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…
What Is Inflation? 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 … Continue reading Learn about Inflation Folks!→
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 … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
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.”
What Is Inflation? 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 … Continue reading Learn about Inflation Folks!→
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 … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
The mailing list was hosted by Metzdow and run by a group of cypherpunks who shared ideas on creating a kind of digital currency and payment system. Satoshi shared the whitepaper in a message that read, “Bitcoin P2P e-cash paper,” which outlined the main properties of the system.
“Bitcoin P2P e-cash paper Satoshi Nakamoto satoshi at vistomail.com Fri Oct 31 14:10:00 EDT 2008 Previous message: Fw: SHA-3 lounge Messages sorted by: [ date ] [ thread ] [ subject ] [ author ] I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.
The main properties: Double-spending is prevented with a peer-to-peer network. No mint or other trusted parties. Participants can be anonymous. New coins are made from Hashcash style proof-of-work. The proof-of-work for new coin generation also powers the network to prevent double-spending.
Bitcoin: A Peer-to-Peer Electronic Cash System
Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
The pseudonymous Bitcoin creator disclosed that they had been working on a new electronic cash system that uses a Proof-of-Work (PoW) consensus algorithm that required no trusted third party. Although the document met mixed reactions, it was the beginning of what is known today as blockchain technology.
A couple of months after the release, the Bitcoin network was launched, with the first block mined on January 3, 2009. About eight days later, Hal Finney received the first transaction of 10 BTC from Nakamoto, after which he posted a legendary tweet that read:
In the 14 years since that day, bitcoin’s value rose from zero to a peak of $68,990 last November and was hovering above $20,000 on Monday, according to CoinDesk data. The cryptocurrency currently has a market capitalization of over $390 billion. It also inspired the creation of more than 20,000 different cryptocurrencies currently in circulation, while bitcoin remains the largest by market cap.
Over the years, several people have been rumored to be Nakamoto, including early bitcoin contributor Hal Finney, cryptographer Nick Szabo, physicist Dorian Nakamoto and even Tesla’s chief executive Elon Musk, who all denied the claims.
Satoshi’s identity is still a mystery, but Finney was well-known for his contribution to the creation of Bitcoin. He worked hand-in-hand with Nakamoto to find and fix bugs in Bitcoin’s underlying infrastructure. Before his death in 2014, Finney shared a detailed story about his journey with Bitcoin
About a year after the launch of Bitcoin, the cryptocurrency went on to record its first real-world commercial use case when a Florida man spent 10,000 BTC to purchase two large Papa John’s pizzas on May 22, 2010.
Although the coins were worth $41 at prices back then, at today’s price, the transaction is worth more than $200 million. To commemorate the event, the Bitcoin community celebrates Bitcoin Pizza Day every year on May 22.
What Is Inflation? 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 … Continue reading Learn about Inflation Folks!→
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 … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
To any intelligent observer, it has been apparent that bitcoin’s primary use has emerged to be store of value/investment.
Yes, bitcoin’s decentralized/permissionless solution to creating an immutable cryptographically secured database brings a vast array of different potential revolutionary applications not seen since the advent of the internet but again, the primary use has emerged to be store of value/investment.
bitcoin has been so good at this store of value thing that it has become detrimentally successful – enter the (well-funded) hacks and puppets…attacks from the outside and from within – some of which via spread of (FUD) tangent ideas with coders, media, investors, and within bitcoin community to maybe start an idea of even ‘slight’ change.
First, please realize no other tool in modern-day finance has been so successful at being an effective savings mechanism which unlike traditional ‘savings accounts’ this bitcoin actually keeps up in value for you to be able to afford higher cost of rent, education, healthcare, vacations, etc. (due to its beautiful combination of scarcity, a ceiling of 21mill coins, immutable, permissionless->not controlled/influenced, secure, and being established/developed).
This effective savings tool of bitcoin is made accessible to the 99% of us and cuts to the core of exposing the flaw of the central bank fiat system with its funny-money creation out of thin air paper/credit-currencies benefiting the privileged institutions and then last to benefit would be the rest of us.
It can also expose flaws of fraudulent funneling of extra paper-currencies created by central banks…now think, even those privy to any fraudulent funneling of funny-money will see what’s going on and understand something like bitcoin as an alternative being effectively immune to these games that even these bad-actors themselves would buy bitcoin! Bitcoin changes the paradigm of central-bank funny-money (Bitcoin is the anti-funny-money warrior: open & mechanism)….and it has taken off….and will catch the attention of the central banks who by definition, have nearly unlimited systemic resources and influence (think governments, telecoms ISP providers, hardware/chip manufacturers, software developers, search engines, exchange conartists).
Even if a hard-fork doesn’t happen anytime in the next couple of years, it’s the threat that an attack on this pure beautiful store of value system to something even slightly different that can actually gain a noticeable percentage raises the question…is it possible that someday that the groups influencing bitcoin (those controlling mining or those involved with coding development, or the rest buy/transacting in bitcoin) would (either out of ignorance/misunderstanding or out of vested-interest to undermine bitcoin) start demanding (even slight) changes that may contradict the store-of-value that bitcoin is???
That is the big question that if the answer starts looking like yes…then value would plummet as bitcoin no longer be seen as a store of value but would eventually turn into another app coin (i.e. Ethereum) that can do many amazing things but not the one store-value amazing thing that it has done these past few years. the price would be zero-bound (compared to what we’ve been accustomed to with bitcoin today).
