a real seeker after truth, it is necessary that at least once in your life you doubt, as far as possible, all things.”
René Descartes
“The truth knocks on the door and you say, “Go away, I’m looking for the truth,” and so it goes away. Puzzling.”
Robert M. Pirsig, “Zen and the Art of Motorcycle Maintenance: An Inquiry Into Values” (Phaedrus, #1)
“Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple.
But it’s worth it in the end because once you get there, you can move mountains.”
Steve Jobs
“Prediction is very difficult, especially about the future.”
Niels Bohr
“It is truth that liberates, not your effort to be free.”
Jiddu Krishnamurti, “The First and Last Freedom”
“Like all dreamers I confuse disenchantment with truth.”
Jean Paul Sarte
“I will no longer mutilate and destroy myself in order to find a secret behind the ruins.”
Hermann Hesse, Siddhartha
“The most beautiful thing we can experience is the mysterious.
It is the source of all true art and all science.
He to whom this emotion is a stranger, who can no longer pause to wonder and stand rapt in awe, is as good as dead: his eyes are closed.”
Albert Einstein
“Truth is not something outside to be discovered, it is something inside to be realized.”
Osho
“Religious doctrines … are all illusions, they do not admit of proof, and no one can be compelled to consider them as true or to believe in them.”
Sigmund Freud, “The Future of an Illusion”
“You should not honor men more than truth.”
Plato
“Either you repeat the same conventional doctrines that everybody else is saying,… [o]r else you say something which in fact is true, and it will sound like it’s from Neptune.”
Noam Chomsky, “Propaganda and the Public Mind”
“The truth may be puzzling.
It may take some work to grapple with.
It may be counterintuitive.
It may contradict deeply held prejudices.
It may not be consonant with what we desperately want to be true.
But our preferences do not determine what’s true.”
Carl Sagan
“Life is infinitely stranger than anything which the mind of man could invent.”
Arthur Conan Doyle
“We all know that Art is not truth.
Art is a lie that makes us realize truth at least the truth that is given us to understand.
The artist must know the manner whereby to convince others of the truthfulness of his lies.”
Pablo Picasso
“Honest is how I want to look.
The truth doesn’t glitter and shine.”
Chuck Palahniuk, “Survivor”
“Time is precious, but truth is more precious than time.”
Benjamin Disraeli
“Above all, do not lie to yourself.
A man who lies to himself and listens to his own lie comes to a point where he does not discern any truth either in himself or anywhere around him, and thus falls into disrespect towards himself and others.
Not respecting anyone, he ceases to love, and having no love, he gives himself up to passions and coarse pleasures in order to occupy and amuse himself, and in his vices reaches complete beastiality, and it all comes form lying continually to others and himself.
A man who lies to himself is often the first to take offense. it sometimes feels very good to take offense, doesn’t it?
And surely he knows that no one has offended him, and that he himself has invented the offense and told lies just for the beauty of it, that he has exaggerated for the sake of effect, that he has picked up on a word and made a mountain out of a pea–he knows all of that, and still he is the first to take offense, he likes feeling offended, it gives him great pleasure, and thus he reaches the point of real hostility…”
Fyodor Dostoevsky, “The Brothers Karamazov”
“Convictions are more dangerous foes of truth than lies.”
Nietzsche
“It is not easy to keep silent when silence is a lie.”
Victor Hugo
“I always tell the truth.
Even when I lie.”
Al Pacino
“Our society is run by insane people for insane objectives.”
John Lennon
“Truth is so obscure in these times, and falsehood so established, that, unless we love the truth, we cannot know it.”
Blaise Pascal
“Truth is ever to be found in the simplicity, and not in the multiplicity and confusion of things.”
Isaac Newton
“When everything gets answered, it’s fake.”
Sean Penn
“We are like chameleons, we take our hue and the color of our moral character, from those who are around us.”
John Locke
“Beware: Ignorance Protects itself. Ignorance Promotes suspicion. Suspicion Engenders fear. Fear quails, Irrational and blind, Or fear looms, Defiant and closed. Blind, closed, Suspicious, afraid, Ignorance Protects itself, And protected, Ignorance grows.”
