Even in our darkest hour, we must keep the Spirit Up and positive ๐๐
This is a glossary of all cryptocurrency terms and lingo you might come across when reading about mining andย mining pools. Just refer to this page when you see an unfamiliar word or phrase.
Source:
MiningPools.com
This is a glossary of all cryptocurrency terms and lingo you might come across when reading about mining andย mining pools. Just refer to this page when you see an unfamiliar word or phrase.
Source:
MiningPools.com
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Hope you are all well and safe in these troubled times we live on this beautiful planet of ours !
I come before you, to ask for your opinion and what you would like to see explained in my posts !?! Just let me know and I will try my best to accomodate your requests !
Thank you for your time !
Executive Order 6102ย is anย executive orderย signed on April 5, 1933, byย US Presidentย Franklin D. Rooseveltย “forbidding theย hoardingย ofย gold coin,ย gold bullion, andย gold certificatesย within the continental United States.”
The executive order was made under the authority of theย Trading with the Enemy Act of 1917, as amended by theย Emergency Banking Actย in March 1933.
The limitation on gold ownership in the United States was repealed after Presidentย Gerald Fordย signed a bill legalizing private ownership of gold coins, bars, and certificates by an Act of Congress, codified inย Pub.L.93โ373,which went into effect December 31, 1974.
The stated reason for the order was that hard times had caused “hoarding” of gold, stalling economic growth and worsening theย depressionย as the US was then using theย gold standardย for its currency
On April 6, 1933,ย The New York Timesย wrote, under the headlineย Hoarding of Gold, “The Executive Order issued by the President yesterday amplifies and particularizes his earlier warnings against hoarding.
On March 6, taking advantage of aย wartime statuteย that had not been repealed, he issuedย Presidential Proclamationย 2039ย that forbade the hoarding ‘of gold or silver coin or bullion or currency’, under penalty of $10,000 and/or up to five to ten years imprisonment.”
The main rationale behind the order was actually to remove the constraint on the Federal Reserve preventing it from increasing the money supply during the depression.
Theย Federal Reserve Actย (1913) required 40% gold backing ofย Federal Reserve Notesย that were issued. By the late 1920s, theย Federal Reserveย had almost reached the limit of allowable credit, in the form of Federal Reserve demand notes, which could be backed by the gold in its possession.
Source:
https://wikipedia.com/
Source: https://coinpayments.com/
Now, even if someone does not have the drawbacks of decades-long experience and mental models with a specific asset class, it is still very hard to understand Bitcoin.
Why? Because Bitcoin is the intersection of many, many different fields.
To truly understand Bitcoin, there is no other way than being a polymath.
Even if one has made it as far to (a) realize Bitcoin is something completely new and solely using existing heuristics and mental models will not work and (b) with Bitcoin, more than anything else, we do not know what we do not know โ understanding still requires a very broad set of competences.
The correct approach to understand when one starts going down the Bitcoin rabbit hole is therefore to assume one knows nothing and any experience and insight one has from previous aspects of life brings
very little to the table.
First principles thinking is required.
We can, however, try to define a little deeper what Bitcoin is. Below is listed some different ways of wrapping one’s head around Bitcoin.
Not an exhaustive list.
Bitcoin is Free and Open Source software. It is not a piece of IP owned by a centralized joint-stock company that needs to optimize for the bottom line of the next quarter and is incapable of cannibalizing itself. Since the Bitcoin whitepaper was released and the
genesis block was mined, we have seen an explosion of experiments, ideas and creative geniuses get involved in Bitcoin and crypto as a whole. To think of Bitcoin as a living, technological organism that adjusts, develops and constantly changes to survive can be useful.
Money, as many have learned and realized in recent decade, is just a social
construction we are all part of. The value therefore comes from the amount of true believers.
Continuing this line of thinking, one could describe the religion as consisting of:
Additionally, many one-liners and memes exist to describe Bitcoin. Not an exhaustive list.
Source: https://backed.ai/
Bitcoin is a monetary good โ a new form of money. As Bitcoin is a money, it must be compared to other monies to consider the comparative advantages of Bitcoin and from that consider further the probabilities of Bitcoin winning ground or not in the competition between monies.
As the exhibit above showcases, Bitcoin offers many different distinct and compelling competitive advantages to the alternatives.
These include, but are not limited to:
1. Bitcoin is the first asset in the human history to provide any holder a very sure case of unseizability and censorship- and judgment-resistance for their funds.
โฆ Unseizability: With precious metals and fiat currencies, the custodianship is mostly in the hands of trusted custodians that is subject to any intervention by a government or authority.
Bitcoin, with self-custody being orders of magnitude easier than with precious metals and fiat currencies, and access to the corresponding private key of funds being the sole way to access and move funds, no one can seize your bitcoins.
โฆ Censorship- and judgment resistance: With precious metals and fiat currencies, the payment clearing for small value transactions can with not much hassle be somewhat censorship resistant if the involved parties are willing to transact in the physical units of precious metals and fiat currencies and to self-custody the funds going forward.