If the answer to that question is no (that you reading this, this community, software coders, mining operators, investors, everyday folk, work to stay educated on the above and act to keep the integrity of this bitcoin system)…then even a $50 billion market cap would still be seen as trivial in the financial assets arena where one bitcoin can easily go above $5,000 USD. But really, as the years pack on and integrity remains intact, the price would be infinity-bound.
What Is Inflation? 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 … Continue reading Learn about Inflation Folks!→
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 … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
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.
What Is Inflation? 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 … Continue reading Learn about Inflation Folks!→
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 … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
Just as the crypto industry is expanding and getting local adoption from individuals, co-operations, organisations and few countries the same rate at which we have crypto enthusiast increasing in number which i see so worrisome and also a call for major concern.
Reason been that as more people get involved in the crypto business the more scammers are likely to increase their technique and the more scammers get recruited.
To avoid walking on scammers path, requires to be well informed of every new technique they can ever deploy against their potential victim.
To stay off scammers path users must:
Avoid phishing links.
Make sure to pay attention to the spelling of the website, as well as their URL as this can reveal whether it is a phishing site or not.
Never invest in a project without a well structured community
Pay close attention to the engagement within the community for suspicious activities
Ensure you assets are off CEX
Be more smart and less greedy
Don’t jump into a project/coin only based on the hype from advertisers (especially twitter)
Avoid any “too good to be true” investment
Avoid send me 1$ and I’ll send back 2$ scams, no matter how reputable is the account calling for that
Protect your coins (keep your coins on your wallet, use hardware wallet where possible, never give out wallet’s seed, keep backup seed offline)
Don’t be greedy and/or illiterate.
Be sure to feed yourself with necessary knowledge, if you want to invest.
Knowledge from experience is good but you can also take legitimate one from other people.
Not everything that is being offered to you is true. Do not be deceived.
Be careful who you are trusting.
Always be skeptical !!!
Enable Two-factor authentication for all your accounts.
Using of firewalls.
Installing an up to date anti virus software.
Use strong passwords and yet easily accessible ones for your convenience.
Stay away from malicious links or attachments you come across on the web.
Make sure your private keys are well stored and in hard wallet
Make sure your passwords are not vulnerable online to attacks i.e don’t store passwords online or any website
Whenever a stranger message you first for a business or an investment, it is a Red flag.
Someone who doesn’t know you would want you to make big money, another Red flag.
Whenever they introduce a” business opportunity” to you and then hasten you in order make you take a hasty decision it’s not genuine, they are trying their best to make you take a fast decision without telling your loved ones and friends who will discourage you.
It is safer to assume anyone you don’t know, communicating with you is a scammer until it is proven otherwise.
Read the whitepaper and research well of the company where you are going to invest because many scams are done by this method.
Check whether it is genuine or fake.
Scammers are constantly upgrading their scam methods and anyone can be the next target.
Loss doesn’t just happen due to an internal or intentional mistake, and when it does happen everyone has a similar sense of remorse and risks that are absolute consequences.
You’ll be fooled many times by those scammers that have maintained a well structured fake community.
They can hire those PRs and people talking inside their community to make it look like they’re a legit community.
As for their workers, they’ll just tell that they need engagement but the purpose of it, they’re not talking about it because that’s what the main purpose it.
And that’s to make it look genuine that they have real people inside the community. But in reality, it’s all fake people that they’ve hired just to make discussions all over their place.
It’s safe to say as well that it’s not just the crypto industry that is not safe for newbies, everything that talks about money is not safe for everyone.
Crypto is the latest thing and in the last 5 years it become so successful that scammers make this as their paradise as there are a lot of naive investors in the market.
Do your investigations, and don’t listen to influencers and believe them.
Think that this is your hard earn money so you need to be careful where you are going to invest it.
Don’t be Greedy.
Don’t jump on it like a hungry cow.
Don’t trust the sweet words they offer you. Most of them are too good to be true but they will always sound inviting to invest with.
Make a wall to not fully support them unless they have proven themselves worthy of that kind of respect.
Always be in doubt. That will be the shield that will protect you from being scammed.
Must simply assume that our coins are never really safe despite our best efforts, so it is important to always be on alert and protect our coins to the best of our ability.
Improve the security of your coins by an important margin by buying a hardware wallet, since they are very secure devices and they are relatively cheap, instead of risking storing our coins in our computers or at an exchange.
Always good to know how to make technical and fundamental analysis so that you can get specific information what is the situation of the projects you want to invest
Many projects are delivering a good testament, but they always ended into a scam , so we need to be smart enough and have a lot of preparation before investing or trading
What Is Inflation? 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 … Continue reading Learn about Inflation Folks!→
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 … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
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.
What Is Inflation? 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 … Continue reading Learn about Inflation Folks!→
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 … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
“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…
What Is Inflation? 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 … Continue reading Learn about Inflation Folks!→
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 … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
This is a glossary of all cryptocurrency terms and lingo you might come across when reading about mining and mining pools. 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.
This is a glossary of all cryptocurrency terms and lingo you might come across when reading about mining and mining pools. 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.
What Is Inflation? 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 … Continue reading Learn about Inflation Folks!→
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 … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→