Octavia E. Butler, “Parable of the Talents”
“The seeker after truth should be humbler than the dust.
The world crushes the dust under its feet, but the seeker after truth should so humble himself that even the dust could crush him.
Only then, and not till then, will he have a glimpse of truth.”
Mahatma Gandhi
“I believe that Gandhi’s views were the most enlightened of all the political men in our time.
We should strive to do things in his spirit: not to use violence in fighting for our cause, but by non-participation in anything you believe is evil.”
Albert Einstein
“Knowledge is a destination.
Truth, the journey.”
Terry Goodkind
“But what is liberty without wisdom and without virtue?
It is the greatest of all possible evils; for it is folly, vice, and madness, without tuition or restraint.
Those who know what virtuous liberty is, cannot bear to see it disgraced by incapable heads, on account of their having high-sounding words in their mouths.”
Edmund Burke
“Love speaks in flowers.
Truth requires thorns.”
Leigh Bardugo, “The Language of Thorns: Midnight Tales and Dangerous Magic”
“We are what we believe we are!”
C.S. Lewis
“If someone can prove me wrong and show me my mistake in any thought or action, I shall gladly change.
I seek the truth, which never harmed anyone: the harm is to persist in one’s own self-deception and ignorance.”
Marcus Aurelius, “Meditations”
“People who fit don’t seek.
The seekers are those that don’t fit.”
Shannon L. Alder
“It is man’s natural sickness to believe that he possesses the truth.”
Blaise Pascal
“Errors do not cease to be errors simply because they’re ratified into law.”
E.A. Bucchianeri, “Brushstrokes of a Gadfly”
“Every beginning has an end and every end is a new beginning.”
Santosh Kalwar
Science, my boy, is made up of mistakes, but they are mistakes which it is useful to make, because they lead little by little to the truth.”
Jules Verne, “Journey to the Center of the Earth”
“At times to be silent is to lie.
You will win because you have enough brute force.
But you will not convince.
For to convince you need to persuade.
And in order to persuade you would need what you lack: Reason and Right.”
Miguel de Unamuno
…something to strive for.…leave a trail.Sapere Aude
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
“You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.”
Buckminster Fuller
Strenght in NumbersDare to knowBitcoin / bitcoin / blockchainDYOR – Do Your Own Research LandArise…Bitcoin – People’s MoneyCypherPunks Write CodeBitcoin Genesis BlockCode Is LawA new day…Bitcoin – The Peaceful RevolutionVeritas Non Auctoritas Facit Legem🔵 or 🟠 The Choice is Yours…
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
First time/Small miner reference for getting started.
If you want to start mining here is what you need… and what you need to know.
This is written for home miners/small farms, but can be used as a guideline for most operations. Use this as a reference for what you need to research, or what questions you need to ask before jumping in.
What you need to mine can be broken down into the following categories:
You CAN NOT meaningfully mine bitcoin today with CPU, GPU or even FPGAs. Bitcoin difficulty adapts to match the amount of mining done on the network and has reached levels trillions of times too high to mine meaningfully with PCs, laptops, tablets, phones, webpages, javascript, GPUs, and even generalised SHA hardware.
Even if you combined all the computers in the world, including all known supercomputer, you would not even approach 0.1% of the bitcoin hashrate today.
There isn’t any point attempting to mine bitcoin with CPU or GPU even in the interests of learning as it shares almost nothing with how bitcoin is mined with ASICs and will not teach you anything.
Hardware
Asic Miner:
Here is a list of the companies currently manufacturing Miners for public purchase.
Each one has their Pro’s and Con’s it is up to you to do your research and decide what is best for you.
A few points to consider while researching are :
efficiency
reliability
warranty period/policy
power draw
Each company has a different way of handling warranty repairs, depending on your situation and the policy repairs can become cost prohibitive. I will touch more on efficiency and power draw in the electricity section.