However, with non-small value transactions it is exceedingly inconvenient and costly for transactions of precious metals and fiat currencies to happen in the offline, with physical units and self-custody going forward, leaving the centralized intermediaries as the only option and these are subject to any intervention by a government or authority.
Bitcoin, with the payment clearing involving no centralized intermediaries but instead a decentralized and distributed setup requiring no AML/KYC, the result is that of a the payment clearing process being permissionless, allowing anyone with cryptographic access to funds to move them at their will.
2. Bitcoin provides an inherently apolitical global monetary unit. It is truly border-less, with no recognition of any jurisdictional rules and laws, allowing the jurisdiction of a counterpart in any transaction to be of no relevance.
โฆ Fiat currencies are highly political and precious metals are less political than fiat currencies, but still much more political than Bitcoin.
โฆ Bitcoin is truly border-less: any bitcoin funds can be accessed anywhere on the planet by having access to information that can even be stored inside a human brain and reliably retrieved at small effort โ and, crucially, with no intermediary and no permission required the bitcoin funds can be moved to anywhere in the world with final settlement in the next block.
3. Bitcoin provides scarcity and salability through time characteristics vastly superior to any other monetary options, including fiat currencies and precious metals.
โฆ The non-discretionary monetary policy of the bitcoin networking allowing for the asymptotic money supply* of 21 million BTC is built into the literal definition of the protocol. This is a drastic contrast to the arbitrary scarcity of fiat currencies governed by politics.
The scarcity of precious metals is much better than fiat currencies, but Bitcoin with the strictly fixed money supply outperforms any precious metal.
Bitcoin provides any holder a reassurance stronger than any other asset in the world that their ownership stake in the total quantity of Bitcoin on the market will never diluted.
One BTC of 21 million will always be one BTC of 21 million.
โฆ Bitcoins are infinitely durable, impossible to counterfeit or dilute, can be stored at no cost and at no degradation.
* By inventing Bitcoin, Satoshi Nakamoto created the first example of a digital good (in this case, monetary good) that is impossible to reproduce ad infinitum, thereby creating the first instance of human history of digital scarcity.
Less talked about it, but perhaps more important, Satoshi Nakamoto with Bitcoin also created the first example of a good being absolute scarce.
Previously, any consideration of scarcity of a good was relative. Any physical good is never absolutely scarce, onlyrelatively scarce when compared to other goods โ simply because any limit on a physical goods is a function of the time and human effort put towards producing the good.
Bitcoin, with the asymptotic monetary supply built into the protocol, is therefore the first example of absolute scarcity in a liquid commodity and good that cannot have its fixed quantity of supply increased.
It is from the epithet of a parable, explaining that a fool waits for the stream to stop before crossing, while a wise man forgoes comfort and crosses anyway.
The original use seems to be in Epistle II of Horace‘s Epistularum liber primus:
“Dimidium facti qui coepit habet: sapere aude” (“He who has begun is half done: dare to know!”).
Kant answers the question in the first sentence of the essay: “Enlightenment is man’s emergence from his self-incurred immaturity (Unmรผndigkeit).”
He argues that the immaturity is self-inflicted not from a lack of understanding, but from the lack of courage to use one’s reason, intellect, and wisdom without the guidance of another.
Kant argued that using one’s reason is considered dangerous by most men and all women.
He exclaims that the motto of the Enlightenment is “Sapere aude“! โ Dare to be wise!
Source:
https://wikipedia.org/
FutureBit Apollo BTC is the world’s first vertically integrated platform bringing the full power of Bitcoin and itโs mining infrastructure in a small, quiet, easy to use desktop device designed for everyday people.
We have iterated and learned much from our first Apollo product. We realized early on that we focused too much on the mining aspect, and not enough on the software, applications, and services that run Bitcoin. Too many of these services have moved to online centralized websites, and many users have given up on running the core software that powers Bitcoin.
This must change, as Bitcoin will not continue to be the free, un-censorable, decentralized system it is today if only a few control the mining that powers it, and the nodes that control it.
At the heart of the new Apollo BTC product is a revamped SBC (Single Board Computer), that is as powerful as any consumer grade desktop system and can run almost any Bitcoin Application natively on the device 24/7. Take it out of the Box, plug it in, power it on, and you are already running a full Bitcoin node without needing to do anything.
Install a wallet of your choice, use any hardware wallet, run BTCPayServer, run a block explorer, run a Lightning Node. All of this is possible with our six core ARM based CPU with 4GB of RAM, and a 1TB NVMe drive that can easily store a FULL non pruned Bitcoin Node. It can power through a Full Node Sync in under 48 hours, which is a record for a device of its class! This is almost an order of magnitude faster than any Raspberry Pi 4 based Node.
On top of this we have taken our 6 years of experience building ASIC mining devices, and engineered the only American Made TeraHash range Bitcoin mining device that can be silent on your desk, mine Bitcoin in the background 24/7, and only use the power of one light bulb to do it.