• Current list of competitive hardware
Power supply: You will need to purchase a power supply to run your miners. You will find ATX and Server grade PSU’s, the latter being preferred for mining BTC.
When it comes to selecting a PSU purchase something with a capacity 25% higher than your miner is rated to draw. This will have you operating within the 80% rule.(explained further in the electricity section)
EX. Miner draws 1000 PSU should be able to provide 1250W.
** Many current generation miners are now being manufactured with Integrated PSU. Again do your research to see if your unit comes with or without. Generally you will still need to source a power cable.**
Auxilliaries – Avalon miners require an external controller, 1 per 20 miners. You may have to run additional fans for intake and exhaust depending on your location.
PSU’s can be purchased large enough to run 2 Miners; or the opposite 1 Miner fed by 2 PSU’s. Ensure the PSU you have selected will have the correct amount of PCI-E connectors required to operate your miner(s)
You can also find a large supply of used miners and PSU’s. Again it’s up to you to do your research as these often are a no return transaction.
Electricity
Follow all local codes and regulations
This is the number 1 factor in whether mining is right for you. As discussed with Miners being a 24/7 machine drawing power those costs will make it cost prohibitive for some people to mine. You need to be aware of what your costs/kWh are and run the numbers.
This will be done in a profitability calculator. This is just an example of 1 there are many out there.
( Miner usage in kW ) * ( Hours run per day ) 24 * ( Cost/kWh ) = Cost per Day to Operate
( Ideally less than the FIAT value of BTC mined )
The second part to the electrical requirements of mining is the available service; written for North America.
You will need to figure out the amperage you can spare, what circuits and receptacles you have in place, are you setting up on 220V or 110V. You will need to make sure that you have the right cord end for your PSU to match the receptacle, picking the wrong one can cost you a few days of mining if it has to be shipped.
If you can try and set up on a 220V circuit for 2 reasons :
– You will pull half the amps, and it is more efficient.
– Doing so requires 2 breaker spaces in your panel. Breaker sizing will depend on how many miners you plan to run. Here is the formula for calculating amps.
Watts / Voltage = Amps
Here is where you will bring the 80% rule back into play by sizing the continuous miner load to 80% of the breaker rating. 12 Amps on a 15 Amp breaker, 16 Amps max on a 20 Amp breaker, 24 Amps on a 30 amp breaker.
If/when you increase the amount of miners you are running you may want to look into PDU’s, as opposed to more receptacles.
Location
This is something that is often overlooked to the headache and frustration of many would be miners. These machines are loud and hot . You essentially have an electric heater that also uses an industrial fan to keep it from melting itself. This space will need to have the electrical requirements as discussed previously.
So make sure you have a space that is well ventilated with a plan to exhaust heat, and bring in fresh dust free air. I say this as using AC to cool the room will eat into your profits and may even make mining unprofitable.
The noise issue is a consideration you can sort out depending on whats available. (garage, basement, remote building)
Both of these issues can be handled with hosting, which is further explained in the information section.
Internet connection
Some miner setups have the option to use wifi. It is advisable to use a wired connection where available. This will provide a more stable connection and ensure you are submitting the expected amount of shares which is directly related to your payouts.
Please note that mining uses a negligible amount of bandwidth, and will not affect your other internet usage.
Information
You can use this information in this post as a good baseline to get you going. In addition to this you will want to research network difficulty; this readjusts every 2016 blocks to maintain a 10 minute block time on average. While this can go down it generally increases.
Solo or Pool?
You can solo mine but this is essentially a lottery even as a large scale miner. Should you chose this you can check this out as a starting point.
solo.ckpool.org 1% fee solo mining USA/DE 250 blocks solved!
Odds are most of you will join a pool. I will only say that it is in your best interest to mine at a pool that pays transaction fees (miner rewards). Then you will want to consider the fees associated with the pool.
When it comes to these pools you want them to be large enough that they are getting at least 1 block every Difficulty adjustment period. Larger pools will offer smaller rewards paid out more frequently, and vice versa.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes
BitHouse 