We did this with our optimized PCB design that has carefully placed all 44 hash cores underneath our custom cold-forged aluminum induction heatsink, which draws up to 200 Watts of heat away from the device with our new nearly silent 25mm fan. This results in the Apollo BTC in Turbo Mode being just as quiet as the Apollo LTC in Eco Mode!
Like our previous products, we are super proud that we can continue manufacturing the Apollo BTC in the USA, and are now the only USA based company that delivers Bitcoin ASIC products with a supply chain whole owned in the western hemisphere (no more reliance on Chinese based ASICS, and their willingness to only sell to large farms and the highest bidder).
OPTIONS
Full Apollo Package: This is our Full Package option that comes with everything you need in the box. The Apollo BTC Unit with our latest controller built in, and our 200W Power supply with power cable.
Full Apollo Package NO Power Supply: We are also offering the Full Package with no power supply for people that want the plug-n-play experience but have spare 12v ATX power supply.
Standard: This option is ONLY the Apollo ASIC Miner, with no controller or power supply. Our new hashboard has a micro USB port, and can be used as a USB device. The Full Apollo Node can control multiple standard units through its USB ports. We wanted to give our customers an option to expand their hash power in a cost effective way. If you already have a Raspberry Pi, or Linux/Windows Desktop Computer and a power supply with two PCIE power ports you can also control our Standard unit in this way with our stand alone miner software (please note this setup will be for more advanced users, and the software will be command line based on launch).
Standard + Power Supply: Same as our Standard unit above, but comes with our 200W Power supply. This is a plug and play solution if you already have a Full Apollo Package. Take it out of the box, plug in the power supply, plug in the micro USB cable to the back of your Full Apollo BTC and it will automatically recognize the second hashboard and start mining!
As I am the owner of two of these beauties, that I have on my office as you saw in the photo above, I took the liberty to make Free-Publicity for the FutureBit Apollo Btc Miner.
Source:
https://www.futurebit.io/
The relative value of any two curren-
ciesโthe exchange rateโis determined
through their sale and purchase on the global foreign exchange market. If government policy interferes with this market by changing the relative supply or demand of currencies, the exchange rate is managed.
The trilemma of international finance, is a restriction on government policy that follows immediately from the interaction of exchange rates, monetary policy and international capital flows.
The trilemma states that any country can have only two of the following:
If the government wants a managed exchange rate but does not want to interfere
with international capital flows, it must use
monetary policy to accommodate changes
in the demand for its currency in order to
stabilize the exchange rate.
In the extreme, this would take the form of a currency board arrangement, where the domestic currency is fully backed by a foreign currency (as in the case of Hong Kong).
In such a situation, monetary policy can no longer be used for domestic purposes (it is no longer independent).
If a country wishes to maintain control over monetary policy to reduce domestic unemployment or inflation, for example, it must limit trades of its currency in the international capital market (it no longer has free international capital markets).
A country that chooses to have both unrestricted inter-national capital flows and an independent monetary policy can no longer influence its exchange rate and, therefore, cannot have a managed exchange rate.
Pieters and Vivanco (2016), government
attempts to regulate the globally accessible
bitcoin markets are generally unsuccessful,
and, as shown in Pieters (2016), bitcoin exchange rates tend to reflect the
market, not official exchange rates.
Should the flows allowed by bitcoin become big enough, all countries will have, by default, unrestricted international capital markets.
Thus, with bitcoin, (1) unrestricted
international capital markets is chosen by
default.
Therefore, the only remaining policy choice is between (2) managed exchange rates or (3) independent monetary policy.
If the country chooses (1) and (2), it must use reactive monetary policy to achieve the managed exchange rate.
If the country chooses (1) and (3), it must have a floating exchange rate because it has no remaining tools with which to maintain a managed exchange rate.
Ali et al. (2014), the European Central
Bank (2015) and the Bank for International
Settlements (2015) all concur that cryptocur-
rencies may eventually undermine monetary policy.
โข Individually, each of these technologies deserves all the attention they’re getting as enablers and disruptors
โข But, taken together?
โข Their transformative effect becomes multiplicative
โข A future driven by machine connectivity, data exchange and commercial services:
โข Smart Contracts enable self-executing and self-enforcing contractual states
โข Digital currencies create new forms of money
โข From legacy to blockchain/AI/IoT-native systems
โข Integration, interoperability, backward compatibility
โข ROI obvious ex post, difficult ex ante โ Bootstrapping
โข As devices at the edge become smarter, the smart contracts enabled by blockchain platforms will require more advanced data analytics capabilities and gateways to the physical world.
โข IoT, AI and DLT (blockchain) are foundational and exponentially growing technologies
โข There are numerous challenges that must be overcome
This work is available under a Creative Commons Attribution-Non-Commercial-No Derivatives license
ยฉ University of Nicosia,
Institute for the Future, unic.ac.cy/blockchain
BitHouse 